Zcash, known to the blockchain and cryptocurrency community as more of a secretive currency, has been a popular topic. Zcash can seem very confusing and only accessible by the technologically advanced community because of its complex and privacy-centric protocol, however, buying Zcash is actually somewhat straightforward and in many cases easier to do than one might initially think.
Zcash is a way for users to transact on the blockchain with a very high emphasis on privacy, anonymity, and fund security. It’s a cryptocurrency that has tacked the problems and roadblocks that Bitcoin and Ethereum have both encountered as far as anonymity in your financial transactions with secondary regard to speed, all while maintaining decentralization. In this guide we’ll overview the easiest and most cost-efficient ways to buy Zcash, as well as review the best exchanges to purchase ZEC from.
Compare Platforms to Buy Zcash (ZEC)
Zcash is a cryptocurrency, just like Bitcoin and Ethereum, however, its fundamental nature differs from its parental crypto counterparts. Like Bitcoin and Ethereum, Zcash is an online currency that utilizes cryptography to enable the sending, receiving, confirmation, and settlement of virtual code. The main factor to understanding what Zcash actually is is that it is a virtual form of payment that is essentially anonymous because of its underlying structure. Understanding its technical structure isn’t necessary to use it, in fact, only a small percentage of Zcash users are keen on the technologies’ capability. Zcash is different from most other cryptocurrencies because it enables ‘selective’ disclosure, which means if you want your transaction to be anonymous, you have the ability to do that, only if you choose to.
Zcash was founded by Zooko Wilcox, who is the current companies’ CEO. Wilcox claims Zcash is different from all of the remaining cryptocurrencies because it allows ‘private transactions and data in a public blockchain’. The underlying goal of Zcash seems to be tailored for an optional ability to use it with consumers, companies, and merchants all while utilizing private-like data on a public setting.
Zcash, represented on markets by ‘ZEC’ (Its ticker), is buyable on a plethora of exchanges and tradeable on the open cryptocurrency markets. It is paired to a variety of underlying currencies as well. Currently, you can exchange Zcash for Ethereum (Under ZEC/ETH), for Bitcoin (ZEC/BTC), or any other supported fiat currency such as USD, EUR, or any others.
The cryptocurrency fundamentally runs on a 21 million maximum mineable basis, just as Bitcoin is. Zcash is mineable, and the public can jump into the mining process right away. Buying Zcash might seem very complex initially because of its complex technical makeup, but the process is actually rather straightforward, and we’re here to guide you through it.
How to create a Zcash Wallet
Best Platforms to Buy Zcash (ZEC)
CryptoRocket has few rivals when it comes to trading Zcash. The exchange is in facto ne of the best platforms you can find thanks to its ease of use, reduced fees and the availability of popular trading platforms MetaTrader4 and WebTrader. You can buy ZEC as a pair with BTC or USD. There are also many other cryptocurrencies offered by the exchange should you be interested in diversifying your portfolio hoping to maximise your profits.
Step 1: Registration
Signing up on CryptoRocket is very straight forward. Go on the official website, click on “sign up” and fill in the registration form. You will have to provide a full name, email address and create a password that you will have to insert twice. Signing up will take about one minute.
Step 2: Opening Trading Account
Now that you’ve signed up you will have to create a trading account before you can begin trading ZEC. We recommend opening a demo account first. Once you feel confident enough to invest your own money you can go ahead and make your deposit. To open a demo account, you will have to click on “open trading account” on your trading profile and follow the instructions provided.
Step 3: Deposit funds
Whenever you feel ready to start trading with real money you can go back to the trading profile and click on “deposit”. You will then have to type in your investment amount and choose your payment method, which can be either credit/debit card or Bitcoin. You will have to deposit at least $10 to be given access to the trading space.
Step 4: Buying
After you’ve made your initial deposit you can start trading by going on the trading platform. You can begin investing in ZEC by looking for the asset on the asset list located on the top left side of the screen. All you have to do to place your trade is select the asset and then choose “buy” or “sell”.
Buying Zcash on Binance is quick and easy and can be done very effortlessly. The process can be done in two main ways with Binance; you can buy Zcash directly with a base cryptocurrency, or you can buy a base cryptocurrency using a credit card on Binance and then use it to purchase Zcash. We’ll be going over the credit card purchase method as its the easiest and fastest.
To get started with Binance, you’ll first need to create an account. To do this, not much is required. All you really need is a valid email and a secure password to get started. Simply log onto the Binance main platform and on the right-hand side of the navigation bar click ‘Register’ next to Log-in. The following field will appear:
As shown in the image above, provide a *valid* email address, a secure password, and then continue with the registration. Upon entry, you’ll be asked to verify your email. Do this, and you’ll be able to move forward and use the platform.
Secure Your Account
Binance does not require you to verify your account in order to move forward with buying, selling, depositing or withdrawing (At basic fund levels), however it’s generally recommended that you apply a second layer of verification through 2 or even 3FA by linking a phone number or alternative email. This is for your own safety; if a hacker gains access to your main account, they won’t be able to enter as they’ll also need access to the additional account layer as well.Credit: Binance Support
Once you’ve created and secured your basic account on Binance, the next step is to deposit funds to Binance. To make a deposit to Binance you can either deposit a cryptocurrency directly on the platform by specifying, or you can purchase any four base cryptocurrencies. For a general deposit of crypto, navigate to ‘Funds’ and select ‘Deposits/Withdrawals’. In order to purchase cryptocurrencies with a credit card, hover over the exact same tab and select ‘Buy with Credit Card’. Both of these options will be underneath the tab as follows:
For an exact Binance deposit tutorial with credit cards, you can navigate to their detailed tutorial which can be found here. Keep in mind, with Binance and depositing via credit cards, additional fees are imposed, specifically around 3.5% for most average credit card purchases.
The process relies on entering your card information, validating the amount to purchase, and validating it as a valid process by clicking the link sent to your email directly after. If completed, you’ll now have funds on Binance.
Place An Order for Zcash
With newly deposited funds on Binance, the last step is to place a buy order for Zcash. To do this, you’ll have to navigate to the markets of the base cryptocurrency that you deposited and then search for Zcash’s ticker symbol on Binance which is ‘ZEC’. Find it paired relative to the asset you’ve purchased or deposited (This can be BTC or ETH, as recommended)
Clicking on the market selection will allow you to then place an order by scrolling down to ‘Buy ZEC’. Select the ‘Market’ option – this will execute an order at the next possible price (The quickest option). Enter in how much you’d like to purchase relative to the current market price, and press ‘Buy ZEC’ – your order will be sent to the market and executed depending on liquidity.
Upon execution, you have successfully purchased Zcash and can dispose of it as you wish!
While Zcash is not directly a trading asset on Coinbase, the San Francisco based exchange has enabled a learning program with Zcash where you can earn Zcash for watching videos on blockchain and general privacy with financial transactions. The program is Coinbase’s initiative to spread awareness on blockchain and help the general public learn more. It’s a great option to earn Zcash for free, and learn about blockchain while doing it! Find the link here.
Zcash is currently not directly purchasable on Coinbase at the moment, however, the possibility is definitely not out of the question as the US regulated exchange has been showing immense initiative at getting the word about Zcash out as of recently.
Buying Zcash in Your Country
You can purchase Zcash directly by using Binance – all that’s required is that you create and validate your profile and have the funds to pay for Zcash. Binance is a regulated platform which gives it a certain level of security other platforms can’t really compare with as far as general account usage and security.
Buying Zcash can also be done on Binance if you’re in the UK. On Binance you additionally don’t have to verify or validate your account and can get started almost instantly after account creation and deposit.
You can buy Zcash on a number of platforms if you’re in the US. Binance has recently enabled support for US residents which makes it a great option if you’re in the US. Keep in mind you’ll need to provide some more extended verification if you’re looking to purchase Zcash on Binance, however, this verification will also enable you to trade Zcash in the form of financial products such as CFDs as well.
US residents can also buy Zcash using Binance; on Binance, no verification or validation through additional documents is required, however you don’t have the ability to trade or use margin.
The most common platform to purchase Zcash in Australia is currently Binance. Both are great options and both have their respective positives and negatives for Australian residents. Due diligence and prior research for your respective jurisdiction is generally recommended because of the constantly evolving legislative framework of cryptocurrencies and blockchain technology. As it stands though, the two aforementioned platforms are excellent choices to get started.
Differences Between Buying and Trading Zcash
- The underlying Zcash is yours to keep and you don’t own a representation but the actual asset
- This is mainly associated with longer-term (Months to years) type time frames as opposed to just minutes, days, etc.
- When purchased Zcash can be used for transactions, sent and receieved, utilized for merchant-based payments, and general movement.
- The underlying Zcash can be used for development purposes whereas trading it does not give you this option.
- Trading Zcash is traditionally associated with financial products or ‘contracts’ such as CFDs (Contracts for Difference) which are regulated.
- When trading ZEC, time frames are traditionally shorter and not for longer periods of time
- Price is the main focus in this case. When trading Zcash, your main goal is a price movement.
- Higher risk is traditionally implied when it comes to trading Zcash because of the margin-based products and speculative notions.
Zcash is changing the way cryptocurrencies are used both by individuals and also merchants, businesses, and online participants. The cryptocurrency allows for selective anonymity, meaning you get to choose whether or not your transaction is anonymously placed. This is great for those who want control over their own privacy, however, it also demonstrates the complexity of the underlying technology and the possibility for the future of finance. Zcash is making a name for itself as a very promising currency.
At first, it may seem like purchasing cryptocurrencies such as Zcash are a bit difficult and confusing. However, with practice and utilization of our guides, the process becomes a lot more simpler. Buying Zcash is not as difficult as one might first expect considering the asset is so technologically advanced.
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Bitcoin and Zcash both have a finite supply of 21 million, however, the underlying technology and blockchain framework are very different. Zcash integrates a technology that enables for optional anonymity and places private data on a public blockchain through a protocol referred to as ‘zk-Snarks’. Zcash maintains more emphasis on anonymity and financial privacy than Bitcoin does, both fundamentally and technologically. Bitcoin runs in a more semi-anonymous setting whereas Zcash runs entirely (optionally) anonymous. Both are cryptocurrencies that utilize cryptography to transact value, though.
Binance is an optimal exchange. Binance enables the trading of Zcash and has been a safe and reliable exchange for a while now. Consistency is important when it comes to vetting exchanges, and Binance has demonstrated exactly this.