0x, also known as ZRX, is a DeFi protocol that enables peer-to-peer (P2P) exchange of digital assets on the Ethereum platform. 0x Labs created 0x, and it has been an essential platform for people looking for exchange functionality. One of the factors that make 0x successful in the competitive DeFi space is that it enables secure and audited smart contracts.
The 0x token became very popular because it has increased in value and popularity for the better part of the year, in the same trend as other cryptocurrencies. Before getting into details about where to buy this token, let us first understand the 0x protocol and its role in DeFi.
A leading decentralized Exchange
0x is a leading decentralized exchange that was launched in 2016. Decentralized exchanges are not similar to traditional cryptocurrency exchanges. This uniqueness is because, on a DeFi exchange, intermediaries are not needed for processing and verifying transactions. 0x is a decentralized exchange that executes transactions automatically hence removes the need for a third party.
One of the tokens leading people towards DeFi exchanges is Ethereum. This trend is because of the high level of security involved when third parties are eliminated. On a DeFi exchange, your transactions will be processed automatically. Since the launch of 0x, it has been used to host various exchanges such as Nuo, Zerion, and Defi Saver.
The 0x token
The 0x is one of the leading tokens on DeFi platforms. The token runs on Ethereum, and it was developed for users of the 0x protocol. When you are using the 0x exchange, one makes their payments using the 0x token, and this gives the token great value that cannot easily be derived from other competing currencies.
0x is also a form of governance token. Holders of this token can vote on various decisions regarding the future of the platform. Governance tokens are almost similar to shares that one can buy from a company. This functionality is a crucial feature for 0x protocol as it increased the demand and value of their tokens. The users who can vote on decisions regarding the company’s future are only those who hold a significant amount of 0x tokens.
One of the limitations of the 0x platform is that it cannot be used in trading Bitcoin. This limitation comes in because Bitcoin runs in its blockchain. However, people who want to trade 0x tokens for Bitcoin can only do so using a Wrapped Bitcoin (WBTC), a generic version of BTC that runs on the Ethereum blockchain.
Where can you buy 0x
Now that you know all the details regarding 0x and the features of this token, the next thing for you is to buy it and become part of the growing 0x community. To get started on the purchase process, follow the steps below:
- Open an Online Account
The first step is to open an online account on an exchange platform such as Capital.com. This platform supports 0x and other cryptocurrencies. Opening an account here is very easy and fast. All you need is to provide your bank account details, and you can be a step closer to adding 0x into your cryptocurrency portfolio.
Besides your banking details, you will also need to provide your legal names, addresses, and contact details. A photo ID for verification purposes will also be needed. Sometimes, you may be prompted to make additional verification steps to keep your account safe.
At capital.com, you can also purchase ETH tokens that you can later send to the 0x platform. This capability will allow you to trade your ETH tokens into 0x tokens later to use on the 0x protocol.
- Purchase a wallet
After you have purchased your 0x tokens, the next step is to look for a way for you to store these tokens. You can store your tokens on capital.com if you want to trade them regularly. However, if you want to hold these tokens for the long term, you can also use a cold wallet that gives you a high level of security. Cold wallets or hardware wallets are also recommended to people who purchase large amounts of cryptocurrencies.
- Buy 0x tokens
Now that you have opened your account at capital.com and have decided how you will store your tokens, the third and most crucial step is to purchase your tokens now. The purchase is a very simple and straightforward process. Place your order on the exchange by stating the amount you want to spend on the 0x tokens. The number of 0x tokens you get will depend on the current market value.
You do not have to purchase all the 0x tokens that you want at once. To reduce the level of risk caused by the high market volatility of cryptocurrency, you can buy the tokens in bits so that you can constantly monitor the market and make the best decision as to the time of buying and selling. As soon as you have bought the tokens, they will automatically be reflected on the 0x platform.
Current 0x prices and the growth trend
Before buying 0x tokens, the first thing you need to check is the market value and the trend of cryptocurrencies. Cryptocurrencies are very volatile, and their prices keep fluctuating. Bitcoin is the largest cryptocurrency, and its price movement can be used to tell the investor about the stability of the crypto market.
As of April 21, the value of 0x was at $1.72, having grown by 3.50% in the past 24 hours. This value shows a promising trend, given that major cryptocurrencies have been fluctuating since the beginning of the week. The 0x token has a market cap of $1.3 Million, and its increasing value will push this market cap further upwards.
This growth trend shows that 0x has high growth potential. It makes it ideal for long-term speculation. Besides, the 0x team is constantly looking into ways to expand their offering using innovative technologies. Innovation will give 0x token holders an excellent return for their investment years to come.