Wax Cryptocurrency: A Beginner's Guide To Investing

WAX (WAXP) is a purpose-built blockchain designed to make e-commerce transactions faster, simpler, and safer. It is one of the most used and transacted blockchain ecosystems in the market, with over 400,000 daily unique visitors and 12 million WAX accounts. WAXP is the native utility token of the WAX blockchain and can be used as a cryptocurrency to purchase collectibles and send value globally. It has been dubbed The King of NFTs due to its unique combination of features, including a purpose-built blockchain, cryptocurrency, and the Worldwide Asset eXchange (WAX).

If you're looking to invest in WAX cryptocurrency, here are the steps you can follow:

Option 1: Crypto-to-Crypto Exchange

1. Purchase a high-liquidity coin like Ethereum, Bitcoin, or Litecoin from a reputable exchange (e.g. Coinbase).

2. Sign up for a WAX Cloud Wallet by visiting https://wallet.wax.io/dashboard to find your WAX wallet receive address.

3. Use a widget or an exchange site to swap your cryptocurrency for WAXP, entering your WAX wallet as the receive address.

Option 2: Bittrex Account

1. Sign up for a WAX Cloud Wallet as mentioned in the previous option.

2. Sign up on Bittrex, a major and trustworthy exchange with multiple trading pairs, to begin purchasing WAX.

It's important to note that WAX is not available on many exchanges, and you may need to use a DEX within your Coinbase app or similar alternatives to execute a trade for WAX.

Buy WAX on Coinbase

WAX, short for Worldwide Asset eXchange, is a purpose-built blockchain designed for trading virtual items. It is fully compatible with EOS and uses a delegated proof-of-stake (DPoS) consensus mechanism.

While WAX is not directly tradable on Coinbase, it is currently available on the Coinbase web3 wallet.

• Find the Best WAX Exchange: The first step is to find a suitable exchange that sells WAX. Binance.US is a recommended option due to its high trust rating, large number of cryptocurrencies, and high daily trade volume.
• Register a New Account: Sign up and create a new account on your chosen exchange.
• Fund Your Account: There are several funding methods available to buy WAX. You can use a bank transfer, debit or credit card, wire transfer, PayPal, Apple Pay, Google Pay, SEPA, or a variety of other payment methods depending on your location.
• Buy WAX (WAXP): After your deposit is processed, you can purchase WAX. Make sure to follow best security practices to secure your WAX and protect yourself from scams or hacks.

It is important to note that Coinbase may not be the best option for buying WAX, as it requires an additional step of transferring your purchased cryptocurrency to another exchange that supports WAX. Other recommended exchanges that directly support WAX include Zengo, Binance, Coinbase Pro, Bybit, OKX, Kraken, KuCoin, Gate.io, and BingX. These platforms may offer more convenient and direct methods of purchasing WAX.

Use a Crypto-to-Crypto Exchange

Crypto-to-crypto exchanges are one of the easiest ways to buy WAXP tokens. Here's a step-by-step guide on how to do it:

Step 1: Purchase a High-Liquidity Cryptocurrency

Firstly, you need to buy a high-liquidity cryptocurrency like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or others. You can do this on a reputable exchange such as Coinbase. This step can be skipped if you already have enough cryptocurrency.

Step 2: Sign Up for a WAX Cloud Wallet

Visit https://wallet.wax.io/dashboard to access your WAX wallet dashboard and find your WAX wallet receive address in the top right corner. Copy this address for the next step.

Step 3: Exchange Cryptocurrency for WAXP

Use a reputable exchange or a custom widget provided by some websites to swap your BTC, ETH, LTC, or other high-liquidity cryptocurrencies for WAXP. Enter your WAX wallet address from the previous step as the receive address. Note that if the pair is "inactive," there may be high activity, and you'll need to wait for liquidity to return before proceeding.

Step 4: Confirm the Transaction

Wait a few minutes for the confirmation to go through. After that, you'll have WAXP to spend on items on AtomicHub and other markets.

It's important to note that WAX is not available on many exchanges. One major exchange that does support WAX and is considered trustworthy is Bittrex, which also offers multiple trading pairs. Additionally, WAX Cloud Wallet integrates the MoonPay onramp, allowing users to purchase cryptocurrencies directly using a credit card or bank transfer, saving fees and time compared to using a third-party CEX.

Sign up for a WAX Cloud Wallet

Signing up for a WAX Cloud Wallet is straightforward. The WAX Cloud Wallet is a popular option for those looking to invest in WAX cryptocurrency, with over 5 million users leveraging its easy-to-navigate interface to conduct crypto transactions.

• Go to https://all-access.wax.io. This is the official website for the WAX Cloud Wallet.
• Sign up with an email address or an existing social media account. You can use your Facebook, Twitter, Reddit, Google, KakaoTalk, or VK account to sign up. This is a unique feature that makes the WAX Cloud Wallet accessible and user-friendly.
• Review and accept the Terms of Service. By accepting the Terms of Service, you agree to the rules and regulations set forth by WAX for using their cloud wallet.
• Set up two-factor authentication for added security. This is an important step to protect your account and your cryptocurrency investments. You can enable two-factor authentication by going to Settings > Account Security > Two-Factor Authentication.

Once you have completed these steps, you will have successfully signed up for a WAX Cloud Wallet. You can now use your cloud wallet to store and manage your WAX cryptocurrency and conduct transactions on the WAX blockchain.

The WAX Cloud Wallet is designed to be simple and accessible, even for those new to cryptocurrency. It eliminates the need to worry about complicated private keys, making it user-friendly for mainstream gamers, app customers, and crypto enthusiasts alike. With just a few lines of code, the WAX Cloud Wallet simplifies the process of using and managing your WAX account.

Buy WAX on Bittrex

Bittrex is a cryptocurrency exchange founded in 2014 by three cybersecurity engineers. It is a US-based exchange that offers a secure platform and fast deposits and withdrawals. Here is a step-by-step guide on how to buy WAX on Bittrex:

• Sign up for an account with Bittrex: Visit the Bittrex website and click on the "Register" button in the top right corner. Enter your email and password, then re-confirm your password and click on the agreement box. Finally, click on the "Sign-up" button.
• Complete your profile and get verified: After signing up, click on "My Profile" and fill out the form. Then, click on the "Submit" box and start the verification process by clicking on the "Start Verification" button. You will need to provide your ID, so have it ready.
• Secure your Bittrex account by setting up two-factor authentication (2FA): This adds an extra layer of security to your account. Click on "Two-Factor Authentication" under the "Settings" menu to activate it. Scan the QR code and enter the numbers under "Authentication Code". Remember to copy and save your Secret Key, as it will help you recover 2FA quickly if you lose your phone.
• Fund your Bittrex account: Click on "Wallet" and select your preferred currency to deposit. In this example, we will deposit WAX. After selecting WAX, click on the green icon to generate your deposit address. Make sure to read the WAX deposit instructions provided by Bittrex. Some coins require a minimum amount to be sent, and some ask for a message/payment/tag/memo to be attached to the deposit. Always double-check that you are sending the correct type of coins to the address provided by Bittrex.
• Start trading WAX on Bittrex: Once your account is funded, you can start buying WAX. Click on "Markets" to view your selection and choose your preferred currency. In this example, we will buy Bitcoin through USD. Go to "Buy" and fill out the form with the amount/quantity, then click on the "Buy WAX" button to complete your purchase.

Compare crypto exchanges

When comparing crypto exchanges, it is important to consider several factors. These include:

• Supported assets: If you are looking to buy cryptocurrencies other than Bitcoin, check the list of supported assets before deciding on an exchange. Some only support a few cryptocurrencies, while others allow you to trade hundreds. For example, Crypto.com supports over 350 cryptocurrencies, while BitMart offers over 1,500.
• Payment methods: Crypto exchanges typically offer a variety of ways to fund your account or purchase crypto directly. While most exchanges support wire transfers, some platforms also allow you to buy crypto using credit cards, debit cards, and other digital payment methods. Exchanges like Binance, WazirX, and KuCoin offer a wide range of payment options.
• Fees: Research the fees charged by different exchanges, as high fees can eat into your investment returns. Crypto exchanges typically charge trading fees and withdrawal fees, but other transaction fees may also apply. Kraken, for instance, offers a low-fee structure, with maker fees starting at 0.25% and taker fees at 0.40% for traders with 30-day volumes of less than $10,000.
• Security: Security is a critical aspect when choosing a crypto exchange as they are a prime target for hackers. Look for exchanges with robust security measures in place, such as two-factor authentication, identity verification, and SOC-2 certification. Gemini, for instance, is SOC-2 certified and insures user funds.
• Customer service: If you are new to crypto investing, consider choosing an exchange with excellent customer support.
• Reputation: Research the exchange's reputation by reading customer reviews, checking its history, and staying updated with recent news stories. For instance, Coinbase has received poor user feedback regarding customer support and unexpected account closures.

| Exchange | Supported Assets | Payment Methods | Fees | Security | Customer Service |

|---|---|---|---|---|---|

| Kraken | 200+ cryptocurrencies | Wire transfers | Tiered fee structure with maker fees starting at 0.25% and taker fees at 0.40% | Highly secure | N/A |

| Coinbase | 5,500+ assets | Wire transfers, ACH transfers | Trading fees ranging from 0% to 0.60% | Insures user funds | Poor customer support |

| Crypto.com | 350+ cryptocurrencies | N/A | Trading fees up to 0.075% for low-volume traders | N/A | Poor customer support |

| Gemini | 80+ digital currencies and tokens | N/A | Maker and taker fees up to 0.4% | SOC-2 certified, insures user funds | N/A |

| BitMart | 1,500+ cryptocurrencies | N/A | Trading fees from 0.04% to 0.10% | Experienced a large-scale hack in 2021 | Poor customer support |

| Cash App | Bitcoin | Bank transfers, credit/debit cards | Trading fees ranging from 0% to 3% | Custodial wallet, supports Bitcoin Lightning Network | N/A |

| Bisq | Not disclosed | Bank wire transfers, ACH transfers, cash deposits | Trading fees from 0.15% to 1.15% | Decentralized exchange | Not beginner-friendly |

Frequently asked questions