This content represents the writer’s opinions and research and is not intended to be taken as financial advice. The information presented is general in nature and may not meet the specific needs of any individual or entity. It is not intended to be relied upon as a professional or financial decision-making tool.
AVAX is a cryptocurrency that was released not too long ago, although it didn’t exist until 2020. It has quickly become an extremely popular choice for Ethereum developers. With a market valuation of around $6.7 billion, Avalanche has grown to become one of the more significant cryptocurrencies. Here is the information you need to know in order to purchase AVAX.
Table of Contents
Avalanche (AVAX) Tokenomics
Although developers can generate their own tokens on Avalanche’s own blockchains, AVAX is the network’s principal token. The maximum supply of AVAX tokens is 720 million, with 360 million produced in the genesis block. However, similar to Ethereum, avalanche fees are burned, decreasing the token supply over time.
Avalanche, like a proof-of-stake platform, relies on validators who stake AVAX in order to obtain block rewards. Validators can earn up to 11% annual percentage yield (APY) on staked AVAX, with an average annual return of 9.75%.
AVAX supports three distributed ledgers. One, the Contract Chain (C-Chain), is excellent for smart contracts using NFTs and decentralized applications (DApps). The C-Chain works with the Ethereum Virtual Machine, so developers of apps for Ethereum can use it.
To function on Avalanche’s blockchain, users pay a monthly charge in AVAX, albeit the costs are far cheaper than Ethereum’s gas fees. On the Ethereum blockchain, “gas” is the amount of ETH necessary to complete a transaction.
Where to Trade Avalanche (AVAX)?
Signing up for a cryptocurrency exchange may be the easiest way to get AVAX if you are interested in trading it. Cryptocurrency exchanges are the most secure and legal way to acquire AVAX. However, this is not the sole advantage of using an exchange.
Here are several reasons cryptocurrency exchanges are worthwhile.
- Cryptocurrency exchanges let people buy and sell AVAX online or through a mobile app, so it’s easy to get to the cryptocurrency markets from anywhere.
- Most cryptocurrency exchanges offer a wide range of tokens, which give investors many options for building a diversified portfolio of crypto assets.
- To maintain the security of user cash, leading cryptocurrency exchanges often store it in cold storage.
- Typically, global cryptocurrency exchanges adhere to “Know Your Customer” standards and banking legislation. Users can be sure that they are not dealing with a fake company or people who are out to hurt them.
How to Buy Avalanche (AVAX) on eToro
It is not difficult to understand why eToro is now one of the most commonly used financial exchange platforms on the planet. Versatility sets this cryptocurrency exchange apart from the competition.
Founded in 2007 eToro operates in many countries, including the USA and the UK. Several of the best financial watchdogs, like CySEC and the Financial Conduct Authority in the UK, keep an eye on the broker.
eToro was initially a platform for investors to have access to traditional equities, but it has since expanded to offer access to several asset classes, including cryptocurrencies. With eToro, you have access to a platform that provides everything required to purchase Avalanche Coin. Beginners will have no trouble utilizing the platform, and trading is commission-free.
By enabling payment flexibility, eToro allows you to make deposits through many channels. The minimum amount on eToro ranges from $10 to $50, depending on your area. Below is a step-by-step guide on how to purchase AVAX.
Step 1: Open an Account
Your account with eToro serves as the entry point for purchasing AVAX. But if you want to trade Avalanche (AVAX), you must first sign up for an account and then prove who you are.
Step 2: Upload ID
To make sure you are who you say you are, you will be asked to upload a picture of your ID or driver’s license.
Step 3: Make a Deposit
On the profile page, you’ll find a button labelled “Deposit.” It is important to keep in mind that eToro supports the use of money transfers, online payment options, and cards for deposits.
Members in most countries are required to have a minimum balance of $10 USD in order to utilize eToro. On the other hand, this may be different depending on the region that you are in. So, go to the platform’s help page to find out more about the minimum balances that are needed in your area.
Step 4: Search for AVAX
You can use the search bar present at the top to search for Avalanche (AVAX) and the results will appear.
Step 5: Trade AVAX
Use your eToro account to purchase AVAX and start your investment journey. Good luck!
How to trade Avalanche (AVAX) with PayPal?
One may argue that PayPal is the most widely used online payment processor in the world at the moment. The company, with its main office in Silicon Valley, serves hundreds of millions of customers, but cryptocurrency traders and speculators use it a lot.
Because it is an online payment service, it enables you to purchase Avalanche cryptocurrency without having to leave the house. You can experience the highest level of ease while only spending a few minutes on each transaction.
At the moment, all the platforms that we’ve discussed above are compatible with PayPal. This is one of the main reasons people who invest in cryptocurrencies like PayPal so much.
The only catch with PayPal is that there are fees associated with using the service. Therefore, you need to make sure that you are OK with the fees, which might vary based on the exchange and the quantity of the transaction. When you are ready, go ahead and complete the purchase.
How to trade Avalanche (AVAX) with a credit card?
It is important to keep in mind that you can also make purchases using a credit card if you are considering making an investment in Avalanche. Credit cards, much like PayPal, enjoy widespread use since they are simple to use and can be obtained almost everywhere. You may place an order for Avalanche from the comfort of your own home, and it will be processed immediately.
All of the platforms that we have mentioned up to this point also support the use of credit cards for financial transactions. Therefore, if you are interested in learning how to acquire some Avalanche cryptocurrency, this is still an excellent choice.
When it comes to costs, different manufacturers have their own unique price structures, and these structures are subject to alteration depending on aspects such as the magnitude of the transaction and even your country. Proceed with the purchase once you have looked into the costs. The issuer of your card will levy that cost on you.
Safe Storage
It is highly recommended that you use a hardware wallet if you want to invest a lot of money in AVAX or if you want to keep this cryptocurrency for a long time.
Your AVAX is kept offline in “cold storage” when you use a hardware wallet. Because of this tactic, it will be impossible for cybercriminals to have access to your possessions. Avalanche can be used with either the more basic Ledger Nano S or the sophisticated Ledger Nano X. (AVAX).
Alternate Ways to Trade Avalanche (AVAX)
The following stock exchanges offer Avalanche (AVAX):
- Bitstamp: Launched in 2011, it is one of the world’s oldest and most reputable exchanges. They presently accept customers from Canada, the United Kingdom, and the United States.
- Uphold: This is one of the best cryptocurrency exchanges for citizens of the United States and the United Kingdom. Germany and the Netherlands are restricted.
- Binance: This one is best for Australia, Canada, Asia, the United Kingdom, and the majority of the world. Citizens of the United States are forbidden from purchasing the majority of tokens. Use coupon code EE59L0QP to receive a 10% cashback discount on all trading costs.
- KU Coin: This exchange presently supports the trade of over 300 different major cryptocurrencies. It is frequently the first to give options to purchase additional tokens. This exchange currently accepts both international and U.S. citizens.
Avalanche (AVAX) ATMs
Although it is possible to purchase AVAX via actual ATMs, we do not advise doing so. We do not support this method. There are around 30,000 cryptocurrency ATMs spread across 78 countries around the world. Also, there are websites devoted to finding these cryptocurrencies for ATMs; we would like to stress once more we do not encourage using those websites. In the UK, for example, cryptocurrency ATMs are completely against the law and have been banned.
P2P exchanges
Peer 2 Peer (P2P) trading is a form of cryptocurrency exchange technique that enables traders to trade directly with each other with no centralized service provider to facilitate transactions.
Traditional Bitcoin (BTC) exchanges normally adhere to stringent restrictions and demand that users go through an authentication process before they can access and utilize the platform. In contrast, the criteria for P2P trading platforms are typically significantly more flexible comparisons. Because of this, they are appropriate for trading AVAX.
Mainstream Brokerages
Once you open an account with a mainstream broker such as eToro or Binance, it is very easy to buy or sell AVAX as you wish. Users can have access to their wallets at all times as long as they have an internet connection. They can also decide to put their AVAX in cold storage at will if they wish to at any point. Creating an account with such brokers is also easy and quick for anyone because such operators are available in many parts of the world.
How to invest in Avalanche (AVAX)?
Staking on the AVAX network allows users to earn incentives in cryptocurrency. When compared to its rivals, Avalanche has significantly lower hardware requirements for users that wish to stake. In order to run a validator successfully, you will want a processor with a minimum of two cores, 4 gigabytes of memory, and 40 gigabytes of solid-state drive space. The incentives that participants earn often fall somewhere in the range of 9.6%–11.5% on average. To become a validator on the network, you need to have at least 2,000 AVAX in your possession. Validators can validate several subnets, but besides, it is required they validate the primary network. In addition, standard users have the ability to give up control of their tokens to a validator in exchange for the benefits of their involvement.
Conclusion
The success of AVAX has made it simpler than it was in the past to discover markets where one can purchase cryptocurrency. You may trade it on several respected cryptocurrency exchanges, one of which is eToro.
Investors have shown interest in AVAX because it is interoperable across several blockchain networks and uses a consensus mechanism known as “proof of stake”. Another reason to think about purchasing AVAX is that it has included built-in deflation. At the same time that it shortens the time required for transactions, it provides several insightful features that have made the Ethereum blockchain so successful. AVAX provides a simple and easier way to discover the cryptocurrency market.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.
Read More
