Avalanche is touted as one of the fastest smart contract platforms available. With a wide range of dApps and DeFi services available, Avalanche is a strong competitor to Ethereum. We’ve put together a guide to buying Avalanche (AVAX) tokens safely online!
What is AVAX?
Avalanche is a smart contracts platform that promises high transaction speeds. Avalanche claims to be able to process about 4,500 transactions per second. In comparison, Bitcoin can handle 7 transactions a second.
Avalanche is a smart contract enabled blockchain which means users can develop and access a wide range of dApps and Decentralized Finance services. This includes NFTs, loan services and decentralized trading.
Avalanche has its own native token, AVAX, that’s used to pay transaction fees on the network. It can also be staked as part of the Proof-of-Stake consensus mechanism used by Avalanche.
To purchase AVAX tokens you’ll need to head to a cryptocurrency exchange. This is a platform where you can exchange crypto tokens online. While some crypto exchanges will let you buy tokens using a credit/debit card others are crypto-only. These are altcoin exchanges where you can only trade crypto tokens for other crypto tokens.
Many tokens are only available on these altcoin exchanges. You’ll need to buy tokens like Bitcoin (BTC) or Ethereum (ETH) using an exchange like CryptoWallet or Coinbase with your fiat money. Then you can transfer your tokens to a crypto-only altcoin exchange to trade them for tokens that are only available on altcoin exchanges.
There are two possible options for buying Avalanche tokens. You can buy tokens on Binance and Coinbase using fiat money. The other options is to buy Bitcoin tokens on an assured and regulated platform like CryptoWallet and exchange them for AVAX tokens on an altcoin exchange.
If this seems complicated – don’t worry! We’ve got you covered with our easy step by step guide to buying AVAX tokens online using CryptoWallet.
With CryptoWallet you can easily buy crypto using a credit or debit card. Our mobile app means you can trade tokens wherever you are and our crypto card lets you spend your tokens in stores across the world.
Step 1: Register on Fiat-to-Crypto Exchange
Firstly you’ll need to register on CryptoWallet and set up your wallet:
- Click New Account at the top of this page to start making your account – you’ll need to verify your identity at this stage.
- You’ll be taken through the process of setting up your new crypto wallet. You’ll receive a seed phrase which you’ll need to regain access to your account in case of emergency. It’s safest to write this down on paper rather than an electronic device.
- Once you’ve completed your registration you’ll be ready to add fiat money to your account and start buying crypto tokens!
Step 2: Buy BTC with Fiat Money
Next you’ll need to add fiat money to your new wallet and use it to buy Bitcoin tokens. You can easily add fiat money to your wallet using a bank card. You can also wire transfer your money to your wallet. Once your funds have been transferred and the funds show in your wallet, you’re ready to buy Bitcoin!
Head over to our cryptocurrency exchange and select the cryptocurrency you want to buy. Choose the amount of BTC tokens you want to buy and confirm the price you are willing to pay.
Once you press Select your BTC tokens will be added to your wallet. The trade order may take a few minutes to clear and appear in your wallet.
Step 3: Transfer BTC to an Altcoin Exchange
To use these exchanges you’ll need a wallet that supports BTC tokens and AVAX tokens. You can set up a wallet on these exchanges or you can use another wallet like TrustWallet. TrustWallet is a mobile based wallet application. Another alternative is MetaMask which also works as an in-browser extension.
Once you have your altcoin wallet set up, you can transfer your BTC tokens to it. These can then be traded for AVAX tokens on an altcoin exchange like KuCoin or BitYard. Altcoin exchanges will have varying prices for a trading pair of tokens so it’s important to shop around for the best deal.
Last Step: Store AVAX Securely
The most important step is to store your crypto tokens securely. You’ll need to choose a trustworthy wallet that prevents anyone else from gaining access to it.
As many altcoins are not supported by major exchanges or wallets, you’ll often need a separate wallet for altcoins like AVAX. There are a wide range of platforms claiming to support storing altcoins however not all these wallets are reliable. Some wallets can even be scams that are designed to steal your funds.
A crypto wallet consists of two keys you’ll need to access and use your funds. A private key which is used to send tokens and a public key which is used to receive tokens. You can think of them as similar to a password and email address. There are two types of wallets available – a “hot” digital wallet or a “cold” hardware wallet.
Hardware wallets are the most secure option available as your keys are kept offline in a physical device. Trezor and Ledger are two well-known and reputable hardware wallet companies that support AVAX. They make a range of different hardware wallets to suit your needs. While hardware wallets are the most secure option, they can also be inconvenient to use as they must be connected to an online device to access and use your funds.
Hot wallets are much more convenient to use as you can access them wherever you are. All your information is stored online. However, as they are constantly online they are much more susceptible to hacks.
Many major exchanges have addressed this problem by assuring assets held in their wallets. With CryptoWallet all your tokens are secured by BitGo, an industry leader in digital asset protection. You can easily purchase the leading cryptocurrencies (by market cap) and all your funds will be protected.
Many crypto traders will use an assured wallet like CryptoWallet for storing the majority of their funds. Then they can use a different altcoin wallet for trading and storing altcoins like AVAX while the majority of their holdings are protected.
We believe CryptoWallet is a great choice for this as you can hold the five leading cryptocurrencies (BTC, ETH, XRP, USDT and LTC). Our mobile app lets you access and trade your tokens wherever you are and our crypto card lets you spend your tokens in stores globally. All your holdings will be backed up by BitGo so you can rest assured that your funds are safe.
Other Useful Tools for Trading AVAX
CoinMarketCap is a great online resource that lists almost every coin and gives you information like price history, where to buy a token and much more. It’s a good place to get an overview of a token you are unfamiliar with.
Coindar is a crypto calendar app that will help you stay abreast of any new airdrops or forks. It’s a handy way to gather all the news about cryptocurrency in an easy to digest form.
Can I buy AVAX with cash?
Yes. Coinbase and Binance both currently accept cash for AVAX. You can set up an account on their platforms to buy AVAX tokens. Other platforms may claim to support this, however it’s important to do thorough research before buying any cryptocurrencies online. Many websites are scams designed to steal your information or funds.
Are there any quick ways to buy AVAX in Europe?
We believe the quickest and safest way to buy Avalanche tokens is by using CryptoWallet to purchase BTC tokens and then trading them for AVAX tokens on a platform like Gate.io. It’s easy to buy tokens on the go using our mobile app so you can trade crypto wherever you are. CryptoWallet is a licensed and regulated platform for buying digital assets which means you can be assured that your funds will be secure.
Are there any alternative platforms to buy AVAX or Bitcoin with credit cards?
Many websites claim to support buying AVAX or Bitcoin with credit cards. However some of these platforms are scams designed to steal your information or funds. It’s always vital to do your own research (DYOR) before buying any cryptocurrency online.