If you’re looking for ways to buy and own Zcash (ZEC) and ensure the security of your crypto transaction, then this article is just what you need. Here, we’ll be talking about Zcash, how to purchase it, and some of the best platforms to do this on.
Defining Zcash
This is a decentralized and open-source cryptocurrency known for its privacy. It is also possible to selectively make transactions transparent if users want to. This coin was created by a team of engineers and scientists that specialize in security and is based on peer-reviewed cryptographic research.
How to Convert BTC to ZEC
Open a Wallet to Store Your Coins
With a wallet, you can hold your Zcash coin. There is a ZEC wallet, or people can also use other third-party wallets.
Types of Wallets
Zcash client wallet
This is the best wallet because it’s compatible with all the Zcash features. It was originally created for Linux but now has versions that are compatible with macOS and Windows.
Third-party wallets
There are a lot of them but most are not compatible with the Zcash privacy features. These are the most common types of third-party wallets:
- Internal wallets: These wallets are downloadable for smartphones and desktops. It’s important for users to activate 2-factor authentication, if possible, and you’ll need to use very strong passwords.
- Hardware wallets: These are the safest for ZEC. They currently support only ZEC-transparent addresses and are expensive, but in the case of loss, they are easily recoverable.
- Local wallets: These support private addresses in Zcash. They have been built by the Zcash community and can be technical. You’ll need to back it up frequently.
Exchange BTC for ZEC
The different exchanges on how to convert BTC to ZEC are discussed below.
Godex.io
This crypto exchange allows its users to convert a large number of crypto coins privately. It’s simple and straightforward, and users are not required to open an account.
Pros
- It is versatile and allows a large pairing variety;
- No transaction limits;
- Quick transactions; and
- Users control the wallets, so it’s secure.
Cons
- It doesn’t support fiat currency.
Kraken
This is one of the oldest crypto exchanges in existence. However, it is more suitable for traders with experience due to the abbreviations, specific terms, and customizable options, etc.
Pros
- Very trustworthy exchange;
- High liquidity; and
- Deposit is cheap in the USA and cheap or free in EUR.
Cons
- It has low leverage; and
- Certain users may find deposits too expensive.
Binance
This popular exchange allows trading in more than 150 coins. It began as a platform to trade between crypto pairs. Its services include listing, de-listing, withdrawal, and trading of coins.
Pros
- Relatively lower fees;
- Large options for trading and crypto pairs; and
- Advanced charting.
Cons
- Works best for experienced users;
- Binance US doesn’t have as many trading pairs as other international counterparts; and
- Not supported in 13 states in the US.
HitBTC
This exchange has many strong features that other exchanges lack. It has an API that is usable on its website by third parties. However, it doesn’t have a mobile app.
Pros
- The trading fee is cheap;
- You can make withdrawals and deposits straight through a bank account; and
- The trading screen is simple.
Cons
- Long process to verify deposits to a bank account; and
- Their server was hacked in 2015.
Conclusion
It’s quite easy to convert your BTC to ZEC. So, if you have a Zcash wallet, you can use any of these platforms above to get this coin fast.