How to buy and sell ZCash

How to buy and sell ZCash

Zcash is an anonymous cryptocurrency that uses zk-snarks to keep transactions 100% private, unlike other privacy-driven cryptocurrencies that use built-in mixers to make blockchain analysis impossible.

Mining isn't for everyone, though. It requires a certain degree of knowledge and time. As so, buying Zcash directly from an exchange is often the easiest way to acquire it. However, registering on an exchange will often require you to reveal your personal information, but once you have Zcash in your wallet, you can always change it into a private address.

In this guide, we are going to use the Kraken exchange. Kraken is a reputable exchange and it is quite easy to use. Furthermore, it's one of the few places where users can buy Zcash for fiat currency (EUR, USD, etc)

So, let's get started!

Part 1 - Create an account

Step 1: Click here to visit Kraken
Step 2: Click "Sign Up"

Step 3: Enter your personal information, agree to the terms & conditions and click "Sign Up"

Step 4: Confirm your email address and log into your account

Part 2 - Verify your identity

In order to be able to exchange cryptocurrencies for national currencies and vice versa, you'll need to verify your identity. This will allow you to buy and sell Zcash to your bank account.

Step 1: Click "Get Verified"

If you want to be able to deposit and trade cryptocurrencies, you can get Tier 1, but if you want to deposit/withdraw national currencies you must activate Tier 2
Step 2: Scroll down and fill your personal information and click "Get Verified"

Step 3: Once that's done, advance to the second tier by clicking "Get tier 2 verified

Step 4: Do the same you did in Step 2, enter your information and click "Get Verified

If you want to increase your limits, you can verify your account up to Tier 4

Part 3 - Deposit

Step 1: Scroll up and click "Funding"

Step 2: If you want to deposit Zcash, scroll down and choose "Zcash (ZEC)" at the bottom

Step 3: Click "Generate New Address

Step 4: Deposit Zcash to the address displayed

Step 5: If you want to deposit a national currency (We'll use EUR), choose one of the fiat currencies at the top

Step 6: Select the deposit method

Step 7: Scroll down and follow the instructions shown

It may take some days to credit your national currency, especially if you've never deposited a national currency with Kraken. Once your fiat arrives, it's time to buy some Zcash. 

Part 4 - Buy Zcash with USD/EUR

Now that your money has arrived, time to buy Zcash.

Step 1: Go to "Trade"

Step 2: Select your pair. Click the current pair (1) and choose the one you want (2). We are going to use ZEC/EUR

Step 3: Now click "New Order"

There are many types of orders, which Kraken has split into Simple, Intermediate and Advanced. For the purposes of this guide we'll only need to place a simple order. 
Step 4: Now enter the price you want to pay and the amount of EUR you want to spend. The Zcash you're going to buy will be calculated automatically. 

If you are not sure about which price to choose, you can always check the orderbook by clicking "Charts" on the top right corner
Step 5: Click "Buy ZEC with EUR"

Step 6: Click "Submit Order" to confirm

Step 7: Now wait for your order to be taken. The time it takes will depend on how good your price is

Once your order is filled, you will receive your Zcash on your Kraken wallet

Part 5 - Sell Zcash for USD/EUR

Selling Zcash will be the exact same process as buying, you'll need to create a new order, enter your price and quantity, then submit the order. The only difference is that you'll need to click "Sell" when placing the order:

 

When you click, the buttons will turn Red, so that you know you are making a sell and not a buy. 

Part 6 - Withdraw

Now that you've sold/bought Zcash, you can withdraw your funds to your preferred location. We wouldsuggest keeping your funds in personal a wallet, if you're holding crypto. If you're holding fiat, simply add your bank account and withdraw to it.

Step 1: Click "Funding"

Step 2: Click "Withdraw"

Step 3: If you want to withdraw Zcash, scroll down and choose "Zcash (ZEC)" at the bottom

Step 4: Click "Add Address" to specify where you want to send your Zcash to. You can compare wallets here

Step 5: Enter a description (1), your wallet address (2), and click "Save Address(3)

Step 6: Select the wallet address (1), enter the amount you want to withdraw (2) and click "Review Withdrawal(3)

Step 7: Lastly click "Confirm Withdrawal"

You may need to confirm your withdrawal via email.
Step 8: If you want to deposit a national currency (We'll use EUR), choose one of the fiat currencies at the top

Step 9: Click "Add Account" to specify where you want to send your fiat to.

Step 10: Enter your personal bank account details and click "Save bank account"

Step 11: Now choose your bank account (1), the amount you want to withdraw (2), and click "Review Withdrawal(3)

Step 12:  Click "Confirm Withdrawal"

That's it! You now have all the tools necessary to buy and sell Zcash (and other coins) for national currencies. Make sure that you know what you're doing before investing in any crypto, and never invest more than what you can afford to lose.

 

Alternatively, you can also mine Zcash or you can also try buying a cloud mining contract with Hashflare or Genesis Mining.

We’d love to hear your views on this…