Want to jump straight to the answer? You can buy WAVES today on FTX!
The Waves blockchain is an open-source platform that allows developers to create tokens and decentralized applications, similar to Ethereum. The main advantage of the Waves platform is that it does not need complicated smart contract technology, which is usually required to create a working cryptocurrency. The Waves network uses a combination of full nodes and lightweight nodes to support fast tokenization and decentralized application development.
If you are looking to diversify your cryptocurrency holdings, Waves can be a good option to do so. It competes with Ethereum, but stands out as a distinct player in the blockchain industry. Here’s our guide showing you how to buy Waves, as well as how to store your digital assets safely.
How to buy waves
- Open an account online.
To buy any type of cryptocurrency, you usually open an account with a broker that offers the cryptocurrency you are interested in. Crypto brokers operate much the same as stockbrokers. First, you will submit a bit of personal information to open your account. Some of the information your broker might need may include:
– Your full legal name and address
– Your email address
– Your mobile phone number
– A copy of your driver’s license, military ID or passport
– A credit card number from your banking information (to fund your account)
Once your account is opened, you will be able to transfer funds between a bank account or credit card and your cryptocurrency brokerage account. When your account is funded, you place an order through your broker, which tells them what cryptocurrency you want to buy and at what price.
- Buy a wallet.
A cryptocurrency wallet is a tool that gives you more control and protection when storing your tokens. There are 2 main types of cryptocurrency wallets:
Hot wallets: A hot wallet is a wallet that must be connected to the internet in order to access your tokens. Hot wallets tend to be more affordable but offer less protection than cold wallets.
Cold wallets: A cold wallet is a wallet that stores your tokens offline on a physical device. Cold storage wallets are significantly more secure than hot wallets, but they tend to accept fewer types of tokens than hot wallets.
If you plan to hold your crypto for a significant period of time, we recommend storing your tokens in an offline cold storage wallet. If you don’t already have a cold storage wallet compatible with ERC-20 tokens like Waves, consider some of our top picks below.
- Make your purchase.
Once your wallet is set up and your brokerage account is funded, you can place your first cryptocurrency order through your broker. Most brokers provide access to multiple order types, which are generally similar to the order types you can place through a stockbroker. The type of order you place will determine the likelihood that you will see your order filled and the price you will pay for each coin. Let’s take a look at 2 of the most common order types that you are likely to have access to through your crypto broker.
Market order: A market order is an order to buy a coin regardless of the current market price. When you place a market order, your broker executes the order as soon as possible. Market orders are more likely to fill than other order types, but give you less control over the price you pay for each coin.
Limit order: A limit order tells your broker that you want to buy a specific coin at a specific price. For example, you can place an order to buy 100 Waves at $8 or less per piece. Your broker will only fill the order if they can reach your target price – if the cost of each Waves token exceeds $8, the broker will not fill the order. Limit orders give you more control over the price you pay per coin, but may not be executed depending on market conditions.
After placing your order, your broker will fill it following your instructions. If your order is filled, you will see your coins in your trading account.
Best Crypto Exchanges and Brokers
As crypto trading becomes more popular, there are now more options than ever to invest in stablecoins and altcoins like Waves. Some brokers offer access to both the stock and options market as well as the crypto market, while others focus entirely on cryptocurrency trading. If you don’t have a brokerage account yet, be sure to consider a few of our favorites below.
Best Cryptocurrency Wallets for WAVES
Ideal for high-level security: Ledger Nano X
The Ledger Nano X is among the most popular hardware wallets available and is best known for its high level of cold storage security. The Ledger Nano X supports a wide range of tokens and coins, including any type of ERC-20 token, Ethereum, Bitcoin, and many additional offerings. The device even includes Bluetooth compatibility, which lets you access over 100 decentralized apps and download them directly to your wallet. If you prefer to connect your Ledger Nano X to your smartphone, you can do so in less than a minute with the compatible Ledger Live app.
securely through the Ledger Hardware Wallet website
Launched in 2014, Ledger has evolved into a rapidly growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for businesses and individuals. Born in Paris, the company has since grown to over 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims to secure the disruptive new class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates with a secure chip for its line of wallets. So far, Ledger is proud to be the only market player to provide this technology.
- ERC-20 Tokens
- All experience levels
- Easy to set up and use
- Supports over 1,500 different digital resources
- Long battery life
- Bluetooth Connectivity Features
Best for coin support: Ellipal Cold Wallet
If you have multiple cryptocurrencies that you need to store, you might find it difficult to find a one-stop-shop to store all of your coins. The Ellipal cold storage wallet supports over 7,000 individual tokens across 35 blockchains, offering some of the most diverse ranges of compatibility we’ve seen from any token. Its server is updated every month and new supported assets are constantly added to its list of compatible tokens and coins. The Ellipal features a sleek design and a brightly lit display, making it easy to manage and track your assets when you’re away from your computer.
The Ellipal Titan looks more like a Cybertruck than a crypto wallet. It can also manage Bitcoin, Ethereum, ERC and Binance tokens.
- Ethereum tokens
- Binance Tokens
- physically tall
Trade or sell your cryptocurrency
Once your order has been executed, you need to decide if you want to actively trade your Waves coins or if you want to hold them for the long term. If you decide to hold long term, we recommend moving your coins to your cold storage wallet as soon as your order is filled. This guarantees maximum security and considerably limits the chances of being involved in a hack.
If you decide to become an active trader, you will capitalize on small price movements throughout the day and week instead of holding your coins for the long term. You might want to convert your Waves to a stablecoin (like Tether or USD) and when the price of Waves goes up, convert back to Waves when the price goes down again. Check out some of our favorite brokers for active trading below.
Current Crypto Prices
So far in 2022, cryptocurrencies have been trending lower with relief rallies along the way. Bitcoin is still well below its previous all-time highs seen in the fourth quarter of 2021. While this may spook investors, some long-term oriented cryptocurrency investors see this as an opportunity to buy more digital assets at price. reduced. That being said, there may still be other downsides before we see new all-time highs, as cryptocurrencies can be volatile and unpredictable in the short term.
Add waves to your crypto collection
Adding altcoins to your cryptocurrency portfolio can be a great way to introduce more diversification to your investment collection. However, remember that the cryptocurrency market is still largely unregulated. If you decide to invest in Waves (or any other coin), never invest more money than you can comfortably afford to lose.