Cryptocurrencies are ruling the roost. Flexible and having added layers of protection, Cryptocurrencies are the new fad. So much so that new versions of the same are being launched daily. Buying a cryptocurrency is not an easy task. Though security is taken care of, you must choose an appropriate platform for the process.
Some cryptocurrencies are more challenging to purchase than others. Oxen is one of them, and here we will tell you how you can buy Oxen crypto.
Things Needed To Buy Oxen
Following are some things you will need in order to buy Oxen.
- Identity proof/KYC procedure- No platform would let you create an account without having the required proofs. They will ask for a valid email address, telephone number, and address proof. A utility bill or bank statement could be used for address proof.
- Check exchange rules- Some cryptocurrency exchanges would allow you to deposit and trade in crypto even without the KYC. However, they may not allow you to transfer the funds back to your bank account. If you want to purchase Oxen with local currency, passing KYC is imperative.
- 2-step verification- Enable 2-factor authentication before you start transferring the funds. This will add more security to your account and keep the funds also safe.
How To Find A Suitable Platform
You cannot just select any exchange to start buying Oxen. Here are some factors that would help in finding the most trustworthy exchange:
- Customer support- Obviously purchase and selling of crypto is a process that can face problems. If you are just starting out, you need a service provider who is there to answer all your queries. Check if the exchange you are considering has a 24*7 customer support system. If not, they should have an updated FAQ on the website that would answer all your queries.
- User reviews- Checking out on user reviews would clarify any other doubts you may have about the platform. People are pretty vocal on the internet, and their experiences would help you out. If you see lots of opposing opinions, you should know that the exchange is not reliable. Also, if anyone from your acquaintances has used the service, you can take their view.
- Ease of use- The exchanges you choose should be easy to use. If navigating through the website is difficult and you can’t seem to understand the purchasing process, then maybe the exchange is not the right choice.
- Registered with regulatory authority- Whichever exchange you choose should be registered with the regulatory authority of your country. This registration adds a certain level of credibility to the platform. Being registered means the exchange can be pulled up if they do not adhere to the security guidelines.
How You Can Buy Oxen Crypto
As mentioned above, Oxen Crypto is challenging to purchase. Here are the steps that you will have to follow:
- Check CoinMarketCap- On CoinMarketCap, you get details of every cryptocurrency and where you can purchase them. Go to the website and search “Oxen.” Near the price chart is a button labeled “Market.” Here you will find details of the places where you could get the crypto. Check under “Pairs,” and you can see the shorthand for Oxen. There will be mention of a second currency too. This is the currency that you could use to buy Oxen.
- Choose a platform- There are many platforms that you can choose to make your purchase. All of them employ different levels of security, liquidity, and reliability.
- Select the payment mode- Every exchange offers multiple payment modes to help you pay for the purchase. Always choose a business that offers you four to five payment choices or more. Restrictions on payment modes would be troublesome as your purchase could get stuck in between.
- Make your purchase- Every platform has a different method of completing the purchase. For example, if you purchase crypto with US dollars, the process will be more straightforward. If you want to buy Oxen with any other crypto, you must create a crypto wallet. This wallet should support Oxen. Most platforms have guides elaborating on the process of purchasing Oxen.
- Withdraw Oxen to personal wallet- You can now withdraw Oxen purchased to your personal wallet. Now the cryptocurrency is with you, and it is up to you how you want to use it.
Mentioned above are all the details of purchasing Oxen cryptocurrency. Do not rush into making the purchase. First, understand the entire process, so there are limited chances of committing errors.
Though cryptocurrencies have an added layer of protection, the chances of hacking are also more. Pick the cryptocurrency exchange with care and take extra precautions while transferring funds.
Cryptocurrencies are going to grow in the future, and being careful is what it will take for you to start experimenting with them.
Image Source: oxen.io