Could an easy way to trade video game items be the next big thing? If you think so, then you probably want to get your hands on some WAX coins. We’ll walk you through our favorite way to buy WAX coins.
- 1 Are You Too Late To Buy WAX Coin?
- 2 How High Could WAX Token Go?
- 3 Where To Buy WAX Coin – Our Top 2 Ways Explained
- 4 Coinbase Account Ready To Go? What Are The Next Steps?
- 5 The Fastest Way To Buy On Coinbase
- 6 Set Up A Wallet To Store WAX Tokens
- 7 Set Up A Kucoin Account
- 8 How To Transfer From Coinbase To Kucoin?
- 9 How To Buy Wax Token On Kucoin?
- 10 Sending WAX Coins To The Ethos Universal Wallet
- 11 Final Thoughts
Are You Too Late To Buy WAX Coin?
WAX launched their ICO on the 29th of November 2017 at the same time that crypto mania was sweeping the world. The WAX ICO was one of the most hyped investment opportunities of late 2017. This meant that when WAX tokens first hit exchanges on the 21st December 2017, they began trading at a mind-boggling price of $4.60 each. Fast forward to the time of writing and WAX token price is hanging around the 11 cents price point.
The truth is that most solid cryptocurrency projects never get near their ICO price again. With WAX coin, the price is just 35% above the price they were sold at ICO. This presents a great opportunity for investors to pick up WAX tokens at an amazing price point. In fact, with these prices, you might go as far to say that they are holding a second ICO.
There are a lot of other factors that suggest WAX coin could do well in the future:
- Many cryptocurrency enthusiasts have got excited about an application developer platform called EOS. WAX intend to move their decentralized application to the EOS blockchain in the near future. This could cause quite a buzz in the crypto community and benefit the price of the tokens.
- The project is set to launch its platform in Q4 of 2018. This means there is not long to go before WAX has a working product. If the launch is well received we expect a steep increase in WAX coin’s price.
- Once the platform is launched, the project will be focusing on creating even more partnerships with game developers. In cryptocurrency markets, big partnership announcements usually result in sharp spikes in price.
- The project can also be used to trade any digital asset and is not limited to items in computer games. This means there is the potential for growth in other markets, for example, cryptocurrencies.
- The crypto is not listed on Binance yet.
In a nutshell, there are many factors that could positively influence the price of the WAX coin in the coming year. The OPSkins team (who are behind the WAX project) have also got an established track record in the industry. We certainly would not bet against them achieving great things and making this project a great success.
How High Could WAX Token Go?
The truth is that prices in cryptocurrency markets are mainly driven by emotions, rather than fundamentals. The WAX project is actually a great example of this. It has no working product, but even now has a market cap of over $100 million. Why is WAX valued so highly? Why are other cryptocurrency projects, with no working product, achieving market caps of over $1 billion? The simple reason is that cryptocurrency investors expect great things from these crypto projects in the future. Put simply, cryptocurrency investors are buying potential, rather than fundamentals.
With WAX, they are creating a business that has the potential to dominate a market that generates $50 billion per year. Also, most people would agree that computer games are not going away any time soon. With WAX you are investing in the OPSkins team being able to produce an amazing product, to scale it, acquire users and onboard video game producers. The truth is that they have done all this before with their OPSkins product. In our opinion, this makes investing in WAX a pretty solid bet to make.
Unlike other cryptocurrency projects, WAX does have the potential to appeal to users outside of cryptocurrency. The digital asset exchange can also very clearly generate cash-flows. In the medium to long-term, this is exceptionally important, as cryptocurrency projects will not always be valued on potential. At some point, they have to deliver and be able to show revenue to support their token price.
No one knows how high WAX token could go. However, the potential is there for it to become the Binance of the in-game virtual item market. If this is achieved, the sky really could be the limit.
Where To Buy WAX Coin – Our Top 2 Ways Explained
The cryptocurrency market is currently in an odd situation where it is hard to get access to a wide range of cryptocurrencies using an exchange where you can deposit regular money. This issue is being worked on, with the likes of Binance working on providing conventional currency deposits. However, we are not there yet. Right now, our favorite method of buying WAX tokens is by using a combination of Coinbase and Kucoin.
The plan is to use Coinbase to deposit regular currency and convert it into either Bitcoin or Ethereum. You then send this to the Kucoin exchange to trade for WAX coins. You are able to deposit money on the Huobi exchange and buy WAX tokens with a single account. However, we prefer using the Coinbase and Kucoin combination. We have actually found this method to be easier and more straightforward.
Creating A Coinbase Account
What You Need To Know About Coinbase
- Great Reputation: Coinbase is the most popular way to get into cryptocurrency markets. Established in 2012 it has one of the longest track records for any business in crypto.
- Regulated: The exchange has invested a phenomenal amount of money to ensure it’s compliant with the necessary regulations.
- Made For Beginners: Coinbase has been designed to make buying cryptocurrency as simple as possible.
- Deposit Methods: PayPal for US customers, bank transfer & card.
- Minimum Deposit: Invest in crypto with as little as €6.
- Funds Are Safe: Coinbase insures customer funds. US users are covered for balances of up to $250k.
- Available Cryptos: Bitcoin, Ethereum, Litecoin & Bitcoin Cash.
Spending Over $100 On Crypto With Coinbase? Sign Up Through TotalCrypto & Get $10 FREE.
Setting up a Coinbase is tricky for anyone new to cryptocurrency. That’s why we have created a detailed walkthrough.
Coinbase Account Ready To Go? What Are The Next Steps?
Once your Coinbase account is all set up, the next thing you want to do is to buy some Bitcoin or Ethereum. To do this, just follow the steps below:
The Fastest Way To Buy On Coinbase
- When logged into your account, click the ‘buy/sell’ option in the bar at the top of your screen.
- Hit ‘Add payment method’.
- Choose a deposit method: The cheapest way to deposit is by using a bank transfer. However, you might need to wait up to 5 working days for the deposit to go through. The fastest, but slightly more expensive way is by using a card or PayPal. Once your payment has been sent, just wait for the funds to hit your account.
- When your deposit has hit your account, you can buy your Bitcoin or Ethereum. To do this, click on the ‘Buy/Sell’ section and choose either BTC or ETH
- Enter the amount of crypto you want to buy.
- Select the wallet you have funds in as the payment option.
- Double check your order and click ‘Confirm Buy’. Your cryptocurrency will then appear in your account.
The fastest way of buying crypto on Coinbase is not the cheapest. You can save a little on the fees by using CoinbasePro (formerly known as GDAX). This is slightly more complicated to do. However, we show you all the steps to do this in our step by step guide.
- 📈 Avaliable Cryptos: BTC, ETH, XRP, LTC, BCH, BAT, XLM, ZEC, DAI, ZRX
- 💳 Deposit Methods: Credit/debit card, bank transfer & PayPal
- 💲 Accepted Currencies: AUD, GBP, EUR, USD, CAD, SGD
- 🎧 Support: Email & FAQ’s.
- 💰 Fees: 4%
Set Up A Wallet To Store WAX Tokens
Before buying your WAX tokens, it is a good idea to have your cryptocurrency wallet already set up and ready to use. The good news is that WAX coin is supported by the ultra-secure Ethos universal wallet. Not only is this wallet completely free, you will be able to store over 100 cryptocurrencies in a single place and Ethos boasts how their wallet is as secure as a hardware wallet.
If you want to keep storing crypto as simple as possible, we have to recommend using the Ethos wallet.
Store Your WAX Tokens In The Best All-in-One Wallet
Set Up A Kucoin Account
As things stand, you should have your Ethos universal wallet set up and some Bitcoin or Ethereum on Coinbase. The next step is getting an account open at an exchange which allows you to buy WAX coins.
For people who have asked us ‘where to buy WAX coin’, we always point them in the direction of the Kucoin exchange. Why do we think this is the best option? Well, we find Kucoin much simpler to use than Huobi. We are big believers in the idea that buying crypto should be as straightforward as possible and we like to always recommend the easiest option.
Kucoin actually offers one of the largest selection of cryptocurrencies with a choice of over 150 and counting. We are sure that many people will find this exceptionally useful if they want to invest in other cryptos in the future. We also love that Kucoin has invested in translating their exchange into English, Chinese, Portuguese, Dutch, German, Spanish, Russian, Japanese and French. After all, buying cryptocurrencies is hard enough, without having to do it in a second language.
What To Know About Kucoin:
- Massive selection of cryptos: The exchange offers access to over 150 cryptos. That’s more than the likes of Binance.
- Beginner Friendly: The exchange is well designed and is ideal for crypto newcomers.
- Translated Versions Of The Exchange: 12 languages
Get Your WAX Tokens On One Of The Best Exchanges On The Planet
Need a hand getting your Kucoin account set up? Our detailed guide shows you all the steps.
How To Transfer From Coinbase To Kucoin?
Follow the two stages below and you’ll have your Bitcoin or Ethereum deposited on the Kucoin exchange in no time:
Stage 1: Locate Your Kucoin Deposit Address
- When logged into your Kucoin account, hover over the dollar icon and select ‘deposit’ from the drop-down.
- The Kucoin shares token will be the default deposit option. Just click on it to be given the option to deposit other cryptocurrencies. Select Bitcoin if you have BTC on Coinbase or Ethereum if you have ETH.
- Important: Sending Bitcoin or Ethereum to the wrong type of wallet address will mean you lose your crypto.
- A pop up will then display to prompt you to confirm your chosen crypto. Click ‘Confirm’ and your Kucoin deposit address will display.
Stage 2: Sending Funds from Coinbase To Kucoin
- When logged into Coinbase it the ‘Accounts’ button.
- Find the cryptocurrency you own and select the ‘send’ button.
- Paste your Kucoin deposit address into the ‘recipient address’ box. Then key in the amount of crypto you want to deposit on Kucoin.
- Double check the transaction details and click ‘Continue’. Your Bitcoin or Ethereum will then be sent to the Kucoin exchange as a deposit.
How To Buy Wax Token On Kucoin?
When your Bitcoin or Ethereum deposit has been credited to your Kucoin account, you will then be ready to buy your WAX tokens. Just follow the steps below and you will have them in no time:
- When logged into Kucoin, select the ‘Markets’ option from the top navigation bar. This will bring up a list of different markets and cryptocurrencies. First, you need to choose the right market. Select ‘BTC’ if you have deposited Bitcoin or ‘ETH’ if you used Ethereum. Then just type in ‘WAX’ into the search bar and click on the market.
- The Kucoin trading screen will then pop up. You can actually just ignore the chart in the left-hand section and just focus on the Buy/Sell boxes. Enter the number of WAX tokens you want to buy and click ‘Buy’. Your WAX coins will then be credited to your account.
- 📈 Avaliable Cryptos: BTC, ETH, XRP, LTC & Over 100 other cryptos
- 💳 Deposit Methods: Crypto only
- 💲 Accepted Currencies: Crypto only
- 🎧 Support: Email
- 💰 Fees: 0.10%
Sending WAX Coins To The Ethos Universal Wallet
Now you know all about how to buy WAX token, the last thing you need to decide is where you are going to store them. Some cryptocurrency investors do hold their coins on cryptocurrency exchanges. However, we strongly recommend you use a private wallet like the Ethos universal wallet.
Sounds like a bit of a hassle, right? Why would anyone bother jumping through this extra hoop and store WAX tokens in a wallet? Well, crypto exchanges have been the target of numerous hacks and some have been successful. This is maybe not very surprising given that exchange wallets typically hold tens of millions of dollars worth of crypto. Seeing that Kucoin is one of the larger exchanges, it makes sense if it’s pretty high up the list of hacker targets. Although we are sure that Kucoin has first-class security, why take the risk with your cryptocurrency?
It’s totally up to you whether you want to go through this extra step. However, if you do wish to story your WAX tokens off the exchange, he’s how to do it:
- Copy your WAX coin public address from your Ethos wallet.
- Once logged into Kucoin, click ‘Assets’, find WAX coin and select the ‘withdrawal’ operation. Withdrawal of Kucoin Shares is used in the example below.
- You will then see the WAX coin withdrawal screen. Paste your Ethos public address for WAX coin into the ‘Select Wallet Address’ box. Enter the number of coins you want to withdraw and fill in the security questions.
- Once done, click ‘Confirm’ and your WAX coins will be sent to your Ethos Universal Wallet.
The TotalCrypto team is really excited to see what the platform looks like when launched in Q4 of 2018. Given OPSkins track record in the niche, we expect a highly polished product that brings the benefits of decentralization to virtual asset exchanges. The WAX team also need to continue making partnerships and onboard major games to the WAX platform. We actually don’t expect any big announcements until the platform is fully launched. However, we are sure that OPSkins have the industry contacts to make this all happen.
Will WAX succeed? We don’t know. But everything seems to be in place for the project to be a massive success. Certainly, we would not be surprised if the project makes significant inroads into the $50 billion digital items market in 2019 and beyond.