How to buy ZCash on Binance

Today, the issue of privacy, on and offline, is more relevant than ever. A great concern by many in cryptographic circles is the ability for anyone to track and track transactions or portfolios on a public ledger such as Bitcoin.

Zcash is one of the most important privacy-centric coins on the market today, pushing an alternative for those who want their transactions to be secret.

What is Zcash?

Originally a fork of Bitcoin, Zcash relies on the positive aspects of it as a digital currency, while addressing the privacy question. The blockchain uses tests with zero knowledge to allow the verification of transactions without revealing information on the value of the transaction or the parts that they send and receive.

One of the checkpoints in terms of private currencies is when the user wants to disable privacy, for example in the case of audits or in compliance with regulations. Zcash has a solution for this. Their network has a system in which portfolios can use two different types of address (each representing the same portfolio). One, "the address z" is private, while the other, "the address t" is publicly visible. This allows users to decide when they want to disclose their transaction details or not, allowing greater flexibility and a wider range of possible use cases.

Read on to find out how you can purchase the first ZEC, via the popular Binance platform.

Step 1: Sign up for an account on Binance

The first step, if you have not already done so, is to open an account on Binance. The process is quick and simple and open to users almost anywhere in the world.

Step 2: Verify your account

Before starting to trade, you will need to send several verification documents to the Binance team. Also, take this time to set up 2-factor authentication to protect your account.

Step 3: Send BTC or ETH to your Binance account

There are still very few reliable and reliable places to buy anything but the most popular cryptocurrencies with Fiat, such as USD or EUR. So, to buy Zcash, you will need first Bitcoin or Ethereum. Once done, you can exchange one of these coins for ZEC on Binance.

If you are not already in possession of BTC or ETH, you can buy one from a Fiat exchange like Coinbase or sites like Coinmama or Changelly.

To send coins to your Binance account, go to the menu at the top of the page and select "Funds", then "Deposits".

Choose the coin you are about to send from the drop-down menu.

You will be shown a wallet address to send your coins. Be sure to send only the currency specified to that address (ie BTC to the BTC or ETH portfolio to the ETH portfolio). Any other type of money you send could be lost.

Step 4: wait for confirmation

Transactions are often completed in a few minutes, but may take longer depending on the amount of activity on the network. Wait for Binance to confirm the success of the transaction before continuing.

Step 5: Find and select the BTC or ETH pair

Once the funds have arrived in your Binance portfolio, it's time to move to the site exchange section. Go to the navigation header and select "Exchange", then "Base".

Now look on the right side of the page. Search for ZEC in the search box and click on the displayed pair (ZEC / BTC or ZEC / ETH).

Optional: Use the advanced Binance tools to buy at the right time

Binance offers data such as real-time analytics charts, trade volume and order history to help you make the right moves at the right time. They also give you the ability to set limit orders. This means that you have to enter the price you want to buy (or sell) ZEC, and the exchange will automatically make your trade once the price reaches this point.

Step 6: Choose the amount of Zcash to purchase

Enter the price for which you want to purchase ZEC or select the "Markets" option to be purchased at the current price (recommended for beginners or beginners traders).

So, enter how much you want to buy. It can be a specific quantity in ZEC or BTC / ETH, or you can choose to spend 25%, 50%, 75% or 100% of your BTC / ETH portfolio.

Step 7: Buy Zcash!

Press the green "Buy ZEC" button and you're done!

Step 8: Move your coins into a secure Zcash wallet

The best practice in cryptography is to always store coins in your wallet when you are not actively negotiating. Leaving coins in one bag leaves your funds in the hands of exchange security measures, while in your wallet it is easier to control.

To bring the ZEC out of the exchange, you will need a wallet that supports Zcash. The Ledger Nano S and Trezor Model T hardware wallets offer the highest level of security. The alternative options include the Exodus portfolio for desktops or Coinomi for mobile devices.

To make a withdrawal, go to the header menu and select "Funds", then "Withdrawals". Select ZEC from the drop-down menu.

Enter the ZEC address from your wallet and the amount of ZEC you want to withdraw. Check that the address is correct, then click "Submit". Once the network has completed the transaction, your coins should appear in your ZEC wallet.

to know more

Read our ZCash list on Coinbase Pro at the end of 2018. Or, if you are interested in acquiring ZEC, you can read how to extract it in our guide here.

For those interested in investing, check out our article on the price of Zcash, but always do your research.