The Waves blockchain is an open-source project that allows users to create and distribute their custom crypto tokens. The primary benefit of the Waves platform is its lack of a need for complicated smart contract technology, which is typically required to create a functioning cryptocurrency. The Waves network uses a combination of full nodes and light nodes to support creating quick tokens and developing decentralized applications.
If you’re looking to expand your cryptocurrency portfolio beyond Bitcoin and other major cryptos, the Waves token can be a promising option. Our guide will help you purchase your first Waves tokens, store them safely and securely, and decide when is the best time to sell your investment.
Step 1: Open an Online Account.
To buy any type of cryptocurrency, usually you open an account with a broker that offers the cryptocurrency you’re interested in. Crypto brokers operate in largely the same fashion as stockbrokers. First, you’ll submit a bit of personal information to open your account. Some of the information your broker could require may include:
- Your full legal name and address
- Your email address
- Your cell phone number
- A copy of your driver’s license, military ID or passport
- A credit card number of your banking information (to fund your account)
After your account is open, you’ll be able to transfer funds between a bank account or credit card and your cryptocurrency brokerage account. When your account is funded, you’ll place an order through your broker, which instructs them on which cryptocurrency you’re interested in purchasing and at what price.
As crypto trading becomes more popular, there are now more options than ever to invest in both 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 already have a brokerage account, be sure to consider a few of our favorites below.
Coinbase is among the most popular cryptocurrency trading platforms on the internet, specializing in easy account creations, fast order fulfillment and intuitive purchasing and selling processes. Most users will be able to open a Coinbase account in as little as 10 minutes and you can make your purchase with just a few clicks. Coinbase offers access to a diverse range of tokens, including Chainlink, Ethereum, Waves and many more offerings.
One of Coinbase’s most unique features is its Coinbase Earn section. Coinbase Earn allows you to watch a few short videos to learn more about the tokens currently available to trade on Coinbase. After learning, you’ll answer a few quick questions on each token’s functionality and receive a small amount of crypto for every answer you get correct. Coinbase Earn can be a great option for new cryptocurrency investors to learn more about the market while also starting their portfolio without spending a dime.
Binance is the largest cryptocurrency exchange in the world, offering access to hundreds of cryptocurrencies. While U.S. residents cannot currently open an account on Binance’s international site, they can gain access to the broker’s diverse range of tools by opening a Binance.US account.
Binance.US includes all of the features found on the international site, including advanced charting options, real-time order books, recurring buys and much more. Binance.US also offers exceptionally low trading fees when compared to other brokers and a wider range of supported cryptocurrencies. If you’re a more advanced cryptocurrency investor and you’re looking for more tools and trading data, Binance.US could be right for you.
Step 2: Buy a Wallet.
A cryptocurrency wallet is a tool that gives you more control and protection when you store your tokens. There are 2 major 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 on holding onto your crypto for a significant amount of time, we recommend storing your tokens in an offline, cold storage wallet. If you don’t already have a cold storage wallet that’s compatible with ERC-20 tokens like Waves, consider a few of our top choices below.
Best for Top-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 allows you to access over 100 decentralized applications and download them directly to your wallet. If you prefer to connect your Ledger Nano X to your smartphone, you can do so in as little as a minute with the compatible Ledger Live app.
Best for Coin Support: Ellipal Cold Wallet
If you have multiple cryptocurrencies you need to store, you might run into trouble finding a 1-stop-shop to store all of your coins. The Ellipal cold storage wallet supports over 7,000 individual tokens across 35 blockchains, offering among the most diverse ranges of compatibility that we’ve seen from any token. Its server is updated every month, and new supported assets are constantly being added to its list of compatible tokens and coins. The Ellipal features a sleek design and a brightly lit screen, which makes it easier to manage and track your holdings when you’re away from your computer.
Step 3: Make Your Purchase.
After your wallet is set up and your brokerage account is funded, you can place your 1st cryptocurrency order through your broker. Most brokers offer access to multiple order types, which are usually similar to the types of orders you can place through a stockbroker. The type of order that you place will determine how likely you are to see your order filled and the price you’ll pay for each coin. Let’s take a look at 2 of the most common order types you’ll likely have access to through your crypto broker.
- Market order: A market order is an order to purchase a coin at whatever the current market price is. When you place a market order, your broker fills the order as soon as possible. Market orders are more likely to be filled than other types of orders 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 purchase a specific coin at a specific price point. For example, you might place an order to buy 100 Waves at $8 or less per coin. Your broker will fill the order only if they can meet your price target — if the cost of each Waves token rises above $8, the broker won’t fill the order. Limit orders give you more control over the price you pay per coin but might not be filled depending on market conditions.
After you place your order, your broker will fill it following your instructions. If your order is filled, you’ll see your coins in your trading account.
Trade or Sell Your Cryptocurrency?
After your order is filled, you need to decide if you want to actively trade your Waves coins or if you want to hold them long-term. If you decide to hold long-term, we recommend moving your coins into your cold storage wallet as soon as your order is filled. This ensures maximum security and greatly limits the chance of being involved in a hack.
If you decide to become an active trader, you’ll capitalize on small price movements throughout the day and week instead of holding your coins long term. You may want to convert your Waves to a stablecoin (like Tether or USD) and when the price of Waves rises, convert back to Waves when the price drops again. Explore a few of our favorite brokers for active trading below.
Current Crypto Prices
Keeping track of how cryptocurrency prices are changing can help you buy in at the most advantageous time. Browse a few of the market’s top movers today below.
Adding Waves to Your Crypto Collection
Adding altcoins to your cryptocurrency portfolio can be an excellent way to introduce more diversification into your investment collection. However, remember that the cryptocurrency market is still widely unregulated. If you do decide to invest in Waves (or any other coin) never invest more money than you can comfortably afford to lose.