How to Buy Zcash (ZEC) in the UK

Founded in 2016, Zcash is a decentralized currency that fosters anonymity and secured transactions. Zcash is one of the most popular cryptocurrencies on the blockchain. In fact, it is ranked among the top 100 cryptocurrencies according to Coinmarketcap. 

However, it has limited market listings, especially in the UK. Therefore, buying Zcash in the UK can be a little bit difficult, especially without the right guide. 

Fortunately, you’re in the right place at the perfect time to learn how you can buy Zcash in the UK. This article will outline how you can quickly buy Zcash in the UK without losing your money to scammers or unreliable platforms.

Quick Guide on How to Buy Zcash in the UK

This short guide outlines quick and effective ways to buy Zcash from the world’s most reliable exchange platforms. Below is a table outlining the best exchange to purchase Zcash from, their payment methods, and trading fees:

ProviderAccepted Payment MethodsTrading fees
KrakenBank Transfer0.26%
BitpandaSEPA Transfer, Credit/Debit Card, Skrill Giropay and othersStarts from 1.5%
eToroUK Bank Transfer, Credit/Debit Card, PayPal, & More3.5% or more.

Kraken is one of the best exchanges you can buy Zcash on as it provides the lowest transaction fee. The maximum trading fee you can pay is just 0.26%.

There are absolutely no hidden charges when using Kraken. Also, you will get the best exchange rate as prices are quoted in the real exchange rate.

Read on to learn how to buy Zcash in the UK on Kraken quickly.

How to Buy Zcash in the UK

Kraken

Founded in 2011, Kraken is one of the earliest crypto exchanges that provides a top-notch service to UK traders. It is also one of the largest exchanges by trading volume in the market.

Buy Zcash in the UK using Kraken.

Ease of operation is one of the advantages of Kraken over other exchanges. UK users can easily deposit their fiat GBP currency and exchange it for Zcash in a few steps.

Also, the platform supports various payment methods, especially bank transfers that are processed with Faster Payments. Therefore, from the registration to the processing of your payment, everything is done at light speed.

Apart from these, Kraken provides one of the best trading fees in the market. Regular traders enjoy a maximum of 0.26% on trades, while large-volume traders enjoy more discounted fees on their trades.

One downside of using Kraken is that UK users cannot exchange their GBP directly to Zcash. Like other exchanges, UK users must change their fiat currency to either USD, EUR, or Bitcoin.

This will incur an additional fee for the exchange spread. However, this generally depends on the currency or cryptocurrency you are changing your GBP to. Meanwhile, the spread fees are extremely low as it provides real-time exchange rates.

How to Buy Zcash With Kraken

  1. Go to their official website and create a new account to get started on Kraken. This takes less than 10 minutes to complete. Ensure you complete the verification.
  1. Deposit GBP via various deposit options. Preferably, you can use a bank transfer which is quick and free.
  1. After confirming your deposit, exchange GBP with EUR with a limit or instant market order. This will incur, at most, a 0.2% fee. 
  1. With EUR, you can buy your desired amount of Zcash. Simply head to ZEC/EUR and input the desired amount. Execute with a limit or market order. This incurs a maximum trading fee of 0.26%.

Kraken has a fairly complex user interface that can be difficult for beginners to navigate.

However, it takes no time to get familiar with the interface. Meanwhile, Kraken has more than 100 token listings making it possible for users to buy Zcash and several other cryptocurrencies in the UK.

Another important thing to note about Kraken is that UK users cannot make any withdrawal within 72 hours. This is only restricted to new users making their first GBP withdrawal.

Best Alternative: eToro

Buying Zcash on eToro.

eToro provides a better alternative that is even easier than Kraken. eToro is an Israeli brokerage company that provides access to many cryptocurrencies in the UK.

eToro does have additional trading fees, One of them is the SEPA transfer bank fees, which may even take several days to process. However, the unnecessary fee incurred by eToro can be avoided easily.

eToro provides access to 48 cryptocurrencies, including Zcash and several other popular listings, including Bitcoin, Ethereum, Solana, SAND, and many others.

Typically, eToro incurs higher trading fees and hidden charges when trading cryptocurrency. However, the fees generally vary with different cryptocurrencies. For example, the trading fee for Zcash is 3.5%, it is 1.9% for Ethereum, and it goes as low as 0.75% for Bitcoin trades.

Although the trading fees are a little bit exorbitant, eToro is perfect, especially for beginners. Also, it supports several payment methods, including ePayment systems like PayPal.

Apart from these, eToro users from the UK and some other countries can withdraw their cryptocurrency. However, instant wire transfer and online banking, which has 7 days processing time, should be used. Other payment methods can cause temporary restrictions on withdrawal.

How To Buy Zcash With eToro

To get started with eToro;

  1. Go to eToro’s official website and create a new account.
  2. After verifying your identity, deposit GBP via bank transfer. After confirmation, your deposit will be automatically converted to USD.
  3. Go to the crypto section of eToro and search for Zcash (ZEC).
  4. Input the preferred amount and execute the order. This will incur a 3.5% trading fee.
  5. Once the trade is complete, you can check your crypto in the portfolio section.

eToro may be complicated for newbies as it offers multi-asset trading, which may be confusing. However, it is still a good alternative, especially for those who don’t want to use Kraken.

eToro is a well-established multi-asset trading platform that offers a wide range of trading assets, including stocks, CFD, commodities, and cryptocurrency.

Meanwhile, it is important to know that all these financial assets, including CFDs, crypto, and forex, are highly volatile and complex. Therefore there is a high risk of losing your capital. Also, more than 68% of traders lose their money when trading CFDs, especially with eToro.

Therefore, you should perfectly understand CFDs and other financial tools before investing or trading them. Also, make appropriate trading plans and sound strategies.

Furthermore, cryptocurrencies are another highly volatile asset due to enormous price changes within seconds. Therefore, trading cryptocurrencies may not be appropriate for many traders especially, those with no sound trading plans and strategies.

Apart from CFDs, other financial assets, including cryptocurrencies, are not regulated in the UK. This means that the regulatory bodies do not supervise crypto in the UK. Therefore, ensure you invest only what you can afford to lose as your capital is at risk.

Final Thoughts

Thank you for checking out this quick guide on how to buy Zcash (ZEC) in the UK. I hope it has helped you understand the best ways to invest in this popular cryptocurrency.

Team

Our UK-based team writes articles to help beginners understand the world of cryptocurrency. We are firm believers that Blockchain technology has great application in our future.

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