🦲 How to Buy Zilliqa (ZIL) in the UK

Looking to invest in ZIL cryptocurrency? No wonder Zilliqa is definitely worth taking a look at. Why? It is one of the closest competitors of Ethereum in terms of technology. Interested? Then, read our guide on how to buy Zilliqa in the UK.

Here is a basic guide on buying ZIL from one of the top exchanges, OKX:

1. Register and verify your OKX account.
2. Fund your account using bank transfer, peer-to-peer (P2P), or credit or debit cards to purchase USDC or USDT.
3. Move your USDT or USDC holdings to the Spot Account.
4. Go to the “Trade” page and select “Spot.”
5. Select ZIL/USDT or ZIL/USDC from the options.
6. Input the amount of ZIL you want to buy.
7. Click “Buy ZIL.”

Zilliqa in a nutshell

Zilliqa is a Singapore-based project that was born out of a project at the National University of Singapore (NUS). Since the blockchain was launched in Jan 2019 Zilliqa became the first-ever public blockchain to implement sharding — meaning that the network is ready for rapid growth due to its ability to scale.

Zilliqa’s fast and advanced blockchain allows developers to use Smart Contracts using a new language called Scilla, and over 60 project teams from over 20 countries have contributed to Zilliqa’s ecosystem, developing wallets, explorers, developer toolkits, smart contract testing frameworks, decentralized apps, and more.

How does it work?

Its impressive scalability is achieved by using a database partitioning technique called sharding. This involves dividing the network into groups of 600 nodes. Each of these groups is called a ‘shard’ – effectively a mini-blockchain. By dividing the work done on the network across multiple shards, Zilliqa achieves a much faster throughput of transactions than singular blockchain networks. Throughput increases with each additional shard.

With sharding functionality, Zilliqa can process 2828 transactions per second making it perhaps the fastest blockchain platform as compared to others. Bitcoin can only process 7 transactions per second, Ethereum 15, Tezos 50, Cardano 250, and Visa can do 8,000.

Zilliqa Token

Like ETH, ZIL is a native token used to pay for transactions on the Zilliqa network. However, it is much cheaper than ETH.

What should you consider if you want to buy Zilliqa?

1. Price
   This token is bloody cheap. And this is great timing to stock up and wait for the price to go up.
2. Staking
   The estimated annual staking yield for ZIL is between 8% – 10% currently.
3. Governance
   ZIL boasts a decentralized ecosystem, enabling token holders to participate in governance activities that will define the project’s future. To participate, token holders must hold gZIL (governance ZIL).

Summing Up the Pros and Cons

Pros

1. Zilliqa is the first to use sharding technology
2. Solves the scalability problem
3. Unplanned ICO showed that the project has considerable support

Cons

1. Ethereum is adopting sharding technology to solve the scalability problem
2. Growth hasn’t lived up to the hype surrounding Zilliqa
3. Not recommended for short-term investment

Where to buy ZIL in the UK?

To tell the truth, ZIL is not the most popular coin, so just a few exchanges would add it to their markets. However, we were able to gather all the possible options here for you:

• Buy ZIL with other cryptos

This is the easiest way to buy Zilliqa, as many centralized exchanges and brokers sell Zilliqa.

Here is a list of crypto exchanges where you can buy Zilliqa (ZIL).

OKX

OKX is a crypto exchange founded by Star Xu in 2017. The Seychelles-based platform features over 350 cryptocurrencies and is accessible to millions of users in over 100 countries. OKX is operational in the UK since it has a FCA license.

How to buy Zilliqa on OKX?

Step 1: Create your account

First of all, you need to create your OKX account. All you need is a valid email address and password.

Step 2: Activate your account

You must verify your email address to activate the account.

Step 3: Complete the KYC Test

Log in to undergo the mandatory Know Your Customer (KYC) process. It entails the submission of your personal credentials in compliance with regulatory guidelines by the UK’s Financial Conduct Authority (FCA).

Step 4: Fund your OKX account

You can buy Zilliqa (ZIL) on OKX using stablecoins like USDT and USDC. After purchasing, transfer the stablecoins to the Spot Account.

Step 5: Select the Appropriate ZIL trading pair

Go to the “Trade” page and select “Spot.” Type “ZIL” in the search box on the left side of the page. Select the appropriate trading pair between ZIL/USDT and ZIL/USDC based on the stablecoin in your Spot Account.

Step 6: Buy Zilliqa (ZIL)

The final step is to navigate to where you input the amount of ZIL you want to buy and hit the “Buy ZIL” tab.

Bitget

Bitget is a crypto exchange enabling the buying, selling, holding, and trading of over 500 cryptocurrencies, including Bitcoin and Ethereum. Although headquartered in Seychelles since its 2018 debut, the trading platform has been accessible to users across over 150 countries, including the UK.

How to buy ZIL on Bitget:

• Create a Bitget account and verify your identity by providing email and proof of address.
• Fund your account with USDT using your preferred payment method.
• Open the “Trade” section on the Bitget platform and click “Convert.”
• Select USDT as the cryptocurrency to convert from and ZIL as the cryptocurrency to convert to.
• Input your desired amount and execute the conversion.

XT

XT, also called XT.COM, is a crypto trading platform that enables various trading compatibilities, such as spot trading, margin trading, and futures trading. The crypto exchange boasts an intuitive interface, attracting new and experienced investors. It offers over 500 cryptocurrencies to users in various countries, including the UK.

How to buy ZIL on XT:

• Set up an XT.COM account and verify your credentials.
• Fund your account with USDT using any available payment options, like Visa or Mastercard.
• Go to the “Trade” section and select the ZIL/USDT trading pair.
• Input the amount of ZIL you need based on your available USDT balance, and execute the trade.

WhiteBIT

Launched in Ukraine in November 2018, WhiteBIT is a crypto exchange offering over 300 crypto assets to over five million users across various countries, including the UK. The platform ranks among the top crypto-focused platforms to obtain Level 3 certification under the Cryptocurrency Security Standard (CCSS), indicating its top-tier security.

How to buy ZIL on WhiteBIT:

• Register a WhiteBIT account and verify your identity.
• Buy USDT into your WhiteBIT account using your preferred payment method.
• Navigate to the “Trade” section and search “ZIL/USDT.”
• Input the desired ZIL holdings you want to buy that correspond to your USDT stash.
• Execute the trade.

How to store Zilliqa?

Here are a few tips on where you can store ZIL coins (as it is not recommended to keep any coins on any exchange for a long time):

• Ledger Nano X: One of the safest options for storing any token. While it’s not the cheapest wallet out there, it is worth using if you’re serious about security.
• Moonlet Wallet: An extension for Chrome that supports both ERC-20 and Zilliqa native tokens. The Moonlet Wallet was developed with the help of the Zilliqa grants scheme to promote token adoption.
• Trust Wallet: It is a mobile phone-based crypto wallet that supports the storage, sending, and receiving of leading cryptocurrencies, including Zilliqa. You can set up your wallet without giving any personal details so you can stay anonymous, and the wallet’s private key is stored locally on your phone to guarantee privacy.

Summary

Zilliqa looks like a good investment. They have solved the problem of scaling with sharding, and they have literally no competitors at the moment.

The team is their strong side as well. They are all computer scientists with PhDs, and they understand blockchain technology very deeply—so much so that they even created an enhanced smart contract programming language based on it.

However, although the new token is listed only on a few exchanges, it is still worth considering as a long-term investment.