Risk Warning: Your Capital is at Risk.
Verge is a cryptocurrency focused on privacy and security for its owners. Traders can purchase or speculate on Verge via various instruments.
This guide will explain why traders are interested in Verge, how to trade Verge, and where to find exchanges or a broker in .
In a rush? If you want to get started trading Verge today, here are brokers available in that offer derivatives like options and CFDs:
Disclaimer: Availability subject to regulations.
Between 74-89% of retail investor accounts lose money when trading CFDs.
Contents
How to Buy or Trade Verge
Acquiring Verge isn’t as simple as acquiring Bitcoin, Litecoin, or Ethereum. If you want to buy one of the “big three” it is as simple as logging onto an exchange and purchasing some tokens with fiat currency.
Verge, on the other hand, must be traded for other cryptocurrencies.
Using Crypto Exchanges
The easiest way to do this is to trade BTC for XVG.
Most users trade Verge using an exchange like Bitfinex. This involves buying cryptocurrency with fiat currency and storing them in a virtual wallet.
Although this approach is common, it carries some risks and you must do your research and select a reputable exchange.
There aren’t many ways to buy Verge as it’s still a fairly new currency and isn’t listed on the larger exchanges. This means that you’ll first have to purchase Bitcoin and then go to another exchange to trade your BTC for XVG.
Coinbase
If you want to acquire Bitcoin to trade for Verge then one possible choice is an exchange called Coinbase, which is one of the most popular exchanges.
It comes with a large number of currency pairs and you even have the option to buy BTC using your credit or debit card. Coinbase has a competitive fee rate.
Purchasing BTC will typically result in a 3.99% fee if using a credit or debit card and a 1.49% fee for most kinds of bank transfers.
Coinbase requires your ID and address when registering. This kind of verification is standard procedure and considered a best practice for exchanges.
It’s designed to prevent the exchange from being used for money laundering and other criminal activities. Privacy-conscious traders should consider a different exchange.
LocalBitcoins
Rather than buying XVG directly, you can first buy Bitcoin through a peer-to-peer (P2P) Bitcoin exchange that doesn’t require an ID.
One of the best options is LocalBitcoins which allows users to buy Bitcoin with almost any currency.
Once you have the Bitcoins you will then be able to trade these for Verge at another exchange. If you choose to use LocalBitcoins make sure that you get other users thoroughly.
There is a review function and you should make sure you use it. Some unscrupulous users have been known to scam new traders. If you get a bad feeling or see poor reviews it is generally best not to make the trade.
Binance
Binance is an exchange that is focused on Chinese and English language users. It has almost all of the major coins as well as some of the smaller cryptocurrencies.
Binance is a good choice thanks to its relatively low trade fee of 0.1% and minimal withdrawal fees.
This screenshot is only an illustration. Current market prices can be found on the provider website. Please note, this is an example – not a recommendation.
How to Purchase Verge From an Exchange
The process can be a little daunting for new users but it is not as complex as it looks at first glance.
Once you have made your account the first step will be to go to the ‘deposit’ section and acquire your deposit address (it will be a string of numbers and letters). Keep this because you’ll need it in a moment.
Ensure you only transfer to your exact deposit address. Otherwise, you risk losing your currency.
Next:
- Go back to your Coinbase account and find your Bitcoin wallet.
- Click send and paste in the exact address provided to you by Binance.
- Click send and wait 40-60 minutes depending on the amount of activity on Bitcoin.
- Once your funds are verified then your Binance wallet will be automatically updated.
Now you can finally trade your Bitcoin for Verge.
- Go to the exchange tab and click basic.
- Next search for XVG in the box on right.
- Click “market” to buy Verge at the current market price and place your order.
When the transaction goes through you’ll have finally acquired your first XVG tokens.
Where to Trade on Verge
Even if you can’t purchase Verge directly, you can speculate on its price movements with other trading instruments, including Contracts for Difference (CFDs).
IMPORTANT: CFDs are not available in the USA due to local regulation, and regulated brokers do not accept US citizens or US residents as clients.
Regulated Crypto Brokers
Start your research with reviews of these regulated crypto brokers available in .
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74%-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
Please Note: Availability subject to regulations. Cryptocurrency CFDs are not available to UK retail traders.
Reasons to Trade in Verge
Traders may find various reasons to trade in Verge, including:
- Innovative privacy protection
- Transparency
- High supply and low transaction costs
Important: This is not investment advice. We present a number of common arguments for and against investing in this commodity. Please seek professional advice before making investment decisions.
Innovative Privacy Protection
Various coins offer anonymity but Verge takes a unique approach by combining TOR and I2P. This allows them to take advantage of two of the best anonymizing tools out there.
The Wraith protocol will also offer privacy options to give more power to everyday users to use blockchain technology.
Transparency
Many blockchain projects are either owned by companies or are part of an Initial Coin Offering. Verge was created as a collaborative open source project and this original spirit is still going strong.
The source code is available for anybody to scrutinize online and the developers didn’t take any initial coins, they bought XVG with their fiat currency.
This focus on transparency is good for traders because you know that the community will help to keep the developers honest and if you are so inclined you can view the source code of the product you are speculating on.
High Supply and Low Transaction Costs
Verge has a huge supply cap of 16.5 billion, compared to Bitcoin’s 21 million coins.
While such a large number of coins might seem counter-intuitive, it is part of XVG’s strength. This large supply cap is designed so that people can trade without having to pay large transaction fees, as is currently the case with Bitcoin.
It also helps to prevent market manipulation as a single user would have to own a huge amount of Verge to have an impact on the market.
Reasons Not to Trade in Verge
Cryptocurrencies are risky and Verge is no exception. Some traders may not wish to speculate or exchange Verge for these reasons:
- Low market share
- The most promising features are not yet implemented
Important: This is not investment advice. We present a number of common arguments for and against investing in this commodity. Please seek professional advice before making investment decisions.
Low Market Share
Privacy-focused coins will tend towards a monopoly. This is because it is easier to hide your transactions when there is a large volume of transactions going on.
Unfortunately for Verge, it is still a relatively minor competitor in the privacy coins race and its market share is dwarfed by the likes of Monero.
This may mean that Verge will struggle to gain major adoption as privacy-focused users stay with the biggest cryptocurrency.
Promising Features Delayed
Verge has a lot of potential but for the moment it is just that, potential. Developers in every sector have made grand promises and failed to deliver.
While Verge is excellent in its current iteration, a failure to implement features such as RSK and smart contracts could lead to a loss of faith from traders and the community.
Further Reading
- Learn More About Verge
- Getting Started With Cryptocurrencies
- Crypto Broker and Exchange Guide
- Learn to Trade Commodities
We also have several other altcoin guides like:
