Buy Chia Coin – How to Buy Chia Coin in the UK
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Launched as recently as May 2021 – Chia Coin (XCH) is an up-and-coming cryptocurrency that many believe could become the next big thing. The underlying technology aims to make the digital token mining process more accessible to the average Joe and is significantly more energy-efficient than the likes of Bitcoin.
In this guide, we show you how to buy Chia Coin in the UK with a top-rated cryptocurrency broker.
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The first step to consider when learning how to buy Chia Coin in the UK is to choose a top-rated broker. Your chosen broker not only needs to offer a safe and secure way of investing in XCH tokens, but low fees and support for your preferred payment method.
OKEx is arguably the only Cha Coin broker in the cryptocurrency space that meets the aforementioned requirements. We discuss why shortly.
We mentioned in the section above that OKEx is the best broker to buy Chia Coin in the UK. If you want to complete the investment process right now – follow the steps below to buy XCH tokens in less than 5 minutes.
Once you confirm the order, your Chia Coin purchase is complete. You then leave the tokens in your OKEx web wallet or withdraw them out.
As Chia Coin was only launched in May 2021, it makes sense that very few brokers or exchanges currently list this token. The good news is that we have done the hard work for you by reviewing the best Chia Coin platforms in the market – which you will find below.
OKEx is arguably the best place to buy Chia Coin in the UK. This cryptocurrency trading platform is now used by over 20 million people and is home to over 400 digital tokens. On top of popular cryptocurrencies like Bitcoin, EOS, Cardano, and Ethereum – this also includes up-and-coming projects like Chia Coin. In terms of how to buy Chia Coin in the UK via OKEx – there are several options to consider.
If this is your first time buying cryptocurrency online, then you will likely want to use your debit/credit card or bank account. OKEx supports both of these payment types, albeit, you will first need to provide some personal information and a copy of your passport or driver’s license. This is standard practice as per KYC (Know Your Customer) laws. Next, you will then need to purchase a large-cap digital token like Bitcoin or Tether, which you can then exchange into Chia Coin on the OKEx exchange.
The other option is to deposit funds with a digital token and then swap this for XCH. This will allow you to bypass the aforementioned KYC process, as you won’t be depositing or withdrawing funds with fiat money. The fees to buy and sell Chia Coin tokens on OKEx amount to just 0.10% per slide – which means you pay this at both ends of the trade. There is no minimum purchase amount when buying XCH tokens on the OKEx exchange.
This is ideal if you are planning to dabble with a small Chia Coin purchase as opposed to risking large amounts of capital. OKEx can be accessed via your desktop device or through the provider’s mobile app. The latter is compatible with both Android and iOS. There is also an extensive educational facility at OKEx, which allows you to learn how cryptocurrency trading works from the ground up. You can also earn interest on your cryptocurrency purchases at OKEx, which is not so dissimilar to a conventional savings account.
The quickfire guide that we provided earlier on how to buy Chia Coin in the UK might be a bit too basic for beginners. If you need a comprehensive walkthrough on how to invest in this growing cryptocurrency, follow the detailed step-by-step guide below.
As noted earlier, OKEx is the best broker to buy Chia Coin in the UK. As a result, the first step is to visit the OKEx website and elect to open an account. Initially, this will only require an email address from you and a strong password.
Once you confirm your email address by clicking on the link sent to you by OKEx, your account is open.
If you are looking to deposit funds with a digital token, then you don’t need to complete this step. Instead, you can proceed to make a deposit without providing any personal information or ID.
However, if you want to use a debit/credit card to complete your Chia Coin purchase, you’ll first need to go through a quick KYC process. This will initially require some basic personal information – such as your first and last name, home address, and date of birth.
You will be asked to upload a copy of your passport or driver’s license. OKEx, in most cases, will be able to verify your identity in a couple of minutes. You will receive an email when this has been done.
If you are looking to fund your OKEx account with a digital currency, head over to the deposit page and copy the wallet address for the respective coin. Then, head over to your external wallet and transfer the cryptocurrency over to OKEx.
Otherwise, if you want to use a debit/credit card, you will first need to purchase a supported cryptocurrency. As we mentioned earlier, Tether (USDT) is the best option here, as there is a direct market with Chia Coin.
So, select ‘USDT’ from the drop-down box, enter your debit card details, and the amount you wish to deposit. Assuming you have already had your identity verified, the purchase will be executed instantly.
Now that you have funds in your OKEx account, you can search for the XCH/USDT market. First, you will need to hover your mouse over the ‘Trade’ button and select’ Basic Trading’.
Them, in the top-right hand corner of the screen, click on the button below the ‘OKEx’ logo to search for ‘XCH’. When you see ‘XCH/USDT’ appear – click it.
You should now be on the correct trading page to swap USDT into Chia Coin. On the left-hand side of the screen, you will find an order box. This is where you need to tell OKEx what it is you wish to do.
To keep things simple, you are advised to switch the ‘Limit’ button to ‘Market’. This will ensure that your Chia Coin investment is processed instantly at the next best price.
If you are looking to use all of your USDT tokens to buy Chia Coin, you can move the scroller to 100%. This simply means that you will be using 100% of your USDT balance to buy XCH.
Finally, click on the ‘Trade’ button to complete your Chia Coin purchase!
As there are a number of ways you can buy Chia Coin in the UK, it’s best to have an understanding of these methods before proceeding. To help clear the mist, below we discuss the best place to buy Chia Coin from the comfort of your home.
Buying Chia Coin in the UK from a trusted online broker is most definitely the best option. This is because the broker will allow you to invest in XCH tokens with a debit or credit card. Granted, very few, if any, platforms allow you to make a direct purchase.
Instead, you will first need to use your card on the brokerage site to buy USDT or Bitcoin, and then exchange the said tokens into Chia Coin. Online cryptocurrency brokers like OKEx are trusted by over 20 million clients worldwide – so you know you are using a credible platform.
There are dozens of cryptocurrency exchanges that support Chia Coin purchases. However, as most of these are unregulated, you need to consider how safe your money is.
In fact, plenty of exchanges have either been hacked or simply shut down overnight – with clients losing some or all of their digital assets. As a result, when thinking of how to buy Chia Coin in the UK – you should stick with a trusted online broker.
The best ways to buy Chia Coin in the UK – in terms of payment methods, are discussed below.
As we have discussed several times throughout this guide – it is possible to buy Chia Coin with a debit card – but not via a direct purchase.
Don’t forget, when you use a debit card to buy cryptocurrency in the UK – you’ll be required to upload a copy of your government-issued ID (passport or driver’s license).
Much like the above section explained – it’s also possible to buy Chia Coin with a credit card – but first, you need to purchase a more popular cryptocurrency. Check with your credit card provider that you are able to buy digital currencies online. You should also ask them whether the transaction will be marked as a cash advance. If it is, this will cost you between 3-5% in fees and the interest will kick in straight away.
If you’re looking to buy Chia Coin with Paypal – you’re going to be out of luck. None of the XCH brokers or exchanges that we came across accept this payment method.
There are plenty of cryptocurrency trading platforms that allow you to swap Bitcoin into Chia Coin. The specific marketplace that you will need to look at for at the exchange is XCH/BTC. All you need to do is transfer your BTC tokens into the exchange and swap them for Chia Coin.
You won’t need to upload any KYC documents if this is the XCH purchase process you take. This also goes for depositing other digital tokens like USDT or Ethereum.
Chia Coin is one of the newest digital tokens to join the ever-growing cryptocurrency arena. Although it has already gained lots of traction in the markets since its May 2021 launch – you still need to consider the potential risks and rewards before proceeding.
Below we discuss some of the reasons to buy Chia Coin in the UK.
As mentioned above, Chia Coin was launched as recently as May 2021 – making it one of the newest coins in this marketplace. Although not an exact science, the best time to buy a digital currency is when it is first released. This is no different from buying a stock straight after its IPO campaign has concluded.
After all, if the project has what it takes to meet and exceed its long-term goals – entering the market at the start of its journey will often allow you to benefit from a highly favorable cost price.
Although Bitcoin is the largest cryptocurrency in terms of value and market awareness, the blockchain has yet to solve its energy consumption issues. That is to say, the Bitcoin network consumes more energy each year than entire countries like New Zealand and Denmark. This is large because of its underlying Proof-of-Work mechanism.
The Chia Network, on the other hand, does things differently to Bitcoin. This is because the network is able to confirm transactions through surplus hard disc space. This is far better for the environment because the amount of energy consumed to keep the Chia network functional is minute.
At the time of writing in late July 2021, Chia is carrying a total market capitalization of just $144 million. In comparison to hundreds of digital tokens, this is minute. After all, you only need to look at CoinMarketCap to see that there are thousands of other projects that carry a higher valuation.
From an investment perspective, this means that the upside potential of Chia Coin could be sizable. Once again, by entering the market when Chia is carrying such a small valuation – this allows you to buy XCH tokens at a very low price.
Although the future could be bright for the digital currency, buying Chia Coin in the UK doesn’t come without its risk. This is the same with all cryptocurrencies.
The main risk is that Chia Coin simply doesn’t take off. By this, we mean that the market price of XCH tokens remains stagnant or worse – collapses. If the latter does happen – and you decide to cash out, this means that you will get less money back than you originally invested.
You also need to consider the risks of storing your tokens. This is because Chia Coin tokens need to be stored in digital wallets – which can be complex for beginners. Plus, there is the risk of having your wallet hacked if you do not install the correct safeguards.
If you have already purchased Chia Coin and are now thinking about how to sell – the process can be completed by following the steps below.
Once you confirm the sale, your Chia Coin tokens will be instantly transferred into USDT. Then, you can sell your USDT back to pounds sterling. If you have already completed the KYC process at OKEx, you can then elect to withdraw the funds back to your bank account. If not, you will need to upload a copy of your passport or driver’s license.
This guide has walked you through the process of how to buy Chia Coin in the UK. We explained how to complete your investment with OKEx – which allows you to buy an alternative cryptocurrency like Bitcoin or Tether with a debit/credit card.
Then, it’s just a case of swapping your purchased tokens into Chia Coin. Just remember to consider the risks involved when buying speculative assets like Chia Coin – as there is no guarantee that you will make money.
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