In today’s landscape, censorship, regulatory uncertainty and more are pushing crypto users towards privacy-centric coins. Currencies such as Bitcoin, Ethereum and Litecoin can be tracked, which causes concern for some. As a result, the future of transactional coins might be in cryptocurrencies like Monero, Dash and Verge, which offer anonymity for their users.
Monero and Dash are seeing wide usage, and even real-world adoption in the case of Dash. But as a coin on the lower end of the medium cap threshold, some may find Verge hard to come by. This guide is going to take you step-by-step through the process of investing in Verge for the first time.
What is Verge?
Created in 2014, Verge is a coin made for everyday transactional use, while maintaining privacy at all times. While it doesn’t have the market capitalization of Bitcoin or Ethereum, for example, Verge offers some advantages. It uses networks such as TOR and I2P to route traffic through thousands of addresses, obscuring the actual IP someone used to make a transaction.
Verge also, at this point, performs better for transactional use than many of the larger coins. It can process more transactions in less time than Bitcoin, at a lower cost. Verge’s privacy features, combined with the fast processing speed, has netted them a lot of real-world partnerships. Most notably, several businesses in the $92 million Adult Entertainment industry.
Price-wise, Verge’s history has been a rollercoaster. In December 2017, the coin’s worth skyrocketed, producing a rise of 30x in the space of just two weeks. Since then, it has tested the top 20 cryptocurrency market cap at times, dropping to the 40-50 range at others. This volatility may be attractive to traders, who could see a chance to get in low for a coin which has shown the potential to spike.
All said, let’s see how start trading Verge.
Step 1: Get a Verge Wallet
As for any cryptocurrency, you need to get a secure wallet with which you can store your coins, off an exchange. Though the days of cryptocurrency as the Wild West are passing, it’s still vital that you keep your portfolio safe at all times. That means using a wallet that you control, which is not easily hacked. The two most common Verge wallets are the Verge Electrum and Verge QT, both developed and supported by the Verge team.
The Electrum wallet is an open-source wallet, originally made for Bitcoin but adapted by Verge to work for XVG. Electrum is a lightweight option. By not downloading the whole Verge blockchain, it enables users to make transactions extremely fast, and as a result is a good option for people planning to use VXG to make transactions.
The Verge QT wallet is a more complex option, which takes up a lot more space as it requires the whole chain to be downloaded. The payoff is that it allows a wider range of privacy features, for users looking for a more secure option.
While the previous two options only allow users to store VXG, Coinomi is a popular mobile wallet which has the benefit of over 500 supported assets. Coinomi is a great option for users who intend to hold XVG as part of a varied portfolio.
Step 2: Buy Bitcoin/Ethereum
As Verge is yet to achieve the widespread saturation of other major currencies, few sources offer direct Fiat (USD, EUR, etc) purchasing of XVG. For that reason, the best method is to buy Bitcoin or Ethereum first, and then trade it for Verge.
There are plenty of places where you can easily buy Bitcoin or Ethereum. Coinbase and Gemini are well-established exchanges which offer users the ability to buy these coins direct with Fiat. Alternatively, you can buy any one of 8 popular coins with a credit or debit card on Coinmama.
Step 3: Sign Up for an Exchange (like Binance)
Once you have your Bitcoin or Ethereum, you have to register for an exchange that supports Verge. To find this information, search for Verge on CoinMarketCap, and go to the “Markets” tab. This will show you a list of all the exchanges and trading pairs for XVG. Bittrex and Cryptopia are two popular exchanges with several pairs for Verge. However, for this guide we’ll use Binance, the largest exchange in the world by volume, and one of the safest options available right now.
If you haven’t already, register an account on Binance. They have a clean user interface that makes it quite easy, and the process is quick compared to other exchanges.
Once you have set up your security measures and submitted verification documents, you need to deposit the coins you purchased earlier. To do this, go to the top menu and select “Funds”, then “Deposits”. Select the coin you wish to use, and Binance will give you an address to send it to. Make sure you only send the specified coin to that address – I.E. if you chose to deposit Ethereum, only send Ethereum. Any other coins sent to that address may be lost.
Step 4: Trade Bitcoin or Ethereum for Verge
Now you have funded your Binance wallet, you’ll want to trade for Verge.
Go to “Exchange”, and select “Basic”. This will bring up the trading floor. Now go to the right hand side, select whichever coin you deposited earlier, and put XVG in the search field. It will bring up the XVG pair (BTC/XVG or ETH/XVG). Click on that.
Below the price chart, you will have the options to buy and sell XVG. Put in how much XVG you want to buy, and it will show you the equivalent in BTC or ETH. You can also choose to buy 25%, 50%, 75% or 100% of your BTC/ETH funds in XVG.
Once you confirm your order, Verge coins should show up in your Binance wallet within minutes.
Alternative: see one of these smaller exchanges to buy XVG direct with Fiat
While we recommend using a large exchange like Binance, even if it means buying your initial crypto elsewhere, there are some smaller platforms which allow users to buy Verge with Fiat. HitBTC is the most well-known exchange offering Verge-Fiat pairs. YoBit and LiteBit also offer this for users in some areas of the world.
Final Step: Withdraw XVG To Your Wallet
When you sign up for Binance (or any other exchange), you’ll have a wallet created for you. You can keep your funds in this wallet, but the best security practice is always to withdraw your coins when you’re done trading.
If you’re using Binance to buy Verge, go to “Funds” and select “Withdrawals”.
This screen will show you the total amount held in your XVG wallet on Binance, how many coins are in an order waiting to be executed, and the total amount available to withdraw.
Now just enter your Verge Wallet address from Coinomi, Electrum or QT (whichever wallet you chose to use). Enter the amount you wish to withdraw, and hit “Submit”. Once you confirm via a link sent to your email, your Verge will be sent from Binance to your wallet.
And that’s all there is to purchasing Verge, one of the highest potential coins in the up-and-coming privacy coin sector.
Andrew is a writer and digital marketer from New Zealand, now based out of South East Asia. Along with his work in many areas of the e-commerce space, Andrew has a keen interest in cryptocurrency, especially altcoins and projects focused on mainstream crypto adoption
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