How and Where to Buy Verge (XVG) | 2020 Guide
If you are interested in the XVG cryptocurrency, continue reading our guide that will show you how and where to buy Verge.
What Is Verge?
Verge is a privacy-focused cryptocurrency created in 2014, initially under the name of DogeCoinDark. Verge is unique in many ways, as it includes the use of networks such as TOR and I2P for route trafficking through thousands of addresses, masking the initial IP of the sender.
Verge is also among the few coins to have the “Wraith Protocol” implementation. This allows users to select if they want to keep their transactions completely invisible or visible on the public blockchain.
Stealth addressing enables senders to generate an unlimited number of one-time addresses for recipients that cannot be traced back to the sender or receiver. These addresses can only be accessed by the recipient.
Verge is among the first cryptocurrencies to provide multi-algorithm mining, featuring 5 hash algorithms on one blockchain. This enables users to mine Verge with CPUs, as well as some GPUs and ASICs hardware.
XVG also has faster processing times compared to bigger coins. Compared to Bitcoin, which confirms a transaction in 10 minutes, the Verge blockchain confirms a transaction in 30 seconds.
Also, Verge has a higher processing volume. While Bitcoin can manage 7 transactions per second, Verge can perform 100 in the same amount of time.
The coin’s privacy features, mining options, and its fast processing speed have made it an attractive option for many crypto enthusiasts.
If you are also looking to get this coin, keep on reading to find out where to buy the Verge cryptocurrency.
Step 1: Download and Setup a Verge Wallet
Before you buy the coin, you need first to have a wallet in which you will later deposit the coins you buy. On the official Verge website, you can download wallet versions for Windows, Linux, Mac, Android, and iOS.
The two most common Verge wallets are the Verge Electrum Tor and Verge QT, which are developed and supported by the Verge team.
The Electrum wallet is an open-source wallet for desktop users. It was first created for Bitcoin, but it was later modified by the team to support XVG. The Verge QT wallet is also a desktop wallet, but this one has a more complex setup, as it is a full node wallet, and you need to download the entire Verge blockchain. The wallet enables you to use more features than regular XVG wallets, such as SSL encryption and instant transaction validation.
If you are interested in a wallet that supports more cryptos, you should opt for Coinomi, a popular mobile and desktop wallet that is compatible with more than 125 blockchains (the biggest number in the industry for non-custodial wallets) and thousands of tokens.
Step 2: Find an Exchange
Where to Buy Verge?
After you have set up your wallet, you will have to look for an exchange that supports Verge trading.
There are currently around 27 crypto exchanges that support XVG pairs. Some of the most popular trading platforms that feature the coin are Binance, Bittrex, Bithumb, Bitfinex, HitBTC, Huobi Global, Huobi Korea, and Crex24.
XVG is mostly traded against BTC, ETH, and USDT.
If you are looking where to buy Verge, you will find very few fiat pairs. For example, you can buy Verge with EUR on Bitvavo and LiteBit.eu, or with USD on Bitfinex, Yobit, and SouthXchange. Bithumb allows users to buy XVG with the Korean Won, but this option is only available to South Korean users. The issue with the USD and EUR options is that they have very low trading volumes.
Binance and Bithumb are the two exchanges that have the largest 24 trading volumes for Verge. But as we mentioned, only South Korea residents are able to buy XVG using their local fiat, so if you are not from the country, you have to use a different exchange.
Step 3: Signing up on the Exchange
In this guide, we’ll be using Binance, as it has a good trading volume.
- First, go and register for an account on Binance.
- Provide the required personal information and wait for your account to be verified.
- Deposit the coins with which you want to buy XVG. Go to the top menu and click on “Funds”, then “Deposits.”
- Select BTC or ETH and copy the Binance address to which you can send them to. Make sure you send the right coins to their corresponding addresses, so you do not lose your cryptos.
- After the deposit has been cleared, click on the Exchange tab on the top navigation bar.
- Select BTC (Bitcoin) or ETH (Ethereum) and search for XVG/ETH or XVG/BTC.
- Open the Buy/Sell section of the page and place a “Buy” order by specifying the amount of XVG you want to buy.
- Finish the order.
If you do not have the cryptos necessary for buying XVG on the platforms that support it, go to another exchange that supports fiat purchases, and buy your BTC or ETH there. This might take more time, as exchanges that support fiat all have KYC requirements. Also, fees can easily add up when using multiple exchanges.
Step 4: Withdraw XVG to Your Wallet
After your XVG coins have been credited to your exchange wallet, it is time to move them to an external wallet.
- From your exchange account, go to your “Funds” and click on the “Withdrawal” button.
- Enter your XVG wallet address, the amount you want to withdraw, and then, click “Submit.”
- Wait for an email with a confirmation link in it.
- Open the email and click on the link.
- Wait for the coins to be transferred to your external wallet.
Now you have Verge coins safely stored in your wallet.
With this, we have reached the end of our guide on how and where to buy Verge. Of course, you may use other crypto exchanges depending on your current situation and location that best suit your trading needs.
Note: This post was originally published on 13 October 2018 and has been totally updated for the completeness and veracity of the content on 23 May 2020.