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How to buy 0x (ZRX)
Learn more about 0x: How, where, why (and why not) to buy.
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0x is a completely open source and permissionless protocol designed to work with ERC20 tokens. The features that Ox highlights the most are:
- Off-chain orders. It lets ERC20 tokens be traded on the Ethereum blockchain with reduced gas costs and blockchain bloat.
- Standardisation and ease of use. It offers standardised APIs, a well-developed programming library and thorough documentation for ERC20 developers to create smart contracts and the like.
The 0x Protocol uses the ZRX token to offer transfer and storage of value across multiple ERC20 projects, execute transactions on the 0x protocol and act as a common token.
Quick guide: How to buy ZRX
- Register for an account with a cryptocurrency exchange like CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at the top of the screen.
- Search for the cryptocurrency you want and click “Buy”.
- Enter the amount you want to buy, or the amount of AUD you want to spend.
- Review the transaction details.
- Click “Buy”.
This is our quick guide to just one way to buy ZRX. Compare some other options in the table below.
Where to buy 0x (ZRX)
Compare some exchanges where you can buy Ox in Australia:
How to buy 0x (ZRX)
Here's how to buy ZRX in Australia:
Step 1. Register for an account on an exchange that supports ZRX
The first thing you'll need to do is search for an exchange that lists ZRX — feel free to use our list of exchanges. Once you've found a suitable exchange, sign up using an email address and complete registration.
On some platforms, this is all you need to do before you can start trading. However, many exchanges require additional information, including your full name, contact details and a valid form of photo ID, to satisfy KYC (know your customer) laws.
Step 2. Deposit funds into your account
ZRX isn't widely traded, but you may still be able to buy it directly with AUD. Sort our list of exchanges by payment method to find one that fits your needs.
Step 3. Buy ZRX
Navigate your way to the markets section of the exchange you chose, then search for the pairing you want. For instance, buying ZRX with BTC? Look for ZRX/BTC.
Before finalising your purchase, make sure you review the full details and total cost of the transaction.
How does 0x work?
One of the main applications of the 0x protocol is for the creation of decentralised smart contract-operated exchanges. This is necessary to mitigate the risks of theft or misconduct found with centralised exchanges.
But there are several problems with that idea.
- The gas costs of creating, cancelling and adjusting orders on exchanges will quickly add up.
- There are challenges with maintaining enough liquidity across each exchange (especially with the above costs).
- Unexpected changes in one place might have unexpected results elsewhere.
0x aims to solve these problems with:
- Off-chain functions to reduce the gas costs and blockchain bloat.
- Standard APIs that allow for aggregate pools of liquidity across different exchanges.
- A modular system that allows for upgrades of individual components without unduly affecting other components, or disrupting existing markets
0x is already used by a range of different exchanges. Many of the exchanges that carry out smart contract-facilitated trading are already using 0x.
What should I consider before buying ZRX?
Many factors need to be taken into consideration before buying ZRX:
- 0x is explicitly designed to enable cross-chain functionality among multiple ERC20 tokens.
In addition to this, ZRX tokens act as a common unit of exchange among them where needed. The token itself is used to pay the nominal relayer fees, and the exceptional utility and wide use of the 0x platform may see demand for the token grow from there.
- By its nature, ZRX trading is probably going to be largely automated and done on an as-needed basis.
The 1 billion coin supply limit (of which 600+ million are in circulation), next to its utility and wide use, suggests that it may still have a lot of room to grow.
- There is potential for ZRX's growth as cryptocurrency as a whole.
The number of ERC20 tokens that have yet to launch but will almost certainly be using the 0x protocol in the future. Even if/when the Ethereum blockchain finds a way to drop its gas costs to negligible levels, 0x's potential to bridge ERC20 tokens might still find it being widely used.
ZRX might be viewed as a relatively safe token, but that may mean that it won't see the same explosive growth as other tokens. If there is sudden growth, you probably want to find out why. Perhaps someone abruptly dropped a lot of money into ZRX or something exciting just happened elsewhere. As always. it's important to conduct due diligence before considering buying ZRX.
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