How to buy, sell and trade Zilliqa (ZIL)

A beginner’s guide to buying, selling and trading the ZIL token in Canada.

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The Zilliqa project is an initiative which aims to resolve issues surrounding blockchain scalability. Zillings, denoted by the ticker symbol ZIL, are the tokens of the Zilliqa platform. On the Zilliqa platform, ZIL tokens are used to pay for transactions or running smart contracts.

To find out more about the Zilliqa platform and how to buy, sell and store ZIL, read on. Our introductory guide will also cover real world applications for ZIL and things to consider when buying the token.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
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Quick guide: How to buy ZIL

  1. Get some Bitcoin to exchange for this cryptocurrency.
  2. Register for an account with an exchange like Binance.
  3. Enable 2-factor authentication.
  4. Click on “Funds” and select “Deposits”.
  5. Select “Deposit coin”.
  6. Copy the wallet address or scan the QR code.
  7. Transfer BTC into your account.
  8. Click “Exchange” and select “Basic”.
  9. Search for the pair you want to trade.
  10. Select a Limit, Market or Stop-Limit Order.
  11. Enter the amount you want to buy.
  12. Review transaction details.
  13. Confirm your purchase.
Go to Binance's site

This is our quick guide to just one way to buy ZIL. Compare some other options in the table below.

Where to buy ZIL

You can buy ZIL at the following exchanges:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bank transfer (ACH),Bank transfer (SEPA),SWIFT,Xfers,Credit or Debit Card
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

66
cryptocurrencies

Buy 55+ cryptocurrencies at true cost, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Credit card,Cryptocurrency,Debit card,Osko,PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

262
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Credit card,Cryptocurrency,Debit card
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

210
cryptocurrencies

Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Credit card,Cryptocurrency
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Bitfinex Professional Trading Exchange
Cryptocurrency
USD, EUR, GBP, JPY

164
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
AdvCash,Cryptocurrency,Payeer,Perfect Money,Capitalist
USD, RUB

1427
cryptocurrencies

Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
OKEx Cryptocurrency Exchange
Bank transfer,Cryptocurrency,WeChat
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

269
cryptocurrencies

Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Huobi Cryptocurrency Exchange
Cryptocurrency
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+MORE

234
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bithumb Cryptocurrency Exchange
Cryptocurrency,Wire transfer
KRW

118
cryptocurrencies

A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
Bittrex Digital Currency Exchange
Cryptocurrency,Wire transfer
USD

278
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Bitit Cryptocurrency Marketplace
Cash,Credit card,Debit card,Neosurf,Bank transfer (SEPA)
EUR, USD, JPY, DKK, GBP, SEK, NOK, TRY & 5+ more

50
cryptocurrencies

Buy cryptocurrency with cash or credit card and get express delivery in as little as 10 minutes.
IDEX Cryptocurrency Exchange
IDEX Cryptocurrency Exchange
Cryptocurrency
-

257
cryptocurrencies

A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
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Compare up to 4 providers


A step-by-step guide to buying ZIL

The above exchanges allow users to purchase ZIL. Let’s use CoinSpot as an example for this guide. Follow our step-by-step guide below to find out what you need to do.

Step 1. Create an account at your exchange of choice

Using CoinSpot as an example, you will visit the CoinSpot homepage and open an account. Click on “Register”. You will need to enter your a strong password and an email address – which you will need to confirm by entering the code that is sent to you. Once your account is created, log in.

Step 2. Deposit funds into your account

To begin depositing your cryptocurrency in your CoinSpot account, log in and select “Deposit”. Choose your payment method from the available options, such as POLipay.

Follow the prompts to complete the deposit using your selected payment method. Most AUD deposit options should be complete within a few minutes, and once your funds have been received, you should be able to see balances updated on your exchange accounts.

Step 3. Buying ZIL

Now that your CoinSpot account is funded, click on the “Exchange” button on the top menu. On the top bar, you will see a button to “buy/sell.” Click it, and then search for “ZIL.” Then depending select it, and choose how much you want to buy or how much you want to spend.

Check that all the details are correct, and confirm your purchase. The ZIL will be sent to your CoinSpot account wallet.


How to sell ZIL

If you want to sell your ZIL tokens, the process is similar to buying in the above example. However, if you are using Huobi, please ensure that you use the “Sell ZIL” trading box instead, which is above the red button.


Which wallets can I use to hold ZIL?

ZIL tokens are supported by several wallets, such as the official Zillet wallet.

See our comprehensive guide to choosing your cryptocurrency wallet.


How does the Zilliqa platform and ZIL work?

Created in June 2017 by a team of academics, the Zilliqa objective was to design a blockchain that could resolve issues surrounding blockchain scalability. When the cryptocurrency revolution experienced exponential growth in 2017, it became apparent that the first and second generation blockchain protocols of bitcoin (BTC) and Ethereum (ETH) had issues with scalability. As transactional demand has increased, blockchain validation speed has become slower. Hence, as more and more users accessed the system, the speed and efficiency of each transaction decreased drastically.

In response to this, the Zilliqa platform was built to handle significant throughput, or data processing, without compromising on network efficiency. The team behind Zilliqa claims to have resolved this issue through implementing a model known as sharding.

Key features of the Zilliqa platform

  • Sharding. Sharding is the theory that as more and more nodes engage with the network, the amount of transactions per second that the blockchain can handle increases. Nodes simply refer to computers communicating with one another in a network. In a test, the Zilliqa model was able to perform 1,389 transactions a second. In comparison, it is widely accepted that bitcoin has a maximum capacity to validate 7 transactions per second.
  • Hybrid Consensus Model. The initial validation method used to verify a movement of data is the proof-of-work (PoW) mechanism. Once a node has been verified, it is assigned to a shard. As an increased layer of protection against malpractice, the Zilliqa blockchain implements the Byzantine Fault Tolerance (BFT) consensus model. In a nutshell, this means that when a new transaction is sent to the network, it cannot be tampered with. Similar models can be found in aerospace engines and nuclear plants.
  • Decentralised Applications (dapps) and smart contracts. The Zilliqa developers have created a feature that can facilitate smart contract utilisation. Smart contracts are contracts written in computer code instead of traditional legal language, enabling the contract to be executed automatically under predefined conditions. This means that two parties can agree to complex terms without needing to involve third parties. As identified on the Ethereum blockchain, smart contracts are data intensive. However, the sharding model installed within Zilliqa is designed to facilitate transaction speeds that are still within the thousands per second.
  • Zillings (ZIL). The Zilliqa platform’s intrinsic tokens are called Zillings and have the ticker symbol ZIL. ZILs enable users to have platform usage rights where they can run smart contracts, receive mining rewards or pay for transaction processing.

Find out more key cryptocurrency terms in our A-Z Ultimate Cryptocurrency Glossary.


Real world applications for ZIL

In late 2017, Zilliqa raised the equivalent of US$12 million in exchange for its newly created ZIL token. The fundamental purpose of ZIL is to fuel the Zilliqa economy. Notably, ZIL is the currency for mining rewards, transaction fees and smart contract execution. Outside of these parameters, the ZIL token acts just like any other cryptocurrency. Users can send, hold and receive funds, wallet-to-wallet, and its value is determined by market demand.


What to consider if buying ZIL

All cryptocurrencies are highly speculative and there is not necessarily any correlation between the price of a token and the development of a blockchain. Here are other considerations you could factor into your decision to buy ZIL:

  • Supply. The total supply of ZIL will be capped at 21 billion coins.
  • Sharding success. Zilliqa successfully launched a sharded mainnet and launched a high throughput blockchain.
  • Whitepaper. To learn more about the Zilliqa platform’s aims the ZIL token, you can check out the Zilliqa technical whitepaper.
  • Notable Partnerships. The Zilliqa team has partnered with Mindshare, a global media and marketing agency.

Once you have considered the above points and conducted independent research on ZIL, you should be able to make an informed decision on whether to buy ZIL.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Picture: Shutterstock

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