How To Buy Civic | Ultimate Guide To Buy CVC
Civic is a blockchain project that decentralises identity management solutions, giving users control over their personal information. Entrepreneur Vinny Lingham founded the project in 2015 before it officially launched on the Ethereum blockchain in 2018.
CVC is the native token in the Civic ecosystem and currently has a circulating supply of 670,000,000 CVC. The Civic price, as of May 2021, is $0.49 and the market cap is $330 Million.
So, how do you buy Civic (CVC) online in 2021? This article provides a comprehensive guide, detailing everything you need to know. Find about recommended brokers, trading strategies, and tips on how to buy Civic.
5 Steps to Buy Civic with eToro Now
Buying any cryptocurrency with eToro is easy, simply follow the steps below:
1Sign up for free with eToro, entering your details in the required fields.
2Fill out the questionnaire, this is both educational for you and eToro.
3Click 'Deposit', you'll then be asked how you want to fund your account.
4Choose your required payment method, follow the simple steps to link your payment.
5Enter the amount you want to deposit and you're good to go!
Our Recommended Platform to Buy Civic
This guide provides a step-by-step guide to buying the Civic token, with great details of all a beginner needs. However, you might already know how to go about buying cryptocurrencies, and just need reliable information on where to buy Civic.
If that's all you need, then check out our comprehensive review of the recommended platforms below.
Where to Buy Civic in 2021
Before we look at where to buy CVC, it's worth pointing out that there are several ways to get the CVC token, with buying just one of these methods. For this reason, you might want to get as much information about the token before you decide to buy the token online today.
If you seek to buy and hold the digital assets in a wallet, then you are likely to be influenced by the principle that the token's market outlook is strong for the future.
For an investor with the above inclination, the applicable term is "HODLing". Here you hold your position for as long as possible, no matter what happens in the market in the short/medium term.
But buying and holding is not the only way you can benefit from Civic if you are after an investment opportunity. You might decide to invest in the token by speculating on its price movement via trading CFDs (Contracts for Difference) and Futures.
To use any of these strategies, it is advisable to understand the market and ensure you know what drives the market and what risks are involved. The knowledge can then help you formulate an investment plan and have goals for it. For example, you might decide where to buy Civic once you know whether you plan to invest for the long term or short term.
With these ideas in mind, you can then dive in to find the best place to buy Civic online. Find out what platform to use, how to move the funds off the exchange, and what wallet to use in the subsections below.
How to Buy Civic with a Broker
The choice of broker for buying Civic is one critical step you need to be sure on before you proceed with your investment plans. Although there are numerous brokerage platforms available at the press of the search button on online engines, it is important to note that many remain unregulated and thus pose security risks. Some are also just unreliable, while others are outright disreputable going by online reviews and user testimonials.
As such, when choosing a broker platform for crypto buying, pay attention to its regulatory status, reputation, and security measures. On top of that, you may want a platform that offers an easy-to-use customer interface, has reasonable fees and allows for easy deposits and withdrawals.
Here then, are the steps towards buying CVC with a broker.
1. Register with the Broker
Once you've decided on what brokerage to use, you need to register for an account. The process is generally simple and straightforward on many platforms, though specific requirements might differ slightly from one broker to another.
For example, if you chose to use eToro, sign up with your name, email, and a strong password to secure the account. Check the T&Cs box and proceed to create an account.
If you decide to use Forex.com, the registration process also includes adding a phone number and an 8-15 character password. Other than that, you can choose from three different account options as shown in the screenshot below.
2. Verify your Identity (KYC Process)
Identity verification is a critical step in account registration required by every reputable and regulated broker. This step demands that users go through a standard Know Your Customer (KYC) check where the broker will need to verify documents such as a national ID or passport. You might also need proof of residence or income, details that might appear too stringent. However, the process not only helps to ensure brokers comply with KYC and AML requirements but also helps protect your account as well as the platform.
It is important to note that KYC and other regulatory measures are not just there for increased security. Regulation, in general, has the effect of providing the springboard for mass adoption of Civic (CVC).
3. Deposit Funds with your Preferred Payment Method
The next step after account verification is to fund your account. Various brokers provide different payment methods, and what you choose will depend on several factors. Most platforms provide for buying CVC with a credit card, but some users might prefer another option due to the cost attached to credit card transactions. Thus, you could choose bank transfer: although the time it takes to settle the payment might be a little longer than the credit/debit card.
You can also choose PayPal if it's available as it is faster and costs very little. As you can see, you might need to consider a few things before choosing a given deposit method. For the most part, you will need to consider these three factors:
Always ensure you take precautions concerning account security. Once you send funds, go to your account to ensure the funds have reached your wallet. You are also likely to receive an email notification about the deposit, along with the new account balance.
If you have funds ready in the account, you can proceed to buy CVC.
4. Open a Position to Long/Short Civic
When you decide to invest in CVC via a broker, you are looking to benefit from the coin's price movement. In trading, two terms apply to this process: when you believe the price is set to increase over a given period, you go long and when you feel there's a likelihood of the price moving lower, you short.
To “long” or open a long position, you buy the token, and to short or open a short position you sell. A top platform like eToro also allows you to buy and hold the underlying asset, which you can store in a wallet.
Those who buy or believe the price is set to appreciate are called bulls, while the contrary position is for bears. Both bulls and bears earn from their positions if the price moves in the forecast direction, and losses occur when the market goes against you.
You need to understand this to make informed trading decisions, including what risk management steps to take. In this case, you would need to set a stop loss/take profit, limit order, or trailing stop loss.
5. Close your Position
Closing a trading position is a step you can achieve easily with the proper use of risk management tools such as stop loss or take profit. These settings help you automatically close positions but do not mean that you fully depend on automated processes.
There are instances when you might want to manually close positions when trading Civic. Such scenarios might include instances when a change in market conditions necessitates action on your part to prevent further losses. You might also decide to close a position if you are happy with your trade and wish to take profits.
While this might appear as a simple process, it might not be if you are an inexperienced trader. This is why you need to take time to learn the market and understand trading strategies. Check out the FAQ section on the company’s website and other educational resources to sharpen your skills.
How to Buy Civic with an Exchange
You can easily buy CVC and store it securely in a wallet to hold for as long as you wish. All you need is an exchange platform that makes it easy to buy any supported cryptocurrency. Note though that while it can be so easy to acquire tokens online via exchanges, the process is quite involved and you need to have certain steps taken before you proceed.
For example, you need to have extensively researched not just the platform, but also supported wallets and security. For the last point, only choose an exchange that offers several security features, including wallet encryption. It is also advisable to only seek to use a platform regulated by a top tier regulatory agency. Also, check out reviews that speak to whether the platform has a solid reputation in the market.
If you have all these considerations in place, follow the steps below to buy CVC tokens on an exchange.
1. Set up a Civic Wallet
Before you buy Civic on an exchange, you need a cryptocurrency wallet. This is where you'll receive the purchased coins. While the process can be a little daunting to newcomers, an easy step-by-step guide on how to set up the wallet makes it easy and fast.
It is good to mention here that there are different types of wallets you can choose from, with what you select largely dependent on your preferences and availability.
In any case, these are the three main types of wallets you will consider when looking to buy Civic from a cryptocurrency exchange.
Exchange/Online wallets: An option that allows you to keep small amounts of CVC in exchange accounts or other online solutions. They offer convenient access when you need to trade actively at short intervals and want coins readily available. While exchange wallets offer the above advantages, they are generally the least secure in the market because hackers find it easy to target them.
Desktop/Mobile wallets: Wallets that run in desktop systems and mobile devices. The former is an app downloadable to your desktop and offers a little more security than online wallets. The mobile wallet is also an app that allows you to store the keys to your funds. The problem is that the wallet might be compromised if the system connects to the internet.
Cold wallets/hardware wallets: Hardware wallets offer a lot more security to your funds than any of the above options. The wallet operates offline, meaning it removes the potential for a hacker accessing your private keys. They come with top security level features and certification, but might be quite pricey.
2. Choose and Join an Exchange that sells Civic
Choosing an exchange to buy Civic (CVC) is the next step in investing in this cryptocurrency. Several platforms have added support for the digital asset, but the top exchanges where you can buy CVC include Binance, OKEx, Huobi Global, and Upbit.
Before you settle for an exchange, ensure you have done some due diligence to check out the platform's key features. You also need to know what you need to register for an account, the payment methods available and whether the platform is regulated or not. Exchanges on our recommended list are all comprehensively reviewed, which is a good starting point for you if you are looking to find one that suits your needs.
3. Choose Your Payment Methods to Buy Civic
Once you settle on an exchange that sells Civic tokens, the next move is to deposit money to pay for the tokens.
Most exchanges that allow for CVC trading and selling provide a credit or debit card payment option. It is easier and widely supported across exchanges, which makes it the best method to buy Civic. It is also fast and convenient, but the costs are higher than most other payment options, something that you might not want to incur if the purchase is smaller. Be sure to look out for a call from your local bank's representative asking about the purchase.
You can also easily pay for your tokens on major exchanges via bank transfer. To buy crypto in this way, you need to connect your exchange account with your bank account. Unlike a credit card, bank account payments take 2-3 days to settle although the costs involved are far lower.
Other ways to pay for Civic on exchanges is through cryptocurrencies like Bitcoin as well as through web money.
4. Place an Order to Buy CVC
To place an order for a CVC purchase, you need to find out if the exchange allows for direct fiat buying or whether you first need to buy another cryptocurrency.
For instance, OKEx supports buying CVC with USD, but once you place an order for the purchase, you need to buy USDT. This is a stablecoin whose value is pegged 1:1 with the US dollar. You can thus pay for the CVC using USDT. Take note of the rate and fees and if satisfied, complete the process by pressing the continue button. This is how you place an order for CVC, with the buy order completed instantly.
5. Safely Storing Your Civic in a Wallet
The recommended procedure when buying crypto from an exchange is to transfer your holdings off the exchange and into an offline wallet.
Note, however, that you might only need to take this step if you want to hold the coins long term. If you intend to actively trade the tokens, then you would be in a better place having them in a built-in wallet on the exchange. This option allows you to continue trading without incurring withdrawal fees.
If you wish to move your coins off the exchange, then go to transfer the coins. Input you're the amount of CVC to move, in the recipient's address input your wallet address (also called a public key). Confirm the address and amount to withdraw and then submit. The transaction will initiate and a notification email will be sent to you.
Remember that this process can also happen immediately after you buy the coins, especially if you don't want to trade any of the CVC.
Should you Buy or Trade CVC?
There is a difference between buying and trading. When you buy CVC, you may store it in a secure wallet as a long-term investment. This way you hold the keys to the actual tokens and you can use them to transact on in the Civic ecosystem, send to others, or spend online.
Trading means setting up a position – it can be either long or short – with the aim of profiting from the token's price movements. You can trade CVC for other cryptocurrencies too. If you intend to hold the tokens long-term, you should buy and send CVC to your wallet. If the intention is to get short-term profits, then trading is the best strategy.
Note that there's a difference between trading Civic on exchanges and trading Civic with a broker.
What's the Difference Between a Civic Exchange and a Broker?
An exchange differs from a broker in the sense that users can trade between different cryptocurrencies. In this sense, it allows for fiat-to-crypto and crypto-to-crypto trades like fiat for BTC and BTC for CVC. An exchange also allows users to buy and sell to others on the platform.
On the other hand, a broker allows users to make passive income on trades by betting on the price movements of given coins through CFDs and other derivative products. There's no buying and selling of the actual tokens on most brokerage platforms, and where it's possible, only the broker sells or buys the coins.
Civic: Long Vs Short Term Investment
When looking to invest in CVC, one of the very first fundamental decisions to make involves choosing between long and short-term investment strategies.
As mentioned earlier, having a long-term investment strategy means you are ready to buy and hold the asset for a long period. The best way to go about this is via a cryptocurrency exchange, with the tokens moved to an offline wallet.
A short-term strategy on the other hand involves plans to benefit from the token's short-term price movements. If you are looking to take this approach, then choosing a reputable broker is advisable.
3 Tips to Buy Civic
If you have decided it's CVC that you want to buy, then there are a few tips to apply to get the best deal for yourself. Other than knowing which platform between an exchange and a broker is best suited for the type of investment, consider these three tips too before you take that final step.
1. Choose the Right Time and Do Your Own Research on Civic
Investing at the right time is critical for any investor, which is the reason why you need to be thorough in your research and understanding of the Civic project before you buy CVC. Consider multiple authority sources for information on trends and analysis. Remember that you can buy tokens any time, but doing so in a bear market provides a better opportunity.
2. Comparing Costs to Buy Civic
Do not rush into a buy. Take time to look at prices on multiple exchanges and broker platforms, taking note of fees and other costs to maximise profits. The same applies to the choice of a payment method, with some methods attracting higher fees than others.
3. Safety and Security when Buying Civic
When you buy crypto, you want to do it safely and on a secure platform. We cannot emphasise this enough, with the first step being to select a regulated and reputable platform. Additionally, ensure you secure your account with extra security measures like two-factor authentication (2FA). If a platform is unregulated and has bad reviews, the best move is to avoid using it.
What is the Best Payment Method for Buying Civic
- Buy Civic with Cash: Buy the crypto from other people and pay with cash
- Buy Civic with Credit Card: The most common payment method for buying crypto
- Buy Civic with Bank Transfer: Pay with a convenient and easy link to your bank account
- Buy CVC with crypto: Purchasing cryptocurrency with other coins like Bitcoin and Ethereum
- Buy Civic with PayPal: Fast payment method for buying CVC and other cryptocurrencies.
Other Ways to Buy Civic
CVC plays a huge role in the Civic ecosystem, at least for enabling blockchain-secure identity verification processes.
As we have noted in the preceding sections, you can buy and hold Civic in a wallet to profit from its growing value. You could also benefit from investment strategies that allow you to speculate on price movement.
Another way to get in onto the bandwagon is to participate in the network and get to earn a reward for your services as a network validator. This means you get rewarded for facilitating transactions and securing the Civic app network.
Frequently Asked Questions
Civic is an ERC-20 token, which means it lives on the Ethereum blockchain.
You can buy CVC on an exchange or via a professional broker. Several platforms support this cryptocurrency, which makes it easy to find a reputable place to buy Civic.
Yes. Like many other cryptocurrencies, Civic is increasingly being accepted across the globe by retailers and other online vendors.
You cannot mine Civic as you would proof-of-work coins. Instead, you can earn CVC through staking on the network.
CFD trading is illegal in some countries, but you can trade on CVC contracts on several major broker platforms. What you need to do is to find out if the activity is legal in your country.