How to Buy Navcoin (NAV) - A Beginner’s Guide

Do you want to buy Navcoin with a cryptocurrency broker? This could be a great option, but you should do due diligence. You need the right broker to be able to realise your trading goal. It’s prudent to compare the fees and security features of different brokers. This allows you to choose one that meets your financial needs and cushions you and your funds from all forms of danger.

Ensure you choose a regulated brokerage that has in-built security encryption. Regulation helps to mitigate security risks, but you can gain more if the platform has additional protection. Once you do this, you can proceed to the next step.

1. Register with the Broker

Please ensure you understand the platform’s registration requirements before taking any action. In most cases, you’ll find that you need nothing more than your personal information, email address and phone number at this stage. However, you can find minor differences depending on the broker you choose.

For example, if you decide to work with Skilling, you’ll need to provide your personal information, email, country of residence, phone number and preferred account currency. Of course, you also need to create a unique username.  

On the other hand, if you choose Pepperstone, you start the registration process by creating your login details. This means you enter your email and choose a strong password. After that, you provide your personal information and contact details and then proceed to the account verification stage.

2. Verify Your Identity (KYC Process)

As you have seen above, you need to go through the Know Your Customer (KYC) process. To successfully pass this stage, you’ll provide specific identification documents. Most brokers will accept your national identity cards. Passports and driver licenses can also work. In some cases, you may be required to provide other documents that prove your present residential address.

In the near past, exchanges could accept applications without considering the identity of their customers. It appeared convenient and time-saving until the security situation in the cryptocurrency world made the practice unstainable. For that matter, the security benefit of the KYC process outweighs the demerits. Note that KYC is also helping the crypto industry set the ground for the mass adoption of Navcoin.

3. Deposit Funds with Your Preferred Payment Method

Since payment methods are not created equal, you should start by choosing one that best suits your needs. To do that, consider the speed, security, and cost. The right payment method should be fast enough since you don’t want to miss investment chances due to delays. The cost should also be reasonable since you have no desire to overpay for the service. Costly services could reduce your income potential.

While most payment methods are secure, you need to do more to avoid falling prey to cybercrimes. You should install the right antivirus on your computer to be safe.

Now you can use your preferred payment method to deposit the funds. Check the broker account balance to verify whether you’ve successfully remitted the payment. If everything is fine, move on to the next stage.

4. Open a Position to Long/Short Navcoin

You can either short or long Navcoin depending on the outcome of your research on the coin’s future. If your analysis provides strong clues that NAV’s value will drop in the short term, it’s the moment to short it. This means buying it at the prevailing rate and selling at a high price.

Once the price drops, you repurchase the coin and settle the debt. In this case, the difference between the buying and selling price is your profit. Remember, due to the volatility of the crypto market; the difference can be a negative figure, meaning a loss.

If your analysis indicates that it makes no economic sense to short NAV, you can long it, instead. This is the traditional way of trading this coin. It involves buying and holding the coin, hoping that the value will shoot up after a long or mid-term period. 

Since it’s more difficult to predict the long-term value of the coin, it’s regarded as a risky method. Besides, you must own Navcoin to be able to long it.

Given that none of these strategies is risk-free, you should set risk management limits such as market order, limit order, stop loss/ take profit. These automated features rely on artificial intelligence to assess the market and take specific action to protect your investment. So, when opening your trading position, ensure you set them depending on your trading needs and your ability to take risks.

5. Close Your Position

The stop loss/take profit limit can close the position without your direct intervention. So, you can trust its decision. However, if you are happy with your earnings, you can choose to close the position earlier. If you have suffered losses and are not ready to continue risking, you can also do the same.

How to Buy Navcoin with an Exchange

We said that exchanges offer great opportunities to individuals who have long-term trade in mind. If this describes you, you need to learn more about buying the coin with the trading platform. Before doing anything, you should remember to choose the right exchange that offers the products you need. Of course, the right exchange should be selling NAV and other cryptos. Besides, it should accept your preferred payment modes.

It would help if you also considered security and the cost of service. Check whether the platform has in-built security encryption. This helps to protect your data. The platform should also be regulatory compliant. Regulators have instituted reforms in the cryptocurrency industry to improve the safety and overall experience of users.

However, different exchanges still have the freedom to set their prices. Some of them take advantage of this to steal from unsuspecting members of the public. Remember that there are exchanges today that use affordability and quality as tools for remaining competitive. If you are happy with the exchange you’ve chosen, you can do the following to buy Navcoin with it.

1. Set up a Navcoin Wallet

Your first step should be to set up a compatible and secure Navcoin wallet—this an important and simple process. To set up the wallet with greater ease, you should understand the various categories of wallets you can use. Moreover, think of what sets them apart. Here are the options that you have:

• Exchange/Online wallets: They are found on exchange platforms. You can use them if you are willing to store your NAV coins in an online environment on the websites. In some cases, you won’t have your private key if you choose this option.
• Desktop/Mobile Wallets: These are apps that are compatible with NAV coins. As the name suggests, you can install them on your mobile and computer. They come with private keys that protect users’ funds.
• Cold wallets: Cold wallets are physical devices with advanced security features and store NAV offline. Some of them are great for staking Navcoins.

2. Choose and Join an Exchange that Sells Navcoin

Some of the leading exchanges that sell Navcoin include Binance, Bittrex, LiteBit.eu and HitBTC. So, you have several options. However, since these platforms are unique in several ways, you should compare their features before choosing one.

Due to the significance of regulatory standards, be sure you choose an exchange regulatory complainant and implement the safety measures.

3. Choose Your Payment Methods to Buy Navcoin

You should now choose the right payment method that will serve you best. You can use a debit card if you have cash in your bank account. It gives you access to fiat currency. However, there are times when you can use credit cards. This is a popular method today since it gives users access to loans. However, it’s often more expensive than debit cards.

Direct bank transfers also work. It’s fast and convenient. This method also gives you access to fiat currencies. Besides, you don’t need to buy a card to be able to use it. Nonetheless, some exchanges don’t use it.

Some exchanges accept cash payments. This method removes the long processes involved in opening bank accounts or applying for various cards. However, it comes with serious security risks. It would be best if you did some research to find a platform that supports it.

Another popular payment method is cryptocurrencies like BTC and LTC. Since almost all exchanges sell the leading coins, you can buy the crypto with ease. However, if the value of the crypto you intend to use as a payment method drops, your trading cost could increase.

4. Place an Order to Buy NAV

The typical buying process is simple. If you choose Binance, you can choose to fund the account with Bitcoin. After doing that, you can follow the steps below to buy it.

1. Go to Exchange and then click on Basic
2. Select BTC and search for NAV
3. Wait for the BTC-RAV trading pair to appear and click on it
4. Place your buy order under the price chart that appears

Now the coins are in your exchange account. That’s all you should do to buy NAV.

5. Safely Storing your Navcoin

As mentioned, the built-in wallets are ideal for storing NAV coins for a short period. They can also serve you well if you want to avoid withdrawal charges. This particularly applies if you have a few coins. If your analysis reveals you need to transfer the crypto from the exchange to your private wallet, here is what you need to do:

1. Input your Navcoin wallet address in the recipient field
2. Provide the amount you want to transfer to the wallet
3. Make the withdrawal request

As you can see, this is a simple process. It’s also optional. Your needs should dictate whether you should transfer the funds. If you want to engage in long-term trade, you will most likely need to store the coins in your private wallet safely.

Should You Buy or Trade Navcoin?

Buying and trading Navcoin through an exchange or professional broker are two different things. If you choose the wrong one, your trading plans may fail. So, let’s read on for more on the issues that set them apart.

What’s the Difference Between a Navcoin Exchange and a Broker?

A Navcoin exchange suits you if you want to trade for the long term. For example, if you want to hold your coins for two years, you’ll need these platforms to buy the coins at a competitive rate and then store them safely in the ideal wallet. Remember, these platforms also come with in-built wallets that you can use conveniently.

You can also buy NAV from a Navcoin wallet if you want to buy the crypto and use it to pay for a service or product.

Moreover, NAV exchanges encourage the trade between NAV, BTC, LTC and other cryptos. So, they are suitable for traders who want to expand their portfolios.

A NAV broker is different in that they typically offer limited cryptocurrencies. Besides, they are specifically designed to serve as trading platforms. Traders who engage in short-term investment find CFD a viable instrument. They can predict the currency’s price and make a profit irrespective of whether its value increases or declines.

Navcoin: Long Vs Short Term Investment

If your analysis shows that you should consider investing in NAV for one year or less, we say you’ve adopted a short term strategy. In this case, you should consider trading through a broker. However, if you want to invest for more than one year, it’s a long-term strategy. In this case, an NAV exchange might serve you best.

3 Tips to Buy Navcoin

At this point, you have acquired the critical concepts you need to buy and trade Navcoin successfully. We’ll take a look at three of the most vital tips that you need to outdo your competitors. 

1. Choose the Right Time and Do Your Own Research on Navcoin

Like other cryptos, NAV’s value keeps changing every time. Since your ability to predict the future trend is essential for your success, you need to do your research on the coin to avoid blunders. Don’t believe everyone’s opinion. It would be best if you relied on the advice of experienced traders. Before you take the guidance for the absolute truth, remember to conduct in-depth technical analysis using the right tools. This way, you’ll determine the right time to invest and increase your income potential.

2. Comparing Costs to Buy Navcoin

Since your objective is to make profits, you can’t afford to ignore the amount of money you spend to have your business succeed. Consider all the costs, including the amount the platform can apply to your fiat currency and digital currency. If there are some hidden costs, account for them. Once you get the actual figures, compare what the different trading platforms and payment methods offer. With this strategy, you could save a lot of money per transaction and boost your business success.

3. Safety and Security when Buying Navcoin

The safety of your funds and your data is critical for your success. Some faceless individuals specialize in hacking trading platforms and public wallets to steal the stored funds. Others want your personal and payment information. Before joining any platform, be sure you understand the risk. The brokerage or exchange should have installed the right security features to take care of all the common security threats.

 What is the Best Payment Method to Buy Navcoin?

• Buy Navcoin with Cash: Buy crypto and pay with cash in person or through P2P.
• Buy Navcoin with Credit Card: It’s one of the most popular options in 2021.
• Buy Navcoin with Bank Transfer: It’s a convenient solution that gives you access to fiat.
• Buy NAV with Bitcoin: Most exchanges offer this crypto as a trading pair.
• Buy Navcoin with Paypal: It’s highly convenient and affordable but not available in some countries.

Other Ways to Buy Navcoin

We’ve rightly said that you can trade Navcoin through exchanges and brokers. However, if you need other options, you can work with online peer-to-peer sellers. You’ll find them on Facebook, Twitter, and other popular social media sites. Remember, we recommend regulated service providers for security reasons. If you think it’s suitable to work with the alternatives, ensure you do due diligence.

If you can’t buy Navcoin through these channels for any reason, you can participate in securing the network. This is another viable way to get NAV. Since the blockchain uses Proof of Stake, you are qualified to go this route. 

Unlike the Proof of Work (PoW) mechanism that requires miners to calculate highly complex mathematical equations, this one is simple. You won’t need expensive hardware to help you secure the network. So, as long as you have NAV, you can stake the coins and participate in securing the platform.

Another way to earn the crypto is to use the privacy feature enabled through the xNAV. Merging your xNAV coins with other participants over various nodes helps to ensure xNAV’s anonymity and privacy. If you do this, you get rewarded with a fair compensation fee.

Now you are equipped with the most important skills and knowledge you need to buy and trade Navcoin. You have the tips that should guarantee your success in this long but rewarding journey. You’ll enjoy it if you read, digest, and implement the information we’ve shared with you here today.