Avalanche, a decentralized blockchain platform focusing on performance and interoperability, is a significant crypto contender. As one of the top 25 cryptocurrencies by market cap, AVAX, Avalanche’s native coin, boasts a decent global following. However, should the credibility and popularity lead you to buy Avalanche (AVAX)?
In this guide, we explore everything relevant to buying AVAX in 2024. From detailing Avalanche’s operation to comparing it with other popular crypto players, here’s what you need to know.
Buy Avalanche (AVAX) with a few clicks on these secure platforms
YouHodler
Best for free BTC cloud mining
OKX
Best for mystery box offer
Coinbase
Best for beginners
Methodology
The methodology for testing the platforms to buy and sell AVAX utilized several crucial criteria over a period of six months. Many factors were taken into consideration. These include security, ease of use, industry reputation, liquidity, and availability of additional features.
Coinbase
Coinbase hits the mark in many areas for platforms to purchase AVAX. It is a world renown and reputable exchange that is based in the U.S. It has many features including earn features, enhanced security, all on top of complying with many regulatory frameworks to support customers in various nations.
Binance
Binance is the world’s largest exchange by trading volume and assets under management (AUM). The exchange is known for its deep liquidity, which is excellent for individuals who need to avoid slippage. On top of this, Binance has many features outside of spot trading, like derivatives, NFTs, and many other crypto-native products.
Kucoin has made its reputation by offering a good customer experience and a suite of products. Its industry reputation has attracted many customers, allowing it to have deep liquidity. You can also enjoy advanced trading features on the platform.
Kraken
Kraken has gained a reputation for adhering to regulatory compliance. It is popular for its security measures, being one of the first exchanges to offer proof of reserves in 2014.
OKX
OKX is an exchange that has continually tried to keep the customer in mind. The exchange offers various products like NFTs, APIs, and earn features. OKX even has a proprietary blockchain to provide customers with lower transaction fees. Not only does OKX offer proof of reserves, but it also has both an Expiry and a Safety fund to maintain the safety of the platform.
Bitfinex
Bitfinex offers many cryptocurrencies, providing users with many trading options. The platform is known for its advanced trading tools and interfaces, appealing to experienced traders. Bitfinex is also known for its high liquidity, which facilitates quick and efficient trade execution. Some of its prominent features include a lending market for traders.
YouHodler
YouHodler is the premier platform for crypto loans. Customers can deposit their assets to earn yield. Additionally, the platform supports international users by offering fiat currencies. On top of this, you can also buy, sell, and trade crypto.
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- Understanding Avalanche (AVAX)
- Comparing Avalanche with other blockchains
- Avalanche wallets & MetaMask integration
- Where to buy Avalanche? Top 5 platforms
- How to buy and sell Avalanche (AVAX)
- How to buy Avalanche with a credit card
- Is AVAX a good buy?
- Is AVAX a long-term investment?
- Frequently asked questions
Understanding Avalanche (AVAX)
Before you set aside funds to buy Avalanche (AVAX), let’s explore the blockchain itself.
What is Avalanche?
Avalanche (AVAX) is a layer-1, EVM-compatible blockchain that facilitates DApp development. Its unique consensus mechanism, inspired by proof-of-stake, adds to the platform’s decentralization quotient. The ecosystem is known for its quick transaction finality, high throughput, and low transaction fees.
Avalanche is often deemed an Ethereum killer due to its DApp spread and the ability to host smart contracts. As for the brain behind this blockchain ecosystem, we cannot thank the founder, Emin Gun Sirer — a Professor at Cornell University — enough.
Did you know? Avalanche’s consensus mechanism is known as the “Avalanche Consensus” and employs the Direct Acyclic Graph (DAG) protocol.
How does Avalanche work?
Avalanche’s operation hinges on the availability of three built-in blockchains. First, there is the X-Chain for asset creation and trades. Second, there is the C-Chain, which focuses on DApp deployment. Finally, there is the P-Chain, which comprises validators and tracks subnets.
As Avalanche employs a version of DAG, subnets help keep the network secure. Subnets also help developers host other blockchain platforms on top of Avalanche.
Why is Avalanche popular?
There are several reasons why Avalanche is one of the more popular EVM-compatible blockchains. These include:
- High speed and scalability with the ability to handle almost 6,500 transactions per second
- Low transaction fees
- The ability to create interoperable and customizable blockchains
- An extensive DeFi presence with Avalanche ranked 5th in terms of DeFi TVL
- Driving institutional adoption
“It’s cool to see the world’s most innovative companies diving head-first into blockchain via @AVAX.”
Jay Kurahashi-Sofue, VP of marketing at Ava Labs: Twitter
Comparing Avalanche with other blockchains
Before you go ahead and buy Avalanche, let us compare and see how the layer-1 blockchain compares to some of the bigger names in the crypto space:
Avalanche vs. Solana
The most important difference between these two chains involves the consensus mechanism. While Avalanche relies on a DAG-powered PoS consensus, Solana is built on top of the proof-of-history (PoH) consensus. Solana also boasts a higher throughput, close to 65K transactions per second, compared to Avalanche’s 6,500.
Avalanche vs. Cardano
Compared to the EVM-compatible Avalanche, Cardano relies on Haskell Programming, which is not as common within the blockchain space. Also, Cardano is known as a research-heavy blockchain, whereas Avalanche relies more on rapid development and community governance.
Avalanche vs. Ethereum
Avalanche boasts faster transaction finality — under two seconds — compared to Ethereum. However, Ethereum looks better regarding network inflation, which is under 0.3% post-PoS. Avalanche, on the other hand, has a network inflation rate of almost 3.93%.
Avalanche wallets & MetaMask integration
If you wish to buy an Avalanche, you must make it a point to store it safely. To do so, you can rely on different wallets, including the official Avalanche Wallet, MetaMask, third-party wallets like the Trust Wallet, and the compatible hardware wallet. While MetaMask is one of the most commonly used wallets, knowing how to add Avalanche to MetaMask is useful. The process is straightforward: you simply need to click on the dropdown icon at the top and set the Avalanche C-Chain as the preferred network. Once done, you can import AVAX directly to MetaMask and even use the currency for transactions.
“When it comes to actually storing your AVAX, keep in mind that while convenient, leaving large sums on an exchange long-term presents some security risks. A hardware wallet is by far the safer choice for truly cold storage. But something like MetaMask is also a decent software wallet alternative that offers good levels of protection, especially if you properly back up your recovery phrase.”
Leo Smigel, Founder of Analyzing Alpha: BeInCrypto Interview
Where to buy Avalanche? Top 5 platforms
- Binance: With its market-leading liquidity, Binance ensured our AVAX purchases were seamlessly executed at predictable prices. Thanks to the abundance of buy/sell orders, we faced minimal slippage when buying. Binance’s intuitive interface also made navigating the purchase process pretty straightforward. Additionally, Binance’s Earn feature enabled us to instantly stake the AVAX we purchased, allowing convenient and quick interest earning on our new assets.
- Coinbase: For U.S. buyers, Coinbase provides peace of mind thanks to robust security and compliance with local regulations. We found purchases easy, especially on the mobile app. Switching to Coinbase Pro granted a more advanced trading experience with lower fees. The exchange’s learning rewards program fosters a learning environment that motivates users to acquire knowledge while simultaneously earning rewards.
- *KuCoin: KuCoin’s broad selection of cryptocurrencies, including a variety of altcoins, greatly expands your investment options. The platform impressed us with its accessibility, especially for purchasing AVAX in regions where other exchanges restricted our access. Additionally, KuCoin’s simple and intuitive user interface streamlined the transaction process, making it relatively effortless.
- Kraken: Kraken enables control over buy prices through efficient order types like market and limit orders. The platform’s robust security features and a comprehensive suite of financial products, like futures, were particularly impressive — more so if you are interested in advanced trading strategies. We found Kraken’s detailed trading view charts to be quite handy for making informed purchase decisions. Another feature we particularly enjoyed is Kraken’s granular reporting capabilities, which makes tax compliance a more manageable task, especially for traders dealing with substantial trading volumes or complex portfolios.
- Bitfinex: Bitfinex has the fifth-highest trading volume for AVAX, according to CoinMarketCap. It offers a high-quality trading experience given its liquidity and advanced interface. In fact, our experience with it was top-notch due to the simple yet feature-packed interface and trading desk. Although geared towards pro users, the powerful charting tools on the platform can be really helpful with formulating strategies once you conquer the learning curve.
*In 2024, KuCoin is facing charges from the Department of Justice following allegations that the platform knowingly flouted AML rules in the U.S. The company’s legal woes have dramatically dropped its market share, with many concerned users withdrawing funds from the platform. For a detailed overview of the current situation, please check our explanation of KuCoin’s legal status. If you are considering alternatives to KuCoin, explore our recommended exchanges here.
Why did we choose these platforms?
The abovementioned platforms are all reliable choices when acquiring Avalanche (AVAX). You might want to consider Binance first and its AVAX/USDT pair due to its high trading volume and excellent liquidity. Once on the exchange, you can start buying or swapping AVAX as soon as you are KYC verified.
Regardless of your choice, each of our endorsed platforms prioritizes robust security features. Always remember not to leave your coins on an exchange after purchasing, and prioritize crypto wallet security at all times. If you want to buy Avalanche anonymously, you could also choose a decentralized exchange (DEX). While not always as easy to use as their centralized counterparts, solid DEX offerings include Uniswap and dYdX.
How to buy and sell Avalanche (AVAX)
Buying and selling AVAX is simple. The easiest way to buy AVAX is to onboard one of the leading crypto exchanges.
To sell AVAX on an exchange, you simply need to hit sell. However, if you have AVAX coins on MetaMask or an external wallet, you need to withdraw these to an exchange before selling. That, however, will cost you some network fees. Apart from CEXs, you can also rely on decentralized exchanges to buy and sell AVAX.
How to buy AVAX: Demo
For this step-by-step guide, we’ll demonstrate how to buy Avalanche on Coinbase.
1. Firstly, open up the Coinbase app and select “Trade.”
2. Secondly, select the amount of AVAX that you would like to purchase to continue.
3. Lastly, select “Place Order” to confirm your order.
How to buy Avalanche with a credit card
To buy Avalanche with a credit card on Coinbase, verify your account, link your card, select AVAX in the “Trade” section, enter the purchase amount, and confirm. Your card will be charged, and AVAX will be added to your wallet. Remember that credit card transactions may involve additional fees, so it’s essential to review the terms and conditions before proceeding for a seamless transaction experience.
How to sell AVAX
1. Firstly, open the Coinbase app, select trade, and choose AVAX.
2. Select the amount of AVAX that you would like to sell.
3. Lastly, press place order to confirm your transaction.
Is AVAX a good buy?
Our AVAX price prediction shows that Avalanche has the potential to reach the three-figure mark over time, provided the market conditions turn. Plus, the AVAX coin is currently trading at a 93% discount to its all-time high of $146.22. Also, with the DeFi ecosystem growing, AVAX does look like a decent buying option.
Is AVAX a long-term investment?
If you want to buy Avalanche in 2024, it is better to consider the crypto as a long-term investment. With the market still in the bearish zone and most cryptocurrencies languishing at the bottom, it might take AVAX some time to move out of its sideways price action. Therefore, traders might have to account for heightened volatility at the counter. Finally, always do your due dilligence before investing in any crypto.
Frequently asked questions
What is Avalanche?
How do I make an AVAX wallet?
Where can I buy AVAX?
How can I buy AVAX in the U.S.?
How to buy AVAX cheap?
Can AVAX hit 1k?
How high can AVAX go?
Which is better, Solana or Avalanche?
Is AVAX risky?
Is AVAX better than Cardano?
Why is AVAX so popular?
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