When we talk about cryptocurrencies, we often assume anonymity to be one of the defining features of cryptocurrencies. However, this is a misconception. Popular cryptocurrencies like Bitcoin and Ethereum can be traced by anyone. If someone links your real-world identity to one of your cryptocurrency addresses, it can reveal all transactions you’ve made so far.
If privacy is important to you, Bitcoin is not the coin you want to use. To stay anonymous in the crypto world, your best bet is to use a privacy coin. Zcash is one of the popular privacy coins. It is a coin developed to overcome privacy flaws in Bitcoin. Zcash achieves anonymity through its zero-knowledge proofs protocol. It is a way of verifying and validating transactions without revealing critical information.
There are many uses for privacy coins in this day and age. But, unfortunately, buying privacy coins like Zcash is not always anonymous. Most of the cryptocurrency exchanges today require you to go through KYC. Buying privacy coins after revealing personal details, defeats the whole purpose of a privacy coin. Although, after you buy a privacy coin like Zcash, what you do with it afterward, stays anonymous. But, wouldn’t it be nice to obtain privacy coins anonymously?
In this article, we will list the best exchanges to buy Zcash. Some of these exchanges are anonymous. Although anonymity can be an attractive feature, fees are also an important factor to consider. Some of the best exchanges out there have the lowest fee and anonymous transactions. These are the best exchanges to buy Zcash:
If you want to buy a small amount of Zcash (ZEC) anonymously, Binance is the best exchange to do it. Right now, Binance allows you to withdraw up to 2 BTC every 24 hours. If you want to increase the limit, you have to go through their KYC process. When you sign up to Binance, you only have to provide an email and a name. This can be faked very easily.
In terms of fees, they have lower fees compared to other exchanges. The trading fee in Binance is determined based on your 30-day trading activity. If you trade with a small amount, this can be very advantageous. Interestingly, having Binance coin (BNB) in your Binance account can lower your fee further.
By default, Binance takes trading fees from your Binance coin (BNB) balance with a 25% discount. There is also an option to buy cryptocurrencies with a credit card. So, you can use a credit card to buy Zcash. Although it is important to understand that this method of buying Zcash is not anonymous. It is a requirement to go through KYC before buying with a credit card. If you don’t mind going through KYC, binance is one of the best ways to buy Zcash and other cryptocurrencies.
The way you buy Zcash anonymously on Binance is to exchange Bitcoin or any other cryptocurrency to Zcash. It is also important to obtain these cryptocurrencies in an anonymous manner. You can buy Bitcoin, Ethereum, Monero anonymously from a p2p exchange and later convert to Zcash on Binance. These are some of the best p2p exchanges:
LocalBitcoin – Bitcoin P2P Exchange
Local.Bitcoin – Bitcoin Cash P2P Exchange
LocalMonero – Monero P2P Exchange
LocalCryptos – Ethereum P2P Exchange
Most of these P2P exchanges takes no fee when you buy cryptocurrencies. No fee does not mean it is always cheap. It is important to be aware of sellers markup. The sellers on P2P exchanges usually markup the price of cryptocurrencies for profit.
After seller releases cryptocurrency to your wallet, you can easily withdraw to Binance and convert to Zcash. Binance takes no fee when you deposit cryptocurrencies. You can use any exchange you want, but, if you want to buy Zcash anonymously, it is important to choose an exchange that requires no KYC.
KuCoin is another exchange that lets you trade without KYC.
Changelly is an automated exchange that gets you the best price possible when exchanging cryptocurrencies. This exchange is the best if you want to exchange other cryptocurrencies to Zcash. Changelly is connected to multiple cryptocurrency exchanges to find and get you the best exchange rate. Transaction fees are minimal compared to other exchanges. On top of that, it is anonymous.
Changelly also lets you buy cryptocurrencies with fiat. You can either buy Zcash using your credit card or exchange other cryptocurrencies to Zcash. Please be aware, fees are significantly high when you buy with fiat.
Fiat transactions are processed by their partners Indacoin and Simplex. Each of them has various limitations when buying with fiat. You can learn about it here.
This is a decentralized exchange. Decentralized exchanges like WavesExchange enables you to buy cryptocurrencies directly from other users (peer-to-peer). You are not relying on a third party. Using a decentralized exchange to buy Zcash has many advantages over a centralized exchange.
The main benefits being anonymity, being in control of your own funds, and having no downtime. Unfortunately, WavesExchange does not support fiat to crypto transactions. So, to buy Zcash on WavesExchange, you have to trade other cryptocurrencies to Zcash. You can buy cryptocurrencies anonymously using P2P exchanges listed above and convert it to Zcash using WavesExchange.
Coinbase is the easiest exchange to buy Zcash. Newcomers to cryptocurrency, usually buy their first Bitcoin from Coinbase. Coinbase is arguably the most popular cryptocurrency exchange thanks to its marketing and user-friendly interface. There are 4 main payment methods supported by Coinbase:
- Credit cards
- Debit cards
- Wire transfer
The fee Coinbase takes changes with the location. You can check out their complete fee structure here. In terms of privacy, Coinbase is the least anonymous on our list. It is mandatory to verify your identity before buying Zcash or any other cryptocurrencies. One big concern people have toward Coinbase is its lack of control of users over their own cryptocurrencies. Coinbase essentially owns your private keys.
Coinbase also has a trading platform called Coinbase Pro. This platform is designed for more experienced users. Buy and selling cryptocurrency from Coinbase Pro is even cheaper. In fact, it is the cheapest exchange on our list. Signup using this link to get $10 of free Bitcoin from Coinbase.
Above are some of the best exchanges to buy Zcash (ZEC). We consider an exchange to be best if it has very low transaction fees and supports anonymous transactions. Although safety is also an important factor here. An alternative way to buy Zcash (ZEC) is to mine or cloud mine it. Genesis-Mining is one of the best cloud mining services for Zcash. Check out here.