How to Buy Avalanche (AVAX) in 2 Minutes | Step-by-Step

Designed to be fast and scalable, Avalanche shows promise by solving some of the most significant issues that established cryptocurrencies have, such as gas fees and traffic congestion. However, its price remains volatile, and the token has yet to overcome the success of the more popular altcoins.

There are still many reasons to invest in Avalanche. To buy Avalanche (AVAX), you will need to use a regulated third-party crypto investment platform, such as BYDFi.

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About Avalanche

Smart contracts are pieces of code that automatically execute when the conditions are met, which is suitable for decentralized finance (DeFi) apps and enables much faster transaction speeds than the prevalent Ethereum (ETH) blockchain technology.

Avalanche’s protocol is called Snow and is based on the consensus of a randomly-assigned set of neighboring nodes. Unlike cryptos with protocols that require all nodes to confirm the communication, such as Bitcoin (BTC), it is much more scalable and requires significantly less energy to execute transactions.

The system creates subnetworks or ‘subnets’ that help reduce overall traffic and increase the efficiency of the network as a whole. Additionally, the proof-of-stake protocol verifies the status of a transaction, and validators can have a single node be part of multiple subnets.

Crypto traders can use AVAX for staking and paying transaction fees on the platform. Stakers with a minimum of 2000 AVAX are allowed to create or join subnets. Furthermore, the token gives them the right to vote on proposed changes to the network. 

Where to buy Avalanche (AVAX)?

Avalanche enjoys great popularity with a substantial community of investors and traders. The token is thus a relatively popular investment, and you can find it on many cryptocurrency exchanges online.

There are two approaches to investing in AVAX: you can conduct active day trading to capitalize on price volatility or buy and hold it in anticipation of a potential price surge. Regardless of your preferred method, the best way to buy Avalanche is via BYDFi, a licensed crypto investing service that provides traders with the following:

• Over 400 different crypto assets;
• Copy trading;
• Advanced features such as pot, leveraged pairs, and perpetual with up to 150x leverage;
• A significant degree of regulation (such as MSB and FINTRAC registration for the US and Canada);
• User-friendly interface.

In addition, BYDFi follows detailed safety measures and incorporates the ‘Know Your Customer’ policy, making it a secure platform to trade cryptocurrencies.

Let’s delve into the step-by-step process and explain the details:

How to buy Avalanche coin (AVAX) in 2 minutes: step-by-step

Purchasing AVAX with BYDFi can be done within two minutes in a simple and painless process.

Step 1: Create a free account on BYDFi website or app

Open the BYDFi website and click the [Get Started] button in the top right corner of the screen.

You can also launch the process by using the email sign-up prompt at the center of the page. Input your email address and click the [Get Started] button.

A query will launch with two different account registration options: the first with an email address and the second with a phone number.

Email registration:

If you opt for registration via email, provide the address and press [Send] to start the verification process. Once done, BYDFi will send an email message with a six-digit verification code – copy and paste it into the field. 

Move on and create a login password.  Check the circle next to the terms and conditions. Optionally, type in an invitation code in the respective field.

Once finished, press the orange [Get Started] button.

Mobile registration:

The steps are nearly the same for registering via phone number. BYDFi will send the verification code by SMS; follow the rest of the steps as explained above.

You should have now successfully made a BYDFi account and are one step closer to owning AVAX. Let’s proceed to fund your account.

Step 2: Decide on the amount and buy Avalanche

After creating and logging in to your account, it is time to transfer the funds and buy AVAX.

1. Click the [Buy Crypto] button on the top left side of the main navigation bar. 

2. Find and select AVAX as the receiving crypto and select the fiat currency you want to spend on it.

3. Scroll down until you see all payment channels. Select your preferred option. Note that third-party services provide fiat deposits, and such transfers are not processed by BYDFi.

4. Depending on your choice, when you click on [Buy Now], you will get several payment options:

• Credit card payment;
• Apple Pay;
• Google Pay;
• CashApp;
• Bank wire.

Decide on the number of AVAX tokens you wish to purchase. Transfer times will vary depending on the payment method. As for BYDFi’s part, the transaction is complete within 2-10 minutes.

Step 3: Review the fees and confirm your order

The BYDFi interface will display the fees, costs, and number of Avalanche tokens you will receive after you confirm the order and commit the transfer.

BYDFi’s fees are simple, easy to understand, and competitive – crypto spot trading fees are between 0.1% to 0.3% of the transaction amount, depending on the traded token. BYDFi has no deposit fees, only a flat fee per transaction to compensate for the maintenance costs. Third-party crypto markets and fiat transfer services may charge rates independently per your preferred trading method. 

Step 4: Set up storage

The core of the process is now done; you have confirmed your order and received (or about to receive) the tokens. The purchased AVAX can be stored in your BYDFi account or stashed in a personal crypto wallet.

Regarding storage, the BYDFi platform safely stores all crypto assets in offline devices called cold wallets. You can choose to handle security yourself, however, and use your own crypto wallet. In any case, you should limit or eliminate all potential access points to your portfolio for hackers. 

Ultimately, even if the platform falls victim to a total hijack, intruders won’t be able to escape with your funds as BYDFi’s cloud servers do not store any private keys. 

AVAX price today

Pros and cons of buying Avalanche (AVAX)

Pros

• Quick and low-cost: Avalanche is able to process over 4,500 transactions per second. For comparison, Bitcoin can handle about 7 transactions per second. On top of this, the autonomy of its subnetworks makes transactions fees much lower than its mainstream competitors;
• Scalability: Unlike blockchains that either lose functionality or completely fail when stretched over their limits, Avalanche boasts innovative technology that is completely scalable;
• Interoperability: The Avalanche platform supports third-party tokens and blockchains in its subnets, which further increases its potential scalability and growth;
• Decentralization: Avalanche’s infrastructure supports third-party blockchains and allows several consensus mechanisms depending on each use case. Furthermore, the network has more validators than its average competitor. This ensures that the network is highly scalable without compromising its core principle: decentralization.

Cons

• Volatile: Cryptocurrencies are a volatile financial instrument and must be managed with care;
• No slashing: Fraudulent validators are usually punished by their respective networks by ‘slashing’, or expropriating their cryptocurrency stakes. Avalanche has no such protocol in place;
• Rising competition: Although the smart contract blockchain technology makes Avalanche stand out from the crowd, other networks are beginning to employ it as well. In other words, if Avalanche lags with further innovation, it risks losing its competitive edge and falling in price. 

Mistakes to avoid when investing in cryptocurrencies

Making a wrong move isn’t an unusual occurrence in this branch of industry. The fewer wrong moves you make, however, the better your odds and higher the potential profits. Learning from common investing mistakes made by others does less harm than learning from your own failures. Some of the most common mistakes include:

• Not doing research: A number of factors shape the crypto market climate. Proper research is necessary to stay informed and ahead of the rival traders;
• Not considering their budget: No investments are guaranteed – cryptocurrency prices tend to swing heavily across the board and this includes Avalanche. Invest only what you can afford to lose;
• Falling for fraud: Frauds and scams lurk throughout the crypto market. Buy and sell crypto through regulated services only;
• Neglecting security: The security of your investments is equally important as its growth. Think about getting a crypto wallet;
• Impulsive decision-making: Choices made under emotional strain can lead you astray from your investment goals. Make decisions with a cool head and a steady hand.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to buy Avalanche instantly:

All-in-One Crypto Exchange - Get Your First Coins in 2 Minutes

• Multiple Licenses - Reliable and Regulated

• Service Diversification - One-Stop Trading Platform

• Copy Trading - Get Copied, Get Paid

• Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy

500,000+ Users

Get Started