Bitvavo makes 0x as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
0x (ZRX) stands for "Zero Exchange" and is a protocol on which decentralized exchanges can be made using blockchain technology. This protocol is built on the Ethereum blockchain, making it directly applicable for all ERC20 tokens. 0x has chosen to build a protocol so that the technology can be used by several decentralized exchanges. 0x tries to promote the switch to decentralized exchanges. In addition, 0x ensures that all decentralized exchanges that are built on the 0x protocol share the liquidity with each other. In this way, more demand and supply are created on decentralized exchanges, which is often still a problem to date.
0x is a protocol on which decentralized exchanges can be built. Transactions on decentralized exchanges are carried out with the help of smart contracts. This has the advantage that you can keep your digital currency in-house and these are only included in the smart contract if you want to execute a transaction. To ensure that there is sufficient supply and demand on the decentralized exchanges, 0x brings together the liquidity of all decentralized exchanges on the 0x protocol.
A transaction fee is required for the execution of transactions on a decentralized exchange based on the 0x protocol. This must be paid in ZRX which is the token associated with 0x. In addition, ZRX also gives voting rights if certain choices have to be made about changing the 0x protocol.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store 0x. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing 0x and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store 0x without any technical knowledge. Here is a brief overview of the existing wallet options to store your 0x:
Hosted Wallet
Hosted wallets are wallets where the private keys to your 0x are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your 0x online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
Software wallet
A software wallet is a program installed on your computer or other device in order to use and manage your 0x. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your 0x, and if malicious parties have access to your device, your private keys (and therefore your 0x) can be stolen.
Hardware wallet
A hardware wallet is a physical device on which you can store your 0x offline. It is one of the safest ways to store your 0x, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your 0x is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive 0x. Once you have purchased 0x on Bitvavo, you can choose to send your 0x from your Bitvavo wallet to your own software or hardware wallet.
