How to Buy Tezos (XTZ)

Complex in implementation, the core idea was simple: Tezos would allow anyone who owned its XTZ cryptocurrency to vote on possible changes to its rules, and once decided, the code would automatically update to ensure the changes were made. 

Today, that vision is coming closer to reality. Developers can use the Tezos blockchain to design new kinds of applications and users can stake XTZ to participate in voting. In both cases, you’ll need to first buy XTZ to take advantage of these features. 

Once you buy on Kraken, however, you can also begin earning additional tokens by staking XTZ in our staking service. We offer a fixed 6% return to all customers who elect to let Kraken stake XTZ on their behalf, but you can choose to buy XTZ on Kraken and stake yourself.

Not sure yet why you’d want to buy XTZ? Feel free to read our ‘What is Tezos?’ guide, which offers a more extensive breakdown of its technology and vision. 

The XTZ cryptocurrency plays a key role in maintaining and operating the Tezos network, and can be used for holding, spending, sending or baking (what the network calls staking). 

By owning and staking XTZ, you gain the ability to vote on network upgrades, with each vote being proportional to the amount of XTZ cryptocurrency you stake.
 

There are a number of ways to buy XTZ. However, many find that it is easiest to purchase it through a trusted global exchange like Kraken. 

Aside from offering the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world. This matters because if you lose the private key to your XTZ, it can be challenging if not impossible to recover your funds. 
 

At Kraken, we take security seriously, with tested technology and rigorous procedures designed to safeguard funds. We don’t cut corners when it comes to security, and neither should you.

Follow the steps below to start buying XTZ on Kraken: 

1. Sign up for a Kraken account.
   First, enter a valid email address, create a new username and set a strong password to protect your account.

2. Verify your account. 
   After providing your name, date of birth, country of residence and phone number, you can buy XTZ with cryptocurrencies like LTC and DASH. In order to use fiat currency (i.e. USD or EUR), you’ll need to provide our experts with additional supporting documents verifying your identity. Read about our verification processes here.

3. Deposit fiat currency.
   You can fund your account in a number of ways. How you do so will depend upon your location and preferences.

4. Purchase XTZ!
   Once your account is funded with fiat, you’re ready to purchase XTZ. At this point, you’ll also gain access to our advanced charting tools, 24-hour global client support and the ability to utilize margin trading, features that help make the Kraken experience beloved by millions of global traders.

Once you buy XTZ, you’ll need somewhere to safely store your cryptocurrency. 

Kraken is secure, but it’s always safest to store your XTZ in a wallet, a software or hardware device that stores the public and private keys required to make crypto transactions.

There are many types of XTZ wallets available. Mobile and web wallets can make transactions easy, while hardware wallets are perhaps best suited for secure, long-term storage. 

When choosing a crypto wallet for your XTZ, first spend some time thinking about what you plan to do with your tokens to find a wallet that fits your needs.

However, remember, clients who bake XTZ with Kraken will receive a 6% annual return, paid out twice weekly. In this case, you’ll be trusting Kraken to hold and bake your funds, however, you’ll have the ability to quickly unfreeze your funds to begin trading quickly.

Ready to take the next step toward buying and baking XTZ? Find out more about staking with Kraken here.