Petro cryptocurrency was launched in February 2018 by the government of Venezuela as a means of circumventing international sanctions and accessing international financing.
The coin uses a Proof of Work and a hybrid Proof of Stake to secure its network. It is enabled by its native coin PTR.
Do you want to know how to buy Petro Cryptocurrency? This article will teach you all you need to know about Petro cryptocurrency and how to buy it.
How to Buy Petro Cryptocurrency on Binance
There are only a few platforms where you can purchase Venezuela’s Petro Cryptocurrency. One of them is Binance, which is our recommended platform to buy Petro cryptocurrency.
Step 1: Create an account
If you have decided to buy Petro cryptocurrency on the Binance website, the first thing to do is sign up and create an account for yourself.
Step 2: Provide your details
Your genuine details will be needed to continue the account creation process. Make sure you don’t make a mistake at this stage.
Step 3: Fund your account
To fund your account, you need to choose your preferred payment method to buy Petro cryptocurrency.
Step 4: Choose Petro Cryptocurrency
Choose Petro and select an “Instant/Market Order” to buy it instantly.
Step 5: Complete your order
Enter the amount of Petro cryptocurrency you want to buy and confirm your order.
How to Buy Petro cryptocurrency from a Broker
Please make sure you have researched and now picked the right broker to make your investment a success. Different platforms have slightly varied security policies.
Make sure the Broker’s website has in-built and trustworthy encryption to protect your data. They should also follow all the regulatory requirements and also have a good track record.
Now that you have chosen the right broker, you can do the following to buy Petro cryptocurrency with ease:
1. Register with the Broker
The first step to buying Petro cryptocurrency with a Broker is registration. Provided you are ready to input your information correctly, registration is straightforward.
Tho, registration processes differ by brokerage platform but you’ll be required to provide your personal information and contact details.
2. Complete the KYC process
To complete the Know Your Customer (KYC) process you have to verify your identity. Regulators use it to minimize security risks in the cryptocurrency industry.
You’ll need to provide your identification documents. This is a very important process to undergo when you want to buy Petro cryptocurrency.
3. Deposit Funds with your Preferred Payment Method
When your account gets approved, the next thing to do is add funds to begin buying Petro cryptocurrency. Different payment methods will be available to you, you only need to choose the one that’s convenient for you.
Not all payment methods are accessible to everybody due to location barriers. Those within Venezuela are more likely to have more payment options than other people outside.
4. Open a Position to Long/Short Petro
Now, you have to choose either too long or short Petro. Your ultimate decision should depend on your understanding of this token, Venezuela’s political and economic environment, and the crypto industry. Do not decide on Long or Short Petro without having a solid understanding of what you’re getting into.
To short Petro means to enter into a short-term trade. If the nation’s economic and political environment is uncertain, you want to minimize risks and the coin’s future appears fruitful only for a short period. You can choose this method.
You can long Petro if you are confident in the token’s performance or want to support the project. You should be ready to hold your tokens for at least one year if you choose this option.
5 Things to Consider when you Want to Buy Petro Cryptocurrency
Before you go ahead and buy Petro, you must know that there are different things to consider before buying Petro cryptocurrency.
The following are some important factors that you should consider before buying Petro Cryptocurrency.
1. Carefully choose your preferred secure payment method
Payment method is one of the most important things to consider before buying Petro cryptocurrency. Different modes of payment will be presented to you based on your location.
Each of these payment methods has its strengths and weaknesses, therefore you have to weigh your best option before going ahead to buy Petro cryptocurrency.
The transaction fees depend on whatever option you settle for as you’ll be presented with different payment options like Paypal, Linking your debit/credit card, and bank transfers.
2. Comparing costs
There are different fees involved in the process of buying cryptocurrency. From the transfer of Petro cryptocurrency and also the purchase, you might need to pay some fees.
So, it is important to also consider these fees before you buy Petro cryptocurrency. Cryptocurrency brokers and exchanges are known to charge some fees for deposits, withdrawals and processing transactions too.
3. Safety and security
This is one of the most important things to consider when you want to buy Petro cryptocurrency. Petro uses a hybrid Proof of Stake (PoS) and Proof of Work (PoW) consensus mechanism to secure its blockchain.
The Proof of Stake (PoS) prevents any incoming cyberattacks and double spending issues because the system requires a 100% consensus between the different nodes.
It is also believed to be using the Hash X11 algorithm which is considered to be the safest for all cryptocurrencies. When considering an exchange platform or broker website to buy Petro cryptocurrency from, make sure it takes all possible security measures including the use of additional security protocols like 2FA (Two-Factor Authentication).
What is the Best Payment Method for Buying Petro?
When figuring out the best payment method to buy PTR on an exchange, you’ll need to first figure out how much you’re willing to spend on costs, how convenient it is, and also the speed.
The following are a few popular methods of purchasing cryptocurrencies online.
Buying Petro with a bank transfer
Making a bank transfer is one of the ways to buy Petro cryptocurrency. It is also one of the most affordable ways.
The ease with which one can use bank transfers to move funds between the bank account and broker/exchange account offers a high level of convenience, which is missing in other options.
If you wish to go ahead with the bank transfer option, make sure that the platform which you want to buy Petro cryptocurrency from, offers them.
Buying Petro cryptocurrency with credit/debit cards
Purchases made with debit/credit cards are one of the most popular methods of transaction in the world.
Not all cryptocurrency exchanges where you can buy Petro cryptocurrency offer credit/debit card payment but you can surely do your research before you go ahead to buy from them. Though they offer a lot of conveniences, and all the regulated brokers normally do.
Buying Petro with PayPal
While PayPal is not very popular amongst crypto exchanges, it’s a widely trusted payment method. Using PayPal for cryptocurrency payments sometimes tends to be faster than bank transfers and more economical than credit/debit cards. Regulated broker services are more open to accepting it as a valid means of payment.
What Fees are Involved in Buying Petro?
Depending upon the platform you use to buy PTR and the payment option you opt for, you will be charged certain fees to buy Petro.
Transaction fees: Every time you send Petro cryptocurrency to someone, you need to pay a small sum as a blockchain processing fee.
Deposit fees: This is the small fee used for any fund transferred to an account held with a cryptocurrency exchange.
Withdrawal fees: This is the fee deducted when you want to withdraw funds as a crypto or fiat currency from an exchange.
The Bottom line
Petro is a pre-mined cryptocurrency, implying that no new PTR coins can be created after they have been issued by the Venezuelan government.
In the above article, we’ve explored how to buy Petro Cryptocurrency and also established some unknown/known facts about digital currency.
Although a lot of uncertainties have surrounded the development of Petro Cryptocurrency by the Venezuelan government, it is still a good investment if you are willing to take the risks.