Tips for Buying Zenon on Mercatox
Mercatox is the easiest site to purchase Zenon from. It does not require any KYC. My first impression of the site was not great as it looks like a website from the early internet as the best way to describe it.
I do not have a ton of money so for me every cent matters. My usual way of moving coins between exchanges wouldn’t work because Mercatox doesn’t list XLM, Algo or XRP. So I had to get creative in a way to maximize every cent.
Part One — Getting Bitcoin in your Mercatox Wallet
Liquidity on any of the exchanges for Zenon is terrible at the moment. This will change once the Network of Momentum launches and it gets listed on Tier 1 exchanges. It will be a LOT more expensive at that point.
Tip One —If you use Binance, KuCoin or exchanges that list Tron (TRX). TRX is the quickest and cheapest way I have found to move coins to Mercatox and sell for Bitcoin. Before you do this check the current buy/sell orders for TRX/BTC and make sure there’s enough buy orders to fill. This takes about 5–10 minutes to show up in your Mercatox wallet. I have actually seen the TRX buy orders be higher than I paid on KuCoin
Tip 2 — If you use Coinbase or Voyager. Litecoin is on Mercatox and typically has a decent volume so you can sell it pretty quickly. Like Tron, verify that there’s enough buy orders to sell right away. This takes a little bit longer to be confirmed on Mercatox. In my experience it’s been between 15–30 minutes. The transfer fee for LTC is about 20 cents.
Part Two — Getting as much ZNN as possible.
Now that you have bitcoin in your Mercatox wallet you are ready to buy some Zenon! As I mentioned earlier the liquidity is terrible so there is usually a pretty big gap between buy / sell orders.
I look at the recent sells in the trade history. This is when someone who is holding Zenon fills the top buy order/orders depending on volume. I will put in a buy order somewhere near the top. So in the current example I would use .00032000 btc as the price. I then leave Mercatox alone for a few hours and check back. If it hasn’t been filled and there’s a lot of new buy orders above mine I will update it.
I also like to have a rather lowball buy order in. With the liquidity being horrible every so often someone has a lot of Zenon to dump and the price goes down quickly. Once my order / orders get filled I will withdraw to my Zenon wallet as soon as possible. (Not your keys not your coins)
One final note if you use a VPN like me. Check your email after your withdrawal request. I have set off a hacker alert a few times and they wouldn’t send the withdrawal right away. They send an email asking if you independently made the withdrawal request. It was scary the first time I got that message but they have always sent the withdrawals.
Congratulations, you’re now hodling one of the best kept secrets in the crypto world. Be sure to join the official and community run telegram channels.
