Although you can’t buy Orchid (OXT) directly with GBP on Kraken, it still seems to work out as one of the cheapest places to buy it in the UK (max 0.26% fees).
Alternatively, check out CoinJar. They have a user-friendly browser interface and mobile app that makes it quick and easy to buy Orchid (OXT) and 45+ other cryptocurrencies with a UK bank transfer (1% fixed fee).
Check out this quick post to learn more.
Where to Buy Orchid in the UK?
Looking to buy Orchid (OXT) with GBP via a UK bank transfer?
These are the cheapest places I could find:
| Provider | Payment Method | Trading Fees |
|---|---|---|
| Kraken | UK Bank Transfer | 0.26% or less |
| CoinJar | UK Bank Transfer | 1% |
| Gemini | UK Bank Transfer | 1.99% (if > £150) |
| BC Bitcoin | UK Bank Transfer | 5% |
| Crypto.com App | UK Bank Transfer | Variable Exchange Rate |
And if you’re looking to buy Orchid (OXT) with a debit card, these are the cheapest places I know of:
| Provider | Payment Method | Trading Fees |
|---|---|---|
| CoinJar | Debit Card | 2% |
| Crypto.com App | UK Bank Transfer | 2.99% + Variable Exchange Rate |
| Gemini | UK Bank Transfer | 5.48% (if > £150) |
How to Buy Orchid UK
1. Kraken
Kraken is one of the longest-running (went live in 2013) and most popular cryptocurrency exchange around (with good daily spot volume).
And on top of this, it’s the first cryptocurrency exchange to gain the designation as a bank.
It currently supports more than 80 cryptocurrencies, which includes Orchid (OXT).
While Kraken has continued to add more GBP to crypto trading pairs, Orchid (OXT) isn’t one of the ones that you can buy directly with GBP. Instead, you’ll need to buy it with Euros (EUR), Bitcoin (BTC), or Ethereum (ETH).
So what’s the process look like?
- Deposit GBP with a UK bank transfer (via Faster Payments). This is free and tends to be quick (within minutes).
- Buy EUR with GBP.
- Buy Orchid (OXT) with EUR.
You can then trade on Kraken’s exchange without paying more than 0.26% in fees. Like other cryptocurrency exchanges, you’ll unlock lower fees if you continue to trade a large amount.
One more thing: If you’ve never used Kraken before, then you won’t be able to withdraw the value of your first deposit for 72 hours. This applies to any other deposits you make in that holding period too. However, you can continue to trade in that time.
2. CoinJar
Founded in 2013, CoinJar has more than 400,000 users in the UK and Australia and have facilitates more than £750 million worth of trades.
Unlike Kraken and other popular cryptocurrency exchanges, it has a decent Trustpilot rating (4.2-star, 2000+ reviews).
You can also buy Orchid (OXT) directly with GBP on CoinJar:
- Register with CoinJar via its website or mobile app. Verification should be quick.
- Deposit GBP with a UK bank transfer (via Faster Payments). The first deposit you make can take longer, but thereafter it’s quick (within minutes).
- Buy Orchid (OXT) with GBP. As you’re using your account balance, you’ll pay a fixed fee of 1%.
While I prefer to use a UK bank transfer, you can also buy Orchid (OXT) instantly using a debit card on CoinJar. However, you’ll pay a 2% fee for this.
While that’s twice as much, it is a much cheaper than alternatives that support debit card purchases of Orchid (OXT). Gemini charges 5.48% (if buying more than £150 worth) and the Crypto.com app charges 2.99%.
What is Orchid (OXT)?
Orchid (OXT) is the native token for the Orchid ecosystem. The Orchid ecosystem bills itself as a “decentralised bandwidth marketplace” where anyone can get access to secure virtual private networks (VPNs). OXT is used as a payment method for VPN and internet services on the Orchid network.
Technically, the network is called Orchid and the token is simply called OXT, but most people use the terms interchangeably. I’ll refer to the token as OXT here to avoid any confusion.
Both the Orchid network and OXT were created by the team at Orchid Labs, which was founded in 2017 by Steven Waterhouse, Jay Freeman, Brian Fox, and Gustav Simonsson. The Orchid network and the OXT token both went live in 2019.
In many ways, Orchid is just like any run-of-the-mill VPN provider. It offers VPN services that let anyone access the internet without compromising their privacy or security in the process.
But unlike traditional VPN providers, Orchid operates on a network that’s designed to be wholly decentralised.
It allows individuals to buy and sell unused internet bandwidth on the open market through a novel bandwidth provider directory. When you use Orchid’s VPN and bandwidth services, your internet activity is routed quickly through different internet service providers to mask your real IP address and browsing history.
How it works is simple:
If you want to use the Orchid network to securely browse the internet, you first need to download the Orchid app to your device (iOS, Android and macOS apps are available).
Then, you can buy bandwidth from other users and pay for VPN services using either fiat currencies or OXT tokens. Using OXT tokens provides another layer of privacy as there’s no need to connect a fiat payment method and reveal your identity in the process.
Once you buy bandwidth on the Orchid app, you can start browsing securely using the Orchid VPN.
As you browse the internet, you’ll pay for your bandwidth in nanopayments that are processed off-chain to reduce network fees. These nanopayments are normally just a fraction of a penny per gigabyte and they’re only charged when you’re actively using the Orchid network.
Orchid’s native token, OXT, is primarily a method of payment on the Orchid network. Although you can buy bandwidth using fiat currencies, using OXT tokens provides another layer of privacy.
Additionally, OXT tokens are used to run the Orchid network through staking. Bandwidth providers on the Orchid network stake OXT to promote themselves in the Orchid provider directory and garner internet traffic. The more OXT a bandwidth provider stakes, the more likely the network is to route traffic to that provider.
The main benefit of holding OXT tokens is that they let you pay for VPN and bandwidth services on the Orchid network. Anyone can buy OXT from an exchange and connect to the Orchid DApp (decentralised application) to buy bandwidth credits for browsing.
Additionally, token holders can stake their OXT to earn passive income.
Orchid doesn’t technically operate on a Proof-of-Stake (PoS) consensus model. But bandwidth providers can seek out staking partners to help improve their likelihood of receiving web traffic on the Orchid network.
Most bandwidth providers share the transaction fees that they generate by facilitating Orchid network traffic with their staking partners.
However, the Orchid network doesn’t govern staking transactions. There’s no guarantee that bandwidth providers will actually pay rewards to their staking partners.
Best Orchid (OXT) Wallets
Orchid (OXT) is an ERC-20 token that’s supported by most major Ethereum network wallets.
If you simply want to buy and HODL your OXT tokens, you can do that with many popular software wallets, like Coinbase Wallet or MyEtherWallet.
But if you want to use the Orchid network’s VPN services or stake your OXT, consider using MetaMask.
MetaMask is currently the only wallet that directly integrates with the Orchid DApp. It’s a widely-used Ethereum network software wallet that supports all ERC-20 tokens, including OXT. MetaMask is available as both a mobile app and a browser extension.
The Orchid DApp also supports WalletConnect, a third-party software that integrates wallets and DApps. You can use WalletConnect with many other OXT-compatible software wallets like Atomic Wallet and Trust Wallet.
What if you want to use a hardware wallet for your OXT?
You can use the following hardware wallets to manage OXT:
You can connect Ledger and Trezor devices to the Orchid DApp using MetaMask. Alternatively, you can use WalletConnect to integrate Ledger, Ellipal, SecuX, and CoolWallet devices to the Orchid DApp.
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