Just as the decentralized finance, or DeFi, revolution is working to uproot the old ways of the monetary and financial systems, some oddities were incidentally created along the way. One of those peculiar episodes within the decentralized community is the creation of SushiSwap, and today we'll be taking a quick look at how to buy SushiSwap, and what makes this young DeFi protocol quite an intriguing phenomenon.
Originally a fork of the popular Uniswap, SushiSwap had intentions of creating their own version of a decentralized cryptocurrency exchange, powered by a versatile and capable automated market maker (AMM) model. With SushiSwap, this means no central authorities to control your funds or account, no middlemen or third parties to sap away fees, and crucially, no old-fashioned order books to trade against.
Using SushiSwap, you can easily swap cryptocurrency tokens from more than 700 trading pairs within a project governed and developed by the community and no major corporations involved. Although SushiSwap has had its fair share of controversies not too long ago, there's certainly a lot of promise and potential with its future. So, come along and read out how to buy SushiSwap guide to be a part of a new revolution.
Where To Buy SushiSwap – Top 5 Exchanges
SushiSwap's SUSHI tokens are a hotly sought-after cryptocurrency now, seeing the continued growth and adoption of SushiSwap's decentralized exchange. As such, it can thankfully be fairly easy to find, owing to its fairly valuable market capitalization and large userbase. You can find SushiSwap and its native SUSHI tokens on most of the world's major cryptocurrency exchanges and marketplaces.
To make it easier for you to choose which of these cryptocurrency exchanges are best, we've narrowed down the list to the top five best marketplaces for you in our how to buy SushiSwap guide. Each and every single cryptocurrency exchange will have its own benefits and flaws compared to others, and some will no doubt make the process of buying SUSHI tokens easier than the rest.
This may be attributed to the number of trading pairs on those exchanges for SushiSwap's SUSHI tokens, or it might be because of easy fiat on-ramp availability. There are also other key factors to look into, such as how nice the user-interface is, their commitment to robust security, its privacy features, as well as added features and services that might add to your overall experience. Naturally, choosing just five exchanges is not easy.
You can naturally find a more complete and comprehensive list of all the wallet cryptocurrency exchanges that are listing SushiSwap tokens for sale using sites such as CoinMarketCap, or CoinGecko. Naturally, you could also buy the SUSHI cryptocurrency using the SushiSwap decentralized exchange or Uniswap. However, these can be more complex and risky to those who are not experienced with trading using an automated market maker (AMM).
A Step-By-Step Guide On How To Buy SushiSwap
Now in our how to buy SushiSwap guide, we'll be guiding you on the exact step-by-step processes in going about to make your purchase of its delicious SUSHI tokens. Naturally, even among just those five cryptocurrency exchanges, the exact process for each one will differ, and there is an endless number of ways on how to buy SushiSwap. This is depending on the exchange itself and the deposit or purchase options you might pick.
In today's how to buy SushiSwap guide, however, we'll be using Binance as a demonstration of how you can get your hands on SUSHI tokens. This is owing to Binance's immense popularity and also as the world's biggest cryptocurrency exchange. There's also counting in Binance's diverse array of services within their platform, not just an exchange, and a huge number of trading pairs to pick from.
It's easy to use and has convenient options for making purchases and deposits using fiat currencies. Moreover, Binance also holds the world's largest cumulative trading volume for SushiSwap's native cryptocurrency, with more than 20% of the global trading volume for SUSHI tokens being done traded there. We hope our examples below will give you a better idea of what to expect, regardless of whichever exchange you might end up choosing.
Step 1 – Register for an Account on Binance
The first step before we can proceed is to register for an account on Binance. Although just before we start doing anything else, you need to make sure that you've logged into the correct website for Binance, as there are many fake sites that try to emulate legitimate ones to prey on online users. Malicious sites like those can steal personal data or try and hack into your computer.
The simplest way to know if a site is not legitimate is by checking its URL address for any spelling mistakes. If it says “binnance.com,” for instance, then you know that this website is not the real Binance. Alternatively, you can use the links we've provided earlier, as we listed the top five cryptocurrency exchanges listing SushiSwap. Next, hover over and click on the yellow ‘Register' tab along the upper right.
Follow the on-screen instructions, and then choose to register with your phone number or email. It's very simple, and we highly recommend that you use a strong password. You can set up an account on Binance through their webpage or with their mobile apps for Android and iOS. One other thing; unlike the small deposit that is often required for opening up a bank account, Binance – as does any other cryptocurrency exchange – is free to set up an account.
Step 2 – Complete the Remainder of the Registration Process
Now that we're done with the initial set-up phase, Binance will ask you to verify your identity with an authentication link sent to your email. This process is normal for most online services, and your registration on Binance will be complete after clicking on that link. But before we get on with our how to buy SushiSwap guide, we urgently recommend that you head over to your Binance account settings and ensure that 2-factor authentication (2FA) is switched on.
You can then use an authenticator app, such as Google's Authenticator, to manage 2FA with Binance. This is an optional step, but it's crucial in maintaining maximal security for your data and funds. This will lock down your Binance account with an added layer of security against any hackers or malicious parties from trying to steal your SUSHI. You'll now be prompted to verify using 2FA for actions such as logging in or withdrawing funds from Binance.
This makes sure that only you can allow for these actions to happen. Another optional step would be to have your account verified. You can do this by sending over personal details, such as your identification or driver's license. This is only necessary if you're planning to gain access to other services within Binance or if you're planning to trade with large volumes beyond its default limit. This step is not needed in our how to buy SushiSwap guide.
Step 3 – Deposit Funds into your Binance Account Wallet
In the next step of our how to buy SushiSwap guide, you'll need to make a deposit into your Binance account so that you could have funds to buy SUSHI tokens. Binance offers a large variety of different deposit options, such as bank wire transfers, using your credit or debit card (VISA or Mastercard), PayPal, or to deposit with cryptocurrencies.
For our how to buy SushiSwap guide, we'll be taking a look at two of the more popular deposit options. Firstly, we'll look into how you can deposit fiat currencies, then purchase another cryptocurrency and swapping that token with SUSHI. An easier alternative would be to deposit cryptocurrencies straight into Binance and then converting those straight into SushiSwap's SUSHI.
Step 4A – Depositing Fiat Currencies into your Binance Wallet
At the time of writing this how to buy SushiSwap guide, you are unfortunately not able to buy its SUSHI tokens outright using the available fiat options. This direct purchasing feature is made as an option for only a select number of cryptocurrencies at the moment. What this means is that you'll have to buy another cryptocurrency and then convert that into SushiSwap's SUSHI tokens.
Firstly, go to the main Binance webpage, and hover your cursor over the ‘Buy Crypto' tab on the upper left. Under one of the options that says, ‘Pay With,' you can scroll through between a number of different fiat currencies, such as the USD, EUR, GBP, and so on. This is important, as the fiat currency you choose will determine what sort of deposit and payment options are made available for you to buy cryptocurrencies with.
You can also make deposits from the ‘Wallet' page on your Binance account. For instance, if you choose to deposit with US Dollars (USD), then you can choose a SWIFT bank transfer. Or, you could use your credit or debit card (VISA and Mastercard). There are also other options, such as peer-to-peer (P2P) cryptocurrency trading. This means that you will be trading directly with other persons on the Binance network who are selling SUSHI tokens.
Those options will allow you to use fiat currencies to directly purchase a select number of cryptocurrency tokens, which you'll then exchange for SushiSwap's SUSHI. This includes well-known tokens such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), or stablecoins like Tether. However, if your intentions are to immediately swap all those tokens for SushiSwap, then we recommend using a non-volatile stablecoin such as Tether (USDT).
Step 4B – Depositing Cryptocurrencies into your Binance Wallet
The previous step in our how to buy SushiSwap guide is no doubt more tedious, as it involves having to purchase another cryptocurrency before being able to buy into SushiSwap. That will also involve added fees, as there's more exchanging and processing required between them. Therefore, the easier option for you to get your hands on SUSHI tokens is by depositing cryptocurrencies straight into your Binance wallet.
Now, head over to the main Binance page, hover the ‘Wallet' tab on the upper right, and select ‘Overview.' Along the upper section of the ‘Overview' on your Binance wallet page, you might notice a yellow tab that says, ‘Deposit.' Click this, and Binance will prompt you on which cryptocurrency you'd like to deposit. There are a few details to take while depositing with cryptocurrencies – the type of cryptocurrency, the deposit address, and any additional tagging.
As an example of this how to buy SushiSwap guide, let's say you're planning to deposit Bitcoin into your Binance wallet. If you'd like to deposit Bitcoin into your Binance account, you'll need to select ‘Bitcoin' under the options of available cryptocurrencies. Please ensure to double-check this selection. In order for you to receive Bitcoin deposits into your Binance wallet, you'll have to withdraw Bitcoin from another account or wallet elsewhere.
For instance, if you make a withdrawal of Ethereum and deposit that into a Bitcoin address, your Ethereum might be lost and cannot be retrieved. Next, you'll be required to get the deposit address correct. You can copy and paste the deposit address on Binance and onto the withdrawal page wherever you're withdrawing Bitcoin from. Cryptocurrency addresses are long and comprise a mixture of letters, numbers, and symbols.
Once again, double-check to make sure that you've copied over the right address without a single missing or odd character, as you could risk failing the transfer or sending your cryptocurrency tokens to someone else by mistake. To make this process simpler, you could instead scan a QR code. As an example, if you're trying to withdraw Bitcoin from a mobile wallet app, scan the QR code that is prompted on Binance to deposit it there.
You can also choose which blockchain network you might want the transfer to be processed with, and this will then decide how much fees to charge for the transfer depending on conditions such as network congestion. This might also affect the confirmation times for you to wait before receiving your Bitcoin deposit on Binance. Note that the blockchain network options will change depending on which cryptocurrency you're planning to deposit with.
There might be other details that you'll need to input. Depending on the cryptocurrency, you might need additional tagging, such as a ‘MEMO' or Payment ID. Whenever you're trying to withdraw said cryptocurrency, it will prompt you, just as well as Binance, through its deposit page. The same applies here; copy over the corresponding data, and double-check. Then, you can wait as the deposit is being verified and processed.
Step 5/6 – Exchange Cryptocurrency Tokens into SUSHI
Either by buying a cryptocurrency using fiat or having simply deposited it into your Binance wallet, you can now being the process of exchanging those tokens with SushiSwap's SUSHI. This is an equally simple process to follow. First, go to the main Binance site, and hover over the ‘Trade' tab on the upper left. You can see 5 different options here; Convert, Classic, Advanced, Margin, and P2P.
The easiest option for buying SushiSwap's SUSHI is to ‘Convert' from one cryptocurrency to SUSHI tokens. This is the easiest way to swap tokens on Binance, regardless of whichever cryptocurrency you have and want to acquire. This conversion service is only made available to a select number of cryptocurrencies at the time being.
You won't have to worry about trading fees or matching your trade with someone else's sale on the order books. However, you also do not have any control or input in the conversion process, as it's done automatically without requiring any data from you, other than selecting the cryptocurrencies to convert and the preferred amount. For more advanced users, Binance also offers an old-fashioned trading set-up.
The ‘Classic' tab will take you to a more traditional marketplace, where you can see graphs, charts, an order book, and a list of options that you can choose from and set to your heart's desires. The ‘Classic' section is a much better choice if you need more control to better match the markets or if your selected cryptocurrency is not supported via the ‘Convert' feature. Here, there is also an option to buy SushiSwap instantly according to the order book pricing.
Best Wallets To Hold SushiSwap
So far then, we've finished with our step-by-step look into how to buy SushiSwap. Whichever exchange you might've ended up using, we hope that our demonstration with Binance has given you some ideas on how it all works. Now, we'd like to take a brief moment and discuss the best ways for you to store your shiny new SUSHI tokens safely and securely. This, of course, leads us to the use of dedicated cryptocurrency wallets.
The will be no end to the number of cybertheft attempts made to steal people's hard-earned cryptocurrency holdings. Every year, countless people fall victim to these crimes, with billions of dollars lost to the criminal underworld. Despite every attempt made by exchanges to ensure the security of their online wallets, keeping your assets there isn't always the safest way to go about it. There are better alternatives.
One such method is by setting up a cryptocurrency wallet to keep your tokens safe and sound, and this includes SushiSwap's SUSHI. These wallets are robust vaults and those which make stealing far more difficult, if not outright impossible. There are two common types of cryptocurrency wallets – software-based ‘hot‘ wallets or hardware-based ‘cold‘ wallets. There are a huge number of options you can choose from when it comes to finding a wallet.
Not too long ago, cryptocurrency wallets are often hard to use or can be clunky in their design and interface. But now, we have wallets that aren't just easy to use and impactful but also offer extra services baked in, such as their own built-in exchange or allowing you to earn passive income through staking. For our how to buy SushiSwap guide, we've listed some of the best wallets here for your SUSHI tokens.
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More Information About SushiSwap
SushiSwap was founded initially as a fork of the popular Uniswap protocol. It is a decentralized exchange (DEX) platform created on top of an automated market maker (AMM) model instead of a traditional order book-style marketplace. SushiSwap is currently one of the largest protocols within the decentralized finance (DeFi) ecosystem, with more than $29-billion in total trading volume.
They're also recording nearly $4-billion worth of liquidity while writing this how to buy SushiSwap guide. For the unaware, an automated market maker (AMM) is different from an order book exchange. Ordinarily, one will have to trade against an order book, thus having to match their buying or selling prices depending on those set by other users on the platform. With an AMM, there is no order book, and users will not have to trade against other users.
Instead, network participants can pool together their tokens for a selected trading pair, and trades are made from those liquidity pools. SushiSwap's AMM will have its own algorithms to vary the pricing automatically, depending on factors such as supply, demand, and overall market volatility. This allows for SushiSwap to remove large spreads in buying or selling prices that often affect order book-style marketplaces, especially around more illiquid assets.
The pool that assets are traded with are called Liquidity Pools, and users who choose to pool their assets are called Liquidity Providers. Liquidity Providers (LP) can then earn a portion of the fees that are rewarded from the trading of tokens from their liquidity pools. The difference with Uniswap is that SushiSwap offers one token for network governance (SUSHI) and another for liquidity mining.
SushiSwap gained notoriety in 2020, when its creator, Chef Nomi, drained SushiSwap's development fund to then exchange that with 37,400 ETH. This holding was worth more than $14-million at the time. As a result, the price of SUSHI dropped over 70% within a day. Chef Nomi later returned the ETH tokens back to the community. SushiSwap's decentralized governance has since changed its rules to ensure that this won't happen again.
Since then, the value of SUSHI saw an appreciable price gain. At the time of writing this how to buy SushiSwap guide, one SUSHI token is worth $14.63, marking an impressive 2,988.04% gain from its all-time lows three months ago. SushiSwap has a circulating supply of 127,244,443 SUSHI, out of a 250,000,000 SUSHI total. This would give it a market capitalization value of $1,861,238,631, making SushiSwap the 46th-most valuable cryptocurrency.
We can now end our how to buy SushiSwap guide, and we hope you've been able to learn a thing or two about getting your hands on its SUSHI tokens. We also hope that our guide here has been able to educate you on the proper storage methods for cryptocurrencies and that you've become more aware of the SushiSwap platform. In all, they have certainly risen high up from its controversial founding not too long ago.
Even their future roadmap updates look incredibly exciting, with huge plans in 2021 for launching new services into lending and borrowing, options trading, futures contracts, and more on their decentralized AMM-based exchange. Despite having nearly been destroyed by its own creator, we can certainly see a lot more hopes and promises to come from SushiSwap in the near future. This is one sushi that's worth having a taste of.