The value of blockchain technology exists far more than just trying to remodel the financial, economic, and monetary systems to value a decentralization of power, as it can also emulate and amplify the infrastructure that already exists. In today's how to buy Synthetix guide, we'll be looking at how you can get your hands on one such cryptocurrency token that helps fuel the digitization of traditional assets.
Synthetix is an Ethereum-based protocol that helps to issue, list, and also create an exchange marketplace for synthetic assets. Through its exchange, Synthetix has been referred to as the backbone for derivatives trading within the worldwide, decentralized finance (DeFi) ecosystem. With Synthetix, any user can get on-chain exposure to a wide variety of different real-world, traditional assets, such as cryptocurrencies, fiat currencies, equities, commodities, and more.
Moreover, they can do so without the high barriers of traditional derivatives trading, using Synthetix's expansive peer-to-peer marketplaces and smart contracts functionality to remove the need for counterparties. And, you won't even need to hold the underlying assets to gain exposure from it. No wonder then that Synthetix has become one of the hottest DeFi protocols to date. So, come along and read our how to buy Synthetix guide to learn more.
Where To Buy Synthetix – Top 5 Exchanges.
As of the time of writing this how to buy Synthetix guide, its native SNX tokens are among the more popular and valuable cryptocurrencies on the market. It is ranked as the 35th-largest cryptocurrency by market capitalization. Consequently, Synthetix's SNX tokens are among the easier ones to find being listed on a vast majority of the world's cryptocurrency exchanges and peer-to-peer (P2P) marketplaces.
So, you'd likely have no trouble at all trying to get your hands on Synthetix, regardless of whichever exchange you're planning to use or are already using. No doubt, each cryptocurrency marketplace will have its own pros and cons, while some will make the process of buying new SNX tokens much easier than others. This could either be due to its diverse array of available trading pairs for Synthetix's SNX or easy fiat on-ramp options.
Other crucial features to consider when choosing the right cryptocurrency exchange, such as its user-friendliness, security, privacy, liquidity, and any other added services that could add to your overall experience. You can find a fully detailed list of all the cryptocurrency exchanges that are listing Synthetix and its SNX tokens using sites such as CoinMarketCap, or CoinGecko.
To make the choice easier for you in our how to buy Synthetix guide, we've compiled a shortlist of the top five cryptocurrency exchanges where SNX tokens are being traded.
|Binance||Rating: 5 |
|Kraken||Rating: 5 |
|Huobi||Rating: 5 |
|Coinbase Pro||Rating: 5 |
|KuCoin||Rating: 5 |
A Step-by-Step Guide on How To Buy Synthetix
Since we've already been acquainted with some of the best marketplaces to find SNX tokens for sale, we can proceed in learning how to buy Synthetix on those exchanges step by step. Of course, there is an endless number of ways on how to buy Synthetix, depending on which exchange you're choosing and how you're planning to start, either by making a purchase with fiat currencies or making a deposit straight as cryptocurrencies.
However, today's how to buy Synthetix overview will be done on Binance as a demonstration. The primary reason for this is Binance's popularity, as by far the world's largest cryptocurrency exchange by trading volume. There's also to consider all the added functionality and services on Binance, with a massive array of more than 1,000 trading pairs, along with its ease of use and seamless on-ramp options for various fiat currencies around the world.
Add to that, Binance also holds the largest share of trading volume for Synthetix, with more than 16% of SNX's global trades being done on Binance. We hope that our examples down below using Binance will give you a better idea of what to do on knowing how to buy Synthetix, regardless of whichever exchange you're ending up using. Most of the steps are similar on Binance, as with most other marketplaces.
Step 1: Create an Account on Binance
First and foremost, we'll be needing to create an account on Binance. But before you start interacting with anything on their site, you need to ensure that you've visited the correct webpage for the Binance exchange, as there are many malicious sites that try to emulate legitimate ones to prey on unsuspecting users. Malicious sites can steal personal data or try and break into your computer.
The easiest way to know if a site is not legitimate is simply by checking its URL for any spelling errors. If it says “binnance.com,” for example, or something similar to that, then you know that this website is not the actual Binance. Alternatively, you can simply use the links we've provided earlier, as we took a look at the top five exchanges on how to buy Synthetix. Next, hover over and click on the yellow ‘Register' tab along the upper right of the page.
Follow along with the on-screen instructions, and then decide on signing up with your email or phone number. It's very easy, and we must recommend that you use a strong password. You can register for an account on Binance through their webpage or with their mobile apps for Android and iOS. Another note; unlike the small deposit sum that is required for opening a bank account, Binance – as with any other cryptocurrency exchange – is free to create an account.
Step 2: Finish the Registration Process
After completing the initial registration steps, Binance will ask you to verify your identity with an authentication link sent to your email address. Find the email, then click on the provided link, and your Binance account will now registered and verified. Before we continue us how to buy Synthetix guide, we strongly suggest that you head over to your Binance account settings and make sure that 2-factor authentication (2FA) is enabled.
You can then use an authenticator app, such as Google's Authenticator, to set up and manage 2FA with Binance. This is optional, but it is important in increasing the security of your account. This will lock down your account and its wallet with an added layer of defense against any third parties or malicious actors trying to steal your funds. You'll now be asked to verify using 2FA for actions such as logging into your account or withdrawing funds from Binance. This ensures that only you can authorize for these to happen.
Another optional step would be to have your account verified. You can do this by sending over personal documents and 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 big volumes. This is not necessary for our how to buy Synthetix guide unless you want to buy a large amount of SNX.
Step 3: Select your Preferred Deposit Methods into your Binance Wallet
Next up in our how to buy Synthetix guide, you'll need to deposit some funds into your Binance wallet. Naturally, you'll need some funds to start out with before you can start buying SNX tokens. Binance offers a large variety of different deposit options, such as bank wire transfers, using your credit or debit card, PayPal, or just deposit with cryptocurrencies. Most other popular cryptocurrency exchanges should also allow for a lot of different deposit methods.
In this how to buy Synthetix guide, we'll be taking a look at two of the more popular deposit options. Firstly, we'll take a closer look at how you can deposit fiat currencies to then make a direct purchase of SNX tokens. Next, we'll also look into how to deposit cryptocurrencies straight into Binance and then converting those into Synthetix's SNX.
Step 3A: Deposit into Binance using Fiat Currencies
As of writing this how to buy Synthetix guide, Binance thankfully supports the direct purchase of Synthetix's SNX tokens using fiat currencies. This means that you can easily exchange fiat, using a variety of different options made available depending on your chosen locale and currency, to then buy SNX. This makes the process of attaining new SNX tokens far easier, and with fewer headaches.
First, go to the main Binance page after logging in, and hover your cursor over the ‘Buy Crypto' tab on the upper left. Under one of the options that mentions ‘Pay With', you can select between a number of supported fiat currencies, such as USD, EUR, GBP, and more. This is important, as the type of fiat currency you choose will determine what sort of deposit and payment options are made available for you to buy Synthetix with.
You can also make fiat currency deposits from your ‘Wallet'. For this how to buy Synthetix demonstration, we'll be using a credit or debit card (both supporting VISA and Mastercard) in order to buy SNX tokens. Simply click on the ‘Credit/Debit Card' tab, and you'll then be directed to a page asking for the amount of SNX tokens you'd like to buy. Follow the on-screen prompts, such as inputting your card number, and it should be just that easy that get your hands on SNX.
Step 3B: Deposit into Binance Using Cryptocurrencies
As we've learned in the previous step of our how to buy Synthetix guide, Binance very conveniently offers you the choice of making a direct purchase of SNX using fiat currencies. This option is made available to only a few select cryptocurrencies. However, you might instead want to avoid going through your local bank and buy SNX with cryptocurrencies instead. Log into your Binance account, hover over the ‘Wallet' tab on the top right, and select ‘Overview'.
This will direct you to the overview page of your Binance account's wallet. Along the upper section of the ‘Overview' page, you might notice a yellow tab that mentions ‘Deposit'. Click this, and Binance will prompt you on which cryptocurrency you'd like to deposit into your wallet. There are a few other details to take note of here while you're depositing with cryptocurrencies – the type of cryptocurrency, the deposit address, and any additional tagging.
As an example for this how to buy Synthetix guide, let's take a Bitcoin (BTC) as an example for your preferred crypto deposit. If you'd like to deposit Bitcoin into your Binance account, you'll need to select ‘Bitcoin' under the options of available cryptocurrencies. Please make sure to double-check this. In order for you to receive Bitcoin deposits into your Binance account, you will have to withdraw Bitcoin from another account elsewhere.
For example, if you make a withdrawal of Ethereum (ETH) 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 right. You can simply copy and paste the deposit address on Binance and onto the withdrawal page somewhere else on a different account or wallet. Cryptocurrency addresses are long and comprise a complex mixture of letters, numbers, and symbols.
Once again, double-check to make sure once you've copied the address over that not a single character is missing, as that could risk you failing the transfer or sending your cryptocurrency tokens to someone else's wallet by mistake. To make this process easier, you could instead use a QR code. For instance, if you're trying to withdraw Bitcoin from a mobile wallet on your phone, simply 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 consequently decide how much fees you have to pay depending on variables such as network congestion. This might also affect the confirmation times for you to wait before receiving your Bitcoin deposit on Binance. Note, however, that the blockchain network choices vary depending on which cryptocurrency you're planning to deposit with.
There are other details that you will need to get right with the transaction, as well. 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. Now, refresh your Binance wallet to make sure the deposit has been received.
Step 4-5: Convert Cryptocurrency Tokens into Synthetix (SNX)
If you've already made a purchase of SNX tokens with fiat currencies, then Step 3B and onwards need not apply. If you have deposited cryptocurrencies into your Binance wallet, then you'll now need to exchange those tokens with Synthetix. There are several different ways of doing this, and all are equally simple. Head back to the main Binance webpage, and hover over the ‘Trade' tab on the upper left.
You can see 5 different options here; Convert, Classic, Advanced, Margin, and P2P. The simplest method for buying Synthetix is to ‘Convert' from one cryptocurrency to SNX tokens. This is the most convenient way to swap tokens on Binance. This conversion service is only made available to a select number of cryptocurrencies for now. Thankfully, SNX tokens are among those that are supported.
You don't have to worry about trading fees or having to match your trade precisely with the order books. However, you also do not have any control or selection in the matter, as the whole process is done automatically without requiring a lot of input, other than the selection of cryptocurrencies to convert from and into, and the total conversion amount. For the more advanced users, Binance also offers services where you have a lot more options.
The ‘Classic' tab will take you to a more traditional marketplace set-up, where you can see graphs, charts, an order book, and a list of options that you can choose from. The ‘Classic' trading section is a better choice if you need more control, such as setting your preferred buying price relative to the market. Here, there is also an option to buy Synthetix instantly according to the market price.
Best Wallets to Hold Synthetix
By now, we've completed our step-by-step guide on how to buy Synthetix, and we hope that you are now the proud owner of an SNX token or two, regardless of whichever exchange you've decided to use. Next up in our how to buy Synthetix guide, we'll take a brief moment to discuss the safe storage practices in ensuring that you keep your newly-bought and shiny Synthetix cryptocurrency tokens away from thieves.
There have been countless attempts made by bad actors to break into people's cryptocurrency holdings and siphon off their hard-earned and priceless assets. These losses amount to the billions every year, and no doubt they're happening somewhere in the world right as you're reading this. Keeping your digital cryptocurrency assets online, stored on an exchange account, is not a good idea, despite many exchanges having increased the robustness of their security.
An even better way to do this is by setting up a dedicated wallet application to store your cryptocurrencies safely and securely, including Synthetix's SNX tokens. These wallets are like vaults and should make cybertheft much harder, if not impossible. There are usually two types of cryptocurrency wallets – software-based ‘hot‘ wallets or hardware-based ‘cold‘ wallets. There are numerous different wallets to store your cryptocurrency tokens with.
In the early days of cryptocurrencies, wallets are often clunky, hard to use, and often very limited to just storage. But nowadays, new refinements and improvements mean that dedicated cryptocurrency wallets are very easy and pleasing to use, not to mention seamless in their operation and very convenient. Moreover, cryptocurrency wallets might also offer additional services, such as their own built-in exchange, or enabling you to stake your tokens.
For our how to buy Synthetix guide, we've chosen some of the very best wallets for you to safely, securely, and seamlessly store and manage your SNX tokens with.
|Coinomi||Rating: 5 |
|Trust Wallet||Rating: 5 |
|MyEtherWallet||Rating: 5 |
|Ledger||Rating: 5 |
|Exodus Wallet||Rating: 5 |
|Atomic Wallet||Rating: 4 |
More Information About Synthetix
Synthetix is an Ethereum-built and powered protocol that allows for the issuance and exchanging of synthetic assets. Synthetic assets are real-world assets that have been tokenized and could thus be used to track their performance and exposure in real-time, without holding any of the underlying assets. These assets can include derivatives, equities, commodities, stock, futures contracts, indexes, cryptocurrencies, leveraged tokens, fiat currencies, and more.
According to data from DeFi Pulse, Synthetix is one of the largest protocols within the global Ethereum-based decentralized finance (DeFi) networks, with more than $2.57-billion locked in at the time of writing this how to buy Synthetix guide. Synthetix works by allowing any user to mint or create a token that has been synthesized with real-world assets, the so-called ‘Synth'. Each Synth is an ERC-20 powered token that tracks the performance of a particular asset.
For example, one ‘sUSD' token will track the performance of the US Dollar. Therefore, Synthetix can theoretically list an unlimited number of synthetic assets, giving each user a massive option for investing into exposure with traditional markets, but without needing to hold the underlying asset as collateral. This can also help to prevent issues such as volatile liquidity or trading slippage, such as those experienced on some marketplaces, like decentralized exchanges (DEX).
Synthetix Network Token (SNX) is the native cryptocurrency token of the Synthetix protocol. It is used as the primary medium for attaining collateral underlying a particular synthetic asset. It can also be used for staking within the Synthetix network, and you can earn a portion of the exchange fees collected. Although SNX tokens have seen a fairly uninspiring and unexciting price action after its launch in 2018, it has since seen massive gains in 2020.
As of the time of writing this how to buy Synthetix guide, one SNX token is worth $23.05. This marks a mind-boggling gain of 70,996.56% from its all-time lows in January 2019. Synthetix has a total supply cap for its SNX tokens limited to 212,424,133 SNX. Currently, there are 114,841,533 SNX tokens in circulation, giving Synthetic a market capitalisation value of $2,647,069,939. This makes Synthetix the 36th-most valuable cryptocurrency.
This marks an end to our how to buy Synthetix guide, and we hope you've not only been able to learn how to buy Synthetix's SNX tokens but have also been able to know more about the project itself. It's safe to say that Synthetix is a mightily exciting platform to look into and be on the watch for in the coming months and years. The potential for synthetic assets might very well soon be the big new thing, just like how NFTs took off straight to the moon.
With Synthetix, you can have the power of major Wall Street exchanges and marketplaces, but within a network that is highly secure, decentralized of any controlling power, and devoid of excessive fees charged by third parties. It opens up the potential even greater for the global investor community, utilizing the value and markets that already exist today while doing so with equitable benefits for all. Synthetix then has a very bright future to look forward to.