In this guide you’ll get information about where to buy Synthetix, if you are planning to buy SNX – You’re in the right place!
Synthetix is designed as a (token) trading platform with Ethereum as the base. The unique feature of this platform is to use real assets (such as shares or stocks) to be traded and bought by using crypto. The platform uses multitoken construction with staking, fees, inflation, and collateral system.
There will be 2 tokens used in this platform: SNX (Synthetic Network Token) which is the main token and Synths (or Synthetic Assets). They have similar system like Maker: the SNX will be locked up to make synthetic USD (eUSD). Users use the eUSD as the debt while they use SNX for the collateral. Another thing that differentiates this platform from the others is the fact that you need to have real and accurate info from the real world. For this matter, the platform has a decentralized oracle system. This technology enables the blockchain to have a trusted info without any central party.
- Official website: https://www.synthetix.io/
- Reddit: https://reddit.com/r/synthetix_io
- Twitter: https://twitter.com/synthetix_io
- Github: https://github.com/synthetixio
- Whitepaper: https://docs.synthetix.io/
Table of Contents
Synthetix (SNX) Features
- Modern DeFi. As a platform running on Decentralized Finance, this network has a lot of promising potentials. The decentralized environment makes it possible for users to have a convenient place where they can do activities without an ultimate ruler or a party to monitor everything
- Open environment. The platform is open for everyone. Users from all over the world are welcome. Users can trade and interact between one another without any geographical boundary, physical limitation, or other challenges
- Promising future. The world today still relies on CeFi or Centralized Finance. The industry has trillions of dollars. Imagine the potential brought by DeFi. It still has many long years in the future to develop and grow
- Blockchain technology. This technology has made it possible to create a safe and transparent platform. With such an advanced system, it should be able to record transactions and contracts without any issue.
Where to Buy, Sell and Trade Synthetix aka SNX
You can basically use debit card, credit card, or even PayPal to buy the Synthetix (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Synthetix as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy the Ethereum or Bitcoin first. After you get the Ethereum or Bitcoin, you can convert it to Synthetix. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.
In general, the process would be:
- You go to the online exchange and buy the Ethereum or Bitcoin
- Find a crypto exchange that supports Synthetix currency and exchange your Ethereum or Bitcoin with the Synthetix
- Store your Synthetix to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) at Coinbase
There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.
The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.
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- You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
- Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
- You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.
That’s the first step in buying Synthetix, once you get your Bitcoin or Ethereum, you can continue to the next step.
Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments
After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH from your Coinbase wallet.
With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.
These are the best exchanges we can recommend for you to exchange BTC or ETH with Synthetix:
Gate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions. Gate.io crypto exchange allows users in 49 states within the US to trade the spot crypto market except for Washington State and New York State.
- Deposit Methods: Cryptocurrency Only
- Fiat Currencies: N/A
- Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 565+ more
- Trading Pairs: 1118+
Kucoin is one of the most solid exchanges in the market right now. They started to operate back in 2017. They take regular payment methods such as wire and bank transfers as well as other cryptocurrencies. They have a presence both in the Google Play Store and the iOSAppStore. Kucoin also offers discount trading fees, as well as significant dividends on half the transactions they do. They have a presence both in the Google Play Store and the iOSAppStore.
- Deposit Methods: Cryptocurrency, Express Polish Post Office 24/7, Wire transfer, GBP bank transfers
- Fiat Currencies: USD, EUR, PLN, GBP and 47+ More
- Supported Cryptocurrencies: BTC, ETH, XRP, BCH, TRX, LTC, DASH, XMR, XLM, OMG & 512+ more
- Trading Pairs: 1044+
IMPORTANT! Once you are registered to any of the above, find the BTC/SNX or ETH/SNX trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum.
Step 3: Managing Your Crypto Assets in a Secure Wallet
As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.
You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.
There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.
For Securing your Synthetix (SNX) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor
LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.
- Secure
- Mobile Friendly
- Easy to Manage
- Supported Coins: 1200+
TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.
- Invented for your digital independence
- keeps your keys safe
- Easily back up your entire wallet
- Supported Coins: 1093+
Frequently Asked Questions (Faqs)
Can I Buy Synthetix (SNX) with PayPal?
You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Synthetix. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Synthetix (SNX) with Cash?
You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:
- Make sure you have a BTC / ETH wallet before you buy from seller
- Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.
Can I Buy Synthetix (SNX) with Skrill?
You can’t buy SNX directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Synthetix. You can buy BTC/ETH with skrill by using these exchanges::
- LocalBitcoins
- Paxful
- Virwox
- SpectroCoin
- Lykke
- Exmo
- Coingate
Can I Buy Synthetix (SNX) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/SNX and begin the transactions.
Can I Buy Synthetix (SNX) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/SNX trading pair.
What Is the Best Payment Method to Buy Synthetix (SNX)?
The cheapest way is to use bank account to buy Bitcoins first or to buy the Synthetix right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Synthetix (SNX)?
Once you have purchased the Synthetix, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Synthetix (SNX)?
Find a crypto exchange which allow pairing SNX with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine Synthetix (SNX) and Not Buying It?
You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Synthetix is to buy it from a reliable exchange.
Conclusion
Synthetix is a platform that provides promising investment opportunity for those who are interested in the concept – and the ideas. It may not be for everyone because of the unique nature, but those who love the implementations are always welcomed. If you are interested in learning more about it, make sure to know how to buy Synthetix coin so you can gain access to the platform.
