How to Buy Sovryn (SOV) in 2022: A Simple Guide

Sovryn (SOV)In this guide you’ll get information about where to buy Sovryn, if you are planning to buy SOV token – You’re in the right place!

Sovryn is a decentralized Bitcoin loan and margin trading technology. The protocol is simple to incorporate into new and current exchanges, or it may be accessible via a web3 site. Sovryn intends to offer decentralized alternatives to all of the most famous centralized Bitcoin finance tools. The essence to user sovereignty is decentralization. By limiting central centers of control, the balance of power is shifted away from centralized authority and toward the users. Sovryn is being constructed with the purpose of providing maximum decentralization while still providing ease-of-use and the capacity to continually improve.

The SOV coin will function as a type of decentralized equity. Its holders will be able to govern the protocol through staking and voting. In doing so, they will win the right to the income generated by the protocol. Holders of SOV will be able to actively engage in protocol administration, feature modifications, and income and reward distribution by staking SOV.

Sovryn (SOV) Features

  • Spot-Exchange. The exchange provides a low-cost, low-slippage AMM that enables fast exchanges between tokens.
  • Margin Trading. It generates long/short transactions with up to 5X leverage, letting people to borrow leverage from the lending pool.
  • Lending Pool. HODLers can earn interest by issuing tokens to margin traders and borrowers through the pool.
  • Smart BTC Relay. It enables Bitcoin to be used nearly instantaneously with smart contracts and decentralized goods from any Bitcoin wallet.
  • Bitcoin-backed Stablecoin. A USD-pegged currency backed by over-collateralized Bitcoin is available to consumers.
  • Borrowing. Users and smart contracts can borrow tokens from the lending pool using this functionality. Every loan is over collateralized.
  • Perpetual Swap. Perpetual swaps backed by Bitcoin allow for trades with up to 20X leverage.
  • Privacy. Sovryn, being a decentralized service, does not require user accounts, KYC, or tracking. Users’ anonymity and privacy are safeguarded.
  • Bitcoin-Native. There is no need to employ other tokens or rely on the security of other networks like Ethereum. All costs are deducted in Bitcoin. With Bitcoin POW, all transactions are merged.
  • Increase Bitcoin Defense-in-Depth. Third-party trust is a security flaw. The more centralized the Bitcoin economy becomes, the more exposed the economy and its members become to censorship and other threats. Increase the level of decentralization in the Bitcoin economy to expand Bitcoin’s security envelope.

Where to Buy, Sell and Trade Sovryn aka SOV

You can basically use debit card, credit card, or even PayPal to buy the Sovryn (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Sovryn as the exchange.

With cryptocurrency, things are different. You need to use debit card or credit card to buy  Tether first. After you get the ETH or BTC or USDT, you can convert it to Sovryn. 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:

  1. You go to the online exchange and buy the Ethereum (ETH), Bitcoin (BTC), or Tether (USDT)
  2. Find a crypto exchange that supports Sovryn currency and exchange your Ethereum / Bitcoin / Tether with the Sovryn
  3. Store your Sovryn to a secured wallet

Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT)

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.

Get $10 Bonus when you sign up for Coinbase!

coinbaseClick here to register (opens in new tab)

  • 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 Sovryn, once you get your Bitcoin or Ethereum or Tether, 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 or USDT 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 or USDT with Sovryn:

GATE.io
gate.ioGate.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.

  • 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 1040+ more
  • Trading Pairs: 1801+
KUCOIN
kucoinKucoin 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 the crypto exchange above, Go back to COINBASE and send your Bitcoin/Ethereum/Tether to your new exchange. Find the SOV/BTC or SOV/ETH or SOV/USDT trading pair and then place the order to buy those pairing cryptocurrencies.

Most likely you’ll find this pair available to you SOV/USDTso you need to convert your BTC or ETH to USDT first in order to buy Sovryn (SOV)

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 Sovryn (SOV) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor

ledger nano x

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

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 Sovryn (SOV) 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 Sovryn. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy Sovryn (SOV) 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 Sovryn (SOV) with Skrill?

You can’t buy SOV directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Sovryn. You can buy BTC/ETH with skrill by using these exchanges::

  • LocalBitcoins
  • Paxful
  • Virwox
  • SpectroCoin
  • Lykke
  • Exmo
  • Coingate

Can I Buy Sovryn (SOV) with Bitcoin?

Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair SOV/BTC and begin the transactions.

Can I Buy Sovryn (SOV) with Ethereum?

Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support SOV/ETH trading pair.

What Is the Best Payment Method to Buy Sovryn (SOV)?

The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Sovryn right away. The fastest way is to use a credit card but you will then be charged higher fees.

How to Protect Sovryn (SOV)?

Once you have purchased the Sovryn, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:

Ledger Wallet

Trezor Wallet

 

 

 

 

 

 

How to Sell Sovryn (SOV)?

Find a crypto exchange which allow pairing SOV with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.

Can I Mine Sovryn (SOV) 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 Sovryn is to buy it from a reliable exchange.

Conclusion

Sovryn is a one-of-a-kind decentralized infrastructure that is driven by Bitcoin. The combination of Bitcoin and Sovryn DeFi produces what the internet has been missing: a scarcity-based local economy and a decentralized, trustless, global financial-economic system. Furthermore, Sovryn is a permissionless, non-custodial smart contract-based system in which DeFi users may purchase the Sovryn token (SOV) using RBTC and then swap and trade with numerous choices.

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