How to Buy SNX
Synthetix (SNX) is a cryptocurrency that allows users to trade synthetic assets on the Ethereum blockchain. Synthetic assets are digital assets backed by real-world assets, such as gold. Later, we'll discuss how to buy SNX, but first a bit of history.
Kain Warwick founded Synthetix, which was originally named Havven. The project raised $30 billion in 2018 through an ICO, and the same year, its name was changed to Synthetix in line with its broader objectives.
The Synthetix network is powered by SNX tokens. When token holders stake their SNX tokens using Mintr, they earn weekly rewards.
With a market cap of $445 million, SNX is trading at $2.46, up by 4.55%. The tokens all-time high of $28.50 was hit about two years ago in February 2021, according to CoinGecko.
If you're looking to buy this digital asset, you have to perform the following procedure.
How to Buy SNX on a CEX
The easiest way to buy Synthetix (SNX) is on CEXs such as Binance, Coinbase, Kraken, Bistamp, Gemini, Kucoin, Huobi, Crypto.com, and others.
Create an Account
Once you have chosen a cryptocurrency exchange to buy SNX on, you must register with a valid email or mobile number. The platform will send a link to your address to verify your account. Once the account is activated, you have to create a strong password.
Usually, most CEXs have strict KYC and AML requirements. This means you must now provide personal information such as name, address, date of birth, and ID document to get verified. You may even have to undergo video verification to finalize the verification process. It's recommended to activate 2FA once your identity verification is complete.
Fund Your Account
In the next step, you have to deposit funds in your account. Just tap "Deposit Funds", enter your desired amount, and click "Deposit".
Many crypto exchanges support fiat currencies like US dollar and Euro. Choose the deposit method of choice, such as a bank transfer, wire transfer, credit card or debit card, electronic wallet, PayPal, and the currency you want to deposit. You can deposit the local currency from your bank account or credit card or transfer cryptocurrency from another exchange or wallet.
The easiest way to purchase SNX is to place a buy order instantly to purchase SNX at a fixed price. Just search for SNX, click "Buy SNX," input the amount you wish to buy, and once confirmed, the SNX tokens will be displayed in your balance.
You can place a limit order, indicating you would like to purchase SNX for a specific price or less. You can set your own price to buy or sell with such an order. Your order gets executed if the market reaches your limit price, and you'll have your SNX tokens in your exchange wallet. But remember, your order will only get executed if the market reaches your limit price.
How to Buy SNX on a DEX
If you don't want to go through the KYC procedure of a CEX, you can also buy the coin on a decentralized exchange (DEX) like SushiSwap, Uniswap, Bancor, ApeSwap, or EnergiSwap.
Download a Wallet
First, you must download a digital wallet such as MetaMask, Coinbase Wallet, Trust Wallet, and Exodus that allows you to interact with Dapps. These wallets are available for free on the Google Play Store and the App Store.
To use a wallet, you will need first to download the wallet onto your computer/mobile devices, or you can simply use the Chrome extension.
Fund your Wallet
Once you have downloaded the wallet, create an account, and fund it with cryptocurrency like ETH. You can either buy directly within the wallet or buy the crypto from a centralized exchange and then transfer it to your crypto wallet.
To transfer crypto to your wallet, click on withdraw, provide the required information, including your wallet address and the amount you want to transfer, and then click the withdraw button. Soon, you'll have your ETH in your wallet.
Connect your Wallet
Now go to a DEX that supports ETH and SNX tokens and your crypto wallet. Once on the platform, click on "Connect a Wallet".
Use Swap to Get SNX
Now use the swap feature by selecting ETH and the number of tokens you want to swap. Then select SNX as the coin you want to get. Once you are done filling in all the information, click on the Swap button. Confirm the transaction, and you'll have SNX tokens in your wallet.
It is wise not to keep your SNX tokens on an exchange. Not only can they get stolen on trading platforms, but you can also lose access to your crypto if the exchange shuts down or goes bankrupt. It's considered a good idea to store your coins in a wallet that you control.
Author: Guarav Roy
Gaurav has been writing professionally since 2017. So far, he has assisted over 100 companies in various domains, including e-commerce, blockchain, cybersecurity, digital marketing, and much more. He is also keen on learning a new skill every year. In his free time, he likes playing games on his Xbox and scrolling through Quora.