sETH is a synthetic token and a product of Ethereum. It is closely pegged to ETH and designed to mirror its value as much as possible. The token was created in response to users’ requests for advanced trading functionalities that support taking short positions and efficiently hedging portfolio risks.
As such, this coin is the first short-selling token created for decentralized trading, and it exists to increase the risk management safety net in a bearish market. Owing to its value in the crypto marketplace, this is a digital asset you may want to learn more about.
This guide provides sufficient information on how to buy sETH from the comfort of your home.
Contents
- 1 How to Buy sETH – Quickfire Walkthrough In Less Than 10 Minutes
- 2 How to Buy sETH – Full Step-By-Step Walkthrough
- 3 Where Can You Buy sETH Online?
- 4 Ways to Buy sETH
- 5 Should I Buy sETH?
- 6 Risks of Buying sETH
- 7 Best sETH Wallets
- 8 How To Buy sETH - Bottom Line
- 9 Buy sETH Now via Pancakeswap
- 10 FAQs
- 11 How much is sETH?
- 12 Is sETH a good buy?
- 13 What is the minimum sETH tokens you can buy?
- 14 What is the sETH all-time high?
- 15 How do you buy sETH using a debit card?
- 16 How many sETH are there?
How to Buy sETH – Quickfire Walkthrough In Less Than 10 Minutes
The best way to buy sETH is to use a decentralized exchange like Pancakeswap, which you can access through Trust Wallet. Using Pancakeswap makes the process seamless and smooth for anyone looking to buy this Defi coin.
Here are the steps to follow:
- Step 1: Download Trust Wallet: You can easily access Pancakeswap, the most suitable DEX for buying sETH, through Trust. The wallet is available to both Android and iOS users, and you can download it from your app store.
- Step 2: Search For sETH: Trust Wallet has a bar at the top right corner of the app. Input sETH and click ‘Search.’
- Step 3: Add Funds To Your Trust Wallet: You cannot trade with an empty wallet. As such, you will need to either buy cryptocurrency with your credit/debit card or send some from an external source.
- Step 4: Connect To Pancakeswap: Select this DEX from the options available under ‘DApps.’ Then click to connect. You can find it at the lower part of your Trust Wallet.
- Step 5: Buy sETH: Locate the ‘Exchange’ bar and choose the cryptocurrency you want to use for the trade from the drop-down box which the ‘From’ tab presents you with. Next, choose sETH from the options in the drop-down box in the ‘To’ tab. Then, select the number of sETH tokens you want and complete the exchange.
The sETH tokens you just purchased will immediately reflect in your Trust Wallet and remain untouched until you decide to sell or move them. You can also use Pancakeswap to sell the coins you just bought.
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
How to Buy sETH – Full Step-By-Step Walkthrough
The quickfire guide above might provide enough information to people who already have some experience with cryptocurrency trading. However, if you are either new to the cryptocurrency world or have never used a decentralized exchange before, the process may appear daunting.
As such, we have provided a more detailed guide on how to buy sETH in subsequent sections.
Step 1: Get the Trust Wallet
Although Pancakeswap also functions with other wallets, Trust is most suitable for the DEX owing to several reasons. Aside from being user-friendly, Trust Wallet is supported by Binance, the world’s largest crypto trading platform. You can download the wallet from the App Store or Google Play.
Next, set up your account and choose a secure PIN. Also, Trust Wallet will provide you with a 12-word seed phrase that you can use to access your account if you get locked out for any reason. This is a great backup option; however, anyone can use it to access your wallet if you don’t safeguard it.
Step 2: Deposit Cryptocurrency Tokens In Your Wallet
Typically, there are two ways to fund a new cryptocurrency wallet. You may opt for the one that best suits your needs.
Buy Cryptocurrency With Your Credit or Debit Card
If you are a cryptocurrency newbie, then it is very likely that you do not own any digital assets. Well, you can buy cryptocurrency with your credit or debit card, which is one of the perks of using Trust Wallet.
However, with Trust Wallet, you will have to complete the compulsory Know Your Customer (KYC) process. You cannot buy cryptocurrency anonymously, so you will have to provide your personal details and a copy of a government-approved identification card. It could be a passport or driver’s license.
After completing the process, you can follow these steps to buy sETH:
- First, locate the ‘Buy’ icon at the top of your Trust Wallet.
- Trust Wallet will display the tokens you can buy. We suggest you opt for a popular cryptocurrency like Binance Coin (BNB).
- Then choose the number of tokens, enter your card details and complete the trade.
You will receive the tokens within minutes.
Transfer Cryptocurrency From Another Wallet
Your other option is to transfer cryptocurrency from an external source. However, you can only do this if you already own some tokens elsewhere. You can follow these steps to transfer tokens into your Trust Wallet seamlessly.
- Click the ‘Receive’ bar in your Trust Wallet.
- You will see a unique wallet address which we suggest you copy.
- Paste it in the ‘Send’ tab in your external wallet. You may also select the number of tokens you wish to transfer.
- Then, complete the trade and await your tokens.
The Trust Wallet will reflect the coins shortly.
Step 3: How to Buy sETH Via Pancakeswap
Now that you have deposited digital currencies in your wallet, you can buy sETH by connecting Trust to Pancakeswap.
- Locate ‘DEX’ on the Pancakeswap page and choose ‘Swap.’
- Enter the token and quantity in the ‘You Pay’ tab that is displayed on the screen.
- Note that it has to be the cryptocurrency that you transferred or bought with your card earlier.
- Select sETH from the ‘You Get’ section, and subsequently choose the quantity you want.
- The system will display the number of tokens you can swap on your screen.
- Click ‘Swap’ to complete the transaction.
You will find your sETH tokens in your Trust Wallet within minutes.
Step 4: How to Sell sETH
If you are newly entering the cryptocurrency trading arena, you will equally need to learn how to sell your sETH tokens. Again, there are two ways to go about it, and the method you choose will depend on your goal.
- If you want to purchase another token, you can swap your sETH for it on Pancakeswap. The DEX has numerous tokens you can choose from. You can do this by following the guide in Step 3 above. However, you will choose sETH in the ‘You Pay’ section as it is now your base cryptocurrency.
- You can also sell your tokens for fiat money, but you will have to do that on a third-party trading platform.
One of the benefits of using Trust Wallet is its connection to Binance, which you can use to sell your sETH tokens for fiat currency. However, you have to verify your identity because you cannot access fiat currency facilities anonymously.
Where Can You Buy sETH Online?
There are about 29,000 sETH tokens in circulation, which means that it may not be relatively easy to get some to buy. However, with Trust Wallet and Pancakeswap, the coins are readily available when you need to purchase some.
Additionally, Pancakeswap is a decentralized exchange that is perfect for buying a Defi coin like sETH – or you don’t need to go through a third party.
We will briefly delve into why you may want to opt for Pancakeswap when you need to buy sETH tokens seamlessly.
Pancakeswap – Buy sETH Through a Decentralized Exchange
sETH is a Defi coin, and the most suitable way to buy some is through a decentralized exchange like Pancakeswap. The DEX eliminates the need for an intermediary in cryptocurrency trading. With its simple user interface, you can conveniently buy sETH tokens without breaking a sweat.
Furthermore, if you have some idle tokens, Pancakeswap lets you use them to rake in extra profits. You can choose to stake them and earn rewards subsequently. Pancakeswap also offers a lot of farming opportunities that you can use to your advantage. However, with these money-making opportunities comes risk, so you have to trade cautiously.
With Pancakeswap, you never have to worry about a delay in executing trades. The DEX has a swift delivery and response time, which means that you can complete your transactions within a short while. You will also have access to relatively low fees on each transaction – even if there is plenty of traffic on the platform.
To top all of this off, you can access Pancakeswap through Trust Wallet, the most suitable wallet for decentralized trading. Trust Wallet is available on the Apple or Google Play Store, and you don’t have to subscribe or pay to use it. Pancakeswap also gives you access to diverse cryptocurrencies, some of which may not be available on other platforms.
Pros:
- Exchange digital currencies in a decentralized manner
- No requirement to use a third party when buying and selling cryptocurrency
- Supports a sizable number of digital tokens
- Allows you to earn interest on your idle digital assets
- Sufficient levels of liquidity – even on smaller tokens
- Prediction and lottery games
Cons:
- Might appear daunting at first glance for newbies
- Does not support fiat payments directly
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
Ways to Buy sETH
Learning how to buy sETH is not complete without knowing the major ways to go about it. Buying sETH becomes relatively more straightforward once you understand the process. Typically, there are two ways to purchase sETH, and the one you opt for depends on whether or not you already own some cryptocurrency assets.
Buy sETH With a Credit/Debit Card
If you are new to cryptocurrency trading, this may be the most suitable method because you likely don't own digital currencies yet. With Trust Wallet, you can buy cryptocurrency directly with your credit or debit card. However, you have to complete a KYC process first - because you cannot use fiat money to buy cryptocurrency anonymously.
Next, input your card details and buy your tokens. You can then proceed to connect to Pancakeswap and buy all the sETH coins you desire.
Buy sETH With Cryptocurrency
Alternatively, you can buy sETH by transferring cryptocurrency from an external wallet right into Trust. Simply open Trust, copy your wallet address for the cryptocurrency you want to receive, and paste it into the external source.
The tokens you transfer will reflect within minutes, and you can now connect to Pancakeswap and buy sETH coins.
Should I Buy sETH?
The 'should I buy' question is one that every cryptocurrency enthusiast asks when learning how to invest in sETH. But, of course, when you answer the question independently and solely based on in-depth research, you are looking at better chances of a more rewarding decision.
However, we understand that you may need some pointers to guide your research. As such, we have listed below some of the factors you may want to consider before you decide to buy sETH.
Growth Trajectory
sETH is the first synthetic token, and it has had a great run in the market. The coin hit its all-time low of $301 on 06 September 2020. It did not breach an all-time high of $4,497 until 12 May 2021, nearly a year later. As of the time of writing in late July 2021, one sETH is just over $2,280.
An investor who had bought the coin when it hit its all-time low would have enjoyed an increase of over 600% when the token reached its all-time high. This places the token among those digital assets that have boasted impressive ROI over a short period of time. Yet, a buying decision should be based on personal research of the project.
Diversify Your Portfolio
The essence of short tokens, notably sETH, is to allow cryptocurrency holders to make more money without selling their assets. Typically, cryptocurrency trading requires you to own an asset before going long or short on it. However, with sETH, you don’t have to sell or buy tokens before you can make some extra money off them.
The protocol also uses a smart contract to make diversification possible. But of course, the available tokens are only the ones supplied by the Ethereum blockchain. The only downside to this is that you might be missing out of coins that are not supported by the ETH network.
Advanced Trading Options
sETH makes hedging possible. Hedging is a way to secure your assets when you anticipate that the price might go in the opposite direction you desire. Cryptocurrency assets are pretty volatile, but with hedging, you can protect yourself from severe losses.
With sETH, you can also protect your potential profits by locking your coins when they hit a target price in the market. You might leverage this option when you are not confident that the price will go above your anticipated level. This is a great way to secure your profits, but it means you might lose out if the price shoots past what you predicted.
sETH Price Prediction
Cryptocurrency price predictions are prevalent on the internet. However, digital currencies like sETH are largely unpredictable; majorly influenced by market speculation and Fear Of Missing Out (FOMO). As such, you should never base your decision to buy sETH on just price predictions.
Instead, it is best to carry out sufficient research on the project's purpose, market capitalization, innovations, etc. That way, you are adequately prepared for whatever direction the market goes. Price predictions are sometimes correct but should never be your sole reason for purchasing sETH.
Risks of Buying sETH
You need to consider the risks of buying sETH before making an investment. That way, you can reduce potential losses. The most significant risk involved is buying before the price begins to plummet.
You will have to wait for the price to rise again before you can make your anticipated profit. But of course, you’re not sure whether the price will rise either. This makes it important to always leverage certain strategies to hedge your risks.
There is no way to know for sure if you will make a profit, but you can alleviate your risks by applying these tips:
- You can invest periodically by buying sETH in small and regular amounts. That way, you will buy when the price is low and favorable.
- Diversifying also works in that you do not depend solely on sETH. That way, even if it shows tendencies of plummeting, you can still remain calm because it does not have all your crypto investment capital.
- Lastly, this is the most important tip. Research sETH deeply before you make any buying decision. Understanding the essence of a cryptocurrency project gives you an insight into its potential prospects.
Best sETH Wallets
The discussion on how to buy sETH will not be complete without talking about wallets. When you finally decide to buy some sETH tokens, you also need to consider storage for them. Choosing a suitable wallet is quite essential, as the safety of your tokens relies entirely on it.
Here are some of the best sETH wallets for 2021:
Trust Wallet - Overall Best Wallet For sETH
We have established that Trust Wallet is the best wallet to store sETH for several reasons.
- First, Trust Wallet needs no subscription fees; you can simply head to the Apple or Google Play Store to download it at no cost.
- The wallet also has the backing of Binance, which means that it is both very secure and offers you the opportunity to access both centralized and decentralized exchanges.
- You can easily access Pancakeswap, the most suitable DEX for purchasing sETH tokens in terms of decentralized platforms.
Trust Wallet also has an impressive backup feature in the form of a seed phrase. You can use the phrase to access your account if you lose your device or forget your PIN.
Trezor - Best sETH Wallet For Security
Trezor is a hardware wallet that is suitable for storing Ethereum tokens - such as sETH. It stores your sETH offline, which makes them impenetrable and impossible to hack. With Trezor, once you enter the wrong PIN, it doubles the wait time.
That way, if you enter the incorrect PIN one too many times, you will have to wait for hours, if not days, before you can finally try again. This means that somebody with access to your physical Trezor device would not have any joy in their attempt at stealing your tokens.
Additionally, when you enter your PIN, you also have to type in the seed phrase you were assigned when you first set up the wallet. It has stringent security measures to keep your sETH tokens protected.
Ledger - Best sETH Wallet For Diversity
Ledger is also a very secure hardware wallet. It stores your private keys securely and offline, which makes it impossible to hack. In addition, you can run third-party apps on your Ledger Wallet, which makes room for convenience.
The Ledger Wallet also accommodates over a thousand tokens, which means that you can store not just your sETH coins on it but at least a thousand other digital currencies. It is also very user-friendly; you need not be an expert or tech-savvy to figure it out.
The wallet is also pretty lightweight, which means you can carry it to just about anywhere.
How To Buy sETH - Bottom Line
The process of how to buy sETH is a straightforward one, as you have come to realize. Using Trust Wallet and Pancakeswap demystifies what may otherwise have been a daunting task. Now, you can buy all the sETH tokens you need with ease and from the comfort of your home.
It is just a matter of connecting Trust Wallet to Pancakeswap and buying your sETH tokens. Knowing this, it is safe to say you have learned how to buy sETH tokens in the best way possible.
Buy sETH Now via Pancakeswap
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
FAQs
sETH is a volatile asset: as such, it never has a stable price. However, as of late July 2021, one sETH token costs just over $2,280.
Determining whether a cryptocurrency is a good buy or not is all dependent on personal research of the project. With sETH, you can go short without selling your tokens. The impressive features it offers might make the coin a great buy, but that is a decision that is entirely up to you.
You may buy less than one sETH because you can purchase cryptocurrency in fractions.
The sETH all-time high is $4,497, which it attained on 12 May 2021.
As at the time of writing in late July 2021, there are over 29, 000 sETH tokens in circulation. How much is sETH?
Is sETH a good buy?
What is the minimum sETH tokens you can buy?
What is the sETH all-time high?
How do you buy sETH using a debit card?
How many sETH are there?
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