Synthetix Network Token is a decentralized finance (DeFi) protocol based on the Ethereum (ETH) blockchain. It gives access to highly liquid synthetic assets (synths) and offers on-chain exposure to both cryptocurrency and non-digital assets.
The project was launched by Kain Warwick in September 2017. Today, Synthetix has grown sizably in the Defi space. In this article, we will take you through the step-by-step process of how to buy Synthetix Network Tokens.
Contents
- 1 How to Buy Synthetix Network Token—Quickfire Walkthrough to Buy Synthetix Network Token in less than 10 Minutes
- 2 How to Buy Synthetix Network Token—Full Step-by-Step Walkthrough
- 3 Where to Buy Synthetix Network Token Online
- 4 Ways to Buy Synthetix Network Token
- 5 Should I Buy Synthetix Network Token?
- 6 Risks of Buying Synthetix Network Token
- 7 Best Synthetix Network Token Wallets
- 8 How to Buy Synthetix Network Token—Bottom Line
- 9 Buy Synthetix Network Token Now via Pancakeswap
- 10 FAQs
- 11 How much is Synthetix Network Token?
- 12 Is Synthetix Network Token a good buy?
- 13 What is the minimum Synthetix Network Token tokens you can buy?
- 14 What is the Synthetix Network Token all-time high?
- 15 How do you buy Synthetix Network Tokens using a debit card?
- 16 How many Synthetix Network Tokens are there?
How to Buy Synthetix Network Token—Quickfire Walkthrough to Buy Synthetix Network Token in less than 10 Minutes
With the adequate process, you can buy Synthetix Network Token in less than 10 minutes. It’s an easy thing to do once you know the steps.
Pancakeswap is the most suitable exchange to buy Synthetix Network Token if you want to use a DEX. Albeit, you should use a DEX to get your token because it allows you to eliminate the need for third-party interference.
Here’s how it works:
- Step 1: Get Trust Wallet: To use Pancakeswap efficiently, you need a cryptocurrency wallet. For this, Trust Wallet is the most adequate to use owing to its simplicity. To download the app on your device, you can either use Google Playstore or iOS.
- Step 2: Search Synthetix Network Token: Once you have downloaded the app, open and search for ‘Synthetix Network Token.’
- Step 3: Deposit Funds Into Wallet: You can either purchase cryptocurrency using your debit/credit card or transfer digital tokens from an external wallet.
- Step 4: Connect to Pancakeswap: When you look below the Trust Wallet app, you will spot ‘DApps.’ Click and select ‘Pancakeswap.’ Next, click the ‘Connect’ button.
- Step 5: Buy Synthetix Network Token: After you have connected Pancakeswap to Trust Wallet, click the ‘Exchange’ button. A drop-down icon will pop up below the ‘From’ tab. The next thing to do is to choose the cryptocurrency you want to swap for Synthetix Network Token.
Under the ‘To’ tab, you will see another drop-down icon—that is where you will choose Synthetix Network Token. Type in the number of tokens you want to purchase and click the ‘Swap’ button to complete the process.
After you have completed the transaction, the Synthetix Network Tokens will be displayed in your Trust Wallet. It will be kept safe there until you are ready to cash out.
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
How to Buy Synthetix Network Token—Full Step-by-Step Walkthrough
Being your first time dealing with a cryptocurrency, the quick guide above might be a little daunting. We understand that, and this is why we provide you with an in-depth guide below. Following these steps closely will offer you a more comprehensive understanding of how to buy Synthetix Network Token.
Step 1: Get Trust Wallet
As you have read in the quickfire walkthrough, you need an exchange medium like Pancakeswap to access Synthetix Network Token. Likewise, a cryptocurrency wallet is required to access Pancakeswap. The preferred choice is Trust Wallet. There are many reasons for this choice, one of which is that it has the backing of Binance.
To kickstart the procedure:
- Download via Google Playstore or iOS on your mobile device.
- Once you have successfully installed the app, open and create your login credentials.
- Your login details will contain your PIN and also a 12-word passphrase. This passphrase is essential to recover your account in case you forget your PIN or misplace your phone, so keep it safe.
Step 2: Fund Your Wallet
Once you are done with the setup process, you will need to fund your wallet to proceed with transactions. You can deposit in the following steps:
Transfer Digital Assets from Another Wallet
To go through this process, you need to have cryptocurrencies in an external wallet. Below are the steps to follow:
- Open the Trust Wallet app and click on ‘Receive.’
- Choose the cryptocurrency you want to transfer into the Trust Wallet.
- You will be given a unique wallet address to receive the cryptocurrency you chose.
- Copy and paste the address into the external wallet where you have the cryptocurrency.
- Enter the number of tokens you want to transfer, and confirm the transaction.
After the confirmation, the token should reflect in your Trust Wallet within 20 minutes.
Buy Cryptocurrency with Your Debit/Credit Card
Likewise, you may not have any cryptocurrency in an external wallet. If you fall into this category, you will need to buy some. The good news is that Trust Wallet allows you to use a debit/credit card to get that done. Below are the steps:
- Find the ‘Buy’ button at the top of the Trust Wallet app and click on it.
- It will lead you to a page where you will see the list of tokens you can buy using your debit/credit card.
- It’s most advisable to either buy BNB – or any coin that’s just as established.
- A Know Your Customer (KYC) process will be required here since you’re using fiat money. All you will need to do is enter some personal details and upload a copy of any government-issued ID.
- Once the transaction is complete, the coin will reflect in your wallet immediately.
Step 3: Buy Synthetix Network Token through Pancakeswap
Once you have the digital assets in your Trust Wallet, your next stop is Pancakeswap. That’s where you get to buy Synthetix Network Token through a direct swap process.
Here’s how that works:
- Still, on the Trust Wallet app, click on the ‘DEX’ button and select ‘Swap.’
- Following, you will see the ‘You Pay’ tab, where you are to choose the token you want to exchange with.
- Enter the token amount.
- Note that the cryptocurrency you choose to pay with is the one purchased in Step 2.
- Select ‘Synthetix Network Token’ from the ‘You Get’ tab.
You will see the Synthetix equivalent to the tokens with which you paid. Proceed by clicking the ‘Swap’ button. That’s it! You have just bought your Synthetix Network Token using Pancakeswap.
Step 4: Sell Synthetix Network Token
Hodling and selling is a crypto strategy for many. This may be your end goal for Synthetix Network Token. To achieve that, you will need to understand how to sell your coin. There are two ways to go about that.
- You can either change Synthetix Network Token into another cryptocurrency, or
- Sell and earn fiat money in return.
If you want to change your tokens into another cryptocurrency, you can do so using Pancakeswap. However, to sell into fiat money, you will need to use a third-party exchange.
Where to Buy Synthetix Network Token Online
You won’t have completely learned how to buy Synthetix Network Token if you don’t know the right place for the purchase. Owing to the token’s fast growth and worth, it is listed on several cryptocurrency exchanges. Consequently, you have many options through which you can buy into the project.
However, the existence of several options doesn’t mean they are all right for you. This is why it’s advisable to use Pancakeswap, as the exchange has proved itself valuable. Wondering why Pancakeswap is the best? Below are some reasons.
Pancakeswap—Buy Synthetix Network Token through a Decentralized Exchange
Pancakeswap is a DEX that operates with an impressive security level and yet a simple interface. Launched in late 2020, the exchange has become a household name in the cryptocurrency space. A top benefit of using the platform is that it offers decentralized services, making it possible to simply swap your Synthetix Network Tokens with another digital asset.
Another advantage Pancakeswap offers is access to new tokens. Additionally, leveraging the deposit features, users can conveniently transfer USDT, BUSD, BTC, from the ETH chain to the BSC chain. The exchange also offers fast services that are ideal for cryptocurrency transactions. A consideration of all these alongside the low operating cost makes Pancakeswap the most suitable option to use.
More so, if you seek to enjoy a private trading experience, Pancakeswap is the right exchange. This is coupled with the fact that it works as an Automated Market Maker (AMM), leveraging liquidity pools and complex algorithms to pair buyers and sellers. The exchange also contains an excellent crop of BEP-20 tokens which are quite rare.
What more? With Pancakeswap, you can earn on your idle coins because of their contribution to the platform’s liquidity pool. To get started, you will need to get a suitable cryptocurrency wallet such as Trust. Next, you can either buy digital assets with your debit card or transfer existing cryptocurrencies from your external wallet. Proceed to Pancakeswap and exchange the digital assets for Synthetix Network Token.
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 Synthetix Network Token
There are several ways for you to buy Synthetix Network Token. Your pick depends on your preference. If you have a preferred payment method, that could influence which of the options you’ll go for.
Here are the two effective methods:
Buy Synthetix Network Token Using Your Debit/Credit Card
To buy Synthetix Network Token using your debit/credit card,
- Purchase a common cryptocurrency like Bitcoin or Ethereum using a debit/credit card. As earlier mentioned, Trust Wallet will serve you best because of its convenience and impressive functionalities.
- Connect to Pancakeswap, and exchange the cryptocurrency bought for Synthetix Network Token.
To buy using your debit/credit card, you will be required to undergo a KYC process. Understand that going through KYC means you give up your anonymity.
Buy Synthetix Network Token Using Cryptocurrency
The other option to buy Synthetix Network Token is by using cryptocurrency. To purchase the token using cryptocurrency, you need to have digital assets in an external wallet. Once that is sorted, all you have to do is swap the cryptocurrency for Synthetix Network Token via Pancakeswap.
Should I Buy Synthetix Network Token?
Cryptocurrency projects receive heightened interest from time to time. You may find yourself wanting to buy Synthetix Network Token after reading some news about it. However, as compelling as that urge may be, ensure you back it up with adequate research. The best cryptocurrency decisions are the ones you premise of facts and figures.
Yet, you may be confused about the things to read for more relevant information. In the light of that, below we offer some essential considerations on how to buy Synthetix Network Token.
Access to a More Robust Financial Market
The founder, Kain Warwick, has worked on some past cryptocurrency projects, making Synthetix Network Token a protocol backed with sufficient experience. A major problem solved by this protocol is ensuring access to more assets than were previously available.
- For instance, users can conveniently enter Synthetix and leverage SNX tokens as collateral for receiving sTSLA (TESLA).
- This is an exchange that’s unavailable on several other platforms.
- By making it possible to engage in real-world asset trading, the protocol widens access to the financial market.
In addition, the platform strives to expand the cryptocurrency space by including non-blockchain assets, thereby granting access to more options.
Lower Oracle Latency
The platform enables users to trade and exchange synths autonomously. It additionally has a staking pool where holders can stake their SNX tokens and get compensated with a share of the transaction fees on the Synthetix Exchange.
- The protocol also tracks the underlying assets utilizing innovative oracles. Synthetix allows users to trade synths seamlessly, without liquidity/slippage issues.
- It also eliminates the need for third-party facilitators.
- SNX tokens are used as collateral for the synthetic assets that are minted. This implies that whenever synths are assigned, SNX tokens are locked up in a smart contract.
Additionally, users incur low gas fees on transactions while the network operates to reduce oracle latency
No Slippage and Liquidity Problems
As Synthetix is a DeFi protocol, any user in the system with an internet connection and SNX tokens in their wallet can generate synths. The possibility of this makes for the stimulation of the costs of real-world assets like gold, silver, oil, and more. Several users may also favor trading on Synthetix because the protocol does not have a KYC requirement.
Two other challenges that Synthetix solves are liquidity and slippage, which are prevalent among decentralized exchanges. Synthetix deals with these issues by not utilizing third-party services to facilitate trade.
Remarkable Growth Since Launch
Launched on June 11, 2018, the first synth was a Neutral Dollar (nUSD), a stablecoin pegged to the US Dollar. At the period of launch, this project was not identified as Synthetix. Instead, it was known as Havven. The change happened in December 2018, when the Synthetix platform could hold above 20 synths—a major indication of growth.
As of the time of writing in mid-July, Synthetix has come a long way in the DeFi space, with $1.66 billion worth of value secured.
Buying the Dip
“Buy the dip” is a trading strategy to acquire an asset when the market trend is bullish and sell when the financial instrument rebounds from its correction or consolidation. A dip is a short-term, minor slide in asset price.
Synthetix Network Token had an all-time low of $0.03 in January 2019 and an all-time high of $28.77 per token in February 2021. Anyone who bought at $0.03 would have experienced an increase of over 95,000% when it reached its all-time high.
As of the time of writing in mid-July, the coin is priced at over $9. This is relatively a low price when compared against several other Defi coin like Lido. So, this might be a good time for anyone looking to buy the dip. Irrespective, this should not substitute the importance of personal research before making your final decision.
Synthetix Network Token Price Prediction
You may be tempted to consider numerous opinions of price prediction. The important thing to note here is that most of the SNX predictions you'll find lack verifiable data. It's almost a guesswork, and you should not simply premise your purchasing decision on that.
Risks of Buying Synthetix Network Token
Each cryptocurrency trade has its ups and downs. Anything can trigger a decrease at any point in time. This makes it important to evaluate the risks of Synthetix Network Token before buying into it. Regardless, you cannot totally be free from risks in the digital assets world.
Notwithstanding, you can hedge your risks. Start by making sure you invest moderately. Additionally, focus on long-term goals as opposed to short-term returns. Next, diversify your Synthetix Network Token investment by considering buying some other valuable Defi coin. Finally, buy strategically in such a way that you purchase based on market alterations.
Best Synthetix Network Token Wallets
One of the major parts of buying Synthetix Neutral Token is getting the right wallet to secure your digital assets. There are numerous wallets in the market with different value propositions. Your choice depends on what’s most important to you.
Here are the most reliable Synthetix Neutral Token wallets.
Trust Wallet—Overall Best Synthetix Network Token Wallet
Trust Wallet is the safest you can get when it comes to Synthetix Network Token storage. It is a software wallet, as it can be accessed via a mobile device. Download the app via Google Playstore or iOS for free to get started.
The wallet supports various cryptocurrencies, and using it is effortless. This gives you complete authority over your private keys. You can also get digital assets using debit/credit cards and exchange them for Synthetix Neutral Token with Pancakeswap.
Bitpanda—Best Desktop Synthetix Network Token Wallet
Bitpanda saves your Synthetix Neutral Token as securely as possible in protected offline wallets through state-of-the-art technology. Additionally, wallets can be guarded using Two-Factor Authentication.
Users can view their working devices and sessions across multiple devices. You can also log out and end active sessions effortlessly. In addition, Bitpanda gives SSL encryption and DDOS security.
Top Tip: It is usually suggested to store only a small volume of your funds on an exchange and save the vast bulk of your funds in a cold storage wallet.
Coinbase Wallet—Most Reliable Online Synthetix Network Token Wallet
Coinbase Wallet is a leading mobile cryptocurrency wallet and DApp browser for Synthetix Network Token. The Wallet offers comfortability for you to securely store, send and receive Synthetix.
You can download it on your mobile device via Google Playstore or iOS.
How to Buy Synthetix Network Token—Bottom Line
Synthetix Network Token has increased in popularity since its launch. It is one of the coins with high value in the market as of the time of writing in mid-2021. Concerning how to buy Synthetix Network Token, there are several options to choose from. However, none equals using a decentralized exchange like Pancakeswap.
Finally, this guide has explained how to buy Synthetix Network Token in detail. This makes it possible for you to invest conveniently and without confusion.
Buy Synthetix Network Token Now via Pancakeswap
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
FAQs
How much is Synthetix Network Token?
Like other digital assets, the price of Synthetix Network Token is unstable. As of July 2021, one Synthetix Network Token is worth just over $9.
Is Synthetix Network Token a good buy?
Although Synthetix Network Token has grown impressively over time, the coin's volatility remains intact. As such, it's crucial to do some personal research before investing into the project.
What is the minimum Synthetix Network Token tokens you can buy?
This is based on your choice and capacity. You can buy as little or as much as you want.
What is the Synthetix Network Token all-time high?
Synthetix Network Token had an all-time high on February 14, 2021, when it was priced $28.77.
How do you buy Synthetix Network Tokens using a debit card?
Start by using your debit/credit card to purchase a digital asset via an external wallet, preferably Trust Wallet. Then proceed to swap the cryptocurrency bought for Synthetix Network Token on Pancakeswap.
How many Synthetix Network Tokens are there?
Synthetix Network Token has a total supply of over 215 million tokens and a circulating supply of over 114 million. It has a market cap of over $1 billion as of July 2021.
Buy DeFi Coin (DEFC)
Etoro - Best For Beginner & Experts
- Decentralised Exchange
- Purchase DeFi Coin with Binance Smart Chain
- Highly Secure