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.
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:
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.
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.
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:
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:
To go through this process, you need to have cryptocurrencies in an external wallet. Below are the steps to follow:
After the confirmation, the token should reflect in your Trust Wallet within 20 minutes.
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:
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:
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.
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.
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.
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 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.
Prediction and lottery games
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:
To buy Synthetix Network Token using your debit/credit card,
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.
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.
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.
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.
In addition, the platform strives to expand the cryptocurrency space by including non-blockchain assets, thereby granting access to more options.
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.
Additionally, users incur low gas fees on transactions while the network operates to reduce oracle latency
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.
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.
“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 coins 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.
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.
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 coins. Finally, buy strategically in such a way that you purchase based on market alterations.
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 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 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 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.
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.
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
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.
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.
This is based on your choice and capacity. You can buy as little or as much as you want.
Synthetix Network Token had an all-time high on February 14, 2021, when it was priced $28.77.
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.
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.
Forex Signals Daily