How to buy Swipe tokens online
This guide introduces you to the many different services that Swipe offers to its users. Learn about the history of Swipe and all of Swipe’s services, and find out how to buy SXP tokens and where to buy Swipe.
Compare where to buy Swipe, and open an account
If you are already aware of the Swipe brand, and if you understand the SXP token market, you may want to invest now. If this is the case, simply click one of the links below and sign up to one of our recommended brokers with low fees. If you need to learn more about Swipe before you invest in SXP tokens, keep reading.
What is Swipe?
Swipe is a cryptocurrency company that offers a huge range of different services: Swipe Wallet, Swipe Crypto Debit Cards, Swipe Pay, Swipe Credit, Swipe Savings and Swipe Issuing. The SXP token is Swipe’s in-house token and is used to govern the various applications housed under the Swipe umbrella. Holders of SXP can vote on key decisions concerning Swipe’s development.
The company is marketing itself as an all-in-one cryptocurrency service provider. Whether it is using the centralised Swipe Wallet to store over 30 cryptocurrencies and fiat currencies, or using Swipe Credit to take out loans by posting crypto as collateral, Swipe is attempting to integrate cryptocurrencies into mainstream financial activities.
Launched in 2018 and based in London, Swipe is one of the newest names in the crypto scene and was acquired in 2020 by the major crypto player, Binance.
How does Swipe work?
Swipe’s applications all work differently, but fundamentally they rely on blockchain technology to function. The company’s wallet works much like an online Bitcoin wallet, allowing users to securely store SXP tokens along with 30 other cryptos and fiat currencies.
The Swipe debit card works like a Visa card or a Bitcoin debit card that allows users to purchase with cryptocurrency without a direct conversion, and Swipe Issuing allows third parties to issue their own digital crypto debit cards with minimal hassle bar a few fees. If users would rather just pay a merchant online, Swipe Pay is a payment solution available in over 180 countries that allows users to pay in crypto, which is then converted by the Swipe system and paid to vendors in fiat currency.
In the case of Swipe Credit, users can withdraw up to 50% of the value of the cryptocurrency they post as collateral, allowing instant loans with no middleman and no protracted application process. Lastly, Swipe Savings works by allowing users to deposit from a range of 12 different cryptos with annual percentage yields (APY) of up to 14%.
How to buy SXP online – a step-by-step guide
Step 1. Find an exchange to buy SXP
The best way to buy SXP tokens is through a cryptocurrency exchange. We have outlined some of the best places to buy Swipe tokens at the top of this page, but if you’re still wondering where to buy SXP tokens, find two of the best exchanges below.
- Bitpanda: Bitpanda is a great option if you want to buy SXP tokens. It combines a friendly interface with powerful tools. Join Bitpanda today and buy SXP now >
- Binance: As one of the largest crypto exchanges and with over 100 currencies, Binance is a good place to access SXP tokens. Sign up for Binance and invest in Swipe now >
Step 2. Sign up and fund your account
To buy and sell on an exchange, first, sign up for an account. It’s a simple process but make sure to have a copy of your photo ID on hand for verification. Use some fiat currency like GBP, USD, or EUR to fund your account.
Step 3. Buy Swipe
To buy Swipe with fiat currency, simply navigate to the relevant pair on your exchange of choice. For example, if this is GBP, look for the SXP/GBP pair. Choose the amount you want and lock in your transaction.
Step 4. (Optional) Get a suitable wallet
You can store your new SXP tokens coins in your exchange account. Whilst this is reasonably safe, it is not entirely secure. For added security, consider getting a wallet. Wallets help protect your funds by creating an added layer of security and encryption. Below are two of the best wallets to store Swipe tokens in.
- Trezor: Trezor was the first-ever hardware wallet to come out, and it has grown in popularity during its lifespan. It is an extremely secure, USB-stick like device that can be used to store SXP tokens. Sign up with Trezor today >
- Freewallet: Freewallet can hold more than 100 different cryptos, including SXP. It is one of the most popular options for investors who buy SXP tokens. Get a Freewallet now >
How to trade Swipe – a step-by-step guide
Step 1. Find a broker
You will need a broker to open and close positions quickly when trading to take advantage of market fluctuations. Not every broker supports SXP tokens, but the most likely to are eToro and Plus500 because they are two of the largest brokers around that support the greatest variety of coins.
Step 2. Deposit money
Fund your broker account with fiat currency like GBP, EUR or USD. Most brokers will allow you to trade directly with these funds, though watch out for the trading fees because they can quickly add up.
Step 3. Decide how you’d like to trade
Before you start trading, choose a trading strategy. The most popular way of trading cryptocurrency is using contracts for difference. When you trade CFDs, you do not actually own the underlying asset; instead, you speculate on its price behaviour. CFDs can be a good way of getting exposure to the broader market, especially for assets that would be too expensive to own outright.
Step 4. Start trading
Most brokers offer demo accounts where you can trade with virtual money until you get the hang of things. We highly recommend this for beginners to learn the ropes.
When you start trading you have two options: going long or going short. Going long means to want the value of SXP to go up. Going short means the opposite. If you plan on going short, read more about this position in our guide.
If you have a bit more experience, you can use leverage to make bigger trades with less up-front capital. Trading like this can maximise the potential for big wins, but it also magnifies the scale of your losses. We do not recommend leverage as a trading strategy for beginners.
If you still aren’t sure whether or not to buy SXP, don’t worry. Take your time and think things through, and never make an investment decision in haste. Below, we have outlined the pros and cons of the Swipe platform to help you make up your mind.
- Stands alone as a comprehensive all-in-one crypto solution
- First-mover advantage
- Backed by Binance
- Swipe could potentially become a fully-licenced bank, creating a massive upside
- The Swipe brand has established a strong reputation and future innovations should be received more favourably
- Plenty of competition for each of its applications, especially for the Swipe Wallet
- Not a great deal of real innovation or unique ideas, and is reliant on the whole package of crypto services rather than a single outstanding one
- Few vendors currently support crypto payments both online and via in-person debit card transactions
If you want more information before deciding, check out the three questions below to help you decide if you want to invest in Swipe.
1. Is it a good time to buy Swipe?
This depends on your investment thesis. If you are a long-term investor, Swipe’s many services could become increasingly adopted over time, especially because it is now operated by Binance, and if this is the case, the price of SXP tokens should increase. Moreover, if you want to be involved in the governance decisions that shame the platform going forward, buying Swipe for the long-term could be an astute strategy.
If you are a short-term trade, the long-term fundamentals of Swipe are not as relevant. Instead, you should focus on the technical side of things. By creating a good technical trading strategy and keeping an eye out for the right indicators, you can buy SXP tokens low and sell them high.
Whatever your investment thesis, make sure you stay up to date with our latest analysis of Swipe by clicking one of the links below:
2. What problem does Swipe solve, and what are the coin’s investment prospects?
Swipe is not revolutionary in its approach, and it does not claim to solve any specific technological problem, but generally, it makes crypto services more easily accessible to users by housing them under one umbrella. This all-in-one approach makes investing in cryptocurrency less complicated and more manageable because users never have to leave the application.
If Swipe’s services can continue to flourish, and adoption continues, the value of SXP tokens should increase. Moreover, the impact that holders of SXP tokens can have on governance decisions going forward should similarly drive the values of the tokens up.
Make sure that you do your due diligence before you invest in Swipe because there are key rivals. For example, the Swipe wallet will have to compete with reputable wallets like BitBox, Guarda Wallet and StrongCoin, Swipe Credit will have to compete with crypto lending platforms like Aave, and Swipe Pay needs to compete with payment solutions like Utrust. Keep up to date with the latest news on Swipe by clicking one of the links below:
3. Do you want to hold SXP for the long term?
If you hold SXP for the long term to speculate on its future price and contribute to Swipe governance, there are certain considerations you should make. The same can be said you want to be a short-term SXP trader. These considerations are outlined below.
Considerations for a long term investment strategy
If you plan on becoming an active member of Swipe’s community, want to use some of its products or want to speculate on long-term price accretion, you should sign up to a secure crypto exchange and buy some SXP tokens now. Depending on how long you are going to hold your tokens, consider opening an SXP wallet for enhanced security.
Considerations for a short term trading strategy
Because Swipe is quite a new platform, volatility is inevitable, and this presents plenty of opportunities for eagle-eyed traders to make rapid returns. Choose a reliable broker with low fees and start trading SXP tokens today.