How & where to buy Synthetix (SNX) online
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This guide explains all the things you need to know about the Synthetix Network. We explore what the Synthetix Network is and what SNX tokens are, and we also cover the market thematics you need to keep an eye on to successfully invest.
What are the best exchanges to buy SNX on?
For those of you who want to know where to buy SNX coin, we have got you covered. Click on any of the options below to sign up to one of our recommended brokers. To learn more about Synthetix, simply scroll down further.
How to buy SNX online – step-by-step guide
Step 1. Find an exchange
We are of the opinion that the best place to buy SNX coin in the UK and elsewhere is a cryptocurrency exchange. These platforms are effectively large marketplaces for cryptocurrencies that offer low fee transactions.
Choose a recommended service from the top of our page or check out the two exchanges below:
- Binance: As one of the biggest cryptocurrency exchanges, it is not surprising that you can conveniently get involved with crypto through Binance. Sign up and create a Binance account today >
- ChangeHero: Offering access to over 40 of the top cryptocurrencies, ChangeHero features a clean, user-friendly interface that is a strong option for investing beginners and experts alike. Open an account with ChangeHero by clicking here >
Step 2. Sign up and fund your account
To use an exchange, you will usually need to sign up and pass an identity verification test. Have a copy of some photo ID to hand. Once this check has been passed, you need to fund your exchange account. You can often use fiat currencies, but you can also use cryptocurrencies. For example, you could acquire some Bitcoin from Coinbase and transfer them into the account on your preferred exchange.
Step 3. Purchase
Your account should now be fully set up and funded and you can get started. If you are funding your account with fiat currency, such as USD, look for the SNX/USD pair on the exchange. If you’re using Bitcoin, look for the SNX/BTC pair.
Step 4. (Optional) Get a suitable wallet
To enhance the security of your Synthetix Network tokens, especially if your plan on holding them for an extended period of time, you should consider opening an SNX wallet, which functions just like a Bitcoin wallet. You can transfer your SNX tokens from an exchange into a wallet for an added layer of security.
Wallets can take the form of online platforms, but they can also be hardware. We’ve saved you some time by listing two of the best wallets that support SNX below:
- CoolWallet: CoolWallet is a Taiwan-based crypto hardware wallet that supports all ERC20 tokens, including SNX. Open a CoolWallet today >
- Trezor: Trezor is an increasingly popular hardware wallet that supports SNX tokens. It is one of the most secure methods of storing your SNX. Check out Trezor today >
How to trade SNX – step-by-step guide
Step 1. Find a broker
To trade SNX effectively, you will need to react to fluctuating market conditions by opening and closing positions quickly. Online brokers allow this to be done easily. However, before you choose a broker, make sure it supports SNX trading. eToro are two of the largest brokers around and the best bet to try first.
Step 2. Deposit money
Fund your account with fiat currency (like USD, GBP, and EUR) and use this to trade crypto. One important point of note is to watch out for trading fees; these can quickly add up if left unmonitored.
Step 3. Decide how you’d like to trade
When you start trading, you need to decide exactly what sort of strategy you want to use. There are numerous different methods to gain exposure to the price of SNX, such as spread betting and contracts for difference (CFDs), and you also need to consider whether you want to use leverage: this allows you to gain more exposure to SNX with less initial capital investment, but the risks are just as large as the potential rewards. Steer clear of using leverage if you are a beginner.
Step 4. Start trading
Now your trading has been finalised, you can start trading SNX. However, before you jump in with both feet, we recommend starting with a demo account so you can learn the basics of SNX trading without putting real money on the line.
When trading SNX, you can choose to go long or go short. A long position is when you invest in the belief that an asset (SNX) will go up in value. Going short (or shorting) is when you invest your money in the belief that an asset will reduce in value. Both can be profitable ways of trading Synthetix.
Make sure that before you start trading you are fully aware of any potential risks. Trading SNX can be lucrative and exciting, but it can also be a risky pastime if you don’t pay close attention to your trades.
Still undecided?
No rush. It is always prudent to take your time when considering a new investment. Here are some of the pros and cons of Synthetix to help you make your decision.
Pros
- Synthetix diversifies the options for exchanges in the crypto world
- Users can gain exposure to centralised assets without their own investment being centralised
- High levels of liquidity with zero slippage
- Opens the market to international markets with no censorship or restrictions
Cons
Still unsure? Here are three more things to consider before you decide to invest in Synthetix Network tokens.
1. Is now a good time to buy SNX?
The answer to this question depends on whether you want to invest in SNX for the long term or short term. In the long-term, as the adoption of cryptocurrencies increases, the Synthetix Network could become an increasingly important service both as an exchange and as a synthetic asset creator. If Synthetix does grow in stature, the value of SNX tokens will also increase.
If trading SNX in the short term is more of a preference, the long-term outlook for Synthetix is not as important. Instead, you should focus on gaining a full understanding of technical indicators so you can form a great technical trading strategy and trade SNX profitably.
For the most recent analysis of Synthetix and SNX, check out one of our articles below:
2. What problem does SNX solve, and what are its investment prospects?
SNX evolves cryptocurrency exchanges into a much more diverse platform. It allows users to invest in almost anything by using cryptocurrencies, and opens up the market for universal access by combatting censorship.
In the future, as cryptocurrencies become increasingly popular, the service provided by the Synthetix Network could grow in popularity because it allows users to gain exposure to centralised assets with a decentralised investment. It will be interesting to see how the lack of potential dividends affects the long-term growth of Synthetix.
To read about the latest news concerning Synthetix and SNX, check out one of the links below:
Synthetix (SNX) unveils debt pool merger for enhanced staking capabilities
Top 3 cryptocurrencies that became fallen angels in 2021
3. Do you want to hold SNX for the long term?
Holding SNX for long periods of time requires certain actions and considerations, as does trading it in the short term. These are outlined below.
Considerations for a long term investment strategy
If you believe that Synthetix is on target for significant growth, you should consider purchasing some SNX tokens from an exchange and storing them in a wallet. If this is the option you want to go for, make sure to research Synthetix before taking the plunge.
Considerations for a short term trading strategy
If you would prefer to trade SNX over a shorter timescale for accelerated results, sign up to a reliable broker and perform your own technical analysis. If you can spot a trend as it unfolds, you could be onto a winner.
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