A Beginner’s Guide to Buying and Selling Synthetix Cryptocurrency in Australia
If you’re based in Australia and wish to buy Synthetix – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Synthetix tokens you want to buy.
One of the best investment vehicles in the world today is the cryptocurrency market. Cryptocurrencies offer investors a unique chance to diversify their investment portfolios. However, although the extensive amount of financial gain one can reap from this market, it does not come absent risks.
The cryptocurrency market is very volatile, and what may be doing well today could be doing very poorly tomorrow. It is important to have as much knowledge and insight as possible and analyze and interpret the market. To achieve this, one must evaluate market trends for particular cryptocurrencies and consult with industry professionals and those with enough experience and expertise.
There are many cryptocurrencies in the market, and Synthetix is one of them. Synthetix is a protocol that makes it possible to issue synthetic assets on the Ethereum blockchain.
What’s in This Guide?
The following guide serves to prepare you as a prospective investor and market entrant on how you can buy the Synthetix tokens in Australia. The guide employs a simple and easy to understand kind of language, targeted at ensuring the process is as easy for you as possible. The guide goes further to explain to you the different ways through which you can buy the Synthetix tokens and explains how you can sell the tokens.
It also opens your eyes to ways in which you can hold your tokens before you can put them to use. The last section of this guide is a brief explanation of how the Synthetix tokens work, the important factors for your consideration before buying, and the frequently asked questions like you who have entered this investment arena with hope, boldness and expectation.
Where to Buy Synthetix in Australia
To begin your journey as an investor in the cryptocurrency market, you must know where to buy your Synthetix tokens in Australia. There are many cryptocurrency markets in Australia and in the world at large. However, the most convenient place where you can buy Synthetix tokens is in an exchange account. However, before you settle on an exchange account, ensure that it can support the kind of transaction you wish to perform on the exchange account.
List of the best Exchanges to buy Synthetix (SNX) in Australia:
Looking where to buy Synthetix in Australia right now? Below you will find 4 of the best brokers that allow you to buy Synthetix in Australia.
- eToro - Best broker to buy Synthetix (SNX) in Australia
- Binance - Best exchange to buy Synthetix in Australia for asset diversity
- Coinbase - Best exchange to buy Synthetix (SNX) for beginners
- OKEx - Best broker to buy SNX in Australia for low-cost
A Step-by-step Guide to Buying Synthetix in Australia
The following guide will lead you through the process of buying Synthetix tokens in Australia. Use it, but not as the only source of information for when you start the journey in the cryptocurrency market.
There are two approaches through which you can buy Synthetix tokens in Australia. The two approaches include: buying Synthetix tokens using other cryptocurrencies and using fiat currency. Both of these approaches have been tried and tested. They have proven to be effective for as long as the prospective investor has all required to perform the related transactions.
Buying Synthetix with other cryptocurrencies
To buy Synthetix tokens using other cryptocurrencies, you must first have the other cryptocurrencies. For instance, to buy Synthetix tokens using Bitcoin Cash, you must have Bitcoin Cash in your exchange account and later exchange these Bitcoin Cash tokens for the Synthetix tokens at the rates prevailing in the market at that time. To buy Synthetix tokens using Bitcoin Cash, select the pair that matches the two, in this case, BCH/SNX.
Buying Synthetix with fiat currencies
The other option is to use fiat currency to buy the Synthetix tokens. This demands that you first have the fiat currency in your exchange account. In the case of buying Synthetix tokens in Australia, the fiat currency is AUD. To buy Synthetix tokens using AUD, go to the buy section of the account and select the pair matching AUD/SNX. Next, confirm to proceed with the transaction.
Step 1: Register an account
The first step is to register your exchange account. The registration process will require that you input personal information such as your name, phone number, and email address. You must also comply with the KYC rules that dictate that you verify your identity and your address. Identity verification is done using a valid passport or a government-issued identity card. The address is verified using a utility bill or any other supportive document.
Step 2: Deposit funds to the account
Next, deposit funds into the account. This is done by linking your bank account to the exchange account and initiating a direct transfer. Alternatively, you can use your credit or debit card.
Step 3: Buy Synthetix
When you want to buy Synthetix tokens, simply navigate the account's buy section and enter the amount you wish to use to buy the Synthetix tokens and confirm your transaction.
How To Sell Synthetix
Selling the Synthetix tokens follows the same process. Go to the sell section, enter the amount of Synthetix tokens you want to sell, and confirm the transaction.
Which Wallets Can I Use to Hold Synthetix?
You can either use a hot wallet or a cold wallet. Hot wallets store Synthetix tokens online, making them easy to access. On the other hand, Cold wallets store tokens offline using external hardware devices such as USB drives.
How Synthetix Works
Synthetix tokens operate on the DeFi protocol, a decentralized finance mode that makes it cheaper, safer and faster to transact. No intermediaries are required because of the decentralized network characteristic of the blockchain.
Don't Miss: Synthetix (SNX) Price Predictions
Key Things to Consider When Buying Synthetix in Australia
Among the things you must consider when buying Synthetix tokens in Australia include:
Stability in the market
The stability of a coin in the market can be measured in terms of availability. A highly available coin has earned the trust of users by being stable.
You must also consider how the coin has been performing over the past few months. Use your historical analysis to predict how the coin may be performing in the coming weeks or months.
eToro – Best Platform To Buy Synthetix In Australia
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
Where can I buy Synthetix in Australia?
As mentioned in this guide, you can buy Synthetix from a crypto exchange in Australia that supports the token.
What do I need to open an exchange account?
The details that the exchange will need include your name, email address and phone number. In addition, some exchanges will require you to go through a KYC verification process to authenticate your details.
Is Synthetix volatile?
All cryptocurrencies are volatile, including Synthetix, which calls for caution when investing in this market.