How to Buy Synthetix in the UK 

A Beginner’s Guide to Buying and Selling Synthetix Cryptocurrency in the UK

5 Min Read
Last Updated July 23rd 2021

If you’re based in the UK 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.

The cryptocurrency market is hot not ever before, presenting investors with a unique opportunity to grow their financial assets. With so many forms of cryptocurrency in the market today, there is no limit to what a skilful and patient investor can achieve. However, before entering this market as an investor, make sure that you have the right knowledge and insight to help you make wise investment decisions. 

Information and strategy are the two most important factors in this arena because they will help you make the right decision. Never depend on luck or chance, even though they may favour you sometimes. 

Synthetix (SNX) is one of the most recent cryptocurrencies today and defines an Ethereum token that powers Synthetix, a decentralized synthetic asset issuance protocol.

The following guide is tailored to facilitate the investment needs of a new market entrant. The guide uses a simple to understand language so that a beginner can take themselves on this very interesting journey of buying Synthetix tokens. 

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY SYNTHETIX IN THE UK
  2. A Step-by-step Guide to Buying Synthetix
  3. How to Sell Synthetix Tokens
  4. Which Wallets Can I Use to Hold Synthetix Tokens?
  5. How Synthetix Works
  6. Key Things to Consider When Buying Synthetix Tokens
  7. Conclusion 

QUICK GUIDE: HOW TO BUY SYNTHETIX IN THE UK

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select Synthetix
  5. Enter how many Synthetix tokens you want to buy
  6. Check the details and confirm your purchase

buy synthetix

A Step-by-step Guide to Buying Synthetix 

Follow the following guide to start buying Synthetix tokens in the UK.

Step 1: Open an exchange account

Opening an exchange account is the first step. It requires that you first investigate to find out whether that account will support the kind(s) of transactions you plan on performing. For example, in this case, the account you sign up for must be able to support transactions about Synthetix tokens and GBP currency.

To open an exchange account, visit the official website of the account you have selected and click to start with the registration process. Some of the information you will need to provide includes your name, phone number, and email address. You will also have to verify your identity and address as required by the Know-Your-Customer (KYC) regulations. Lastly, ensure that the security of your account is airtight by setting up a very strong password alongside a multi-factor authentication. 

Step 2: Deposit funds into the account

After signing up for an exchange account, sign in and deposit funds into the account. To deposit funds, all you have to do is link your bank account to the exchange account. Next, initiate a direct money transfer from your bank account to the exchange account. 

Suppose you do not wish to use GBP to buy the Synthetix tokens. In that case, the only other alternative you have is to use other cryptocurrencies to buy the Synthetix tokens. In this case, make sure you have some other cryptocurrencies in your possession on the account or elsewhere. 

Step 3: Buy Synthetix tokens

Buying the Synthetix tokens is also very easy. You can use two options to buy Synthetix tokens - using fiat currency and using other cryptocurrencies.

In the case of fiat, all you have to do is navigate to the buy section of the account and enter the amount of GBP you plan on using to buy your Synthetix tokens. After that, click to confirm your intention to continue with that transaction. Check your mail, as you will receive a notification to confirm that the transaction has already been initiated and will be completed soon. 

Supposing you plan on buying the Synthetix tokens using other cryptocurrencies, you have to click the pair that matches the tokens you have for what you plan on buying. For example, if you want to buy Synthetix tokens using Bitcoin or Ethereum, then select the pairs that read BTC/SNX and ETH/SNX, respectively. 

Step 4: Store in a crypto wallet

Now that you have bought your Synthetix tokens, you have to find a safe place to keep them. Cryptocurrencies are normally stored in crypto wallets. There are different kinds of crypto wallets, all of which have been categorized into two broad forms- hot and cold wallets.

Hot wallets serve by storing tokens online, while cold wallets serve by storing tokens offline. Hot wallets are normally used by active traders who tend to retrieve their tokens every so often for trade purposes. On the other hand, Cold wallets serve traders that tend to hold their tokens over long durations before using them. 

buy synthetix

How to Sell Synthetix Tokens

Selling your Synthetix tokens is easy. You can sell the tokens for GBP currency or in exchange for other cryptocurrencies. For the former, the GBP can be withdrawn straight from the exchange into your bank account. As regards the other cryptocurrencies, you can later trade them for GBP and withdraw from the exchange into the bank. 

To sell the Synthetix tokens, go to the sell section of the account and enter the amount of Synthetix tokens you wish to sell. Next, confirm your intention to move forward with the sell order and check your mail to notify that the transaction is already being processed. 

Which Wallets Can I Use to Hold Synthetix Tokens?

Two types of wallets are used to store cryptocurrencies - hot wallets and cold wallets.

Hot wallets serve by storing the Synthetix tokens online using provisions such as apps. Investors who use hot wallets normally retrieve their tokens frequently and upon the will, which is why they take pleasure capitalizing on storage platforms to easily access and withdraw their financial assets.

On the other hand, Cold wallets serve by storing the tokens offline and capitalize on external hardware such as USB drives. The main value of cold wallets lies in the fact that a token holder who holds a crypto wallet can store their cryptocurrencies over a long period.

How Synthetix Works

Synthetix tokens operate based on the DeFi protocol. DeFi, short for decentralized finance, mean that the tokens can be sold and bought freely without the involvement of a middleman or broker. The decentralized finance property makes the entire process safe, fast and cheaper. 

Key Things to Consider When Buying Synthetix Tokens

Among the things to consider include:

Historical performance

The performance of a coin over the past months and week can help you predict its performance in the coming months or weeks. 

Stability

A stable coin has more value than an unstable coin because investors and traders will only buy a coin if it has proven to be stable. 

Conclusion 

The Synthetix token is a good token and a worthy investment for investors who have the skill and insight to make timely investment moves. Nonetheless, it is important to always research extensively and consult with the right experts so that your investment achieves financial gain. 

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