How to Buy Synthetix in the USA

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

Last Updated July 23rd 2021
5 Min Read

If you’re based in the USA 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.

Suppose you are an investor looking for ways to diversify your investment portfolio and minimize your financial risks. In that case, the cryptocurrency market is for you. Offering multiple tokens that you can choose from, there is no limit to what you can achieve in this very agile and dynamic market. However, before you start investing, consider seeking the advice of an expert or someone with enough knowledge and experience so that your investment will not be an exercise in futility. 

Another important factor is the assurance that you will survive financially if the investment does not yield fruit because there is no doubt that the crypto space is a very risky arena. 

There are many cryptocurrencies in the market today, and Synthetix is just one of them. Synthetix is derived from the native token SNX, an Ethereum-based protocol for the issuance of synthetic assets. The SNX protocol enables the issuance of synthetic assets over the Ethereum blockchain.

The following is an instruction manual on the steps you have to take when you want to buy Synthetix tokens. The guide uses simple terms and language that is easy to understand so that you will be able to comprehend and take yourself through the entire procedure. 

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY SYNTHETIX IN THE USA
  2. A Step-by-Step Guide to Buying Synthetix Tokens
  3. Store in a Crypto Wallet
  4. How to Sell Synthetix Tokens
  5. Things to Consider When Buying Synthetix in the USA
  6. Conclusion

QUICK GUIDE: HOW TO BUY SYNTHETIX IN THE USA

  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 Tokens 

Follow the following guide to start buying Synthetix tokens in the USA

Step 1: Open an exchange account 

The first step is to sign up for an exchange account. An exchange account is the most reliable place where you can conveniently buy cryptocurrencies. Before starting the registration process, research to determine whether the account can directly facilitate transactions involving Synthetix tokens and USD currency. The registration process requires that you provide details such as your name, contact information and email address. 

As part of the registration process, you will also have to comply with the KYC rules that demand customers verify their identity and address. In this regard, you will have to provide a government-issued identity card and a sample of your utility bill for identity and proof of address verifications, respectively. 

To ensure that the account is safe from access by anyone who is not authorized, make sure that you set a very strong password and never share it with anyone. You can also set a multi-factor authentication to further enhance the level of account security. 

Step 2: Deposit funds to the account 

The next step involves putting money into the exchange account in readiness for when you want to start buying Synthetix tokens. You can fund your account by linking your bank account to the exchange account and initialling a direct money transfer. Alternatively, you can link your credit or debit card and use these as a means to funding the account. The options described above are for when you intend to buy Synthetix tokens using fiat currency instead of the alternative option.

Supposing you plan on buying Synthetix tokens by exchanging them for other currencies. All you have to is buy the other cryptocurrencies and have them ready in your exchange account. 

Step 3: Purchase Synthetix tokens

When you want to start buying your Synthetix tokens, go to the buy section of the account and enter the amount of USD you plan on using to buy the Synthetix tokens. This is, of course, for when you are using fiat currency as a means for buying. After you have specified how much you want to spend, click to confirm the transaction, then check your mail. You will receive a confirmatory message that the transaction has been initiated. 

Supposing, however, that you wish to use other cryptocurrencies to buy the Synthetix tokens, then all you have to do is select a pair matching the trade you want to perform. For instance, if you wish to buy Synthetix tokens using Ethereum Classic, select the pair that reads ETC/SNX and for Ethereum to buy Synthetix tokens, then select the option that reads ETH/SNX. After that, confirm your order, and the transaction will be processed immediately. 

buy synthetix

Store in a Crypto Wallet 

After you have bought the Synthetix tokens, you have to find a secure place to store them. Cryptocurrencies are normally stored in a crypto wallet. There are two broad forms of crypto wallets that you can use to store the tokens - hot and cold wallets.

Hot wallets serve by storing the holder's tokens online over an app of their choosing. Online storage ensures that you can retrieve your financial assets (cryptocurrencies) at will whenever you wish to use them. 

Cold wallets are the complete opposite of hot wallets and store the tokens of the wallet holder offline. The cold wallets use external hardware such as USB drives to store the cryptocurrencies. The main advantage of a cold wallet over a hot wallet is that the former is less susceptible to internet attacks by hackers. The main advantage of a hot wallet over a cold wallet is that the former makes it easy to access the tokens at any time. 

How to Sell Synthetix Tokens 

After a period of storing the Synthetix tokens and you finally want to sell them for profit or as a means to escape a looming loss due to market decline. Selling Synthetix tokens is done over at the sell section of the account. Here, please enter the amount of Synthetix tokens you plan on selling and what you are selling it for. 

For example, if you want to sell your Synthetix tokens for USD and then withdraw from the account, choose SNX/USD. If you want to sell them for other cryptocurrencies, say Bitcoin, then select SNX/BTC. 

Things to Consider When Buying Synthetix in the USA 

Some of the factors to consider include:

History of the coin

You can evaluate the history of a coin and use that analysis to predict how the coin may be performing in the days, weeks or months to come.

Acceptance

Before buying a coin, ensure that it is generally accepted and therefore available in the market. This ensures you do not buy a coin you may not be able to sell. 

Uses

A coin that has multiple uses is far more valuable than one with only one use. 

Conclusion 

The description above is meant to help you buy, sell or store your Synthetix tokens. However, it would help if you did not rely on this information alone. There is a lot you can still learn about the cryptocurrency market that will certainly help you when you are finally ready to start trading. 

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