Last update: Jun 6, 2022

How to Buy Synthetix Network Token (SNX)

Marco velaAuthor: Marco Vela - Fact-checked ✓

So you’re looking for a guide on how to buy Synthetix Network Token. Depending on your country, you’ll have various cryptocurrency exchanges to choose from.

In this guide, we not only cover the top 3 global cryptocurrency exchanges, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

Synthetix network token

How to Buy Synthetix Network Token – 4 Easy Steps

1. Choose a crypto exchange

Finding a trading platform isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have Synthetix Network Token of course.

2. Sign up with the cryptocurrency exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger cryptocurrency exchanges.

4. Buy Synthetix Network Token

Now that you have what you need to buy Synthetix Network Token, head over to the market or buy section of the cryptocurrency trading platform and buy some SNX.

If the crypto exchange doesn’t have any Synthetix Network Token on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has Synthetix Network Token first), and trade your Ethereum for Synthetix Network Token.

Where to Buy Synthetix Network Token (SNX)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
BinanceUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
FtxUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX
Etoro logoUSD, GBP, AUD, EUR, and more50+credit card, skrill, paypal, bank transfer, and moreVisit eToro
Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell Synthetix Network Token

  1. Sign into the cryptocurrency exchange where you bought Synthetix Network Token.
  2. Move your Synthetix Network Token to the right place on the crypto exchange. Some exchanges have trading accounts you need to use for buying and selling.
  3. Sell Synthetix Network Token.

 

Crypto trading

How to Buy Synthetix Network Token (SNX) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy Synthetix Network Token in Australia, the process remains the same:

  1. Find a cryptocurrency exchange below.
  2. Sign up for an account.
  3. Fund your account with AUD.
  4. Buy Synthetix Network Token if it’s available. If the exchange doesn’t have Synthetix Network Token. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Synthetix Network Token), and trade your ETH for Synthetix Network Token.

You can also check out our comparison of the best bitcoin exchanges in Australia if you’re curious to know more about which ones we would recommend.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Swyftx logoAUD, NZD300+bank transfer, POLi pay, PayID, credit cardVisit Swyftx
Binance logoUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
Ftx logoUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX

How to Buy Synthetix Network Token (SNX) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy Synthetix Network Token in Canada, the process remains the same:

  1. Find a crypto exchange below.
  2. Sign up for an account.
  3. Fund your account with CAD.
  4. Buy Synthetix Network Token if it’s available. If the exchange doesn’t have Synthetix Network Token. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Synthetix Network Token), and trade your ETH for Synthetix Network Token.

It’s also possible to take a look at our analysis of the trusted crypto exchanges in Canada if you’re looking to learn more about which exchanges we prefer.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Bitbuy logoCAD15+Wire transfer, Interac e-TransferVisit Bitbuy
Coinberry logoCADBitcoin, Ethereum, Litecoin, BCH, XLMInterac e-Transfer, Wire transfer, Credit card, Debit cardVisit Coinberry
Ndax logoCADBitcoin, Ethereum, Litecoin, and 4 morewire transfer, Interac e-Transfer, Bank draftVisit ndax

How to Buy Synthetix Network Token (SNX) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy Synthetix Network Token in the UK, the process remains the same:

  1. Find a cryptocurrency exchange below.
  2. Sign up for an account.
  3. Fund your account with GBP.
  4. Buy Synthetix Network Token if it’s available. If the exchange doesn’t have Synthetix Network Token. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Synthetix Network Token), and trade your ETH for Synthetix Network Token.

Alternatively, if you want to know more about which exchanges we prefer, read our list of the best bitcoin trading platforms in the UK.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Cex logoGBP, USD, EUR10+Bank transfer, credit card, debit cardVisit CEX
Coinjar logoGBP50+Bank Transfer (FPS), Visa, MastercardVisit Coinjar
Coinbase logoUSD, GBP, EUR150+Bank transfer (FPS), credit/debit cardVisit Coinbase

Cryptocurrency trading

Considering buying Synthetix Network Token? SNX Rundown

Synthetix ( DeFi) is a decentralized financial protocol that allows for on-chain exposure of a variety of non-crypto assets and crypto currencies. It is built on the Ethereum ( Ethereum) blockchain. Users have access to highly liquid synthetic assets (synths). The Synths track the asset and provide returns without the need to hold it.

The platform will allow users to access a stronger financial market by expanding the cryptocurrency space through non-blockchain assets.

Synthetix (DEX), is a decentralized platform and exchange that allows users to create synthetic assets. The protocol allows users to access the underlying assets through synths without the need to own the asset.

Users can trade and exchange synths autonomously on the platform. The platform also offers a staking pool, where holders can stake their SNX tokens. They are also rewarded with a portion of the transaction fees on Synthetix Exchange.

Smart contract price delivery protocols, called oracles, are used to track the underlying assets. Synthetix makes it possible to trade synths without any liquidity/slippage problems. It eliminates the need to use third-party facilitators.

SNX tokens can be used as collateral to secure the synthetic assets that are minted. This means that SNX tokens can be used as collateral for synths issued.

The protocol transitioned to Optimistic Ethereum Mainnet shortly after launch to reduce gas fees and oracle latency.

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author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.