How to buy Synthetix (SNX)

Beginner’s Guide

What Is Synthetix (SNX)?

Synthetix is building a decentralized liquidity provisioning protocol that any protocol can tap into for various purposes. Its deep liquidity and low fees serve as a backend for many exciting protocols on both Optimism and Ethereum. Many user-facing protocols in the Synthetix ecosystem, such as Kwenta (Spot and Futures), Lyra (Options), Polynomial (Automated Options), and 1inch & Curve (Atomic Swaps), tap into Synthetix liquidity to power their protocols. Synthetix is built on Optimism and Ethereum mainnet. The Synthetix Network is collateralized by SNX, ETH, and LUSD, enabling the issuance of synthetic assets (Synths). Synths track and provide returns on the underlying asset without requiring one to directly hold the asset. This pooled collateral enables an array of on-chain, composable financial instruments backed by liquidity from Synthetix. Some of the most exciting upcoming releases from SNX are Perps V2, which hopes to enable low-fee on-chain futures trading through the usage of off-chain oracles, and Synthetix V3, which aims to rebuild the protocol to achieve its earliest goal, being a fully permissionless derivatives protocol. Learn more about Synthetix on their blog or by joining the SNX Discord.

The platform aims to broaden the cryptocurrency space by introducing non-blockchain assets, providing access to a more robust financial market.

How to Buy Synthetix Summary

Get a Synthetix wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
Find an exchange that sells Synthetix (e.g. Crypto.com, Binance , Coinbase , Bitfinex , Kucoin)
Deposit money and make the trade
Withdraw the Synthetix to your wallet

Buying Synthetix in 3 Simple Steps

Desctop & Mobile

Synthetix Hardware Wallets

Synthetix (SNX) is an ERC-20 token, which means it can be stored on any Ethereum-compatible wallet that supports ERC-20 tokens. Hardware wallets are considered to be one of the most secure ways to store cryptocurrency assets, including SNX, as they store your private keys offline and protect them from potential hacks and cyber attacks. Here are some hardware wallets that support Synthetix:

Ledger Nano S: One of the most popular hardware wallets, the Ledger Nano S supports over 1,500 cryptocurrencies, including SNX.
Ledger Nano X: The Ledger Nano X is an upgraded version of the Ledger Nano S and offers additional features like Bluetooth connectivity and increased storage capacity.
Trezor One: Trezor One is another popular hardware wallet that supports multiple cryptocurrencies, including SNX. It offers secure offline storage of private keys and has a user-friendly interface.
Trezor Model T: The Trezor Model T is a newer version of the Trezor One and features a touch screen display and enhanced security features.
KeepKey: KeepKey is a hardware wallet that supports multiple cryptocurrencies, including SNX. It has a large display and provides secure storage of private keys.

Before buying any hardware wallet, make sure to do your research and ensure that it supports the cryptocurrencies you want to store. Also, always purchase hardware wallets directly from the manufacturer or a trusted reseller to avoid potential scams.

The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.

Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.

If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.

Synthetix Software Wallets

Synthetix (SNX) is an ERC-20 token, which means it can be stored on any Ethereum-compatible wallet that supports ERC-20 tokens. Software wallets are one option for storing SNX, and they come in various forms, including desktop, mobile, and web-based wallets. Here are some software wallets that support Synthetix:

MyEtherWallet (MEW): MyEtherWallet is a popular web-based wallet that allows you to store ERC-20 tokens like SNX. It’s free to use, and you can access it from anywhere with an internet connection.
Atomic Wallet: Atomic Wallet is a desktop and mobile wallet that supports multiple cryptocurrencies, including SNX. It offers a user-friendly interface and supports over 500 coins and tokens.
Exodus Wallet: Exodus is a desktop and mobile wallet that supports multiple cryptocurrencies, including SNX. It offers a sleek and intuitive interface and has built-in exchange features.
Trust Wallet: Trust Wallet is a mobile wallet that supports multiple cryptocurrencies, including SNX. It’s designed to be secure and easy to use, and it has a built-in DEX to trade SNX and other ERC-20 tokens.
MetaMask: MetaMask is a popular browser extension wallet that allows you to interact with Ethereum dApps and store ERC-20 tokens like SNX. It’s free to use, and it integrates with various web-based applications.

When choosing a software wallet, make sure to choose a reputable provider and take the necessary security precautions to protect your assets, such as using strong passwords and enabling two-factor authentication.

Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.

Payment methods:

Credit/debit card

Buy Synthetix through Crypto.com

Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos. The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.

Buy Synthetix through Binance

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

Buy Synthetix through Coinbase

Coinbase is a convenient and cheap way to buy Ethereum and the platform is open to 200+ countries). Coinbase will sell you CRO for a variable fee that depends on your payment method (credit cards have a higher fee than wire transfers), order size and market volatility. Here’s how you buy Ethereum on Coinbase: Open a Coinbase account Add your payment method (Credit card or bank account) Go to “Buy/Sell” and select the amount of Ethereum you desire Click “Buy Cronos”

Buy Synthetix through Bitfinex

Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships. Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.

Buy Synthetix through Kucoin

Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.

Step 3 – Withdraw Your Synthetix (SNX)

Once you decide on an exchange, open an account and buy your Synthetix. Make sure to withdraw the Synthetix from the exchange to your personal wallet.

Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .

OVERVIEW

Who Are the Founders of Synthetix?

The network was launched in September 2017 by Kain Warwick under the name Havven (HAV). About a year later the company rebranded to Synthetix.

Kain Warwick is the founder of Synthetix and a non-executive director at the blueshyft retail network. Prior to founding Synthetix, Warwick has worked on several other cryptocurrency projects. He also founded Pouncer, a live auction site exclusive to Australia.

Peter McKean, the project’s CEO, has over two decades of experience in software development. He previously worked as a programmer at ICL Fujitsu.

Jordan Momtazi, the COO of Synthetix, is a business strategist, market analyst and sales leader with several years of experience in blockchain, cryptocurrency, digital payments and e-commerce systems.

Justin J. Moses, the CTO, was the former director of engineering at MongoDB and deputy practice head of engineering at Lab49. He also co-founded Pouncer.

What Makes Synthetix Unique?

Synthetix is a decentralized finance (DeFi) platform that enables the creation of synthetic assets, which are tokens that track the price of real-world assets, including commodities, fiat currencies, and cryptocurrencies. Here are some of the factors that make Synthetix unique:

Decentralized: Synthetix is a decentralized platform built on the Ethereum blockchain, which means that it’s not controlled by any single entity. Instead, it’s governed by the SNX token holders who participate in the platform’s decentralized decision-making process.
Synthetic assets: Synthetix allows users to create and trade synthetic assets, which can provide exposure to real-world assets without requiring users to actually hold those assets. This can enable greater flexibility in investment strategies and provide exposure to assets that may be difficult to access otherwise.
No Counterparty Risk: The synthetic assets on Synthetix are created through smart contracts, which means that there’s no counterparty risk. This eliminates the need for a central authority to facilitate trades and reduces the risk of default or fraud.
Incentive Mechanisms: Synthetix has an innovative incentive mechanism that rewards users who stake their SNX tokens on the platform. Staking SNX enables users to participate in the platform’s governance and earn rewards in the form of trading fees and SNX tokens.
Liquidation: Synthetix has a unique liquidation mechanism that ensures that synthetic assets remain fully collateralized at all times. If the value of a synthetic asset falls below its collateralization ratio, the system automatically liquidates the position, ensuring that the platform remains solvent.

Overall, Synthetix offers a unique approach to decentralized finance that enables the creation and trading of synthetic assets with no counterparty risk and innovative incentive mechanisms.

How Many Synthetix (SNX) Coins Are There in Circulation?

The maximum supply of SNX is 212,424,133 coins, of which 114,841,533 SNX is in circulation as of February 2021.

At the seed round and token sale stages, Synthetix sold more than 60 million tokens and was able to raise $30 million. Of the total 100,000,000 coins issued during the ICO, 20% was allocated to the team and advisors, 3% to bounties and marketing incentives, 5% to partnership incentives and 12% to the foundation.

How Is the Synthetix Network Secured?

The SNX token is compatible with Ethereum’s ERC20 standard. The Synthetix network is secured through proof-of-stake (PoS) consensus. Synthetix holders stake their SNX and earn returns from the network fees.

Another way for SNX stakers to earn rewards is via the protocol’s inflationary monetary policy, known as staking rewards.

Where Can You Buy Synthetix ?

Synthetix (SNX) can be bought and traded on several cryptocurrency exchanges. Here are some popular exchanges where you can buy and trade SNX:

Binance: Binance is a popular cryptocurrency exchange that offers trading pairs for SNX with several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Kraken: Kraken is a US-based cryptocurrency exchange that supports SNX trading pairs with BTC and ETH.
Coinbase Pro: Coinbase Pro is a cryptocurrency exchange that offers SNX trading pairs with USD and BTC.
Uniswap: Uniswap is a decentralized exchange (DEX) that allows users to trade SNX with other ERC-20 tokens.
KuCoin: KuCoin is a cryptocurrency exchange that offers SNX trading pairs with BTC and USDT.

Before buying SNX on any exchange, make sure to do your research and ensure that the exchange is reputable, secure, and has a good track record. It’s also recommended to store your SNX in a secure wallet to ensure the safety of your assets.