Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Synthetix Network Token, and is trustworthy!
You can find our top 3 exchanges for buying Synthetix Network Token here, alternatively you can also check our comparison of the best Australian crypto exchanges if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Synthetix Network Token
And of course, the final step is to find Synthetix Network Token on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Synthetix Network Token (SNX)
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How to Sell Synthetix Network Token
- Sign into the exchange
- Find where you stored your Synthetix Network Token, either on a hardware wallet or on the exchange.
- Transfer your Synthetix Network Token to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Synthetix Network Token.
Considerations when looking to buy Synthetix Network Token.
Synthetix, a Decentralized Finance (DeFi), protocol provides on-chain exposure for a variety of non-crypto and crypto assets. It is based upon the Ethereum (ETH), and allows users to access highly liquid synthetic assets (synths). Synths can track and return on an underlying asset, without the need to hold it.
The platform will allow users to access a stronger financial market by expanding the cryptocurrency market through non-blockchain assets.
Synthetix is both a DEX (decentralized exchange) and a platform to create synthetic assets. The protocol allows users to access the underlying assets via 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 seamlessly without any liquidity/slippage issues. 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.