
Get exclusive money-saving offers and guides
Straight to your inbox
Updated
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
All Sports is building a decentralised public blockchain for the sports industry. Through the use of smart contracts and token systems, the platform is designed to support a wide range of sports-based dapps.
Its native cryptographic token is All Sports Coin (SOC) which was launched in January 2018 and climbed into the top 100 digital currencies by market cap in Q2 of the same year. This guide provides detailed instructions on how to buy, sell and store All Sports Coin, and how those tokens interact with the All Sports platform.
Here’s an overview of the steps, using Huobi as a sample exchange.
If you’re looking for detailed instructions on how to buy All Sports Coin (SOC), keep reading:
Step 1. Register for an account with an exchange that lists SOC
You can see a list of exchanges that allow you to trade SOC in the table above. Compare the features of these platforms before deciding on the right one for you.
To register for an account you’ll need to provide your email address and create a password. Some platforms will also require you to provide detailed personal information and proof of ID to satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) laws.
Finally, make sure you also enable 2-factor authentication (if supported by your exchange) for increased account security.
Step 2. Deposit funds into your account
There’s currently no way to buy SOC directly with Australian dollars, so you’ll need to own or acquire one of the digital currencies listed in a pair with SOC – bitcoin (BTC), ether (ETH) or Tether (USDT). If you need help on how to purchase any of these currencies, check out our how to buy BTC, how to buy ETH and how to buy USDT guides.
To deposit these coins into your exchange wallet, you’ll need to know your wallet’s address. For example, if you’re using Huobi, you can hover your mouse over the “Balances” tab and click “Deposit & Withdraw” from the drop-down menu. Next, select the coin you want to trade and click “Deposit”, then copy the wallet address and use it to transfer BTC, ETH or USDT into your account.
Step 3. Buy SOC
The final step is to navigate to the exchange page of your chosen trading platform, find the currency pair you want to trade, and enter the details of how many SOC you want to buy.
For example, on Huobi you’ll need to click the “Exchange” tab at the top of the screen and then search for the currency pair you want to trade, such as “SOC/BTC”. After choosing a limit or market order, specify the amount of SOC you want to buy or the amount of BTC you want to spend in the “Buy SOC” tab.
Don’t forget to review all the details of your transaction before clicking the “Buy SOC” button.
Back to topIf you want to sell SOC, the process you’ll need to follow is essentially the same as that outlined in step 3. However, after navigating to your exchange’s trading page, make sure you use the “Sell SOC” tab to enter your transaction details.
It’s also worth remembering that SOC is only paired with a handful of other digital currencies, so you may not be able to directly exchange it for the currency you want.
While you can keep SOC on an exchange if you wish, most crypto users recommend moving your holdings into a secure wallet that allows you to retain your private keys.
As SOC is an ERC20 token on the Ethereum blockchain, you’ll need to use an ERC20-compliant wallet. Examples you might like to consider include the MetaMask browser extension, the MyEtherWallet web interface, or a cold-storage hardware wallet like the Ledger Nano S.
Back to topAs outlined in the project whitepaper, the team behind All Sports wants:
“to create a decentralised, globalised sports blockchain platform which is deeply rooted in the sports industry ecosystem, enabling free-flow of sharing and transmission of values by all users and participants in the industry, and a variety of blockchain-based applications in the sports industry”.
The All Sports platform is designed to provide developers with a complete set of interface protocols for payment and settlement as well as application development. It will include several key features such as:
Cryptocurrencies are complicated and volatile assets, and their prices are influenced by an extensive range of competing factors. It’s essential that you understand those factors, not to mention the risks involved, before purchasing any coin or token.
If you’re thinking of buying any SOC, make sure you consider the following factors:
By doing your own research into All Sports and its SOC currency, you’ll be able to make an informed choice about whether or not you should buy any SOC.
Back to topPicture: Shutterstock
At the time of writing, the author holds IOTA and XLM.
Learn more about the DOT cryptocurrency in this beginner’s and buyer’s guide.
Learn more about the AAVE cryptocurrency in this beginner’s and buyer’s guide.
With ETH currently trading above the $1,200 threshold, experts believe that the digital currency is all set to smash its previous all-time high of $1,448.
Here are all the things you need to know for a successful gardening business.
Here are the key things you'll need to know before your cheese company is ready to start operating.
Learn more about the UNI cryptocurrency in this beginner’s and buyer’s guide.
Learn more about the RUNE cryptocurrency with this beginner’s and buyer’s guide.
The Harvest Finance hack is an excellent show of DeFi's problems, solutions and entertainment value.
Buy bitcoin and Ethereum with selected fiat currencies through Luno’s easy-to-use platform.
Where to buy, sell and exchange Bitcoin and cryptocurrency.
Find out which digital wallet is best for you.
How to begin and what to do first.
SPONSORED: Why security and regulation will improve mass adoption.