How to buy SingularityNET (AGI)

Read our guide to buying and selling SingularityNET AGI tokens.

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SingularityNET is a decentralized artificial intelligence (AI) marketplace. Designed to let anyone create, share and monetize AI services, it allows users to access a global network of AI algorithms and services. AGI tokens are the native currency of the SingularityNET platform and can be used to pay for AI services. They also entitle holders to voting rights on the platform.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy, sell and trade AGI

Comparing exchanges can help you find the right fit for your needs. We've looked at more than 20 exchanges, and you can sort our comparison table by deposit method, fiat currency support and crypto support. You can find AGI tokens on the following crypto exchanges:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD

270
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

297
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 250 cryptos.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

262
cryptocurrencies

Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Cointree Cryptocurrency Exchange
Cash, Cryptocurrency, POLi, PayID, Online banking
AUD

169
cryptocurrencies

Finder Exclusive: New members get $10 bonus after first trade. T&Cs apply.
Buy 150+ cryptocurrencies with fast-growth portfolio insights, and the ability to swap any coin to any other instantly.
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

266
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
An Australian based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

212
cryptocurrencies

Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

164
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
IDEX Cryptocurrency Exchange
Cryptocurrency
-

257
cryptocurrencies

A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
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Compare up to 4 providers

A step-by-step guide to buying SingularityNET

Set up an account with an exchange that supports AGI in three steps.

Step 1. Create an account on an exchange that supports AGI

Look for an exchange that lists AGI in one or more currency pairings, and sign up with your email address and a password. Compare exchanges when buying AGI to find the lowest fees and freshest exchange rates.

  • Note: Many exchanges also require your full name, contact information and proof of ID before allowing you to trade.

Step 2. Deposit funds into your account

If your exchange supports SingularityNET you'll be able to buy AGI directly with Australian dollars (AUD). Some exchanges charger varying fees depending on the amount of AGI you're buying, so pay attention to the cost of your transaction.

  • Note: Some payment methods have higher fees, with credit card payments usually being the most expensive.

Step 3. Buy AGI

Navigate to the markets section on your chosen exchange to find your desired AGI pairing. Look for the section on buying AGI, and type in the amount of the paired cryptocurrency you want to spend or the amount of AGI you want to buy.

  • Note: Carefully review your transaction details — including the amount of AGI you're buying and the total cost of the purchase — before completing the transaction.

How to sell SingularityNET

If you want to sell your AGI tokens, the process you’ll need to follow is more or less the same as in Step 3. However, after navigating to the exchange page, make sure you enter your transaction details in the “Sell AGI” field rather than the “Buy” box.

Remember, too, that AGI is not paired with every possible digital currency available, so you might not be able to directly exchange your tokens for the currency you desire.

Which wallets can I use to hold AGI tokens?

Keeping coins and tokens in an exchange wallet exposes you to security risks and is not recommended by most users. It’s generally considered much safer to move your holdings into a separate wallet that allows you to retain full control of your private keys.

As AGI is an ERC20 token on the Ethereum blockchain, you’ll need to find an ERC20-compliant wallet. For example, you might want to store your AGI in MyEtherWallet, access your holdings through the MetaMask browser add-on, or use a hardware wallet like the Ledger Nano S.

How SingularityNET works

The AI industry is booming at the moment and could be worth as much as US$14.2 billion by 2023. However, because it’s such a new field, there’s a sizeable disconnect between the scientists and researchers developing AI tools and the myriad businesses that want to use them. Not only is it difficult to find an AI solution customised to suit the specific needs of a business, it’s also an expensive process.

This is the problem that SingularityNET hopes to overcome. The aim of the project is summed up in this extract from its whitepaper:

“SingularityNET is an open-source protocol and collection of smart contracts for a decentralised market of coordinated AI services. Within this framework, the benefits of AI become a global commons infrastructure for the benefit of all; anyone can access AI tech or become a stakeholder in its development. Anyone can add an AI/machine learning service to SingularityNET for use by the network, and receive network payment tokens in exchange.”

Over time, the network will evolve into a fully decentralised and autonomous marketplace.

The CEO and Chief Scientist of SingularityNET is Dr Ben Goertzel, a key figure in the world of AI who is perhaps best known for his role of Chief Scientist at Hanson Robotics. Dr Goertzel played a key role in the development of Sophia, the first robot to be granted citizenship of a country.

SingularityNET’s December 2017 ICO also made headlines when it raised US$36 million in the space of a minute.

What to consider if buying SingularityNET

Digital currencies are volatile and complex, so buying any crypto comes with a high level of risk attached. With this in mind, it’s essential that you do your own research and carefully assess any factors that could influence the value of a particular token.

If you’re thinking of buying any AGI tokens, remember to consider the following:

  • Distribution. The 1 billion tokens minted during the ICO were distributed as follows:
    • 50% to token sale participants
    • 20% to a reward pool (released over a period of 10 years to AI agents participating in the network)
    • 18% to founders
    • 8% to the SingularityNET Foundation
    • 4% to campaign supporters
  • Use. AGI tokens are needed to access SingularityNET. Token holders can use AGI to purchase goods and services in the marketplace and may one day be able to vote on specific governance issues concerning the network.
  • SingularityNET Foundation. As the network is being established and developed, SingularityNET will be regulated by a nonprofit foundation, whose activities are advised and monitored by a supervisory board.
  • Competitors. It’s worth comparing SingularityNET with other projects that aim to combine AI and blockchain technology to see how it stacks up. Some of the other crypto projects worth a look include Cortex and DeepBrain Chain.

Make sure you consider these and a wide range of other factors before making a final decision on whether or not to purchase any AGI tokens.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Images: Shutterstock

Disclosure: At the time of writing the author holds ADA, IOTA and XLM.

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