How to buy Status (SNT)

Your guide to buying, selling and trading SNT in Australia.

Updated

Fact checked

Status is a mobile Ethereum operating system with a mission to bring Ethereum to the masses. Built on the Ethereum blockchain, this open-source platform allows smartphone users to browse, chat and make payments securely on the decentralised web. It also allows developers to design decentralised applications (dapps) via smart contracts.

The Status Network Token (SNT) is the cryptocurrency of the Status platform. To find out how these tokens work and how to buy SNT in Australia, keep reading.

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 or trade SNT

You can buy SNT on a wide range of popular cryptocurrency exchanges, for example:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
BPAY,Cash,POLi,PayID
AUD

169
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 150 cryptos.
Bank transfer,POLi,Osko,PayID
AUD

177
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Credit card,Cryptocurrency,Debit card,Bank transfer (via third party)
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 23+ more

201
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Credit card,Cryptocurrency
USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP, HUF, ILS & 20+ more

115
cryptocurrencies

Trade various coins through a global crypto to crypto exchange based in the US.
Cryptocurrency
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.
Cash,Cryptocurrency,Electronic Funds Transfer,POLi,PayID
AUD

106
cryptocurrencies

Buy 100+ cryptocurrencies using POLi, cash or Electronic Funds Transfer.
Credit card,Cryptocurrency
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
AdvCash,Cryptocurrency,Payeer,Perfect Money,Capitalist
USD, RUB

1427
cryptocurrencies

Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Credit card,Cryptocurrency,Debit card
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

210
cryptocurrencies

Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Huobi Cryptocurrency Exchange
Cryptocurrency
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+MORE

234
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Indacoin Cryptocurrency Exchange
Credit card,Debit card
USD, EUR, RUB

158
cryptocurrencies

Use your credit or debit card to buy bitcoin and other cryptocurrency without having to verify your identity.
Bithumb Cryptocurrency Exchange
Cryptocurrency,Wire transfer
KRW

103
cryptocurrencies

A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
OKEx Cryptocurrency Exchange
Bank transfer,Cryptocurrency,WeChat
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

269
cryptocurrencies

Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
IDEX Cryptocurrency Exchange
IDEX Cryptocurrency Exchange
Cryptocurrency
-

257
cryptocurrencies

A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
Bittrex Digital Currency Exchange
Cryptocurrency,Wire transfer
USD

278
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
ShapeShift Cryptocurrency Exchange
Cryptocurrency
-

51
cryptocurrencies

Quickly swap between more than 40 cryptocurrency assets or use your credit card to instantly buy bitcoin.
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Compare up to 4 providers

Quick guide: How to buy SNT

  1. Register for an account with a cryptocurrency exchange like Swyftx.
  2. Verify your account.
  3. Go to the deposits section
  4. Select your preferred payment method and confirm.
  5. Go to the buy section and select the cryptocurrency you want to buy.
  6. Enter how much you want to buy, or how much you want to spend.
  7. Double check the details and confirm your purchase.
Go to Swyftx's site

This is our quick guide to just one way to buy SNT. Compare some other options in the table below.

How to buy SNT: Your step-by-step guide

If you want to buy SNT, here’s an example of how you can do it:

Step 1. Create an account with a cryptocurrency exchange that allows you to trade SNT

SNT isn’t listed on every cryptocurrency exchange, so you’ll first need to find an exchange that allows you to trade your chosen currency for SNT. You’ll then be able to sign up for an account by providing your name, email address and contact details.

To satisfy Know Your Customer (KYC) laws, some exchanges will also require you to provide proof of ID before your account can be fully verified and you can place any trades. Don’t forget to also enable two-factor authentication to ensure the security of your funds.

Step 2. Deposit funds into your account

At the time of writing, it’s not possible to exchange Australian dollars (AUD) directly for SNT. With this in mind, you’ll first need to acquire a crypto that’s available in a pairing with SNT, for example, bitcoin (BTC) or Ethereum (ETH), and then exchange that coin for SNT.

To deposit BTC or ETH into your account, look for the “Deposit Funds” link and generate or copy your wallet address. You can then transfer funds from the wallet where you store your BTC or ETH.

Step 3. Buy SNT

Once the funds are available in your trading account, search for the currency pair you want to trade, such as SNT/ETH. Click on “Buy SNT” and review the current market price.

You can then choose a limit or market order, specify the amount of SNT you want to buy, and check over all the details of your transaction. If you’re happy to proceed, confirm your buy order.

How to sell SNT

If you decide it’s time to sell your SNT holdings, the selling process is very similar to the buying instructions outlined in step 3 above. You’ll typically need to look for the “Sell SNT” link on your cryptocurrency exchange, and remember that it may not be possible to directly exchange SNT for your desired currency straight away.

SNT wallets

As SNT is an ERC20 token on the Ethereum blockchain, you’ll need to store your SNT in an Ethereum-compatible wallet. Examples of wallets you can use include:

How Status works

Status is a messaging platform and mobile browser designed to connect smartphone users with the Ethereum network and a wide range of dapps. Its ICO was held in June 2017 and raised more than US$100 million in less than three hours.

At the time of writing, the Status app was available in alpha release for Android and iOS devices. It allows users to:

  • Send and receive encrypted messages, smart contract, and payments.
  • Browse, chat, and interact with dapps and decentralised chatbots.
  • Store and control crypto-assets with the built-in wallet.

In November 2017, Status announced the Status Hardwallet. The beta version was available at the time of writing and allows users to store, send and receive most major cryptocurrencies, including ETH and ERC20 tokens. It also supports contactless mobile transactions using near-field communication (NFC) technology.

SNT tokens are required to perform a wide range of tasks in the Status network, such as:

  • Selecting and receiving push notifications
  • Registering a username on the Status network
  • Deploying semi-public token-based group chats
  • Contacting a user outside your network (designed to reduce spam)
  • Opting in for community developed curation mechanisms
  • Becoming a seller on a peer-to-peer, crypto-fiat exchange network

What to consider if buying SNT

Holding any kind of cryptocurrency is both complex and speculative, while market volatility can also have a significant impact on the value of any coin. With this in mind, make sure you thoroughly research all the risks and rewards of any crypto before making a purchase.

If you’re thinking of buying SNT, remember to consider the following:

  • Supply. According to CoinMarketCap, the circulating supply of Status Network Tokens at the time of writing (24/01/18) was 3,470,483,788 SNT, out of a total supply of 6,804,870,174 SNT.
  • Demand. Status Network Tokens are used to perform a wide range of functions within the Status platform. As a result, the more use the Status app receives, the more valuable SNT should potentially be.
  • Token use. We’ve outlined some of the key uses of SNT in the Status network above. For a detailed rundown of the token’s utility, check out the Status whitepaper.
  • Dapps. Anyone can list their dapp on the decentralised Status platform, so consider the apps available on Status when considering its potential future popularity. At the time of writing, companies such as uPort, Gnosis and Ethlance all had dapps available on Status.
  • Status Open Bounty. Status Open Bounty rewards developers in the cryptocurrency of their choice for contributing code and completing bounties. In November 2017, Status also announced a $1 million bounty fund dedicated to open source projects as a way of encouraging the community to find and fix bugs and vulnerabilities in the system. This has the potential to encourage technological improvements and upgrades.
  • Market competition. Finally, it’s also important to consider the challenges Status may face from competitors, such as WeChat and WhatsApp in the messaging sector, and Google Play and Apple’s App Store in the app market.
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.

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