How to buy Synapse (SYN) in Australia
Learn how to buy Synapse (SYN) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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How to buy Synapse
1. Compare crypto exchanges
The easiest way to buy Synapse is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
2. Create an account
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
3. Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – cryptocurrency and epay payments are widely accepted.
4. Buy Synapse
You can now exchange your funds for Synapse. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking buy. If you like you can now withdraw your Synapse to your personal wallet.
Where to buy Synapse in Australia
Find an exchange to buy, sell and trade SYN by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Steps on how to buy Synapse
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Synapse.
- Compare cryptocurrency exchanges that support SYN.
Cryptocurrency exchanges differ by fees, security and payment methods, so you'll need to research which is the right fit for you. As a beginner, you don't need a big range of features, and you can always change exchanges later.
- Create an account on an exchange.
You can sign up for an account by selecting the Go to site button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address..
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Synapse.
- Buy Synapse.
Complete your Synapse purchase and then find the best wallet to store SYN.
What to consider when buying Synapse
As with any investment, it is vital you understand the risks and potential upside of the asset before making any financial decision. With regards to SYN, here are a few things to consider:
- Competition for cross-chain transactions: A large number of protocols and exchanges have observed the demand for cross-chain transactions between BSC, Ethereum, Solana, Polkadot, and a variety of other layer-1 blockchains. As a result of the interoperability issue, there are now tens of protocols focused on solving the issues faced. The Synapse Network will need to compete with protocols, such as Cosmos and Polkadot, to capture market share and, therefore, increase the use of the SYN token.
- Transition to PoS: When the Synapse Chain implements its Proof-of-Stake architecture, validators will be required to stake SYN tokens to operate on the network. Depending on the uptake from validators, this change may place increased demand on the SYN token. Staking SYN will provide economic security for the chain and lock up a portion of the token supply. This could create a supply issue for users who want to make many cross-chain transactions, which could subsequently impact the price of SYN.
- Security of cross-chain bridges: Several experts within the cryptocurrency industry, including the co-founder of Ethereum, argue that cross-chain bridges will not exist in a multi-chain future due to security issues. While an asset on its native chain is safely guarded by its own network, once it is relocated to another blockchain, its safety is dependent on the chain it is transferring to as well as the variety of protocols being used to transfer it. The adoption of Synapse could depend on the overall adoption and success of cross-chain protocols.
How to sell Synapse
You can cash out your SYN with the same exchange you bought it through:
- Sign in to the exchange you have SYN on.
If you store your Synapse in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of SYN you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Synapse.
Disclaimer: Cryptocurrencies, including Synapse, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SYN 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 Synapse or any other cryptocurrency discussed.
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