How to buy Syscoin (SYS) in Australia
Learn how to buy Syscoin (SYS) on 10+ crypto exchanges in our step-by-step guide.
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You can buy Syscoin (SYS) on a cryptocurrency exchange like CoinSpot. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Syscoin is a blockchain platform intended to create applications that utilise the renowned safety and decentralised nature of Bitcoin. Here's how to buy Syscoin.
How to buy Syscoin in 4 easy steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy Syscoin 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.
- 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.
- Make a depositOnce verified, you can deposit $ using the payment method that best suits you – bank transfer, bpay, cash and cryptocurrency payments are widely accepted.
- Buy Syscoin You can now exchange your funds for Syscoin. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Syscoin to your personal wallet.
Where to buy Syscoin in Australia
Find an exchange to buy, sell and trade SYS by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How do I find the best places to buy Syscoin?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Syscoin?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Syscoin.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing SYS with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
Where can I buy Syscoin with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy SYS with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy SYS on the following exchanges:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase SYS by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for SYS on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Syscoin?
The easiest way to buy SYS is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying SYS, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of Syscoin has been performing recently.
Best Syscoin wallets to store your SYS
You can keep your SYS on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can learn more about wallets and compare them with our comprehensive guide.
Is Syscoin a good investment?
Cryptocurrencies are complex and speculative, and there are myriad risks you should consider before deciding whether to buy or hold any crypto. If you’re thinking of buying SYS, be sure to take the following factors into account:
- Use-case: The Syscoin blockchain has a number of potential use-cases. Sending and receiving SYS, participating in a huge number of decentralised marketplaces and synthesising your own tokens are some of the most common platform uses. Syscoin customers can also send encrypted messages, as well as create and transfer digital certificates (mostly used for data storage).
- Adoption: With Syscoin, Bitcoin and Zcash the only acceptable tender on the decentralised BlockMarket, the price of Syscoin might be tied to its uptake. As more users join and use the marketplace, it is possible that the Syscoin team will eventually adopt Syscoin as the only accepted form of payment on the platform. However, if adoption is slow BTC and ZEC may remain essential to the operation of the Syscoin marketplace.
- Competition and partnerships: Syscoin initially planned to become something like the Amazon of the decentralised web, however such an ambitious goal will naturally have roadblocks. For starters, Amazon itself is a key competitor of Syscoin’s BlockMarket, as is P2P marketplace eBay. Instead of having to contend with these e-commerce giants, Syscoin may see more success in partnering with them, which they have suggested is a long-term goal of the platform. The project’s expansion into being a smart contract platform for businesses has also helped diversify into niches that should help with adoption.
Additional information about Syscoin can be found using our SYS analysis tools.
Today's Syscoin price versus ATH
Compare today's price of Syscoin ($0.190826 USD) against its all-time-high price of $1.3 USD on 02 January 2022. The closer the bar is to 100%, the closer SYS is to reaching its ATH again.
ATH date: January 02, 2022
Syscoin ATH: $1.3 USD
How to trade, convert or sell SyscoinYou can convert or sell your SYS with the same exchange you bought it through:
- Sign in to the exchange you have SYS on.
- If you store your Syscoin in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of SYS you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Syscoin.
- Complete your transaction and move your SYS to a wallet for storage.
Disclaimer: Cryptocurrencies, including Syscoin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SYS 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 Syscoin or any other cryptocurrency discussed.
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