Socios.com review and guide

The app that’s ushering the sports industry into the blockchain ecosystem.

  • Easy to use. The application is beginner-friendly and easy to set up, even for those unfamiliar with blockchain technology.
  • Limited range of teams. There is currently a small range of teams to choose from, although new teams are added regularly.

Check out our full list of pros and cons or read on.

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Details

Product Name Socios
Payment methods Credit card
Debit card
Cryptocurrency
Services Buy
Sell
Buyer fee 4.5% on all transactions
Seller fee
Blockchain Ethereum
Binance Smart Chain
Chiliz
Supported payment currencies Cryptocurrency

Socios.com is a sports app looking to bring football (soccer) fans closer to their clubs. The app stands out as the world's first fan voting and reward platform powered by blockchain technology. It is powered by the Chiliz (CHZ) token, which is the leading cryptocurrency in tokenisation and sports entertainment.

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.

What is Socios.com?

Socios.com is a sports app targeted at football (soccer) fans. The app is designed to allow fans to participate in the day-to-day activities of their favourite football clubs and earn rewards for their participation.

Fan Tokens can be issued within the platform. These give token holders power to influence the decisions of their favourite teams, which is a first in the sporting world. Fan Tokens also enable holders to unlock rewards and gain access to exclusive promotions, games and perks.

What does the Socios.com token do?

Socios.com tokens are known as Fan Tokens. Developed as utility tokens, they give owners access to services provided by the various sports clubs. The tokens offer their holders several benefits, including:

  • Voting rights. Holders of the tokens get to have a say in various decisions of their favourite football club, including bus design and kit design. They can vote within polls carried out by their club.
  • Matchday experience. Holders of the tokens get an opportunity to access the stadium during warm-ups and practice games.
  • Watching matches as a VIP guest. Socios.com tokens also allow holders to meet team members and have online meetings with players.

Other benefits include winning match tickets, uniforms or club memorabilia, and interacting with other fans around the world. While offering many benefits, the key purpose of the token is to enhance interaction between teams and their supporters.

Socios.com Fan Tokens operate on a separate authorised side chain of the Ethereum blockchain. As of writing, 28 Fan Tokens are issued by Socios.com for different clubs including Juventus, A.S. Roma, Barcelona, Atlético Madrid, PSG and Apollon FC. According to the Socios.com website, more Fan Tokens are soon to be released.

Fan Tokens are specific to a team or club. The tokens are limited in number and are fungible, which means, like cryptocurrencies, they can be traded. A user can trade Fan Tokens on the Socios.com app trading feature. The tokens can also be traded on Binance.

How to get Socios.com Fan Tokens

If you are looking to purchase Socios.com Fan Tokens, either as an investment or to participate in club decisions, there are several ways to gain access:

1. Buying Fan Tokens through the Socios.com app

The Socios.com app has a trading feature that allows you to buy Fan Tokens directly. Before buying directly through the trading feature, a user must first purchase Chiliz (CHZ) tokens. CHZ tokens can then be used to buy Fan Tokens.

CHZ tokens can also be bought directly from the Socios.com app. The cryptocurrency can also be purchased from crypto exchanges like Coinbase, Binance and Crypto.com.

How to buy Fan Tokens through the Socios.com app:

2. Receive Fan Tokens through the Token Hunt feature

Alongside purchasing CHZ and Fan Tokens, Socios.com offers its users a way to receive tokens for free. That's right – thanks to the Token Hunt feature, Socios.com provides a way for users to get Fan Tokens and Chiliz tokens without spending a dime.

Token Hunt is a Socios.com augmented reality geo-location feature that allows users to collect $CHZ, $SSU (Socios.com Loyalty Tokens) and Fan Tokens for free. According to the Socios.com site, Token Hunt is a global experience – meaning regardless of where you are on the globe, you can participate.

To participate in the Token Hunt, you'll first have to create a Socios.com user account. Free tokens you collect from the Token Hunt will automatically be added to your Socios.com wallet.

3. Fan Token Offering

It is no secret that the crypto market is one of the most highly volatile markets in existence. This is one of the key reasons many people are still cautious. However, volatility can provide opportunities for those willing to use it. Fan Token Offerings take advantage of future market volatility.

Fan Token Offerings, or FTOs, is a limited period when a number of Fan Tokens are made available for purchase at a fixed entry price. The tokens are released within the FTO before reaching the Socios.com marketplace.

Buying tokens at a Fan Token Offering allows fans to purchase them at their exact entry price. This mitigates price volatility when the tokens go live on the marketplace. If tokens appreciate in value after the FTO, fans may have benefited from purchasing Fan Tokens at a much cheaper entry price.

How to buy and sell Fan Tokens

Socios.com provides a Fan Token marketplace where you can easily buy and sell Fan Tokens. To buy and sell Socios.com Fan Tokens, you'll need a few things:

  • Socios.com app. Download the app from the Google Play Store if you have an Android and Apple App Store if you have an iOS device.
  • Create an account. Creating a user account on Socios.com is an easy process. The only information needed is a phone number and email address

Once you have created a Socios.com account, you can access its "Trading" Feature where users can buy and sell Fan Tokens.

Is Socios.com safe to use?

Since launching, Socios.com has amassed a significant user base and has partnered with world-class sporting teams. Socios.com is now the official crypto wallet and trading exchange for Fan Tokens of some of the biggest teams in the world including Barcelona, Juventus, Paris Saint-Germain, Atlético Madrid and A.S. Roma. The teams involved with the app provide credibility as each team will likely have completed due diligence before joining with the company.

While certainly a credible application, the app and associated tokens are still associated with a highly volatile cryptocurrency industry. When purchasing CHZ or Fan Tokens, the volatility of prices should always be considered.

The application requires connection to the Internet and, therefore, use of the app comes with the inherent risk of hack or exploit. This is the same for all apps on a mobile, however, not all apps will be holding the private keys to CHZ or Fan Tokens.

Verdict

Socios.com is a great way for teams and sports clubs to promote fan participation. The app is arguably one of the best sports apps powered by blockchain technology currently in the market. It provides a great platform for super fans to actively participate in the sporting teams that they love.

Pros and cons of Socios.com

Pros

  • Easy to use. The application is beginner-friendly and easy to set up, even for those unfamiliar with blockchain technology.
  • Available to use on the go. Developed as a mobile application, Socios.com is available on Google Play and Apple App Store.
  • Security. All token transactions are secured by blockchain technology.

Cons

  • Limited range of teams. There is currently a small range of teams to choose from, although new teams are added regularly.

Frequently asked questions

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