How to Buy Synthetix (SNX)

If so, you may want to consider Synthetix, a protocol that enables its users to mint a new kind of crypto asset, called a synth, designed to mimic more traditional assets. 

Built on top of the Ethereum blockchain, Synthetix does this without an intermediary, tracking the value of the synths on its platform using a combination of smart contracts and special data feeds that allow users to gain exposure to gains or losses in those markets.

Not sure yet why you’d want to buy SNX? Feel free to read our ‘What is Synthetix?’ guide, which offers a more extensive breakdown of the project’s technology and vision. 

By lending cryptocurrencies to Synthetix, you can receive interest in the form of SNX, Synthetix’s native cryptocurrency. But there are other ways to get SNX besides earning it. 

There are a number of ways to buy SNX. However, many find that it is easiest to purchase it through a trusted global exchange like Kraken. 

Aside from offering the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world. This matters because if you lose the private key to your SNX, it can be challenging if not impossible to recover your funds. 

At Kraken, we take security seriously, with tested technology and rigorous procedures designed to safeguard funds. We don’t cut corners when it comes to security, and neither should you.

Follow the steps below to start buying SNX on Kraken: 

1. Sign up for a Kraken account.
   First, enter a valid email address, create a new username and set a strong password to protect your account.

2. Verify your account. 
   After providing your name, date of birth, country of residence and phone number, you can buy SNX with cryptocurrencies like BAL and KNC. In order to use fiat currency (i.e. USD or EUR), you’ll need to provide our experts with additional supporting documents verifying your identity. Read about our verification processes here.

3. Deposit fiat currency.
   You can fund your account in a number of ways. How you do so will depend upon your location and preferences.

4. Purchase SNX!
   Once your account is funded with fiat, you’re ready to purchase SNX. At this point, you’ll also gain access to our advanced charting tools, 24-hour global client support and the ability to utilize spot trading on margin*, features that help make the Kraken experience beloved by millions of global traders.

*Availability of margin trading services is subject to certain limitations and eligibility criteria.

Once you buy SNX, you’ll need somewhere to safely store your cryptocurrency. 

Kraken is secure, but it’s always safest to keep your SNX in a wallet, a software or hardware device that stores the public and private keys required to make crypto transactions.

Synthetix is a platform built on top of Ethereum, meaning SNX can be stored in an Ethereum wallet, of which there are many. Mobile and web wallets can make transactions easy, while hardware wallets are perhaps best suited for secure, long-term storage. 

When choosing a crypto wallet for your SNX, first spend some time thinking about what you plan to do with your tokens to find a wallet that fits your needs.
 

Ready to take the next step toward decentralized lending and borrowing? Click the button below to buy SNX on Kraken today!