How To Buy Syscoin | Ultimate Guide To Buy SYS
SYS is the native currency of the Syscoin blockchain. The platform provides trustless interoperability, token and asset micro-transactions that are scalable, and bitcoin-core-compliant security. According to the developers, Syscoin interoperates with any Ethereum standard ERC-20 token without requiring second or third-party liquidity providers. It offers fast and low-cost tokens, assets, and nonfungible tokens secured by Bitcoin's censorship resistance and hashrate.
This trading and investment guide is designed to help you understand the various aspects of SYS and how you can trade it with ease. Our guide will provide you with enough data to help you make well-informed trading and investment decisions. We have added unique tips, the latest information, and the steps you need to take to purchase SYS.
5 Steps to Buy Syscoin with eToro Now
Buying any cryptocurrency with eToro is easy, simply follow the steps below:
1Sign up for free with eToro, entering your details in the required fields.
2Fill out the questionnaire, this is both educational for you and eToro.
3Click 'Deposit', you'll then be asked how you want to fund your account.
4Choose your required payment method, follow the simple steps to link your payment.
5Enter the amount you want to deposit and you're good to go!
Our Recommended Platform to Buy SYSCOIN
Visiting this page signifies that you wish to learn about SYS and how you can safely trade and invest in it. We encourage you to read the entire post to get the necessary information required to make the right trading decisions.
However, if you already know about SYS and you want to start trading the cryptocurrency right away, we have gone through the trouble of selecting the best platforms to help you get started. You can choose from the list of our recommended platforms to start trading.
Where to Buy SYSCOIN in 2021
As an investor, knowing where to buy SYSCOIN is very important. There are basically two types of platforms you should look at when buying the cryptocurrency, depending on your outlook of the cryptocurrency.
If you follow the Syscoin project and believe in its long-term potential, you might want to buy the SYS coin and hold it. In this case, crypto exchanges are where you buy the coins. Exchanges allow you to buy and hold the actual SYS coins. You can store the coins in your exchange wallet or transfer them to your private wallet if you wish to hold them for a year or longer.
On the other hand, if you are only interested in the quick profits available from SYS investment, then you shouldn’t consider crypto exchanges. You should look to crypto brokers to buy SYS coins. Crypto brokers offer you access to the SYS coin via CFDs and futures. This way, you can invest in the cryptocurrency without holding or storing the real coin.
How to Buy SYSCOIN with a Broker
Crypto brokers are specially designed to allow people to invest in a wide range of cryptocurrencies. However, with crypto brokers, you are not investing in the cryptocurrencies but rather betting on their performance. Crypto is relatively new, and several companies are springing up and offering crypto-related services. We advise trading with a regulated cryptocurrency broker. These are regulated entities that ensure the safety of your funds at all times. We encourage you to find out about the regulatory status of a crypto broker before you register with them. Also, carry out research on other crucial information about the broker, including liquidity, security, UI, and more.
1. Register with the Broker
To buy the SYS coin with a broker, you need to open an account with one. Brokerage platforms have an easy registration process. eToro and Pepperstone require users to start by providing their username, password, and email address. To ensure the safety of your account, we recommend using a password containing 6-20 characters with a minimum of one capital letter, number, or symbol for security. Ensure that you choose a broker that you are comfortable with their registration process.
2. Verify your Identity (KYC Process)
Since we only recommend regulated crypto brokers, you will have to verify your brokerage account. This is because the brokers we recommend are highly regulated and follow regulations such as the standard KYC (Know Your Customer) and anti-money laundering (AML). Verifying your account allows you to carry out certain functions such as trading and withdrawing your funds.
The verification process involves submitting an official ID like a driving license or a passport, proof of residence, and sometimes proof of earning. This step is inserted to provide a greater protection level for the traders and the platforms themselves. The account verification process lasts a few minutes, and your account will be verified in less than 24 hours.
The AML and KYC regulations give the cryptocurrency industry a professional appearance. Hence, several crypto service providers are encouraged to implement them on their platforms.
3. Deposit Funds with your Preferred Payment Method
The third step is to fund your crypto brokerage account. Each broker offers numerous payment options, and you can choose the best one for you. However, it would help if you considered a few factors when choosing the payment method.
- Speed of the transactions
- Cost of transactions
- Availability in your country or region
These conditions are crucial when choosing the payment method you wish to use. While PayPal is excellent because of its low fees, it is not readily available in all countries, and some platforms don't accept it. Credit cards are widely used, but their transaction fees are quite high. With bank deposits, the transaction takes days before it can reflect in your brokerage account. However, ensure that the deposited funds reflect in your account before you start trading.
4. Open a Position to Long/Short SYSCOIN
Shorting or longing for a cryptocurrency are two different concepts. You need to know the difference between the two to help you make trading decisions. If you are bullish on the Syscoin project and believe that the cryptocurrency's price would trade above its current price in the future, then you will buy and hold the coin for long-term profits. In this case, you are opening a long position on the cryptocurrency.
However, if you are bearish on the coin's performance and believe it will dip in the coming months or weeks, you can open a short position. This means that you are betting on the price to decline. If your prediction comes true, you will make a profit by betting against the coin. Understanding the difference between short and long can help you leverage both to make profits from SYS trading.
Risk management techniques are important if you are trading SYS with a crypto broker. Inserting trading limits such as stop loss and take profit will help you get out of favourable situations at the right time or avoid further losses on your trades.
5. Close your Position
Finally, you can close your positions once the cryptocurrency reaches the desired profit level. By implementing stop loss and take profit limits, you are granting the broker the power to close your trades automatically once they reach certain thresholds. The crypto market operates 24/7, and you can't be online to monitor the trade at all times. Hence, setting the trading limits helps you become a good trader. We advise learning everything about closing positions via the educational resources available on the platform or this website.
How to Buy SYSCOIN with an Exchange
Another avenue to buy SYS is via cryptocurrency exchanges. Crypto exchanges are the first and most popular platforms for buying cryptocurrencies. However, exchanges allow you to buy and hold the actual SYS coins. Crypto exchanges are for traders and investors who prefer to deal with the actual coins instead of betting on their prices.
It is recommended to buy SYS from exchanges if you intend to hold the actual coins for the long term. However, we advise you choose a reputable crypto exchange that offers favourable trading, deposit and withdrawal fees.
Buying SYS from regulated crypto exchanges is better because of the high level of security you will enjoy. Some exchanges operate outside the purview of the law, which means that you can lose your funds with them at any time. This is avoidable if you use only regulatorily compliant cryptocurrency exchanges. In case of a hack, the regulated exchanges can repay their customers.
1. Set up a SYSCOIN wallet
SYS is the native coin of the Syscoin blockchain. Just like other cryptos, setting up a SYS wallet is easy and can be done by even newbies. After launching your wallet, it will be ready to use, and you can store the SYS coins right away.
- Exchange/Online wallets: The first option is crypto exchange and online wallets. However, these crypto wallet types don't offer the same level of security, and exchanges have been prone to hacks and attacks over the past few years. We recommend holding the SYS coins on the exchange wallet if you intend to trade the coins regularly.
- Desktop wallets: They are software programs on your computer that allow you to store the SYS coins. The desktop wallet you choose must support SYS and provide good security measures.
- Cold wallets: These wallets are the best and the most recommended. The cold storage wallets are the most secure amongst the various wallet types. They offer the needed security to store your SYS coins for a long time. These cold storage wallets are hardware devices that usually come in the shape of a flash drive. Ledger, Trezor, and KeepKey are the most popular cold storage wallets currently available to investors.
As an investor, the safety of your SYS coins is the most important thing. Hence, the reason why we emphasise you use a wallet that provides extra security measures such as 2FA. You also have to use strong passwords and store your keys in a secure place. You can learn more about how to protect your crypto cold storage wallets here.
2. Choose and Join an Exchange that Offers SYSCOIN
It is impossible for a crypto exchange to list all the cryptocurrencies. Hence, it would be best to find an exchange that supports SYS before you start trading it. As one of the top 300 cryptos by market cap, SYS is available on some leading exchanges like Binance, Bittrex, CoinEX and Upbit. Check the features of the crypto exchanges and select the one that fits your investment needs.
3. Choose Your Payment Method for Buying SYSCOIN
The next step is to select your payment method and fund your crypto exchange account. Credit and debit card options are available on virtually all crypto exchanges and allow you to fund your account within minutes. As a first-time trader or investor, you shouldn't be surprised if your bank or financial institution calls to ask you if you want to authorise the transaction.
You can also fund your crypto exchange account via your bank account. The bank transfer method is slow, and it takes days for the funds to reflect in your exchange account. Once the deposited funds are available, you can use them to buy BTC or USDT and convert them to SYS.
Regardless of the payment option you are using, you need to ensure that the selected crypto exchange is regulatory compliant, thus ensuring that your deposited funds are safe.
4. Place an Order to Buy SYSCOIN
SYS is not one of the top cryptocurrencies, which means only a few platforms allow users to buy it directly using fiat currencies. Hence, you have to buy BTC or USDT first and swap them for SYS. Check the SYS trading pairs on the exchange to know the leading coin you would buy.
Once you have your funds ready, find the SYS trading pair that you need, and place an order to buy the token. You can buy at the market price (market order), or specify a price at which you would like to buy (limit order).
5. Safely Storing your SYSCOIN
After successfully purchasing SYS from the crypto exchange, you should transfer them to a secure cold storage wallet. This is important, especially if you intend to hold the coins for a long time. We prefer cold storage wallets because they offer tighter security. However, if you want to trade the SYS coins to earn daily profit, there is no need to transfer the coins.
Your funds are safe in the cold storage wallet. However, if you wish to transact the SYS coins from your cold storage wallet, you will have to use your wallet's public key. Fill out the recipient address with the address and your public key and select the amount of SYS coins you intend to transfer. Adding 2FA to your wallet provides you with an extra layer of security.
Should you Buy or Trade SYSCOIN?
Trading and investing in SYS are two different things. When you trade SYS on exchanges, it also differs from when you do the same with a broker. Understanding the differences can help you become a successful crypto investor or trader. Those seeking quick profits will want to trade, whereas those planning on a long-term investment will simply buy SYS and lock the coins away.
What's the Difference between a SYSCOIN Exchange and a Broker?
The model of operation for exchanges and brokers is not the same. When you trade with a crypto exchange, you are buying and holding the actual coins and trading them against other leading cryptocurrencies. Hence, you can trade SYS against other coins such as BTC or USDT.
However, when you trade with brokers, you are speculating on the price performance of the SYS coin. You are not holding the actual coins but trading them as a contract for difference (CFD). Crypto brokers allow people to gain exposure to cryptocurrencies without holding the actual coins.
SYSCOIN: Long vs. Short Term Investment
Long and short-term investors operate differently. As a long-term investor, you are buying SYS so you can hold it and earn profits in the long run. The holding period could last months or sometimes years. If this is what you want, then the best place to buy SYS is from crypto exchanges and store the coins on cold storage wallets to ensure safety.
However, if you want to make profits in the short term, you can buy SYS and hold it for a while to earn profits. This investment model is best suited to cryptocurrency brokers. They allow you to bet on SYS's performance, and you don't have to go through the stress of buying and holding the actual coins.
3 Tips to Buy SYSCOIN
This guide has provided numerous ways to buy SYS. However, there are certain things you should learn to become a successful SYS trader.
1. Choose the Right Time and Do Your Own Research on SYSCOIN
Researching the project you want to invest in is one of the things you have to do as a cryptocurrency investor. Take the time to understand what the project does and the cryptocurrency's potential. We don't recommend relying on a single source of information. It is best to read expert analysis from multiple sources and read the latest news about the cryptocurrency. This gives you the necessary information to pinpoint favourable market opportunities and take advantage of them.
2. Comparing Costs to Buy SYSCOIN
Trading SYS on exchanges differs because the platforms offer varying rates. You need to compare the rates offered by the exchanges and go for the one that offers the best. It would help if you did the same for crypto brokers that support the cryptocurrency.
3. Safety and Security when Buying SYSCOIN
The third tip is to ensure the safety of your cryptocurrencies. Ensure that the trading platform you are using has strict security protocols and has a good reputation. Digital currency exchanges have lost billions of dollars to hackers in recent years, and you don't want to fall victim to such an awful event. The security of your coins is important, which is why we have mentioned it several times in this guide. Ensure that the exchange or broker offers maximum security measures for your crypto funds.
What is the Best Payment Method to Purchase SYSCOIN?
- Buy SYSCOIN with cash: You can deposit fiat currencies like the GBP, EUR or USD and use it to purchase SYS on crypto exchanges or brokerage platforms.
- Buy SYSCOIN with Credit Card: Buying BTC or USDT and exchanging it for SYS.
- Buy SYSCOIN with Bank Transfer: Depositing funds to buy BTC or USDT and swapping it for SYS
- Buy SYS with Bitcoin: For those who want to buy SYS coins by using major cryptocurrencies such as BTC or USDT.
- Buy SYSCOIN with PayPal: Buying BTC or USDT and swapping it for SYS. The PayPal payment feature is not available in all countries and not on all crypto trading platforms.
Other Ways to Buy SYSCOIN
While the trading and investment methods mentioned above are the most popular ones, there are other ways to buy the SYS coins.
- P2P (Peer to Peer) exchanges are popular in the crypto space, and they allow traders to transact directly. These P2P platforms connect the buyers and the sellers, allowing them to set prices for the cryptocurrencies. Depending on the network congestion, P2P transactions usually have very low fees.
- Staking: You can also obtain SYS via staking. Staking is the process of earning rewards for securing the SYS network just by holding the coins in your wallet. You will earn more SYS coins when you stake it.
While P2P is not as popular as the other options listed above, it is a great way to purchase the SYS coin.
This guide is packed with the necessary information to allow you to easily start buying, trading, and investing in SYS. However, we want to make the trading process easier for you, and we chose a few crypto exchanges and brokers that support the SYS coin. The chosen platforms are highly secure and very reliable, with excellent reputations.
Frequently Asked Questions
What you invest in SYS is solely your decision. However, it would be best to think about factors such as your risk tolerance level and how much you have to invest in SYS.
SYS is available on a wide range of exchanges such as Binance, Bittrex, Upbit and Livecoin. You can also access SYS with cryptocurrency brokers. However, with a broker, you are buying the CFD of SYSCOIN, and you don't have access to the actual coins.
The major SYS trading pairs on exchanges are BTC and USDT. You can use either of these to buy SYS.
You can use SYS to trade against other leading cryptocurrencies such as BTC or USDT. Furthermore, you can hold the coin for the long-term and earn profit from it.
No, there isn't. The period you choose to invest in SYS depends on you. However, the best time to buy is when the prices are low. Hence, keep an eye on the market and make smart decisions about when to enter the market. Our crypto guide gives you the necessary information to make smart trading and investment decisions.
It is not recommended to leave your SYS on crypto exchange wallets. If you are a long-term investor, transfer the coins to your cold storage wallet instead, as they offer better security for your funds.
Cold storage wallets are the preferable ones. Ledger and Trezor are the most popular cold storage wallets. However, you can also use other wallet types such as desktop wallets and exchange wallets.
You can get the latest SYSCOIN news from our website. We provide you with the latest SYS news. Also, you can get more information from leading news platforms.