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Where and How to buy Synthetix

This guide explains how to buyΒ Synthetix (SNK) tokens step by step. It also reviews all the best crypto exchanges that list Synthetix tokens. We also point out the major factors to consider before making any investment decision.

Synthetix is one of the best DeFi coins, native to one of the most promising decentralized exchanges. It is worth buying because it has solid fundamentals and a hugely promising future. It has also performed exceptionally well in the past and already ranks high among the most undervalued cryptos.

How to Buy Synthetix (SNX) – Quick Steps

Here is a quick guide to buying Synthetix tokens in the US today via eToro. The crypto trading platform is highly regulated and easy to use. Plus, you only need $10 to start buying cryptos like Synthetix on this multi-asset brokerage.

  • Step 1: Open a crypto account: Start by creating a free crypto trader account on eToro. The process is quick and straightforward. Plus, the crypto brokerage will only ask for basic personal information and identity verification.
  • Step 2: Deposit Funds: The minimum deposit amount into eToro is $10. The brokerage supports all the popular payment methods – from PayPal, credit cards, debit cards, and even ACH transfers. Choose one and make a deposit.
  • Step 3: Find Synthetix: Type ‘Synthetix’ or ‘SNX’ on the search bar located on eToro’s home page. Click on the ‘Trade’ icon that pops up here.
  • Step 4: Buy SNX Tokens: Click on the ‘BUY’ icon against SNX. Use the trading tab that pops up here to customize this investment.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

Below, we provide you with an overview of the top crypto exchanges where you can buy Synthetix. We will also discuss everything you need to know about the DeFi coin. We tell you what it is, how it works, and review its past price action.

Where to Buy Synthetix Today

Today, tens of the best altcoin exchanges support Synthetix trading. We vetted the most popular when looking for the best place to buy this DEX token. Some of the factors that we gave highest consideration during the vetting process were the trading fees. We also considered their ease of use, customer support, liquidity, safety, and reputation.

Ultimately, we settled on the following as the best crypto exchanges for Synthetix investors.

1. eToro – Overall Best Place to Buy Synthetix Tokens in 2024

Among the many things making eToro our top choice for crypto trading platforms, ease of use and safety stood out the most. The platform has a quick client onboarding process. It also maintains a highly intuitive crypto trading platform – on both its web trader and mobile app. You even have access to a free demo account – loaded with $10,000 in virtual cash – for practice trading.

Buy Synthetix on eToro

eToro will also provide you with two free digital wallets. The exchange-based wallet is custodial and holds more than 98% of your private keys offline. If you prefer self-custody, you receive eToro Money – the brokerage’s mobile wallet app for iPhone and Android. This encrypts your private keys before depositing them into the root storage of your phone.

eToro Copy Trading

We also liked that eToro has a decent crypto library and is also deeply liquid. In addition to buying Synthetix on the platform, you can buy Bitcoin on eToro. You also get to interact with 80+ of the best cryptos to buy. The brokerage’s deep liquidity and fast transaction speeds ensure buy/sell orders are filled instantly with zero slippage.

When buying Synthetix on eToro, you will pay a fixed trading fee of 1% of the trade volume.

Pros:
  • eToro supports passive investing through copy trading and staking
  • Multi-asset trading platform supporting cryptos and traditional assets like stocks
  • Its trading platform integrates 75+ trading tools that appeal to pro-traders
Cons:
  • No crypto derivatives trading yet
  • eToro has never been hacked

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

2. KuCoin – The Best Crypto Exchange for Buying Synthetix at Low Fees

KuCoin is the best crypto exchange when buying Synthetix because of its low fees. The cost of buying cryptos here is volume-based, with the maker/taker fee ranging between -0.005% and 0.1%. You also receive a 20% discount if you settle this fee using KCS coins.

Buy Synthetix on Kuckoin

In addition to low fees, we liked KuCoin’s deep liquidity and expansive crypto library. For years now, KuCoin has consistently ranked among the 10 most liquid crypto exchanges. It also exposes you to all the best future cryptos. Here, you will get to interact with the most promising cryptos like Bitcoin and Ethereum. You also get to interact with the most volatile coins like Dogecoin, Shiba Inu, and other meme coins.

Further, we liked that KuCoin appeals to both beginners and pro-investors. On its platforms, newbies learn how to invest in cryptos and how to keep their assets safe. They are exposed to the best passive investing programs like staking, KCS bonuses, savings, and crypto lending. The KuCoin launchpool also gives everyone a chance to buy the next 100x cryptos before they explode.

Pro traders are, on the other hand, treated to advanced trading platforms – both web and mobile. These integrate 100+ customizable charting tools and technical indicators. The exchange also boasts of having one of the highest site uptime and transaction processing speeds. These, along with the low fees, make KuCoin one of the best crypto exchanges for active traders.

Pros:
  • Margin trade crypto derivatives on KuCoin with 100x leverage
  • Automate crypto trades on KuCoin with trading bots
  • Buy cryptos fee-free on KuCoin peer-to-peer trading platform
  • The KuCoin support team is available 24/7 online and over the phone
Cons:
  • KuCoin is not available to US residents

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

3. Coinbase – The Best Crypto Exchange for Beginners

Several things make Coinbase the best crypto exchange for beginners. First, it has a quick and straightforward client onboarding process. It also has a quick crypto-buying process. Here, you can buy cryptos instantly with PayPal and cards. It even has a learn-to-earn program. This rewards users with free cryptos when they learn about digital assets.

Coinbase Crypto Exchange

Coinbase is also one of the safest crypto exchanges out there. It holds as much as 98% of your crypto private keys in ultra-secure offline vaults. It then insures the remaining 2%. Your cash deposits into Coinbase are also insured by the FDIC – up to $250,000 (for US residents). It even provides you with a free self-custody wallet app for iOS and Android.

But Coinbase also appeals to pro investors. In fact, it has come up with a more feature-rich crypto trading platform dedicated to active traders – the Coinbase PRO. This features more advanced trading/analysis tools, lists more crypto trading pairs, and charges competitive fees. Most recently, it introduced Coinbase PRIME. This trading platform is dedicated to the more sophisticated or institutional crypto investors.

Several other factors help Coinbase stand out among the best crypto exchanges in the US. First, it integrates passive investing programs like staking. It has also been at the forefront of championing proper and clear regulations for the crypto industry. The only letdown is that its mobile wallet apps have a history of being hacked. Plus, it is quite vague about its crypto trading fees.

Pros:
  • Coinbase exposes you to the fast-growing Web3 ecosystem and the world of dApps
  • Pay for goods and services with Coinbase Card and earn crypto rewards
  • Use Bitcoin as collateral to borrow cryptos on Coinbase at low-interest rates
  • You can buy the best NFTs on Coinbase
Cons:
  • It maintains a rather sluggish support team

4. Binance – Best Place to Buy Synthetix for Deep Liquidity and Competitive Fees

In 2023, slightly over 40% of all spot crypto trades were conducted on the Binance exchange. You would also want to know that Binance has more Bitcoin reserves than any other crypto exchange. It is also available in 200+ countries and territories of the world – making it one of the most accessible crypto trading platforms. These are some of the factors that make Binance the best place to buy Bitcoin and other cryptos.

Buy Synthetix on Binance

Further, Binance has an expansive crypto library – with more than 400 assets. It is always quick to embrace the next cryptos to explode and the best future cryptos like Synthetix. It even has a launchpool that lets you invest in the next cryptos to explode before they hit the markets.

Even more importantly, it maintains comparatively low trading fees. When buying Synthetix or some of the new coins on Binance, you will be charged a maker/taker fee. This ranges between 0.012% and 0.1% – depending on your 30-day trade volume. Buy, you also qualify for a 25% fee discount if you pay using BNB coins.

We also list Binance here because it appeals to all classes of crypto investors. Its trading platform integrates both basic and advanced features that appeal to beginners as well as pro traders. The passive investing programs, auto-trading, and copy trading, for example, appeal to beginners. The advanced analysis tools, customizable charts, and margin traded crypto derivatives draw in experts.

Pros:
  • Buy cryptos fee-free on Binance using 900+ local/international payment methods
  • Binance is a safe exchange and even helps individuals and entities recover stolen assets
  • Access multiple crypto trading options – from spot to derivatives and even NFTs
  • Binance has a $1 Billion in-house insurance fund
Cons:
  • Ongoing legal battles with regulators in the US threaten Binance’s sustainability

What is Synthetix (SNX)?

Synthetix is decentralized exchange built upon the Optimism layer-2 protocol on the Ethereum network. It is also a trading platforms of synthetic assets (Synths). These can be likened to NFTs. They are virtual assets that replicate real world assets that can be traded and used to transfer value without necessarily holding the physical asset. This network was launched in September 2017 as Havven (HAV) and only rebranded to Synthetix in 2018.

What is Synthetix

The Synthetix network hopes to address three key issues. First, it seeks to inject more liquidity into the DEX industry. This has the extended benefit of helping investors earn passively through liquidity mining. Secondly, it hopes to make it possible for individuals and entities to transfer value without dealing with physical products. Thirdly, it presents developers with a platform on which they can build scalable, cost-friendlier, and more efficient dApps.

Today, tens of impactful dApps have been launched on the Synthetix network. It has also partnered with popular dApps and DeFi programs like Curve Finance, Kwenta, Polynomial Wallets, and Lyra. It is also undergoing major developments with the Synthetix V3 Staking Interface expected to launch soon.

SNX is the native token for this network. It facilitates transactions on this platform and is used to pay staking rewards. It launched in early 2018, and there are currently slightly fewer than 400 million SNX tokens in circulation.

Should I Buy Synthetix (SNX)?

Though not as popular as the likes of Bitcoin and Ethereum, Synthetix tokens are also worth buying. In fact, Harsh Vardhan, Editor-in-Chief at Invezz says:

β€œSynthetix stands out as an innovative layer within Ethereum ecosystem, enabling users to mint and trade synthetic assets on a decentralized platform. The system’s ability to offer rewards, high liquidity, and access to a variety of markets without slippage is highly advantageous.”

In this section, we go over the top five reasons why you should consider buying SNX tokens right now:

  • Solid fundamentals: You may want to buy Synthetix because it has solid fundamentals. It, for example, has healthy tokenomics, an active developer community, and is working towards expanding its ecosystem. All these have helped grow Synthetix’s popularity and drive up its price.
  • Grossly undervalued: At its peak in February 2021, SNX was selling for $28. Today, it has lost as much as 90% of this value but is expected to make a full recovery during the upcoming bull run. This makes it one of the most undervalued cryptos to buy right now.
  • Room for future adoption: Synthetix has already partnered with tens of popular DeFi and dApps. We expect to see more of such partnerships moving forward. They, too, grow Synthetix’s popularity and demand for SNX coins.
  • It is resilient: Synthetix has also proved its resilience and obedience to crypto market trends. But even more importantly, it has already shown signs of recovery after a brutal bear market.
  • The Ethereum network effect: When Ethereum’s price rises, it tends to take up with it all the affiliated tokens. Therefore, as Ethereum rebounds and aims for a new high in this bull cycle, it will most likely drag SNX up.

Synthetix (SNX) Tokens Price History

Synthetix tokens were introduced to the crypto markets via an ICO in February 2018. At the time, one SNX was selling for $0.67. Data from CoinMarketCap, however, indicates that it had an introductory price of $0.46. In the months following this launch, SNX prices tanked and hit the current all-time low of $0.03 in January 2019.

Synthetix Price Chart

A number of factors can be attributed to this dismal price action. The two most impactful, however, would be the onset of a bear market and low popularity. Note that Synthetix launched just as the 2017 bull market was faltering, signaling the start of the 2018-2020 bear market. Further, decentralized exchanges weren’t as popular at the time.

However, with the success of DEX platforms like Uniswap, crypto investors started recognizing similar projects. The periods leading to its peak price in 2021 were also marked by an aggressive recovery of the crypto market.

Today, Synthetix is trading more than 90% below its all-time high primarily because of the 2022/2023 bear market.

Synthetix (SNX) Price Prediction

We have addressed the question of whether Synthetix is worth buying above. In this section, we tell you if it is too late to buy Synthetix by looking at its expected future price performance. We begin by stating that the upcoming bull run will possibly have the most sustainable cryptos rebound and hit new all-time highs.

Should this happen, you can expect SNX to rally by at least 1400%. But not everyone is this optimistic about SNX’s future price action. Most algorithmic forecasters expect it to only post margin gains in the foreseeable future. Here are some of their SNX price forecasts:

Synthetix price forecast for 2024

At AMBCrypto, they expect Synthetix to continue with the slow recovery trend throughout the year. By December 2024, they expect it to trade between $5 and $6. The same forecasts are shared by the DigitalCoinPrice and CoinPriceForecast.com. These two expect SNX to end the year trading around $5.50 and $6.50, respectively.

Synthetix price forecast for 2025

If past industry performance is anything to go by, it will possibly take months before the market benefits fully from the 2024 halving event. But this promises to be a different bull run as the market will have to factor in the Bitcoin ETFs. That said, most analysts expect the market to start rallying later in the year or early 2025.

It is clear that most of the algorithmic forecasters do not factor in these fundamentals when calculating SNX’s expected future price. CoinPriceForecast and AMBCrypto, for example, do not expect SNX to break above $8 in 2025. DigitalCoinPrice forecasters, are a tad more optimistic and expect SNX to rally 7x and break above $14.

Ways of Buying Synthetix (SNX)

Different crypto exchanges expose their platform users to varied ways of buying cryptos. In this section, we look at the three most common ways of buying Synthetix crypto.

How to Buy Synthetix with PayPal

A growing number of popular crypto trading platforms will let you buy Synthetix and other cryptos with PayPal. Take, for example eToro, Crypto.com, and Coinbase. These accept PayPal deposits that you may then use to buy SNX tokens. On either platform, you can buy cryptos instantly with PayPal or use the payment processor to fund your trading account.

There are several reasons why you would want to buy cryptos with PayPal. First, it processes deposits to crypto exchanges instantly. Secondly, most crypto exchanges – like eToro – won’t charge you a deposit processing fee for PayPal deposits. Thirdly, it has decent maximum daily transaction limits. On the flipside, though, PayPal charges relatively high transaction processing fees.

How to Buy with Credit Cards and Debit Cards

You may also choose to buy Synthetix with credit cards and debit cards. This is one of the most popular and most accessible online payment methods. In fact, virtually all the crypto exchanges that we have discussed above will process card deposits and withdrawals.

As is the case with PayPal, there are a number of perks to buying cryptos with cards. For starters, card deposits to crypto trading platforms are processed instantly.Β  They also have competitive maximum daily transaction limits. The only major downside to buying crypto with cards is that they charge high transaction processing fees.

How to Buy Synthetix with a Bank Deposit

Banks are by far the most accessible payment method in the world. This explains why virtually all the top altcoin exchanges let investors buy Synthetix with a bank wire transfer. The greatest perk of buying SNX with a bank transfer is that most exchanges maintain high maximum daily transaction limits. eToro, for example, doesn’t have a maximum limit for bank deposits.

On the flip side, though, banks are more bureaucratic. At times, takes days before the deposit is reflected in your account. Further, banks tend to charge relatively high transaction processing fees.

How to Buy Synthetix on eToro – A Beginner’s Guide

In this section, we provide you with a detailed overview of the crypto-buying process on eToro. This should teach you how to buy your first SNX token on the multi-regulated crypto brokerage.

Now, let’s learn how to invest in Synthetix crypto in 5 simple steps:

Step 1: Register a Crypto Trading Account

Open an eToro Account

Start by opening the official eToro website on your browser or downloading the eToro mobile trading app. On either platform, hit the “Join Now” icon and complete the user registration form that pops up. The brokerage will ask for your name, email address, country of residence, and phone number. It will also inquire about your trading experience and income sources.

Step 2: Verify the Account

The registration process on eToro is only complete after you have verified your identity. Simply upload a clear photo of your government-issued identification document to eToro. This may be your national ID, passport, or driver’s license.

Step 3: Deposit Funds

Log in to the approved trader account and hit the “Deposit Funds” icon on your user dashboard. A funding tab will pop up indicating all the payment options available to you – based on your country of residence. Choose one and follow the prompts to deposit a minimum of $10.

Step 4: Find Synthetix

Search for Synthetix

After the payment is reflected in the trader account, hit the “Discover” icon on your user dashboard. This will open a window showing all the assets available on eToro. Choose ‘Crypto.’ From the list of supported digital asses that pops up here, find Synthetix.

Step 5: Buy SNX Tokens

Buy SNX

Hit the “BUY” option against Synthetix tokens to bring the trading tab. Use this tab to customize the investment by indicating how much you intend to invest in Synthetix. Hit the “Open Trade” button to execute this investment.

Conclusion – Where to Buy Synthetix Tokens

By reading our how to buy Synthetix guide, you can learn how to invest in the SNK tokens using a few simple steps. The digital assets popularity has helped it list with the top crypto trading platforms. In the above guide, We have also also discussed reasons why we believe it is worth buying and glossed over its past and expected future price performance.

Do you want to start buying Synthetix tokens right away? Follow the step by step guide to buying SNX on eToro that we have outlined above.

Cryptoassets are a highly volatile unregulated investment product. No EU investor protection.

References:

FAQs on Where to Buy Synthetix Tokens

Where can I buy Synthetix tokens in 2024?

Synthetix is currently listed on all the popular crypto trading platforms. Of these, you will want to try out eToro because it has a quick crypto-buying process. It is also safe and appeals to both novice and pro investors.

Yes, Synthetix is worth buying because it has solid fundamentals and has already shown signs of recovery. That it is undervalued makes it a great addition to any crypto portfolio.

Yes, there is a general consensus among analysts, forecasters, and investors that Synthetix will eventually rebound. The most optimistic expect it to make a full recovery and rally by more than 14x. The not-so-hopeful do not expect it to break above $8.

For starts, you can have capital gains if you simply and hold SNX tokens. You may also stake these tokens on the Synthetix network and earn rewards. You may also provide liquidity to pools on the Synthetix DEX and share the income generated in the form of transaction fees.

Synthetix tokens are grossly undervalued but also have a hugely promising future. These makes them the ideal buy for a long term crypto investor.