Hello there, crypto enthusiasts! So, you’re wondering how to buy Siacoin. I’ve got excellent news for you: I will teach you where to purchase Siacoin and how to get it! At the time of writing, cryptocurrencies are cheaper than at their all-time highs! This suggests you may get a good deal. In this ‘How to Buy Siacoin’ article, I will provide an overview of the coin. I’m sure you know this, but I thought I’d mention it if you aren’t!
After that, I’ll list some of the most significant cryptocurrency exchanges where you may buy them. Finally, I’ll lead you through a detailed step-by-step overview of how to buy Siacoin.
I hope you’re ready because we’ve got a lot to cover!
What exactly is Siacoin?
Siacoin is a cryptocurrency initiative that hopes to use blockchain technology to disrupt the cloud storage business. Nebulous Inc founded the Siacoin, which Luke Champine and David Vick presently run. Centralized organizations such as Amazon and Google are now dominating the cloud storage market. This has resulted in high fees and lax security, which Siacoin claims to have resolved.
Anyone around the globe may rent online storage space by using the platform. Alternatively, anybody who wishes to host data by donating hard drive space may earn Siacoin! The decentralized network means that no single person or authority controls it. Instead, numerous nodes validate data transfers, ensuring that the Siacoin servers will never fail or no one will be able to hack them.
According to the team, customers would be able to store 1 Terabyte of data for just $2 per month, which is much less than Amazon’s charge of $23 per month. Although Nebulous Inc issued the Siacoin in late 2015, it wasn’t until mid-2017 that the coin began to see significant growth. Siacoin, like most other cryptocurrencies, reached its highest ever price in January 2017, at 9 cents, with a total market value of slightly under $3 billion. Again, like with most other cryptocurrencies, its value has fallen.
So, now that you know what the project’s goals are, the next section of my ‘How to Buy Siacoin’ article will look at five of the best exchanges to purchase it from! Let us begin with Binance.
Where Can I Buy Siacoin?
Binance is currently the world’s largest cryptocurrency exchange. They were previously established in China, but have lately relocated to the European country of Malta. The site is so popular that it has over 10 million registered users who contribute to a daily trade volume of up to $2 billion! But why do people adore them?
Binance, for starters, allows users to trade hundreds of different cryptocurrencies. This covers well-known currencies like Bitcoin and Ethereum and lesser-known coins like Siacoin! Furthermore, Binance frequently includes brand-new cryptocurrencies that have just completed their initial coin offering (ICO).
Another significant advantage of trading with Binance is that the costs are among the lowest in the business. Trading commissions are only 0.1 percent of the full deal value! You can cut this by half if you use the BNB token, a cryptocurrency launched by Binance! Binance security is also highly recommended. There have been a handful of recent difficulties, but no one has been able to hack the exchange. Binance safeguards users in various ways, including two-factor authentication and a cold storage option, which means it stores your coins offline.
Interestingly, despite being one of the most famous cryptocurrency exchanges, Binance does not enable customers to deposit or withdraw coins using real-world money! Instead, you must deposit a coin, which is entirely free. However, the Binance team revealed in June 2018 that they would soon be accepting fiat money deposits, which is excellent.
If you’re wondering how to buy Siacoin, Binance is a wonderful place to start; let me briefly review the platform’s benefits and drawbacks.
Bittrex, like Binance, is one of the world’s major exchanges in terms of trading volume, which means they always have plenty of liquidity! Until recently, Bittrex would not let users deposit or withdraw cash in real-world currencies, but this is gradually changing. The exchange established a capability for business clients to deposit monies in USD towards the end of May 2018! Although it didn’t set any specific date, the exchange intends to make this available to regular users as well.
The site supports over a hundred cryptocurrencies, including Siacoin. Bittrex’s trading costs are reasonable, at 0.25 percent for each deal. The blockchain transaction cost is the sole charge you must pay when depositing or withdrawing bitcoins from an exchange. Because of its location in the United States, Bittrex takes security very seriously. On the other hand, Bittrex must validate each account before you begin trading, which some users claim can take up to two weeks! If you need to acquire Siacoin immediately, consider using a different exchange.
Although it is unknown how many users Bittrex has, they had to halt new registrations in late 2017 since too many individuals were attempting to join. They have, however, reopened their doors. Next section of my ‘How to Buy Siacoin’ article, we will look at OKEX.
OKEX is a cryptocurrency exchange founded in 2014. Initially established in China, they recently relocated to Malta. The exchange was originally only available in Chinese, but it is also available in English. OKEX has over 100 coins available for purchase, sale, and trade. The site only accepts fiat currency deposits from expert traders who wish to purchase complicated financial items. Thus you must deposit using a cryptocurrency.
When it comes to trading costs at OKEX, you can expect to spend between 0.02 percent and 0.2 percent. Finally, the more you trade in 30 days, the lower your expenses! One of the best aspects of trading at OKEX is that you just need to prove your identity if you intend to trade large quantities! You may trade 100 BTC per 24 hours at the time of writing.
Another advantage of choosing OKEX is that they offer a live chat service available 24 hours a day. Although response times might be lengthy, it is faster than waiting for an email answer! OKEx’s security is also robust, with users needing to validate a number delivered to your registered mobile phone every time you wish to log in, trade, or withdraw cash. OKEX has substantial trading volumes, with the exchange frequently handling more than $1 billion in daily deals. As a result, it’s an excellent exchange to acquire Siacoin since there’s usually plenty of liquidity.
How to Buy Siacoin
I’ll teach you how to acquire Siacoin using Binance in the following step-by-step instruction. While they do not enable you to purchase Siacoin with USD, they have the most liquidity and the lowest costs and provide exceptional security. Several exchange alternatives are accessible if you want to acquire Siacoin in USD.
The most straightforward approach to finance your Binance account is to use a popular cryptocurrency such as Ethereum (ETH). If you already hold Ethereum, you may go to the next section of my guide.
If you don’t already have any cryptocurrency, the simplest and quickest method is to buy some on coinbase.
How to Move Ethereum from Coinbase to Binance
After you’ve set up your Coinbase account and acquired your ETH, you’ll need to transfer it to Binance.
- Click Accounts at the top of the screen.
- Scroll down and click Ethereum. Then press the Send button.
- You must input your Binance deposit address here.
- So, open a new browser tab and sign up for Binance.
- You must log in once you have registered an account at Binance. Hover your cursor over Funds, then click Deposits.
- Look for ETH in the drop-down box. Then select Ethereum.
- You will now see your Binance ETH deposit address. Return to your Coinbase tab after clicking Copy Address.
- You must now enter the Binance deposit address into Coinbase and press the Send button. Just be patient, as they should fill your Binance account within a few minutes.
How to Buy Siacoin on Binance
Now that your Binance account has ETH, it’s time to purchase Siacoin!
- Click Exchange, then Basic at the top of the screen.
- Click ETH on the right side of the page and then search for SC.
- Select the SC/ETH combination.
- You’ve arrived at the main trading screen for Siacoin and Ethereum.
- Now, check for the Buy SC trading box below the pricing charts. The Market option is the simplest way to trade, so ensure it is selected. This ensures that you are trading at the market price.
- You must now enter the entire quantity of Siacoin that you wish to purchase. You may either type it into the Amount box or choose the total percentage of your ETH balance to utilize.
- Finally, click BUY SC to finish the transaction. If you choose the market option, it should complete your transaction in seconds.
Congratulations, now you know how to buy Siacoin.
That concludes my ‘how to buy Siacoin’ guide! Today, I’ve listed three of the top cryptocurrency exchanges from where to purchase them. Each offers advantages and disadvantages, but the choice is entirely yours.
Binance, in my view, is the best exchange to acquire Siacoin because of its enormous transaction volumes and extremely cheap trading costs. This is why I included them in my step-by-step instructions.
Once you’ve purchased the coins from Binance, I recommend transferring them to your Siacoin wallet. The official Sia-UI Client, which includes the official Sia wallet, is advised.