How To Buy Siacoin Online in 2022
Cryptocurrencies have grown in popularity in recent years, and many developers have taken it into their own hands to form blockchains that solve specific problems. One currency that has seen a rise in value this year is Siacoin, which sits on the Sia network.
With the price of 1 SC still relatively low, many crypto enthusiasts have cast an eager eye in its direction. If you’re one of those, it’s worth doing a little extra research before you choose to make a purchase.
On this page, we’ll show you all the places you can buy Siacoin in 2021. We’ll also list the different payment methods you can use, along with mentioning their pros and cons.
Best Brokers To Buy Siacoin in 2022
You can buy Siacoin on several platforms. Despite the benefits of having so much choice, it can also lead to decision fatigue. To help you out, we’ve put together a list of the best providers below.
What Is the Difference Between Buying and Trading Siacoin?
If you’re an outsider looking in, buying and trading SC might seem like the same thing. However, this isn’t the case.
Before you purchase Siacoin, it’s worth knowing the difference between buying and trading. Below, you’ll find a brief explanation of both definitions.
Buying Siacoin: When you purchase Siacoin, you own the coins outright. You can use them how you want and store them in a crypto wallet.
Trading Siacoin: On the other hand, trading Siacoin means that you buy the underlying assets. You do not own the coins outright, and therefore have limited uses for the currency.
How To Buy Siacoin Online?
When you’re ready to buy Siacoin online, the steps to do so are relatively straightforward. Below, we’ve put together a step-by-step list to guide you through your purchase.
Step 1: Find a cryptocurrency exchange that offers Siacoin.
Step 2: Sign up for an account and verify your identity.
Step 3: Deposit fiat money into your account using your preferred payment method.
Step 4: Purchase your Siacoins and store them in a wallet.
How To Trade Siacoin?
If you would prefer to trade Siacoin instead, the steps are a bit different. Nonetheless, you don’t need to worry about going through a complicated process.
Follow these instructions if you’d prefer to trade Siacoin.
Step 1: Find a broker that lets you trade SC assets.
Step 2: Sign up for an account and verify your identity.
Step 3: Deposit money into your account.
Step 4: Choose how you want to trade (e.g. spread betting).
Step 5: Buy your SC assets.
What Are the Different Ways To Pay for Siacoin?
You’ll find several ways to deposit money and buy Siacoin. Sometimes, you can purchase directly after adding cash to your account; in other instances, you’ll need to buy another cryptocurrency first and exchange these for SC.
Examples of places you can use fiat money to buy Siacoin include Binance and Bittrex. On top of that, you can also get SC at exchanges such as NAGA.
If you want to use other cryptocurrencies to pay for Siacoin, you can use Kraken, SiaTech, and more. You can purchase SC using Bitcoin and various other cryptocurrencies.
Below is a list of the different ways you can pay for Siacoin.
Many cryptocurrency exchanges offering Siacoin will permit several bank transfer methods, such as SEPA and wire transfer. When you fund your account in this way, you’ll need to choose the option that suits you best and enter your details after deciding how much you want to deposit.
Credit and debit cards are another widely-accepted way to fund your cryptocurrency account and buy Siacoin. Most exchanges will accept both VISA and MasterCard, and you can also use American Express on some platforms.
If you already have another cryptocurrency, you can use this to purchase SC. You’ll first need to move them from your wallet; if you don’t have cryptos, you can always buy these.
Apple Pay is an easy-to-use payment method that is popular when shopping online. And depending on the cryptocurrency exchange you use, you can also add fiat money to your account using this method. You’ll need to verify from your Apple device using either face or fingerprint recognition.
What To Consider When Buying Siacoin?
When you buy SC, you’ve got to make several considerations. We’ve included a list of what you must remember below.
Deposit Fees: When you add money to your account on a cryptocurrency exchange, you’ll often need to pay a fee. This will differ depending on the payment service you use and your chosen platform, so it’s worth researching both of these before committing to one place.
Trading Fees: If you trade cryptocurrencies instead of buying them, you’ll often need to pay a fixed percentage trading fee. This will vary from platform to platform, so make sure you check each one you’d like to join before doing so.
Maker/Taker Fees: If you use a cryptocurrency exchange for buying and selling SC, you’ll usually need to pay a maker fee when you purchase them — and a taker one when you sell. These will usually be fixed percentages, which will decrease as you trade higher volumes within a specific time period.
Volatility: Cryptocurrencies are volatile, and Siacoin’s price fluctuates regularly. It’s crucial that you keep a close eye on the market and never purchase more than you can afford.
Regulations: While Siacoin is decentralised, some governments don’t have a relaxed approach towards cryptocurrencies. Moreover, some exchanges might not operate within specific markets.
Long-Term Holding (HODL): Long-term holding is a strategy that involves keeping your coins or assets for 12 months or longer. The aim is to make a profit in the long run, based on market changes.
Short-Term Holding: Short-term holding involves keeping your coins for 12 months or less. You’ll incorporate this strategy when you plan on quickly capitalising on market changes.
Trends: When a coin is doing well, you’ll most likely see a lot of hype on social media and cryptocurrency forums. This can lead to fear of missing out (FOMO), which more often than not results in bad buying decisions. Take a rational approach to buying SC and keep emotions out of your strategy.
Is It Safe To Buy Siacoin Online?
Buying any cryptocurrency carries risks, and you can never 100% guarantee safety. However, purchasing SC online is safe — as long as you do so from a reputable platform.
Even if you do this, though, you need to take additional steps to keep yourself safe. Below, you’ll discover what you can do to mitigate your risk of getting hacked or scammed.
Enabling two-factor authentication: When you sign up for a cryptocurrency exchange or wallet, one of the first things you should do is enable two-factor authentication (2FA). Simply put, this involves having to verify your identity in a different way than just your username and password. One example would be having a code sent to you via SMS or email.
Asking for help only on an official site: When you need assistance, you’ll find several places to do so online. However, it’s worth sticking to reputable and official websites and forums. Doing so will ensure that the advice you receive is more reliable.
Passing only the necessary KYC information: When you need to pass a KYC check, you’ll usually need to submit a copy of your passport or driving licence — plus proof of your address, such as a utility bill. However, it’s essential that you don’t hand over anything other than these.
Storing your SC in a wallet: After buying your Siacoins, you must store them in a wallet. Doing so will limit your chances of someone stealing them.
Keeping your login details safe: One of the simplest ways to keep yourself safe is by ensuring that your login information remains secret. If you feel like anyone else knows them, get them changed as soon as possible.
Researching common scams: Before buying any cryptocurrencies, it’s worth keeping an eye on the most frequent scams. Doing so will ensure that you know what to look out for, which will stop you from falling victim.
How To Store Siacoin?
After purchasing your SC, we advise that you store your coins in a wallet. If you leave them in your exchange account, a hacker can take them, and you’ll probably never get them back.
Different types of wallets exist, and we’ve outlined their differences below.
Software wallets: You can store your Siacoin in software wallets, which are known as “hot” wallets. To access these, you’ll need to sign in online. When you aren’t signed in, your coins will be stored in a blockchain.
Hardware wallets: Hardware wallets are often known as “cold” wallets. Although your coins are still stored in a blockchain, you’ll need to verify transactions offline. Your details will usually be secured in a piece of hardware that only you can get into.
How To Sell Siacoin?
When you’re ready to sell Siacoin, you’ve got a couple of options. We’ve listed these below.
Centralised cryptocurrency exchanges
You can sell your Siacoin on centralised platforms and get fiat money for them in return. All you need to do is move your coins from your wallet back into your account and submit a buying order.
Convert into other currencies
Another way to sell Siacoin is to convert your SC into another cryptocurrency, such as Ethereum. After that, you can either sell your coins on a peer-to-peer (P2P) exchange or convert them to your fiat currency of choice.
Is It Worth Buying Siacoin Right Now?
When you buy any cryptocurrency, the market is volatile, and you’ll always have associated risks.
It was only in 2021 that SC saw growth. Currently, it has found itself on the decline back towards its previous levels.
Although SC might become significant in the future, it may take some time.
Siacoin is part of an interesting project, which has naturally drawn many eyes in its direction. With everything we’ve discussed on this page, we recommend buying your SC from a cryptocurrency exchange and using bank transfers to fund your account — unless you’ve already got other cryptos that you can use.