How To Buy Substratum Online in 2022
Substratum is an open-source project aimed at facilitating a free and fair internet. Nodes host and serve content over the internet and get SUB tokens in return.
Are you wondering whether to add SUB tokens to your portfolio? We explain how to buy SUB, trade, the different payment methods, and much more.
Best brokers to buy Substratum in 2022
Before buying and trading SUB, there are numerous issues you need to understand. We have narrowed down the top brokers that guarantee you low fees for a smooth and quick start.
What is the difference between buying and trading substratum?
Beginners typically interchange the two terms. There are stark differences between the two.
Buying: Involves getting SUB tokens for fiat currency or other cryptocurrencies. On exchanges, you will find references of trading pairs, e.g., SUB/BTC, SUB/USDT, SUB/EUR, or SUB/USD. Buyers need to understand that there are fiat to crypto and crypto to crypto exchanges.
Trading: It mainly involves speculating on the price movement of crypto assets. Traders do not own the underlying crypto asset.
You can choose to go long or short on your SUB tokens. CFD brokers enable you short sell crypto assets. You can also choose to leverage your crypto assets which increase your risk exposure. Some other trading instruments include margins and future trading.
How to buy Substratum online?
As explained, you can deposit fiat to an exchange and buy SUB tokens or deposit crypto and use that to buy SUB.
We recommend using credible crypto platforms that are regulated. This will reduce the risk of losing your financial and personal data.
Here is a step-by-step guide:
Step 1: Find a suitable exchange or a broker. Consider factors like security, reputation, and fees.
Step 2: Sign up and fund a purchase.
Step 3: Make a purchase. Finding an exchange that allows buying the SUB/USD pair might be challenging. However, deposit fiat into the account and select SUB from the list of crypto. Enter the amount you want to spend and click buy.
You can also use other cryptocurrencies to buy SUB tokens. We recommend buying Bitcoin or Tether first. You can use these cryptos to swap with Substratum on crypto to crypto exchanges.
Step 4: Store your coins in a wallet to keep them safe.
How to trade Substratum?
Trading takes away the hassle of buying and storing crypto assets. It allows the use of trading options without owning the underlying crypto assets.
In this case, traders can use CFDs brokers to speculate on the price movement of SUB. You can decide to leverage the price and increase the risk exposure enabling you to profit. Other trading instruments include futures and spread betting.
Step 1: Find a suitable broker.
Step 2: Deposit money into your account.
Select your funding method and add fiat currency, e.g., USD, AUD, or GBP. Currency conversion fees will apply to fiat that the broker does not support.
Step 3: Decide how to trade — for example, CFDs or spread betting.
We advise beginners to open demo accounts and practice these trading options. Use small amounts for your first few trades.
What are the different ways to pay for Substratum?
Payment methods available on a crypto platform will depend on the jurisdiction and partnerships. Choose an option that is convenient for you; most buyers consider the fees as well.
Exchanges list the different funding options they accept. Check the fees as well. Here are the main ways to pay for Substratum:
Credit cards are a moderately accepted mode of payment. Banks extend a line of credit to the cardholder depending on their creditworthiness.
Debit cards, unlike credit cards, require you to have a positive bank balance. Buyers, however, can access an overdraft facility.
Like debit cards, these cards are loaded with cash. Some exchanges accept prepaid iTunes, Amazon, and Google play cards.
PayPal is a popular online payment option with over 300 million users. This method is typically more expensive than many other options.
They are acceptable on all crypto to crypto exchanges. Buy SUB tokens with mainstream cryptos like Bitcoin and Ethereum or stable coins like Tether.
What to consider when buying Substratum?
When buying Substratum, there are some considerations to make. Below are some of the most crucial examples.
Competition: There is real competition from web decentralizing projects like MaidSafe and Skycoin. According to Coinmarketcap statistics, Substratum lags far behind these projects. With such competition, we advise great caution when investing.
Project roadmap: After an ICO in 2017, the company burned through $13 million and started laying off some staff. Substratum has been acquired by a company named Epik as of August 2021. The new owners promise renewed vigour on the project.
Fees: Some of the fees you have to contend with include deposit, withdrawal, and trading fees. Credit cards and Paypal may be subject to higher ones. Bank transfers offer the best bet for lower prices. Look at the fee schedule of the crypto platform to ascertain the best funding method.
Volatility: Like any other crypto, SUB tokens have been subject to small price swings over the past year. Price movement is an important consideration, especially for traders who want to take advantage of bear or bull markets volatility.
Availability: Only a limited number of crypto platforms offer SUB tokens. Examples include HitBTC and Bitbns.
Is it safe to buy Substratum online?
It is possible to buy SUB tokens safely online. However, to avoid losing personal data or crypto assets, ensure the exchange you use has put measures in place to mitigate security risks. Here are factors to look out for:
Two-factor Authentication: On signing up, activate two-factor authentication (2FA). This offers another layer of security to your account apart from the typical email/password combination. Other exchanges provide 2FA on funds withdrawal.
Secure wallets: Transfer the SUB tokens to an external wallet for safekeeping.
Get help on official sites only: Avoid getting scammed by asking for help on official sites only. Use official emails and support channels.
Using a secure internet connection: We recommend using private networks if possible; otherwise, use VPN or the Tor website. Avoid accessing your wallet or exchange on public networks.
Provide only mandatory KYC documents: Providing personal details on exchanges is compulsory. Provide only the required details to avoid excess information leaking out in case of a security breach on the crypto platform.
Use reputable sites only: Buy SUB tokens from reputable sites only to avoid scams and data leaks.
How to store Substratum?
Storing Substratum tokens is critical, especially for long-term investors. Although exchanges and brokers have wallets, leaving your crypto assets there is never a good idea. Here are the two main categories of wallets you can use to store your SUB tokens:
Hot wallets: These are digital wallets that are accessible online. Some function through the web, while others are downloadable. SUB is an ERC20 token and is compatible with Ethereum based wallets. Examples of these wallets are Parity, MyEtherWallet, and Trust wallet.
Cold wallets: Cold wallets are not free, unlike hot wallets. Some of the leading SUB wallets are Ledger Nano X and Ledger Nano S. The coins are still on the blockchain, but you need to physically verify transactions — which adds a layer of security.
How to sell Substratum?
You can sell Substratum using crypto exchanges. Use the following steps:
Step 1: Sing up to a crypto platform that supports Substratum.
Step 2: Deposit your SUB tokens to the exchange.
Step 3: Sell your SUB for mainstream cryptos like Bitcoin or Tether.
Step 4: Transfer your BTC or USDT to an exchange where you can sell crypto for fiat.
Step 5: Select the cryptocurrency pair, e.g., USD/SUB or EUR/SUB. The exchange will offer you the market rate for your SUB tokens. Fees may apply
Step 6: Funds will be deposited into your account. Choose a withdrawal method and cash out.
Is it worth buying Substratum right now?
From an all-time high of $3.25 in 2018 to $0.0043 presently, Substratum prices have fallen sharply. The project has not been in a great place in the recent past. The project has faced some headwinds, especially with layoffs of critical staff members. Competition from similar blockchain projects is another factor.
A company named Epik has acquired Substratum. They have not announced what they plan to do with the project so far. It is interesting to see what’s in store in the long term.
The Substratum project aims to decentralize the internet. Only a limited number of crypto platforms support Substratum.
The prevalent method to buy Substratum presently is by use of other cryptos. After purchase, we recommend storing your SUB tokens safely in an external wallet.
Brokers provide a way to trade SUB without owning the tokens. We recommend using the broker list we provided.