SushiSwap is a decentralised exchange used for swapping cryptocurrencies. The native token powering SushiSwap is called SUSHI, which allows holders to participate in community governance decisions.
Purchasing SUSHI will be a simple process with the following guide. We’ve put together a helpful list of steps making it clear how to buy and trade SushiSwap’s native token. Ready to get started? Read ahead.
Below, we’ve listed the best exchanges and brokers for making your first purchase of SUSHI. Make sure to review each platform and make an informed decision about which is best for your level of investment experience.
Various payment methods will be accepted depending on the exchange or broker of your choice. Below we’ve put together a list of commonly used payment methods and the pros and cons of each.
PayPal: This is one of the safest and easiest ways of funding your account, but may not be available on all platforms.
Bank transfer: These are low cost, available almost everywhere, and have virtually no upper limit. However, they can sometimes take a while to process
Debit or credit card: Using a card is one of the easiest ways to fund your account, and is usually quick. Watch out for extra fees, though—credit cards in particular can run on the expensive side.
Crypto: Ideal for users who already hold other cryptocurrencies such as BTC and ETH. Fees are usually low for crypto purchases. If this is your preferred payment options, follow our step-by-step guides to buying BTC or ETH.
Most seasoned cryptocurrency traders will say that buying and holding for the long term is an effective strategy. Others prefer to trade their crypto, attempting to time the market in an effort to maximise gains across multiple trades. You should choose the strategy that suits your needs the best.
Buying tends to be more effective over the long term, especially when purchasing a popular project like SUSHI with widespread adoption and requires very little skill and effort. This makes it a great option for new investors.
Trading SUSHI involves buying and selling frequently over shorter time frames, with the main aim of buying low and selling high to generate profits. This doesn’t require you to believe in the long-term prospects of SUSHI—traders simply use volatility to make money.
Traders will want to look out for factors that could move the price of SUSHI. These include the popularity of decentralised finance (DeFi) tokens more broadly, positive and negative announcements surrounding the SushiSwap platform, and general market sentiment.
More advanced traders often use technical analysis, sometimes known as TA, to anticipate SUSHI’s price movements. TA involves consulting price charts and technical indicators to predict the short-term performance of SUSHI.
It’s important to understand how SushiSwap works and what functionality it offers while considering a purchase.
SUSHI works on multiple chains, giving you access to almost every imaginable token in one place. This sets it apart from other decentralised exchanges (DEXs), such as Uniswap and Pancakeswap, which usually serve only one blockchain. This makes SushiSwap somewhat unique in the DeFi space.
Despite these unique features, SushiSwap still faces a lot of competition from other DEXs like Uniswap. It is important to remember that this competition could increase going forwards, and there is no guarantee that SushiSwap will win the battle of the DEXs.
Multi-chain swaps: Users can swap for tokens across Ethereum, the Binance Smart Chain, and other blockchains. This provides access to thousands of tokens.
Powered by smart contracts: Unlike centralised exchanges, which are operated by profit-seeking companies, SushiSwap operates on smart contracts—automated computer programs built on the blockchain. This means that users only need to trust computer code, not people, when using the service.
Earn passive income: Users can provide liquidity to trading pools by lending a pair of tokens to be used for swapping on the network. This will result in them earning a percentage of SushiSwap’s transaction fees.
Staking rewards: Users can stake their SUSHI to receive xSUSHI, a token that boosts the rewards of liquidity providers and entitles stakers to a portion of exchange fees. This is another way for SushiSwap users to earn passive income.
Whether or not SushiSwap will make you money is ultimately impossible to say. Having said that, there are multiple factors that could affect the outcome of your investment.
Given SushiSwap’s popularity in the world of DEXs, it seems poised to be a major player for cryptocurrency swaps for years to come. That means the SUSHI token stands to develop in price as long as the exchange continues to prosper—the token’s value is ultimately tied to the popularity and standing of the platform.
SushiSwap faces stiff competition from the likes of Uniswap and Pancakeswap, but some of its features give it a fighting chance to become the crypto community’s DEX of choice. SushiSwap’s support of multiple chains makes it a versatile platform, and other features in the pipeline include an NFT platform called Shoyu.
You should make this decision after carefully considering the short and long term price action in addition to the features of SushiSwap. If you’re interested, we recommend trying out the platform yourself by making a few swaps.
Below we’ve put together a list of pros and cons to consider before making a SUSHI purchase.
Swap for tokens across a variety of blockchains like ETH, BSC, and Polygon.
Given SushiSwap’s popularity and rich feature set, it has an edge over other DEXs.
Users can earn crypto rewards from providing liquidity and staking.
SUSHI’s capped supply makes it a potential store of value.
Increasing gas fees on networks like Ethereum could stymie growth.
Growing competition from an increasingly saturated DEX market.