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How to Buy Synapse (SYN) in 5 Simple Steps

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Synapse (SYN)
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How to Buy Synapse (SYN) in 5 Simple Steps

Synapse is a DeFi platform that enables users to transfer crypto from one blockchain network, like Ethereum, to another through a process called “bridging”. Keep reading to discover more about the utility of this project and how you can buy Synapse in a quick and simple way. 

5 Steps to Buy Synapse 

Synapse isn’t listed on major exchanges but can be bought on a number of decentralised exchanges (DEXs) like PancakeSwap. The next few steps will tell you how you can buy Synapse from DEXs in the easiest way possible. 

1. Sign up with a regulated exchange

The first thing you’ll need to do is to sign up with one of the major exchanges by providing some form of photo ID and proof of address so you can deposit money onto your account.  

We have selected the best platform for you to do this on the basis of their data security, low transaction fees, and proven track-record.

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Min. Deposit
$50
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User Score
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Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
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Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA

2. Purchase BNB tokens

You will now need to buy BNB with the fiat in your account so you can eventually trade it for Synapse on PancakeSwap. 

You can find BNB on your favoured exchange by looking for the trading pair that best matches your local currency. For instance, if you are based in the US, you will want to select the BNB/USD trading pair.

3. Send your BNB to a Web 3.0 wallet

In order to transfer your BNB away from your selected exchange, you’ll have to create a Web 3.0 wallet like MetaMask or Trust Wallet. After this, you’ll need to paste your wallet address into the “Withdrawals” section of your exchange account. 

4. Connect your wallet to PancakeSwap

You should now head to the official PancakeSwap website and click on the “Connect Wallet” option on the page. This is a cost-free process that enables you to instantly connect with the PancakeSwap interface. 

5. Swap your BNB for SYN

You can now exchange the BNB held in your wallet by searching for the BNB/SYN trading pair. To make things easy for you, you can also find the link to the trading pair here. 

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Buy Synapse in 3 Easy Steps

Create a free account

Fill all the requested information using your personal data accurately. Check your inbox for a confirmation email and log in with your selected email and password.

Fund your account

Choose your favourite payment method and follow the steps to make your first deposit. The minimum deposit amount might change depending on your location.

Buy Synapse!

Search for Synapse on the list of available cryptocurrencies. Use a "Buy Order", choose the amount of SYN to buy, set up other trade details and confirm the order.
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Why trade Synapse with a broker?

1

Fast and simple.

Trades are instant and easy to execute.

2

Pay your way.

Brokers accept a range of payment options including credit/debit cards and even PayPal.

3

No wallet needed.

No need to set up and maintain a wallet—you can manage your crypto directly from your account.

Buy Synapse Today!

What Is Synapse (SYN)?

Synapse is a decentralised finance (DeFi) platform that allows users to transfer crypto tokens between different blockchain networks like Ethereum, Avalanche, or Polygon. In other words, Synapse serves as a “cross-chain bridge”.

If you were to think of blockchain networks as small islands spread across a vast ocean, cross-chain projects like Synapse are the bridges connecting these islands –– and their resources –– with one another. Bridging projects like Synapse bring interoperability to blockchains and the crypto tokens built atop them.

For instance, Synapse lets you move cryptos like Highstreet, a Metaverse token, from the Ethereum network to the Binance Smart Chain almost instantly and without the high gas fees you’d have to pay using other bridging platforms. Similarly, cross-chain bridges like Synapse are integral to the way centralised exchanges like Coinbase or FTX onboard different cryptos onto their platforms. 

SYN is the native crypto of the Synapse network and can be used to vote on any decisions that would aim to make changes to the platform –– a feature strongly contributing to the decentralisation of Synapse. SYN token-holders can also “stake” or loan out their SYN in order to protect the network from threats and gain attractive rewards in return.

Ways to Invest in Synapse

You can opt to either invest in Synapse for the short-term or long-term depending on your financial position and goals. Short-term investors will usually look to earn quick gains while long-term investors usually have a view to letting profits build-up over time. 

Buy and hold Synapse

Buying and holding onto SYN for the long haul is usually the safest and most desired financial strategy among investors. 

This approach requires little skill or effort, and gives you the ability to sit back and watch the value of your SYN potentially multiple over time. At the same time, holding onto your SYN also means you can stake it in return for incentivising interest rates –– possibly acting as passive income.

Best Synapse wallets

The best Synapse wallets tend to be private software wallets or hardware wallets like Trezor, BitBox, and Ledger. By using private wallets, you take self-custody of your SYN tokens. 

This means you have full ownership over your SYN and nobody but you has the “keys” to access it. Private wallets are also more secure locations for the storage of SYN because of their strong counter-measures against hackers, as opposed to web wallets integrated with centralised exchanges. 

Trade Synapse

After buying Synapse, some investors look to exploit the swings in the price of SYN by trading it on decentralised exchanges that are open 24/7. 

While trading can be a highly profitable financial strategy, it does require a sufficient amount of skill, effort, and time to master. You should keep in mind that even the most prolific traders are capable of losing money while trading. 

Should I Buy SYN Now?

Ultimately, buying Synapse is a decision that you must come to on your own. The best thing for you is to do your own research on the fundamentals of Synapse, the innovations bringing value to it, and its path forward. With this in mind, here are a few pointers that may help you when it comes to making the choice of buying Synapse.

Synapse is a project that is continually innovating and evolving. The platform launched its “Hadean Phase” in August 2021 that allowed the platform to become a popular destination for the cross-chain swapping of stablecoins like USDT and USDC through the formation of liquidity pools. 

This has led to a rise in the total value of crypto locked in Synapse’s protocol –– an important measure when it comes to the long-term value of DeFi platforms according to some institutional and retail investors. 

Synapse’s stringent network security could be another factor that brings utility to the project –– and its SYN tokens –– in the eyes of investors. In November 2021, Synapse prevented a hacker from accessing $8 million from one of its stablecoin liquidity pools. This demonstrates that Synapse is not only a tried-and-tested bridging platform, but also capable of mitigating hackings that are becoming increasingly common in today’s crypto landscape. 

Altogether, with a number of  blockchain projects emerging almost overnight in the crypto space, demand for bridging platforms like Synapse may only rise as it solves the enduring question of how to make competing blockchain ecosystems interoperable. 

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Frequently Asked Questions

  1. Cross-chain bridging involves the seamless transfer of crypto tokens from one blockchain network to another blockchain network.

  2. A decentralised exchange is a peer-to-peer trading platform where users take self-custody of their tokens by connecting their software wallets. This is opposed to centralised exchanges that are owned by private companies, and are given responsibility for the safekeeping of your crypto.

  3. Validators are independent computer users around the world responsible for verifying transactions on the blockchain. They are responsible for securing Proof-of-Stake networks

  4. Stablecoins are cryptos that are usually pegged to the value of real world assets like fiat currency.

  5. You can presently swap the following stablecoins with one another on Synapse: USDT, USDC, DAI, and nUSD.

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