Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Synthetix Network Token. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!

Sign up with Swyftx

Synthetix Network Token

Australia has a decent amount of popular and regulated cryptocurrency exchanges, so it’s quite easy finding an exchange that has Synthetix Network Token. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.

Let’s get into it!

How to Buy Synthetix Network Token in Australia

There are only 4 main steps involved and it’s pretty straightforward:

  1. Choose a crypto exchange
  2. Sign up with the exchange
  3. Fund your account with AUD
  4. Buy Synthetix Network Token

1. Choose a crypto exchange

As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Synthetix Network Token in its list of cryptocurrencies.

Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.

And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.

So for this guide on buying Synthetix Network Token, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Synthetix Network Token.

Or, if you’d like to know more about the exchanges we recommend, look at our list of the cryptocurrency exchange reviews.

2. Sign up with the crypto exchange

Once you’ve decided on which exchange to use, it’s time to sign up.

Sign up with Swyftx and grab $20 free BTC.

Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.

Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.

Once done, it’s time for the next step.

3. Funding your account with AUD

To buy Synthetix Network Token, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.

Swyftx Deposit Methods

4. Buy Synthetix Network Token

The final step is to go to their asset list, find Synthetix Network Token, navigate to the buy section, and then trade your AUD for some SNX. Once you’ve bought Synthetix Network Token, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.

Where to Buy Synthetix Network Token (SNX)

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How to Sell Synthetix Network Token

If you’re thinking about selling Synthetix Network Token, just follow the steps below.

  1. Sign in to the crypto trading platform (like Swyftx).
  2. Click on Synthetix Network Token in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
  3. FInd the sell section and sell Synthetix Network Token for AUD, or trade it for another cryptocurrency.

Frequently Asked Questions

Is buying Synthetix Network Token in Australia legal?

Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.

How to buy Synthetix Network Token with PayPal?

Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find Synthetix Network Token. Have a look on their site first, you might be lucky.

How to buy Synthetix Network Token with a credit card or debit card?

Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy Synthetix Network Token with your credit/debit card.

About Synthetix Network Token

Synthetix is a Decentralized Finance protocol that provides on-chain exposure to a range of crypto and non-crypto assets. It is based on Ethereum (ETH) and allows users access to highly liquid synthetic assets (synths). Synths are able to track and return on an underpinned asset without having to own it.

This platform will enable users to gain access to a stronger financial marketplace by expanding the cryptocurrency market via non-blockchain assets.

Synthetix can be described as both a DEX (decentralized Exchange) and a platform for creating synthetic assets. This protocol allows users to gain access to the underlying assets through synths, without having to own the asset.

The platform allows users to trade and exchange synths independently. A stake pool is available on the platform, which allows holders to stake their SNX tokens. They also get a part of the transaction fees on Synthetix Exchange.

Oracles are smart contract price delivery protocols that track the underlying assets. Synthetix allows you to trade synths without liquidity/slippage problems. It eliminates the need for third-party facilitators.

SNX tokens may be used to secure synthetic assets. This means that SNX tokens are able to be used as collateral when synths are issued.

To reduce oracle latency and gas fees, the protocol was changed to Optimistic Ethereum Majornet shortly after launch.