So you want to know where and how to buy Siacoin (SC)? You found the right article then, today we are not only going to show you where you can buy Siacoin but also the necessary steps on how to buy it.
We will give you a list of the three best cryptocurrency exchanges to buy Siacoin complete with a step-by-step walkthrough. Get yourself ready, we have a lot to go through.
What is Siacoin (SC)?
Siacoin is a crypto project with the goal of challenging the established cloud storage industry through leveraging blockchain technology. The founding company was Nebulous Inc and is owned by David Vick and Luke Champine.
The cloud storage industry nowadays is mostly dominated by corporations such as Google and Amazon. Their dominating position led to a weak security structure and expensive fees, Siacoin claims that they have solved this issue.
Through the Siacoin platform, anyone can easily rent online storage or earn Siacoin by renting out their spare hard drive space.
The project was built with decentralization in mind, meaning no single person or authority controls the network, instead all transactions are verified through multiple nodes, which guarantees a 100% uptime across the network.
Note: A node is commonly known as a device that processes crypto transactions, they allow transactions to be verified without a third party.
Users are able to store 1TB (Terabyte) of data for a $2 fee per month, which compared to Amazon’s AWS fees of $23 per month seems like a much better deal.
Siacoins’ first release was in late 2015, it took until 2017 for the coin to get some traction and experience some growth. Its highest-ever price was recorded in January 2017, like many other coins Siacoin had their all-time high at 9 cents with a total market capitalization of almost 3 billion USD, like most other cryptocurrencies its value has gone down significantly since its all-time high in 2017.
Get more information on what the team behind Siacoin is doing at the moment, visit the Siacoin Website
Now that you know what the project’s goals are, the next part of our Step-By-Step Guide is going to compare the three best exchanges to buy Siacoin from.
Where to Buy Siacoin
Binance was only created in 2017 but managed to become the largest cryptocurrency exchange in the world in a very short time. Originally they were founded in China but recently moved their headquarters to Malta in Europe.
The platform gained so much popularity that they managed to gather more than 15 million registered users who contribute to a trading volume of up to $10 billion per day.
But why is Binance so popular with the crypto community you may ask, one big reason is that Binance allows users to trade hundreds of different cryptocurrencies, this includes established coins like Bitcoin (BTC) and Ethereum (ETH) and also less popular ones like Siacoin. Binance also often lists new cryptocurrencies that just finished their ICO round.
Looking to open a free Binance account in a few minutes? Do a quick registration HERE.
Another big benefit is that Binance has some of the lowest fees in the entire crypto industry. The standard trading fee is just 0.1% of the traded amount. If you decide to use their own BNB coin to pay for your fees this fee gets cut in half to 0,05%, making it the most affordable exchange at the moment.
Binance is a great exchange to utilize if you’re looking at where to buy Siacoin.
Bittrex was founded in 2013 in Seattle (USA). Similar to Binance, they are among the largest exchanges in the world in terms of trading volume, which means they always have enough liquidity available.
The platform supports more than a hundred different cryptocurrencies at the moment, including Siacoin. Trading fees are a bit higher on Bittrex then on Binance, totaling at 0,25% of the total trading volume you place. When you deposit or withdraw currencies at Bittrex the only fee to pay is the blockchain’s transaction fee.
Want to open a free account on the most trusted cryptocurrency exchange platform? Do a quick registration HERE.
Since the company is based out of the USA the Bittrex team screens every new user extensively, sometimes the identity verification process can take up to 2 weeks, so if you want to buy Siacoin immediately, Bittrex may not be the best option for this.
Not sure about Bittrex and looking for some alternatives? Check out our comprehensive comparison guide – Bittrex or Bitfinex and choose the best trading platform for your preferences.
Step-by-Step Guide on Buying Siacoin on Binance
We will take you through all the necessary steps to buy Siacoin on Binance. While Binance does not allow you to exchange Siacoin to USD or vice versa, they have the most liquidity and cheapest fees, making it the best option to buy Siacoin at the time of writing this article.
The easiest option to fund your Binance account will be to send a deposit using one of the major cryptocurrencies (Ethereum, Bitcoin or Litecoin). If you already own one of these or any other coin that is accepted on Binance you can skip this part of our guide.
If you don’t own any cryptocurrency at the moment, the quickest and easiest option to acquire some will be to buy them on Coinbase. Their User Interface is straightforward and it’s easy to set up an account and buy any available currency.
1) Transferring ETH from Coinbase to Binance
Once your Coinbase account is registered and you’ve purchased some Ethereum (ETH), you now have to top up your Binance account with your newly acquired cryptocurrency.
- At the top of the screen on Binance, click on Accounts.
- Scroll down until you see Ethereum and click on Send.
- Now you have to enter your Binance deposit Address (double-check, funds can’t be recovered)
- Login to your Binance account and hover your mouse over “funds”, then click on deposits.
- Search for ETH in the dropdown menu and click on it.
- Binance will now display your Binance deposit address, click on copy address and navigate back to your Coinbase Tab.
- Paste your Binance deposit address into the Coinbase sending the form and enter the amount of ETH you’d like to send, within a few minutes your Binance deposit will be added to your account.
2) Buying Siacoin on Binance
After successfully funding your Binance Accounts, it is time to buy some Siacoin.
- Click on Exchange at the top of the screen.
- Proceed to click on ETH on the right side of the screen, then search for SC and
- select the SC/ETH pairing.
- Congratulations, you’ve made it to the main screen for Siacoin and Ethereum trading.
- Below the pricing charts, you’ll find the Buy SC trading box, make sure to use the market option since it’s the easiest way to trade Siacoin, this will ensure that you trade at the current market price.
- Enter the total amount of Siacoin you’d like to buy, You can either enter a percentage of your total funds or select the exact amount you want to exchange to Siacoin.
- Finalize the trade with a click on Buy SC, on average your trade should be completed within a few seconds.
Well done! You’ve just purchased your first bag of Siacoins! The process is pretty much the same on Bittrex. The process to exchange Sa coin to USD is the same but just in reverse.
Is there anything you think we forgot to mention? Let us know in the comments!