Siacoin is a blockchain-based cloud storage service by SC token.
Backing up your files and data on the cloud can be a life-saver. And having remote copies of your information when your PC crashes can be a blessing.
This is why online storage services like Google Drive, Dropbox, and Box, among others are thriving.
However, blockchain technology is shaping the future in many aspects of our daily lives (like; education, finance, securities, trading, law), as developers aims to create blockchain for online storage.
This is where Sia comes into plat; If you’ve already heard about it in places like India, and are wondering how to buy Siacoin, just read along this step-by-step guide.
How to buy Siacoin
In the following step-by-step guide, I am going to show you how to buy Siacoin using Binance, because they have the largest liquidity, lowest fees and excellent security.
In order to buy SC token, you will need to buy either Bitcoin or Ethereum, and convert it to Siacoin in one of the best cryptocurrency exchanges.
On the contrary, if you already own Bitcoin in your crypto wallet (or any other coin that Binance accepts) then you can move on to the next part.
Otherwise, to make buying the crypto-coin that will be swapped to SC simple, you need to read my guide on how to buy Bitcoin with your bank account.
Once you’ve gotten possession of Bitcoin in your wallet, you will need to transfer the cryptocurrency into your Binance wallet account, so you can swap it for Siacoin.
Exchanging BTC for SC on Binance
Now that your Binance account is funded with Bitcoin (BTC), it’s now time to purchase your desired amount of Siacoin cryptocurrency token.
- At the top of the screen, click on Exchange, followed by Basic
- On the right-hand side of the screen, click on BTC and then search for SC
- Click on the SC/BTC cryptocurrency pairing
- You are now on the market screen for Siacoin and Bitcoin
- Now, scroll below the pricing charts and look for the Buy SC trading box
- Enter the amount of Siacoin that you want to buy
- Finally, click on BUY SC. If you used the market option, your trade should be completed within a couple of seconds.
Congratulations! You’ve just bought your first bunch of Siacoins!
Easy right?!
Best ways to buy Siacoin
These are the places where you can easily buy Siacoin with either credit/debit card, or with another cryptocurrency. If you use any of my links, you may earn some extra bonus.
1. Binance (Most Recommended)
Binance is a first-rate exchange for experienced traders who are looking for a respectable cryptocurrency marketplace to perform real-time trades.
With over 166+ cryptocurrencies available, both beginners and advanced traders have a myriad of tools and pairs available to them within one powerful trading platform.
Binance accepts deposits in over 50+ currencies including USD, EUR, JPY, KRW, GBP, AUD, RUB, and many more.
Binance charges a trading fee of just 0.1%. Interestingly, this fee can even be reduced further, by using the BNB coin (Native crypto-coin) to pay transfer fees.
To get low withdrawal or transfer fees on Binance, I would recommend you read my guide on how to reduce Binance transaction fees.
It also charges a withdrawal fee of $1-5 depending on the crypto-coin that you are withdrawing. These low fees make Binance a great option.
Pros
- Trustworthy management
- High volume exchange
- Low transaction fees
- A large number of crypto pairs
- Global support.
Cons
- Few payment options.
2. Changelly (Popular)
Changelly is an instant exchange that supplies the best live rates on the market for every pair. The interface is colourful and simple to use.
The cryptocurrency transactions on this exchange platform are performed instantly and smoothly, without having to search through numerous exchanges.
Changelly accepts USD, EUR, and GBP for buying cryptocurrency.
Pros
- Fast
- Private
- Low fees
- High exchange limits
- 24/7 live chat support
Cons
- Limited payment methods.
3. CoinSwitch
Using CoinSwitch exchange aggregator, you can buy Bitcoin without ID, but that’s because you need to have Altcoins already.
If you already have an Altcoin (like Litecoin, Ethereum etc.), then you can buy Bitcoin in seconds with no ID verification and account registration.
Pros
- Fast
- Low fees
- High exchange limits.
Cons
- Partially private
- Limited payment methods.
FAQ
Below are some of the frequently asked questions you will find online concerning how to buy Siacoin cryptocurrency safely with other crypto-coins.
Can you buy Siacoin in India?
Yes you can purchase Siacoin (SC) online with credit card on CoinSwitch exchange aggregator platform without facing any difficulty.
Is Siacoin a good investment?
YES! If your investing in Siacoin for profits, then there is still a long way to go but the prices are slowly increasing. The all time high for SC is $0.11 based on CMC.
Which exchanges supports Siacoin?
Cryptocurrency exchanges like; Binance, Changelly, Coinbase and Kraken has support for Siacoin cryptocurrency.
Over to you now
If you followed this detailed crypto guide until this extent, you would be able to purchase any amount of Siacoin easily, using different payment method.
There has been a growing interest in Siacoin cryptocurrency token recently.
Siacoin aims to become the Blockchain equal of either Dropbox, or the popular Google drive. However, data will not be centralized to a specific company.
To learn more about SC visit their website, or engage with other fans and community members over at Siacoin section on Reddit.
One more thing before you zoom off to buying Siacoin, do not forget to transfer your investment from the exchange, where you bought it to a secure crypto wallet.
If you are going to keep it for the long-term, then you should use an offline cold wallet (e.g. Ledger Nano X/S) to store your coins securely.
Otherwise, you can still use a hot wallet to keep your asset, but make sure you invest in using a good VPN (Virtual Private Network) to help you hide your footprints.
In my opinion, Binance is the best exchange to buy Siacoin because of its high volumes, as well as its really low transaction fees using the BNB coins.
