How To Buy Symbol (XYM)?

A common question you often see on social media from crypto beginners is “Where can I buy Symbol?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Symbol (XYM)

First, you will need to open an account on a cryptocurrency exchange that supports Symbol (XYM).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Symbol (XYM) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Symbol (XYM)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Symbol (XYM) or Symbol (XYM) trading pairs. Look for the section that will allow you to buy Symbol (XYM), and enter the amount of the cryptocurrency that you want to spend for Symbol (XYM) or the amount of fiat currency that you want to spend towards buying Symbol (XYM). The exchange will then calculate the equivalent amount of Symbol (XYM) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Symbol (XYM) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy Symbol (XYM)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Symbol (XYM)?

The Symbol blockchain is designed to improve interoperability and collaboration with other blockchains using the proof of stake (PoS) consensus. Rather than competing with other blockchain networks, Symbol is designed to improve accessibility and inclusion for both blockchains and their users.

The NEM Group, which launched Symbol, first developed the NEM NIS1 blockchain, which is associated with the XEM cryptocurrency. Symbol builds on the NEM NIS1 blockchain, enabling its users to develop more complex networks and seamlessly move between public and private chains. Symbol also allows for conventional peer-to-peer transactions and has its own native token, XYM.

How does Symbol (XYM) work?

Much like other blockchain ecosystems, the Symbol public chain includes node operators, users, investors and a native token. However, there are some important distinctions that make it easier for Symbol’s users to earn rewards. For example, harvesters can earn rewards by either running nodes or holding a token balance. The system has a hybrid chain design, allowing trustless data to flow freely across public and private chains with unparalleled interoperability.

The platform also features numerous versatile tools designed to streamline processes, including multi-layered, multi-signature accounts. Symbol users can create digital assets to represent virtually anything, including non-fungible tokens (NFTs), signatures or stock shares.

Initially built to operate alongside the NIS1 chain, the Symbol network promises to improve liquidity, reduce transaction costs and speed processing time. It’s not just a parallel blockchain, but an upgrade, improving on the original through its decentralized finance (DeFi) capabilities, NFT support, benefit staking, and more. XYM crypto pays transaction fees to incentivize nodes, which process and record the transactions.

Billed as a next-generation blockchain, Symbol has been in development for nearly half a decade. It uses the less energy-intensive proof of stake (PoS) consensus mechanism and makes it possible for users to create tokens and digital assets. However, its ultimate target is security token offerings (STOs) and regulated assets. Its creators envision an interconnected crypto marketplace, and to this end, they’ve enabled the creation of configurable digital assets which serve as security tokens.

Symbol’s developers have taken the blockchain concept to a new and exciting level with the Symbol network, which is based on a consensus mechanism they call POS+. As with PoS, POS+ links node power with XYM staking. Termed “harvesting,” rather than mining, this process involves validating and recording transactions and creating new blocks. Node operators with large XYM token holdings have more harvesting power, and a correspondingly higher chance of creating new blocks, which results in a reward.

Symbol features open-source code that’s readily available to any user. This fast, secure and easy-to-use network offers unparalleled flexibility. NEM created Symbol with a hybrid chain architecture to support both public and private blockchains. Individuals and organizations alike can benefit from the versatility of this novel blockchain, which enables seamless system integration and fully customizable design. Symbol offers the best of both worlds with reduced costs, heightened transparency, and maximum security and privacy. It does all of this while maintaining speed and affordability.

The network’s users can develop and deploy secure multi-layered solutions that are easy to integrate with an existing system. Symbol supports more than 100 different configurations and allows for atomic swaps and “Mosaics,” which are non-fungible tokens that can represent any asset or value. Mosaics have their own individual identifiers and can be fully configured and customized according to user needs. With Mosaics, users can create new DeFi services, Security Token Offerings, and even their own native currencies.

The network features top security features and enhancements based on the original NEM blockchain. These include on-chain multi-signature accounts and delegated financial authority. Similarly, Symbol features pre-configured smart contract functionality, thanks to its plug-in design and layered architecture.

What is the XYM token?

Symbol was designed to promote collaboration among the various blockchains and improve interoperability between them. XYM, as the native token of Symbol’s blockchain, is used to incentivize the public nodes which verify and record transactions.

Harvesters, delegated harvesters, and those who delegate a stake to a harvester are all incentivized with Symbol’s native XYM token, which maintains the functionality of the blockchain and promotes a vibrant crypto-financial ecosystem. This utility token is also how stakers receive rewards, pay fees, and send transactions on the network. XYM provides fast transaction times and can be sent globally in a permissionless manner.

What makes Symbol (XYM) unique?

Symbol (XYM) has many benefits. Understanding them can help users achieve their financial and professional goals more effectively.

• Versatility
  Symbol’s hybrid blockchain design marries the benefits of public and private blockchains. Users can enjoy security, privacy, speed and affordability. Businesses can test new chains and features on the private chain until they can be unveiled on the public chain. While hybrid systems have been previously designed, Symbol was built specifically as a hybrid system. Any assets created through Symbol are natively compatible with its blockchain. Previous hybrid systems carry different mechanisms to protect public chains against attacks, often having to sacrifice speed and affordability for system security. Private blockchains have the opposite issue, trading for speed and cost at the expense of security. Symbol eliminates the need for external validation, and the public and private chains feature no intermediaries. This capability is built-in to Symbol, making cross-chain swaps fast and easy.
• Convenience
  Corporate users can develop and test new features using the private chain. They can also use the private chain to manage their own transactions or certain transactions with partners. The public chain offers a front-facing service that makes it possible for companies to interact and transact with customers using open networks or digital wallets.
• Speed
  When conventional blockchains become congested, users must choose between lengthy confirmation processes or high fees. Networks can be volatile and unpredictable, making it difficult to predict the best time to transact. Symbol’s hybrid system allows users to complete critical functions privately, and use the public chain only to finalize transactions. This decreases network traffic and provides a faster, simpler process.
• Cost
  Transaction fees are a necessary part of any blockchain. Unfortunately, these same transaction fees can lead to prohibitive business costs, particularly when considering the volatility of cryptocurrency token values. Using private servers eliminates these transaction fees, and users can complete as many transactions as they desire — paying fees only when they move to the public chain. Users can also opt to store their XYM in their Symbol wallet, or use it to earn more XYM tokens through delegation.
• Privacy and Security
  A private blockchain can remain completely private, with transactions, data and other information remaining accessible only to authorized users. The hybrid model allows for easier auditing as well, with a clear, immutable and time-stamped record of every transaction. Users can even automate the auditing process. 

Symbol development updates in 2023

Symbol (XYM), a blockchain platform known for its unique Proof-of-Stake Plus (PoS+) consensus algorithm, has seen several technological advancements and significant updates to its network in 2023. Below is a summary of these key developments:

• Enhancement of PoS+ Algorithm: In 2023, Symbol has continued to refine its PoS+ consensus algorithm. This algorithm is a more complex version of the traditional proof-of-stake, which factors in the user’s transaction activity along with their stake. This update has further solidified the network’s security and incentivized user participation.

• Extensible Architecture Improvements: Symbol’s architecture, which allows for the addition of new functionalities through self-contained plugins, has seen enhancements. This approach allows for quicker adoption of new transaction types, ensuring the platform remains flexible and adaptable.

• Developments in Mosaics and Aggregate Transactions: Symbol has made progress in its Mosaics feature – customizable tokens with specific attributes. Additionally, improvements in aggregate transactions, which enable bundling multiple transactions together, have streamlined the creation of secure and efficient smart contracts.

• Advances in Harvesting Techniques: The platform has optimized its harvesting process, where new blocks are created. This includes improvements in both regular and delegated harvesting, which is crucial for the network’s block creation and transaction validation processes.

• Network Configuration Optimization: Symbol has focused on strengthening its network configurations, comprising Peer, API, and Dual nodes. These developments are aimed at enhancing the network’s capability to efficiently handle queries and transaction requests.

• Growth and Adoption of XYM Cryptocurrency: The XYM token, Symbol’s native cryptocurrency, has seen growth in its market capitalization and user adoption. This reflects the increasing utility and acceptance of the token within the Symbol ecosystem.

• Focus on Interoperability and Collaboration: Symbol has emphasized interoperability with other blockchain platforms, aiming to create a more integrated and synergistic blockchain environment. This approach is key to fostering broader innovation and usability.

• Security and Decentralization Initiatives: The platform has continued to prioritize security at a network-wide level, addressing centralization concerns common in other blockchains. These efforts ensure a more secure and decentralized network structure.

• Community Engagement and Diverse Projects: Symbol’s community engagement, particularly in Japan and Korea, has remained strong. The platform supports various projects, demonstrating its flexibility and potential for wide-ranging applications.

These updates mark a significant phase in Symbol’s evolution, emphasizing greater efficiency, scalability, and functionality. The Symbol community is keenly anticipating the impact of these developments on the platform’s performance and utility​​​​.

Official website: https://symbolplatform.com/

Best cryptocurrency wallet for Symbol (XYM)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Symbol (XYM)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).