How To Buy Symbol (XYM)?

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:

1

 Gate.io

Create Gate.io Account

Fees (Maker/Taker)                    0.2%*-0.2%*

Cryptocurrencies
Available for Trade                           
1000+

Sign-up bonus
 Up to $100 in USDT vouchers*

Available in
North America, South America, Europe, Asia, Oceania, Africa

2

 Kucoin

Create Kucoin Account - How To Buy Symbol

Fees (Maker/Taker)                    0.1%*-3%*

Cryptocurrencies
Available for Trade                           
250+

Sign-up bonus
 Up to $500 in USDT vouchers*

Available in
North America, South America, Europe, Asia, Oceania, Africa

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.

How to create a Gate.io account

Gate.io

Show Detailed Instructions

Step 1: Go to the Gate.io website.

Step 2: Choose your username, your email address and your password. Then check “I certify that I am 18 years of age or older, and I agree to the Gate.io User Agreement Privacy Policy” and click “NEXT”.

How To Create a Gate.io Account Step 2

Step 3: Set your fund password and click “Create account”.
Note: Your fund password must contain at least 6 characters and can not be the same as your login password.
How To Create a Gate.io Account Step 3
Step 4: An activation email will be sent to your email address. Complete the rest of the registration process by following the instructions in the email to activate your account. Once this is done done, click “Email activated, please log in”.

How To Create a Gate.io Account Step 4

How to complete KYC (ID Verification) on Gate.io

In order to ensure the safety of your assets, and to reduce fraud, money laundering, blackmail, and other illegal activities, Gate.io makes it mandatory that all users obtain KYC ID Verification. Only after your account has obtained KYC ID verification, can you withdraw funds or use credit cards or debit cards to buy cryptocurrencies.

Step 1: Log in to your Gate.io account.
Place your cursor on the top-right profile icon and go to “KYC (ID Verification)”

How To Complete KYC (ID Verification) on Gate.io Step 1

Step 2: Click “Individual (Verify now)”

How To Complete KYC (ID Verification) on Gate.io Step 2

Step 3: Select your country, input your full legal name (twice), fill in your ID information, upload photos of both sides of your ID card, and a photo of you holding your ID together with your User ID (UID) for Gate.io. You will see your User ID by placing the cursor on the top-right profile icon on the main page. Make sure everything is filled in correctly and then click on “Confirm and Submit”.

How To Complete KYC (ID Verification) On Gate.io Step 3

How To Complete KYC (ID Verification) On Gate.io Step 4

Step 4: After you have submitted all the requested information, you will see the pending approval.
Approval can take anywhere from a few hours to a few days to complete.

How To Complete KYC (ID Verification) On Gate.io Step 5

Once the KYC is approved, you’re ready to make your first cryptocurrency purchase.

How to buy cryptocurrency on Gate.io

Step 1: Log in to your Gate.io account.
Then in the Menu Bar at the top of the page, click “Buy Crypto” and select “Credit Card”.

How To Buy Cryptocurrency on Gate.io Step 1

Step 2: Enter the amount you wish to spend in the “Buy with Fiat Currency” tab and select the cryptocurrency that you want to buy under the “Currency Purchased” field. Then select one of the “Service Providers” below and click the “Place Order” button to enter the confirmation page.

Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.

How To Buy Cryptocurrency on Gate.io Step 2

Step 3: On the confirmation page, select “Buy Crypto” or the “Create Order” button to complete the payment.

Note: To ensure a quick and secure way of receiving the order, users might need to conduct an additional Identity Verification (KYC) with a third-party service provider. Once successfully verified, the service provider will immediately transfer the cryptocurrencies to your Gate.io account.

How to Conduct Spot Trading on Gate.io

Step 1: Log in to your Gate.io account.
Click on “Spot Trading” under “Trade” on the top navigation bar.
You can either choose “standard” or “professional” version. This tutorial uses the standard version.

How to Conduct Spot Trading on Gate.io Step 1

Step 2: Search and enter the cryptocurrency you want to trade.

How to Conduct Spot Trading on Gate.io Step 2

Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)

How to Conduct Spot Trading on Gate.io Step 3

Step 4: If you don’t want to set a manual price, you can click on the last prices on the order book to set the buying/selling price automatically.

How to Conduct Spot Trading on Gate.io Step 4

Step 5: Confirm the price and amount. Then click on “Place Order” to place the order, followed by “Confirm Order” to confirm it.

How to Conduct Spot Trading on Gate.io Step 5

 

Hide Detailed Instructions

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:

1

 Binance

Create Binance Account - How To Buy Symbol

Fees (Maker/Taker)            0.075%*-0.1%*

Cryptocurrencies
Available for Trade                             500
+

Sign-up bonus
 10% reduced trading fees*

Available in
Europe, Asia, Oceania, Africa

2

 Coinbase

Create Coinbase Account - How To Buy Symbol

Fees (Maker/Taker)             1.49%*-3.99%*

Cryptocurrencies
Available for Trade                              150
+

Sign-up bonus
 $10 sign-up bonus*

Available in
North America, South America, Europe, Asia, Oceania, Africa

3

 FTX US

Create FTX US Account

Fees (Maker/Taker)            0.10%*-0.40%*

Cryptocurrencies
Available for Trade                             45
+

Sign-up bonus
 5% reduced trading fees*

Available in
North America, South America, Europe, Asia, Oceania, Africa

How to create a Binance account

Create Binance Account

Show Detailed Instructions

Step 1: Go to the Binance website.

Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.

How To Create a Binance Account Step 2

Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.

Step 3: Complete the Security Verification.

How To Create a Binance Account Step 3

Step 4:
The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How To Create a Binance Account Step 4
Congratulations, you have successfully registered on Binance.

How to complete KYC (ID Verification) on Binance

Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
 

How To Complete KYC ID Verification on Binance Step 1 - How To Buy Symbol

Step 2: click “Start Now” to verify your account.

How To Complete KYC (ID Verification) on Binance Step 2

Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.

How To Complete KYC ID Verification on Binance Step 3 - How To Buy Symbol

You will then see the list of verification requirements for your specific country/region. Click “Continue”.
How To Complete KYC (ID Verification) on Binance Step 4

Step 5: Enter your personal information and click “Continue.”

Make sure that all the information entered is consistent with your ID documents.
You won’t be able to change it once confirmed.
How To Complete KYC ID Verification on Binance Step 5 - How To Buy Symbol
Step 6: Next, you will need to upload pictures of your ID documents. Choose the type of ID and the country your documents were issued. Most users can choose to verify with a passport, ID card, or driver’s license.
Refer to the respective options offered for your country.
How To Complete KYC (ID Verification) on Binance Step 6

Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.

For example, if you are using an ID card, you have to take photos of the front and back of your ID card.
How To Complete KYC (ID Verification) on Binance Step 7
Step 8: After uploading the document photos, the system will ask for a selfie. Click “Upload File” to upload an existing photo from your computer.
How To Complete KYC ID Verification on Binance Step 8 - How To Buy Symbol
Step 9: After that, the system will ask you to complete face verification. Click “Continue” to finish face verification on your computer. Alternatively, you can move your mouse to the QR code on the bottom right to complete the verification on your phone instead. Scan the QR code via your phone’s camera to finish the face verification process.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
How To Complete KYC ID Verification on Binance Step 9 - How To Buy Symbol
After completing the process, please wait patiently.
Once your application has been verified, you will receive an email notification.

How to buy cryptocurrency on Binance

Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”. 

How To Buy Cryptocurrency on Binance Step 1

Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.

Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.

How To Buy Cryptocurrency on Binance Step 2 - How To Buy Symbol

Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.

How To Buy Cryptocurrency on Binance Step 3 - How To Buy Symbol

Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.

How To Buy Cryptocurrency on Binance Step 4

How to Conduct Spot Trading on Binance

Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.

How to Conduct Spot Trading on Binance Step 1

Step 2: Search and enter the cryptocurrency you want to trade.

How to Conduct Spot Trading on Binance Step 2 - How To Buy Symbol

Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.

(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)

How to Conduct Spot Trading on Binance Step 3 - How To Buy Symbol

Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.

How to Conduct Spot Trading on Binance Step 4

Hide Detailed Instructions

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. 

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).

Ledger Hardware Wallet
Trezor Hardware Wallet

Market Overview

Coinmarketcap.com

Find the latest Symbol (XYM) price chart, trade volume, market cap, and other vital information to help you with your cryptocurrency trading and investing.

Coinmarketcap will be your cryptocurrency go-to for just about everything. Here you can see the following:

Market Capitalization And Daily Trading Volume

Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)

Circulating And Total Supply

Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).

CMC - How To Buy Symbol
Last updated Mar 17, 2022

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