How to Buy SONM (SNM)Log In to Buy SONM(SNM)
Are you interested in buying SONM (SNM) or exploring other cryptocurrencies? You've come to the right place! Explore all the ways you can buy SONM (SNM) with this guide. KuCoin supports over 700 cryptocurrencies and is constantly adding more crypto gems to our platform. Although KuCoin currently does not support SONM (SNM), we will show you how you can buy this digital asset in the step-by-step guide below.
Where Can You Buy SONM (SNM)?
There are several ways to get SONM (SNM). Here are some of the most popular options you can choose from:
Centralized Exchanges (CEXs)
Buying SONM (SNM) through an exchange or a broker is fast and easy for beginners. When choosing a centralized exchange, make sure that it supports SONM (SNM). Confirm that your selected exchange has solid security, liquidity, and a competitive fee structure.
If security and complete control over your crypto assets are your top priorities, you may wish to buy and store SONM (SNM) using a non-custodial wallet, such as KuCoin Wallet or MetaMask. The leading Web3 crypto wallets allow you to buy or swap thousands of cryptocurrencies easily. Find a reputable crypto wallet browser extension or download the wallet on your smartphone. Create or import an existing crypto wallet address to store, send, and receive crypto and NFTs.
Decentralized Exchanges (DEXs)
In contrast to centralized exchanges like KuCoin, decentralized exchanges provide trustless crypto swapping based on self-executing smart contracts. Decentralized exchanges like Uniswap support buying and trading of thousands of crypto trading pairs. Most tokens are on EVM-compatible blockchains such as Ethereum and Polygon. To interact with a DEX, you will need to connect to the DEX using a compatible wallet such as MetaMask.
How to Buy SONM (SNM): A Step-by-Step Guide
Buy SONM (SNM) on a Centralized Exchange
A centralized exchange is the simplest and most common way to buy, hold, and trade crypto. Here's how you can buy SONM (SNM) via a centralized exchange:
1. Choose a CEX: Select a reliable and trustworthy crypto exchange that supports SONM (SNM) purchases. Consider the ease of use, fee structure, and supported payment methods when choosing a crypto exchange.
2. Create an account: Enter the required information and set a secure password. Enable 2FA using Google Authenticator and other security settings to add an extra layer of security to your account.
3. Verify your identity: A secure and reputed exchange will often ask you to complete KYC verification. Information required for KYC will vary based on your nationality and region. Users who pass KYC verification will have access to more features and services on the platform.
4. Add a payment method: Follow the instructions provided by the exchange to add a credit/debit card, bank account, or other supported payment method. The information you need to provide may vary depending on your bank's security requirements.
5. Buy SONM (SNM): You are now ready to buy SONM (SNM). You can easily buy SONM (SNM) using fiat currency if doing so is supported. You could also do a crypto-to-crypto exchange by first purchasing a popular cryptocurrency such as USDT, and then exchanging it for your desired SONM (SNM).
Buy SONM (SNM) via a Crypto Wallet
You may buy certain cryptocurrencies directly via a crypto wallet. If supported by your wallet, you can buy SONM (SNM) through the following steps:
1. Choose a wallet: Select a reliable and reputable crypto wallet that supports SONM(SNM).
2. Download the app: Download the wallet application to your device from the Google Play Store, App Store, or as a browser extension.
3. Create a wallet: Create a new wallet address or import an existing one if you already have one. Make sure you write down the seed phrase and keep it in a secure place. No one can help you access your wallet if you lose your seed phrase.
4. Buy SONM (SNM): Purchase the cryptocurrency using a supported payment method. Check the fees, since they may be higher than what exchanges charge.
5. Swap for SONM (SNM): Alternatively, if your wallet doesn’t support direct fiat-to-SNM purchases, you can first buy a more popular cryptocurrency like USDT, and then exchange it for SONM(SNM) through your crypto wallet or on a decentralized exchange.
Most crypto wallets that support fiat-to-crypto purchases don't directly handle payments but instead use third-party payment processors. Check and make sure you are okay with their fees before making purchases.
Buy SONM (SNM) on a Decentralized Exchange (DEX)
When buying SONM (SNM) from a decentralized exchange, you are connected with sellers directly, without any intermediaries. DEXs are a good alternative for users who want more privacy as there are no sign-up or identity verification requirements. You will maintain full custody of your crypto assets via self-custodial wallets. Follow the step-by-step guide to learn how to buy SONM on a DEX.
1. Choose a DEX: Select a decentralized exchange that supports SONM (SNM). Open the DEX app and connect your wallet. Make sure your wallet is compatible with the network.
2. Buy base currency: To buy SNM, you will first need to have the base currency as DEXs currently only support crypto-to-crypto exchanges. You can buy the base currency from a secure centralized exchange such as KuCoin.
3. Send the base currency to your wallet: After purchasing the base currency, transfer it to your web3 wallet. Note that transfers may take a few minutes to complete.
4. Swap your base currency for SONM (SNM): You are now ready to swap your base currencies for SONM (SNM).
Make sure you have enough blockchain native tokens, such as ETH on the Ethereum blockchain, to pay for transaction fees. Also, pay attention to slippage and adjust slippage tolerance according to your preferences.
How to Store SONM (SNM)
The best way to store SONM (SNM) varies based on your needs and preferences. Review the pros and cons to find the best method of storing SONM (SNM).
Store Your SONM (SNM) on an Exchange
Holding your funds on an exchange provides the most convenient access to investment products and features, such as spot and futures trading, staking, lending, and much more. The exchange will securely hold your funds, so you don't have to go through the hassle of managing and securing your private keys. However, be sure to select an exchange that implements strict security measures so you can rest assured that your crypto assets are safe and in good hands.
HODL Your SONM (SNM) in Non-Custodial Wallets
"Not your keys, not your coins" is a widely recognized rule in the crypto community. If security is your top concern, you can withdraw your SONM (SNM) to a non-custodial wallet. Storing SONM (SNM) in a non-custodial or self-custodial wallet grants you complete control over your private keys. You can use any type of wallet, including hardware wallets, Web3 wallets, or paper wallets. Note that this option may be less convenient if you wish to trade your SONM (SNM) frequently or put your assets to work. Be sure to store your private keys in a secure location as losing them may result in the permanent loss of your SONM (SNM).
What Can You Do with SONM (SNM)?
Store your SONM (SNM) assets on a CEX or in a self-custodial wallet.
Trade SONM (SNM) on supported platforms.
Use your SONM (SNM) to engage in staking, lending, or yield farming to earn passive income.
Alternative Ways to Buy SONM (SNM)
In addition to the more popular methods discussed above, there are also alternative ways of buying SONM (SNM), including:
Peer-to-Peer (P2P) Crypto Exchanges
Peer-to-peer (P2P) exchanges connect buyers and sellers directly, allowing you to buy or sell crypto using various payment methods. With P2P trading, you have more freedom to select your preferred offers and trade directly with counterparties. But keep a watch out for potentially unfavorable rates and scammers.
With crypto gaining mainstream adoption, more and more crypto ATMs are being installed worldwide. You can buy SONM (SNM) using a crypto ATM near you if it is supported.
Crypto Gift Cards
Buying crypto with gift cards is still a relatively underused method, but a good one. You can easily create an account via a gift card and exchange for SONM (SNM) when supported.