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How to buy Serum (SRM) in the US
Learn how to buy Serum (SRM) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
How to buy Serum
1. Compare crypto exchanges
The easiest way to buy Serum is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
2. Create an account
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
3. Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – cryptocurrency, advcash, swift and wire transfer payments are all widely accepted.
4. Buy Serum
You can now exchange your funds for Serum. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking buy. If you like you can now withdraw your Serum to your personal wallet.
Where to buy Serum
Find an exchange to buy, sell and trade SRM by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Steps on how to buy Serum
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Serum.
- Compare cryptocurrency exchanges that supports SRM.
Cryptocurrency exchanges differ by fees, security and payment methods, so you'll need to research which is the right fit for you. As a beginner, you don't need a big range of features, and you can always change exchanges later.
- Create an account on an exchange.
You can sign up for an account by selecting the Go to site button. This will take you to the account creation page, where you can fill in your details, starting with your name and email address..
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Serum.
- Buy Serum.
Complete your Serum purchase and then find the best wallet to store SRM.
What to consider when buying SerumBelow are the aspects you should consider before investing in SRM:
- High degree of interoperability: The Serum DEX employs smart contracts to help users swap assets between different blockchains – such as ETH for BTC – in a totally trustless manner. That being said, in order to execute such cross-chain swaps, all of the parties involved need to submit a certain amount of collateral.
- Low transaction costs: Serum offers fee rates that are quite low when compared with most other DEXs operating in the market today, with users having to pay just $0.00001 per transaction.
- Elaborate staking system: To become a validator node on the Serum DEX, users are required to stake a total of 10 million SRM, of which 1 million tokens should be submitted in the form of MSRM (1 MSRM token = 1 million SRM). Anyone with enough holdings can become a node with the maximum stake currently capped at 100 million SRM.
- Nodes perform two basic actions within the Serum network. First, they help in the seamless execution of cross-chain swaps, and second, they allow for the manual facilitation of transactions in case any functional issues are incurred. For their efforts, nodes are rewarded, with an annual percentage yield (APY), which is currently set at 2% per year, with additional benefits – of up to 13% – available on the basis of their performance.
- Community: Serum is backed by some of the biggest names in crypto, including Sam Bankfman-Fried, CEO of cryptocurrency exchange FTX and quantitative trading firm Alameda Research, Robert Leshner, founder of algorithmic money-market protocol Compound Finance, and Long Vuong, founder and CEO of scaling oriented proof-of-stake blockchain ecosystem TomoChain.
How to sell Serum
You can cash out your SRM with the same exchange you bought it through:
- Sign in to the exchange you have SRM on.
If you store your Serum in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of SRM you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Serum.
Disclaimer: Cryptocurrencies, including Serum, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SRM is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Serum or any other cryptocurrency discussed.
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