Trying to figure out how to buy Siacoin? Well, I've got good news for you! You're not only going to figure out how to buy Siacoin, but also where to buy it.
However, before going to the 'How to buy Siacoin' part of the guide, I am first going to give you an overview of what the Siacoin is. I’m sure you already know this, but I thought I would still cover it, just in case some of you aren’t aware!
Then, after you figure out all the ins and outs of Siacoin, you'll also find out the best cryptocurrency exchanges to buy it (Binance, Bybit, and other crypto giants). Finally, you'll find a comprehensive step-by-step walkthrough on how to buy Siacoin, along with some really helpful screenshots.
I hope you’re ready, as we've got a lot to go through!
Dr. Amanda Kavner
PhD and Visiting Assistant Professor at State University of New York
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Table of Contents
What is Siacoin?
Siacoin is the native token of the cryptocurrency project called Sia that aims to challenge the cloud storage industry by using blockchain technology. It was created by a company called Nebulous Inc. The developers behind Siacoin are Luke Champine and David Vick.
As of writing, cloud storage is dominated by centralized corporations such as Amazon and Google. This has led to expensive fees and weak security, which is something that Siacoin claims it has solved.
By using the platform, anyone in the world can use Siacoin to rent online storage. Alternatively, anyone who wants to host files by contributing their spare hard drive space can earn Siacoin!
The project is completely decentralized, meaning that no single person or authority controls the network. Instead, data transactions are verified by multiple nodes, which guarantees that the Siacoin servers will never fail, nor can they be hacked.
Note: A node is a device that is hooked up to a cryptocurrency network. They allow transactions to be verified securely without a third party!
According to the team, on Sia, users are able to store 1 Terabyte of data for just $1-2 per month. Compared to the Amazon S3 fee of $23 per month, it surely is significantly cheaper.
Although Siacoin was first released in late 2015, it wasn’t until mid-2017 that the coin started to experience some considerable growth. Like most other cryptocurrencies, Siacoin experienced its highest-ever price in January 2017, where at 9 cents, it had a total market capitalization of just under $3 billion. Again, like most other cryptocurrencies, its value has since gone down.
So, now that you know what the project is aiming to do, the next part of my ‘How to buy Siacoin’ guide is discussing the best crypto exchanges to buy it from!
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Where and How to Buy Siacoin?
The most popular way of purchasing crypto assets is from cryptocurrency exchanges. However, there is obviously a huge variety of great cryptocurrency exchanges to choose from. So, no matter if you're searching how to buy Sia coin, or other coins, for that matter, I've prepared a list of some of the best crypto trading platforms out there.
Binance
The first option you should consider for purchasing Siacoin is Binance. And, of course, the most convenient way to buy Siacoin, or other crypto assets, is using fiat currencies, right? So, how to buy Siacoin on Binance using fiat?
Step 1: Create an account on Binance and pass KYC verification. You can either create it via the website or via the Binance App (I'll focus on buying via the website).
Step 2: Click 'Buy Crypto' at the top left corner of the Binance website (or find 'Buy with cash' option if you're using the Binance App).
Step 3: Choose a payment method you want to use. Overall, you have the following options:
-
- Credit / Debit card;
- Bank Deposit;
- Cash Balance on your Binance account.
Step 4: Choose Siacoin as the asset you want to buy and the fiat currency you want to pay with. Then, follow all steps you need to take accoring to the method in question. Once you do that, you'll see a summary of your order. Note that the amount of crypto you'll get is recalculated every minute based on the current market price. After you're sure everyhing is okay, click 'Confirm' and follow payment verification steps.
That's it, you bought your first Siacoin, and now you know how to buy Siacoin on Binance using fiat. But why do people love Binance so much?
Although Binance was only created in 2017, it is one of the largest cryptocurrency exchanges in the world. Originally, Binance was based in China. However, it moved its headquarters elsewhere due to regulations China imposed on cryptocurrencies (the location of Binance headquarters is unknown).
The platform is now so popular that it has more than 89 million registered users who contribute to an average daily trading volume of over $10 billion per day!
Well, firstly, Binance allows you to trade hundreds of different cryptocurrencies. This includes popular coins such as Bitcoin and Ethereum, as well as less-known ones like Siacoin! Besides, Binance quite often lists brand-new cryptocurrencies that have just finished their ICOs.
Another great benefit of trading on Binance is that it offers competitive fees. Standard trading fees are just 0.1% of the total trade amount. Also, you can reduce this by 50% if you use the BNB coin, which is a cryptocurrency created by Binance!
Binance security is also one of its strong points. Even though there has been a couple of issues in the past (such as the huge price swing of Syscoin where Binance had to temporarily block withdrawals), it managed to overcome them quickly.
Overall, Binance users are protected by various safety controls, such as two-factor authentication and cold storage (which means your coins are held offline).
To add to that, as you already know, Binance supports fiat deposits and withdrawals using multiple currencies (like USD, EUR, GBP, and so on). So, if you don't have any crypto assets and you want to find out how to buy Sia coin as your first crypto, Binance has got you covered!
The only drawback of Binance is that it might seem a bit too complicated for beginners at first glance. After all, it does offer a huge variety of features. However, don't worry, Binance has taken a lot of measures to help new users. It features various tips, a beginner zone, and even has its own Binance Academy.
You see, Binance is definitely a great place to check out if you're looking at how to buy Siacoin. Now, let me quickly summarize the advantages and disadvantages of the platform.
Advantages
- Hundreds of coins listed
- Low trading fees
- Great security
- Huge trading volume (so, lots of liquidity)
- Fiat deposit and withdrawal support
Disadvantages
- Beginners might find it a bit challenging
Now you know the main pros and cons of buying Siacoin on Binance, as well as how to buy Siacoin using fiat. However, buying Siacoin with fiat is not the only option - you can also use other crypto assets to do that.
How to Buy Siacoin on Binance Using Other Crypto Assets?
While you would usually go for buying Siacoin using fiat money, you can also do that using other crypto assets. Let's take Ethereum (ETH) as an example. If you already have Ethereum in your Binance account (or any other coin that Binance accepts) you just have to follow these steps:
- At the top of the screen, click on 'Trade,' and the click on 'Spot'.
- On the screen's right side, click 'ETH' and then search for 'SC.'
- Click on the 'SC/ETH' pair.
- You are now on the main trading screen for Siacoin and Ethereum trading!
- Now, scroll down to the pricing charts and look for the 'Buy SC' trading box. The easiest way to trade is to use the 'Market' option, so make sure that it is selected. This will ensure that you are trading at the current market price.
- The following step is entering the total amount of Siacoin you want to buy. You can either enter it into the 'Amount' box, or select the total percentage of your ETH balance you want to use.
- Finally, to complete the trade, click on 'BUY SC.' If you used the market option, your trade should be completed within a couple of seconds.
However, you might be holding crypto on other exchanges but still want to use Binance to buy Siacoin. Or, maybe your exchange doesn't support Siacoin? Don't worry, you can usually transfer your holdings from one platform to another. As an example, let's take Coinbase and let's assume that you want to transfer Ethereum.
So, how to transfer ETH from Coinbase to Binance? Simply follow these steps:
- At the top of the screen, click on 'Accounts.'
- Scroll down and then select 'Ethereum.' Then click on 'Send.'
- This is where you'll need to enter your Binance deposit address. So, open a new internet tab and create an account with Binance (if you don't have one yet). Once you have created an account at Binance, you need to log in.
- Then, hover your mouse over 'Funds' and click on 'Deposits.'
- In the drop-down box, search for ETH. Then, click on 'Ethereum.'
- You will then see your Binance deposit address for ETH. Click on 'Copy Address' and then return to your Coinbase tab.
- Now, you'll need to paste the Binance deposit address into Coinbase and click 'Send.'
That's it! Your Binance account should be funded within a few minutes, just be patient. Once your crypto is transferred, you can buy Siacoin using it.
Okay, now you know all the ins and outs of buying Siacoin on Binance. What about other crypto exchanges? Let's look into Bybit.
Bybit
Bybit is another great option for buying Siacoin. It is, after all, one of the most popular exchanges out there. Now the most important question in your case should be how to buy Siacoin on Bybit? While you cannot buy it directly using fiat, you can buy it on a Spot market using USDT.
Step 1: Create an account on Bybit and pass KYC verification.
Step 2: For buying on Spot market you already have to have funds in your Bybit account. So, you can either deposit crypto into your account or buy other crypto assets using fiat (like USDT or ETH)
Step 3: Go to 'Trade' and then choose 'Spot trading'. You'll normally see 'BTC/USDT' trading pair at the top left corner of the screen. Hover your mouse over it for a search bar to appear, type in 'SC' and choose the 'SC/USDT' trading pair. You'll be trading SC against USDT (so you must have a sufficient amount in your account).
Step 4: On the right side of the screen, choose the 'Market' option for making a simple market order. Then, you'll just have to type in the amount of USDT you want to spend in the 'Order Value' field. After doing that, just press 'Buy SC', and that's it!
Now that you know how to buy Siacoin on Bybit, let's see why the exchange is worth your attention overall.
Bybit crypto exchange was founded in 2018 by Ben Zhou. It has its headquarters in Dubai, United Arab Emirates. It is one of the biggest derivatives trading platforms!
If you don't know what a derivatives trading platform is, let me explain. You see, a financial product known as a derivative is one that derives its worth from an underlying asset, such as Siacoin, Ethereum, Bitcoin, or other assets.
So, using Bybit, you'll mainly engage in indirect cryptocurrency trading. Instead of buying crypto assets directly, you will buy (or sell) contracts referencing the cryptocurrencies you wish to deal with. What is great in this situation, though, is that Bybit allows leverage trading with up to 100x leverage. This means you can buy more crypto than your funds allow you by leveraging them.
Though, do keep in mind that leverage trading is a high-risk trading technique!
Now, why else is Bybit an option you should consider when thinking about where and how to buy Sia coin? Well, it does offer a huge variety of crypto assets. Besides, it has a great trading fee structure based on a maker-taker model. Maker fees go from 0.1% to 0%, while taker fees go from 0.1% to 0.02%. So, Bybit fees surely are competitive!
Considering the aspect of Bybit security, it can definitely be called top-notch. It employs a variety of industry-leading security solutions and strategies to provide its users with reliable security. This includes storing users' funds in cold storage, employing multi-signatures, conducting regular audits, and so on.
However, similarly to Binance, Bybit is not the best platform for beginners. It does have a lot of features, which might lead to confusion. Though, don't get me wrong, Bybit also takes all measures to make its platforms as beginner-friendly as possible.
Overall, Bybit is surely a platform you should consider for buying Siacoin. I also summed up its main advantages and disadvantages below.
Advantages
- Up to 100x leverage
- A huge variety of supported assets
- Competitive trading fees
- Top-notch security
Disadvantages
- Might have a steeper learning curve
So, that's all you need to know about buying Siacoin on Bybit. Next up, we have Bittrex!
Bittrex
Bittrex is a veteran in the crypto space. Thus, it is definitely a great choice for buying Siacoin, or other crypto assets, for that matter. Now, the question is how to buy Siacoin on Bittrex? Use the 'Instant Buy & Sell' option!
Step 1: Just like with any other exchange, you must first register on it and pass all required KYC processes.
Step 2: On the top right nagivation panel on the Bittrex website choose 'Instant Buy & Sell'. Once you do that, a window will pop up where you can choose the asset you want to buy, how you want to pay for it, and how much you want to spend. You can pay using USD, BTC, ETH, and USDT.
Step 3: Let's say you want to use USD. You have two options: either use a debit / credit card or USD balance you already have in your Bittrex account. If you're a new user, you probably won't have any balance in your account. So, let's say you choose paying with card.
Step 4: Enter your card info, review your purchase, and then, if everyhting is fine, confirm it. That's all, you bought Siacoin!
So, now that you know how to buy SC on Bittrex, let's talk about why you should use this platform.
Bittrex was established in 2013 in Seattle, U.S. It has a pretty high trading volume, meaning it always offers a decent amount of liquidity.
Although it remains unclear how many users Bittrex has, in late 2017, it had to suspend new registrations as too many people were trying to join. However, Bittrex has since re-opened its doors.
Note: There are two Bittrex exchanges – Bittrex and Bittrex Global. The former is based in the U.S., while the latter is in Europe and South America. However, due to U.S. regulations towards crypto, Bittrex announced in March 2023 that it will shut down the U.S.-based exchange by the end of April 2023.
If you want to buy Siacoin using fiat money, Bittrex is one of the options you can pick. However, do note that it only supports EUR and USD deposits and withdrawals. Besides that, there is quite a long list of countries that are not eligible for fiat withdrawals and deposits through Bittrex. So, make sure to check out if your country is eligible before making any decisions!
Moreover, Bittrex lists over 340 cryptocurrencies (including Siacoin, of course!). Trading fees are fairly good at Bittrex. Based on their 30-day trading volume, maker and taker fees both commence at 0.75% and decrease to 0% for makers and 0.05% for takers. However, there are no deposit or withdrawal fees for USD, while cryptocurrencies only incur a withdrawal fee.
Furthermore, Bittrex takes security very seriously, which is great! On the other hand, this means that every account needs to be verified before you can start trading, which, according to some users, can take up to two weeks! Therefore if you need to buy Siacoin quickly, Bittrex might not be the best option.
Besides, it's worth noting that Bittrex does not have the best reputation when it comes to customer support. Several customer reviews state that it takes quite a long time to respond.
Now, before moving on to the next part of this guide, let me quickly summarize the advantages and disadvantages of using Bittrex.
Advantages
- More than 340 coins listed
- There are no deposit or withdrawal fees for USD
- Top security
Disadvantages
- KYC verification can be very slow
- Some reports of poor customer service
So, now that you know the good and bad points of using Bittrex, let's move on to the next platform in this ‘How to buy Siacoin’ article: OKX.
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OKX
OKX (formerly known as OKEx) is a cryptocurrency exchange that was launched in 2014. It definitely is one of the exchnages that are great for buying Siacoin or many other crypto assets. Now the question is how to do that?
Step 1: Again, you first have to create an account on OKX.
Step 2: On the top left corner of the OKX website you'll find the 'Buy crypto' option. Once you click on it, you'll see three options:
-
- Buy with card;
- P2P Trading;
- Third-party payment.
Step 3: Let's go with the 'Buy with card' option. After you click on it, you'll be taken to a window where you can choose the asset you want to buy (choose SC) and the fiat currency you want to pay with. Choose the amount you want to buy and click 'Buy SC'.
Step 4: Now, you'll just have to type in your card details and then confirm the order. Once you do that, you'll have your Siacoin!
Easy peasy, right? Now, as I told you how to use OKX, I should also tell you why it is a platform that is worth your attention.
OKX originally was based in China, but it later moved its offices to Seychelles. Besides, although the exchange was originally only available in Chinese, it is now available in English and other languages.
Regarding coin availability, OKX has over 340 coins to buy, sell and trade. However, the platform does not allow fiat currency deposits. So, you will need to deposit using a cryptocurrency. As for fiat withdrawals, they can only be done using a P2P Marketplace built into OKX.
When it comes to trading fees on OKX, as a regular market maker, you will pay anywhere between 0.06% and 0.08%. As a market taker, on the other hand, you'll pay between 0.08% and 0.1%. Ultimately, the more you trade in 30 days, the cheaper the fees! However, if you are a VIP, your fees may even drop to -0.005%.
One of many great things about trading at OKX is that you only need to verify your identity if you plan on trading high amounts! At the time of writing, you can trade 100 BTC every 24 hours.
Another good feature of using OKX is that it has a live chat that functions 24/7. Although response times can be quite long, it is certainly quicker than having to wait for an email reply!
Security is also good at OKX. For example, users must type in a number sent to their registered mobile phone whenever they want to log in to their account, trade or withdraw funds!
Lastly, OKX has extremely high trading volumes, frequently handling more than $1,5 billion in daily transactions. As a result, this makes it a great exchange to buy Siacoin as there is always lots of liquidity.
Before moving on to the next exchange, I’ll quickly summarize the advantages and disadvantages of using OKX.
Advantages
- A wide range of cryptocurrencies listed
- Good trading fees
- Very high trading volumes
- Good security
- Allows anonymous trading (as long as less than 100 BTC per day)
- 24/7 live chat
Disadvantages
- No fiat deposits
- A bit too complicated for beginners
Now that I’ve gone through the pros and cons of using OKX, the next exchange in this ‘How to buy Siacoin’ guide is HitBTC!
HitBTC
Next up on the list of exchanges you can use for buying Siacoin is HitBTC. How can you purchase Siacoin on HitBTC though?
Step 1: Create an account on HitBTC.
Step 2: For buying Siacoin on HitBTC, you'll have to have BTC in your account. Why? Because you'll not be buying SC using fiat. Instead, you will be trading BTC for SC.
Step 3: Click on the 'Exchange' option at the top left corner on the website. In the search bar in the 'Instruments' column type in 'SC' to go into the 'SC/BTC' trading pair.
Step 4: Scroll down until you see the 'Buy SC' column. Once you see it, choose 'Market' option, type in the amount you want to buy, and confirm your order.
There you have it! Now, let's look more into the HitBTC exchange itself.
Created in 2013, HitBTC is a cryptocurrency exchange based in Hong Kong. On top of listing Siacoin, the platform offers more than 400 different cryptocurrencies that users can buy, sell, and trade!
If you want to buy Siacoin with USD (or other real-world currencies), you're in luck! HitBTC has many fiat currency payment methods, including SEPA (European customers) and SWIFT (everybody else).
Just remember, if you choose to deposit using real-world funds, you must first verify your identity. According to other users who have attempted to do this, the verification process can take a long time during busy periods.
Bank account deposits can also take up to 3 days before they reach your account. So, if you want to buy Siacoin immediately, you’re better off depositing using another cryptocurrency (such as Bitcoin or Ethereum).
Trading fees are also pretty good on HitBTC. Fees for spot/margin makers range from 0.1% to -0.01%, while for takers, they range from 0.25% to 0.02%.
However, withdrawal fees can get pretty expensive. The withdrawal fee depends on the coin you want to withdraw. Thus, it can change depending on the current value of the asset in question. As for the cost of withdrawing Siacoin, HitBTC does not publish withdrawal fees publicly. So, you will need to check this once you are logged in to your account.
Though, you should consider the fact that HitBTC servers were hacked in 2015, resulting in some users having their coins stolen. So, if you decide to use HitBTC to buy Siacoin, set up two-factor authentication and never keep too much in your account. I recommend sending your Siacoin to a secure hardware wallet. For instance, you could try Ledger Nano X.
Before moving on to the final exchange, I'll discuss in this ‘How to buy Siacoin’ guide, let me quickly go over the pros and cons of using HitBTC.
Advantages
- More than 400 different cryptocurrencies listed
- Low trading fees
- Accepts bank account deposits
- Easy-to-use platform
Disadvantages
- Expensive and unclear withdrawal fees
- Hacked in 2015
- Trading volumes on Siacoin are sometimes low
So, now that you know about HitBTC, the final exchange that I am going to review in this ‘How to buy Siacoin’ guide is Poloniex!
- A very well-known crypto exchange platform
- More than 500 different cryptos available
- Two-factor authentication
- Over 500 different cryptocurrencies available
- Strong security
- Small withdrawal fees
- Very low trading fees
- Exceptional functionality
- Mobile trading app
- Very competitive trading fees
- An intuitive mobile app
- Up to 100x leverage available
- Secure and reliable
- Low fees
- A good amount of fiat currencies accepted
- Reputable exchange
- Multiple fiat currencies are accepted
- Relatively low trading fees
Poloniex
Poloniex is a cryptocurrency exchange located in the U.S. It's yet another exchange that is great for buying Siacoin. Let's begin with answering the question how to buy Siacoin on Poloniex? For one, note that you cannot buy SC using fiat, but you can buy it through Spot market.
Step 1: Create an account on Poloniex if you don't have one already.
Step 2: For buying on Poloniex Spot market you'll have to have crypto in your account. Specifically for Siacoin, you can either use BTC or USDT. You can buy these assets using fiat on Poloniex.
Step 3: Go to 'Trade' and then choose 'Spot'. You'll normally see 'BTC/USDT' trading pair at the top left corner of the screen. To change it, hover your mouse over it for a search bar to appear, type in 'SC' and choose either the 'SC/USDT' or 'SC/BTC' trading pair. Let's say you choose BTC.
Step 4: On the right side of the screen, choose the 'Market' option for making a market order. Then, you'll just have to type in the amount of BTC you want to spend in the 'Total' field. After doing that, just press 'Buy SC'. You've bought it!
Now, let me also tell you why Poloniex is a great exchange overall.
Poloniex was launched in 2014 and is one of the largest platforms based on daily trading volume. Also, the exchange has a really big list of supported coins.
Despite not allowing users to deposit or withdraw fiat money directly, Poloniex has partnered with Simplex to enable them to buy cryptocurrency using credit or debit cards. Besides, cryptocurrency deposits on Poloniex are free!
Trading fees on Poloniex depend on whether you are a maker or a taker and how big your trading volume is. The market maker is the person who provides the exchange with liquidity, and the market taker is the person who takes the current market price.
If you're a maker, you will pay between -0.005% (yes, they will pay YOU) and 0.2%. On the other hand, you'll pay between 0.1% and 0.2% if you're a taker.
Another great advantage of using Poloniex is that it allows you to trade anonymously, as long as you do not attempt to trade more than $2000 a day. If you need to trade larger amounts, you will need to go through a verification process, though.
When it comes to Poloniex security, the majority of customer funds are held offline, and two-factor authentication is also available. However, be aware that in 2014 the exchange was hacked, leading to 12% of its Bitcoin supply being stolen. So, don't forget to always secure your assets as much as you can and don't hold too much in one place.
Below, I have summarized the advantages and disadvantages of using Poloniex.
Advantages
- Large selection of coins
- U.S.-based company
- Anonymous trading allowed (if less than $2000/day)
- Low trading fees
Disadvantages
- Had 12% of Bitcoin stolen during a hack in 2014
So, now that you know six of the best exchanges where to buy Siacoin and know how to buy Siacoin on each, what should you do with Siacoins you already own?
You've Bought It, Where Can You Store Siacoin?
So, now that you're already a proud owner of Siacoin, let's talk about what to do next. To be more precise, where to store it? Let's stick with the scenario of you buying Siacoin on Binance. In this case, the Siacoin you bought is stored in a wallet that is built into Binance. That's very convenient and all. However, it's not the safest option for storing your crypto assets.
Why? Because it's a hot wallet that is constantly connected to the internet and might be prone to hacks. Don't get me wrong, Binance does have great security. Though, if you really want to sleep soundly at night, I suggest getting a good hardware wallet.
What is a hardware wallet? It's a physical cold storage device that is not connected to the internet all the time (which means it cannot be hacked). A hardware wallet that is definitely worth your attention is Ledger Nano X. It's one of the most popular hardware wallets that's easy to use, has an appealing design, and can be managed from a mobile device.
How to transfer crypto from Binance to your Ledger Nano X wallet? Follow these steps:
- Download the Ledger Live mobile app and pair your Ledger wallet with it (you can use the desktop version as well).
- On Binance, select the asset you want to send to your wallet and click 'Withdraw.'
- Then, paste your wallet address (you can find it in your Ledger Live app) and enter the amount you want to send.
- Once you do that, review your transaction information and click 'Confirm.'
- Now, a verification questionnaire might pop up. Pass it and click 'Verify Now.'
- Lastly, Risk prompts will pop up, read them carefully and, if you agree, click 'Withdraw.'
That's it! Your Siacoin will appear in your Ledger device in no time.
Though, if you don't want to invest in a super safe hardware wallet, you can also transfer it to another software wallet. For instance, the Sia project itself has a wallet that is dedicated specifically for holding Siacoins. The wallet is called Sia-UI. All you need to do is download it on your computer (Windows, macOS, or Linux) and create a new wallet, if you don't have one already.
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Conclusions
And that’s the end of this ‘How to buy Siacoin’ guide! I’ve given you six of the best cryptocurrency exchanges to buy it from. Each has pros and cons, but it's completely up to you which one to use.
If you asked me, Binance is the best exchange to buy Siacoin because of its high trade volumes and low trading fees, which is why I used it as an example in my step-by-step guide.
Besides, once you have bought the coins from Binance (or whichever exchange you used), I would advise you to withdraw them into your crypto wallet (preferably hardware) instead of keeping them in the wallet built into an exchange.
If hope you found this guide useful and have now successfully purchased some Siacoins. If you want to purchase any other coins, though, the process is pretty much the same. Good luck building your crypto portfolio!
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