Synthetix is a DeFi protocol based on the Ethereum blockchain that enables the issuance of synthetic assets. These derivative tokens represent real world assets such as currencies, commodities, equities, and other cryptocurrencies. The protocol uses decentralized oracles to track the prices of the synthetic assets, and enables users to invest in non-crypto assets with cryptocurrecies.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Synthetix. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Synthetix and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Synthetix without any technical knowledge. Here is a brief overview of the existing wallet options to store your Synthetix:
Hosted wallets are wallets where the private keys to your Synthetix are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Synthetix online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Synthetix. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Synthetix, and if malicious parties have access to your device, your private keys (and therefore your Synthetix) can be stolen.
A hardware wallet is a physical device on which you can store your Synthetix offline. It is one of the safest ways to store your Synthetix, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Synthetix is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Synthetix. Once you have purchased Synthetix on Bitvavo, you can choose to send your Synthetix from your Bitvavo wallet to your own software or hardware wallet.