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31
May
how to buy sui

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How To Buy Sui (SUI)?

Binance is widely considered the best crypto exchange for buying Sui. Before purchasing Sui, it is necessary to complete the identity verification process and deposit euros into your Binance account. The safest approach to storing Sui tokens is by using a hardware wallet.

Sui is a smart contract platform that has gained attention as a potential competitor to Aptos and Solana. While Sui presents exciting potential as a smart contract platform, it is crucial to consider the competitive landscape and future token unlocks.

How to Buy Sui: A quick guide

Binance is widely considered the best crypto exchange for buying Sui. The platform provides a broad selection of trading pairs for Sui, including USDT, BNB, and BTC. This ensures ample liquidity and convenience. Binance’s user-friendly interface and mobile app simplify trading for newcomers and experienced traders alike. With a solid reputation, stringent security protocols, diverse trading options, and an intuitive interface, Binance emerges as the favored option for those seeking to buy Sui coins.

How to buy Sui on Binance, a quick guide:

  1. Click this registration link to create a new account.
  2. Complete the Know Your Customer (KYC) process by providing and verifying your personal information.
  3. Deposit euros into your Binance account using either a bank transfer or a debit card.
  4. Convert euros into USDT stablecoins or other trading pairs of SUI
  5. With the funds in your Binance account, navigate to the trading interface and buy Sui coins.
  6. You can choose to store your Sui coins on Binance or withdraw them to your personal wallet for added security.

This guide demonstrates the purchase process using euros as the fiat currency. However, the process is identical when using other fiat currencies such as USD, GBP, and others.

Below is a picture of the front page of Binance.com exchanges.

binance.com

Sui trading is predominantly concentrated on Binance, the leading exchange for this cryptocurrency. While KuCoin also provides trading pairs for Sui, we highly recommend acquiring Sui through Binance for the best experience. Additionally, it’s worth noting that Sui is also available on Coinbase, expanding its accessibility. Considering the support the Sui token has had prior to its launch, it is likely to be listed on additional exchanges in the near future.

How to Buy Sui: A detailed guide

Before purchasing Sui, it is necessary to complete the identity verification process and deposit euros into your Binance account. If you require more information about the various features of Binance, we recommend consulting our comprehensive Binance guide, which is particularly helpful for newcomers in the realm of cryptocurrency.

Moving forward, we will provide you with a step-by-step walkthrough of buying Sui using the Binance mobile app. You can freely download the app from the Google Play Store or the App Store and log in using the same credentials as the Binance.com website.

By default, the Binance mobile app operates in Lite Mode, offering a user-friendly interface specifically designed for beginners. This guide is tailored to Lite Mode users, ensuring ease of navigation throughout the purchasing process.

Access the trading menu

Within the mobile app’s main menu, locate a distinctive yellow button as indicated in the image. Initiate the purchasing process by selecting this icon.

binance trading mobile app

Proceed by selecting the Convert option from the ensuing menu. You must use the Convert option because Sui cannot be bought with fiat pairs yet.

Convert USDT to SUI

You have now the Convert Crypto page open on your screen. Select the correct trading pair as shown in the image below. In this example, we are trading 100 USDT (effectively $100) for SUI tokens.

You can also click the swap icon in the middle of the dropdowns, as marked in the image below. With that, you can convert SUI back to USDT later on if you wish.

convert sui binance

Finalize the purchase by clicking the yellow Preview Conversion link.

Confirm the conversion

Your conversion is now finalized. It will be confirmed automatically within 10 seconds if you don’t click anything.

confirm conversion sui

For advanced users, the exchange side offers additional trading opportunities. By switching to the Pro version in the app settings, you can access advanced trading tools and engage in actions like placing limit orders and utilizing leverage. However, we advise beginners to exercise caution and refrain from using these features.

How to store Sui safely

The safest approach to storing Sui tokens is by using a hardware wallet. One popular option is the Ledger Nano X, a USB stick-like device that connects to a computer or mobile phone via USB or Bluetooth. It costs approximately 150 euros, and you can securely order it from the manufacturer’s website by clicking here.

Novice investors can store their SUI tokens on Binance, although we recommend considering a personal wallet for long-term storage. Trust Wallet, a mobile wallet, is an excellent free option for storing SUI. It supports thousands of cryptocurrencies, including SUI. For more details, you can refer to our Trust Wallet guide, which provides a comprehensive introduction to this widely used free wallet.

What is Sui?

Sui is a smart contract platform that has gained attention as a potential competitor to Aptos and Solana. Similar to Aptos, Sui has its origins in Facebook’s Libra project. With significant financial backing from top crypto investors, Sui’s next-generation blockchain recently went live.

Sui was founded by five individuals with impressive backgrounds: Evan Cheng, Adeni Abiodun, Sam Blackshear, George Denasis, and Costas Hulkias. All five founders previously worked at Novi Financial, a company focused on building products for Facebook’s Libra, particularly the Novi wallet.

When the Facebook Libra project ended, a technology company called Mysten Labs was founded in California. It is responsible for building the Sui blockchain. The development of Sui is guided by the Sui Foundation.

Below is a picture of the Mysten Labs website.

sui mysten labs

Sui utilizes a delegated proof-of-stake consensus mechanism, enabling a high transaction processing capacity of up to 300,000 transactions per second. However, initial throughput may be limited. Notably, Sui’s blockchain structure revolves around objects rather than accounts, resulting in faster transaction speeds and reduced fees. This approach is supported by the Move programming language, a modified version called Sui Move, which introduces object orientation.

The Sui token serves as the native coin of the Sui blockchain. It is used for transaction fees, staking, and governance purposes. Sui implements a storage reward structure, similar to that of Arweave, ensuring validators are compensated for storing past transactions. Staking rewards are currently around eight percent for both validators and delegators. Sui’s initial token distribution includes allocations to early contributors, investors, Mysten Labs, community testers, and the Sui Foundation.

Sui holds promise as a smart contract platform with cutting-edge technology and notable partnerships, including Alibaba. Read more about the project from our Sui beginner’s guide.

Sui as an investment

While Sui presents exciting potential as a smart contract platform, it is crucial to consider the competitive landscape and future token unlocks. In this chapter, we will discuss three key points for potential Sui investors to consider.

  • Intense competition
  • Future token unlocks
  • Team and funding

One of the primary considerations for potential Sui investors is the competitive landscape within the smart contract platform sector. Sui faces tough competition from well-established platforms such as Ethereum, Solana, and Near Protocol. These platforms have already gained significant adoption and developer communities.

Another factor to carefully evaluate when considering an investment in Sui is the future token unlock schedule. Token unlocks can have a significant impact on the token’s price and market dynamics. Sui’s token distribution includes allocations to various stakeholders, and scheduled token unlocks may result in increased selling pressure. Investors should consider the potential effects of these unlocks and closely monitor the market sentiment surrounding them.

Lastly, the experience and expertise of the Sui team, as well as the project’s funding, are important factors for potential investors. The team’s backgrounds and track records, particularly in the crypto industry, provide insights into their ability to execute the project’s vision successfully. Additionally, the level of funding secured by Sui from reputable investors and venture capital firms demonstrates confidence in the project’s potential.

As with any investment, thorough research and careful consideration of the potential risks and rewards are essential. Understanding Sui’s competitive landscape, future token unlocks, technology, adoption potential, regulatory landscape, and the team’s capabilities will assist potential investors in making informed investment decisions.

Follow the price of the SUI token from this page: The SUI price.

Antti Hyppänen

Antti Hyppänen is a Finnish cryptocurrency expert and financial analyst. He is the founder and editor-in-chief of <a href="https://bitcoinkeskus.com/">Bitcoinkeskus</a>., the largest crypto portal in Finland. Antti regularly shares his views on finances and investing at <a href="https://asialinja.com/">Asialinja.com</a>. Antti has followed the financial markets since 2010, focusing on the US markets. He has also had a particular interest in gold and silver. In 2017, he discovered Bitcoin and launched Bitcoinkeskus.com, now Finland’s biggest crypto website. Antti is considered one of the leading crypto experts in Finland.