How to Buy SNX, the Coin at the Heart of Crypto's Red-Hot DeFi Sector

Synthetix (SNX) is a decentralized exchange where you can trade just about any asset with no broker or banker as a middleman — and therefore enjoy vastly lower transaction costs and far less time for settlement.

As such, it naturally benefits from the meteoric growth of the whole decentralized finance (DeFi) sector. But we're especially bullish on Synthetix right now because it's about to launch futures and leveraged trading — the market for which is gigantic.

In the case of stocks, there are about $70 trillion of equities trading around the world. But close to $700 trillion worth of options, futures and other derivatives trading on top of these equities.

This 1-to-10 ratio shows the likely scope for growth of crypto derivatives, which today are basically still in their infancy.

And while futures and leveraged trading on SNX have not yet started, options trading began July 1.

Want to guess what happened next?

Synthetix jumped from $1.90 to $2.60 in a week. And now, just a couple months later, SNX is $5.80 and climbing.

Price action like this is exactly what we expect to see more of.

The Easiest Way Yet to Buy SNX

You can buy SNX on major international exchanges like Binance. But it's so small and little-known, most cryptocurrency exchanges available to U.S. residents haven't bothered to include it on their platforms.

No matter!  Their short-sightedness ... is our opportunity

Dharma is a one-stop shop for DeFi undiscovered micro-cap cryptos — like SNX — that most crypto exchanges don't accommodate. And a wallet app that lives on your smartphone.

Reasons we like it include ...

•  You can buy and sell virtually all DeFi coins — no matter how small or obscure — from right inside the wallet.

•  Remarkably simple to set up and use. For example, no complicated know-your-customer (KYC) requirement or ID verification is required. Nor do you have to remember complicated passphrases to use the wallet.

•  Security is robust and includes procedures to recover your account if your smartphone gets lost or stolen. Plus, you alone control your private keys — so no third party has custody of your funds.

•  Free deposits and withdrawals. Dharma charges zero fees for putting money into your wallet ... or taking it out.

•  Send money anywhere for free. You can transfer any of the assets in your wallet to any other Dharma wallet user — anywhere in the world — for free. Plus, the money arrives in minutes (instead of days later, like with a wire transfer).

•  Earn 5% crypto interest. When the time comes to take profits on SNX, you can easily swap them for U.S. dollar-pegged stablecoin, USDC. Which you can then earn 5% crypto interest on — while you're waiting for your next trade.

For your information, Weiss Crypto Alert accepts no compensation whatsoever for steering readers to any digital wallet, cryptocurrency exchange or blockchain lending platform. (Aside from trading accounts that we may have, we have no business relationships with any we cover.)

This information on Dharma is intended for educational purposes. We hope you can use it to help determine the best way for you to trade and hold crypto assets.

•  Download Dharma here, then proceed by filling in the fields and following the instructions you see on the opening screen below:

Sadly, most U.S. crypto exchanges cannot accommodate trading in tiny, unknown DeFi-related coins like SNX. That's frustrating, because Chainlink (LINK) — which has already gone from $1.75 to $19.50 this year — has already demonstrated the explosive potential some of these little-known cryptos have.

However, the Dharma wallet offers an easy-to-use work-around.

And even if you're a non-U.S. resident buying SNX on one of the big global crypto exchanges, you're still going need a safe place to store it long-term.

And for that, a non-custodial wallet like Dharma — where you, and you alone, control the private keys — offers a simple, practical solution.

Best,

Juan and Bruce