Buy Synthetix in Canada
Synthetix made simple
Everything you need to know about Synthetix and how to start investing in it.
-$0.20 (-5.40%) past 24 hours
- Market Cap
- Circulating Supply
- 24h low - high range
- $3.59 - $3.80
Synthetix Network Token 101
Synthetix is a decentralized finance platform that allows for the creation of synthetic assets. It’s used to create cryptocurrencies that represent, or track the price of, things like the US dollar, Tesla stock and other cryptocurrencies.
This is a big deal! It’s very helpful for, say, a South Korean under strict domestic capital controls to be able to move assets that represent US dollars, since they might find it difficult to move that money if it were denominated in real US dollars.
While lots of protocols create derivatives, Synthetix is a platform for creating and trading them. All of the derivatives are backed by SNX, the token that powers the platform. This is important because anyone can claim to create a cryptocurrency pegged to another asset; without anything backing that claim, the token is worthless. SNX is what collateralises these tokens. Since the SNX token is volatile, however, assets are backed with a collateralization ratio of 500%. The prices are also backed by Chainlink price feeds.
These synthetic assets, also known as Synths, trade on a decentralized exchange called the Synthetix Exchange.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Synthetix network token?
The first and most obvious is to do nothing at all. By holding it for speculative purposes, you expose yourself to the value of the Synthetix protocol. The other option is to do quite a lot. You can stake SNX to collateralize the synths on its platform and to grease the wheels of the Synthetix Exchange, and earn SNX for doing so. You can also use it as a governance token to participate in its decentralized autonomous organisation (DAO), which lets you vote on the parameters that define the Synthetix protocol.
Is Synthetix a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Synthetix or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Synthetix safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Synthetix prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Synthetix to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Synthetix
Want to take a deeper dive? Check out these articles about Synthetix and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
Here’s how to buy and sell cryptocurrencies on crypto exchanges and other trading platforms.
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Synthetix with just $1. It’s that simple.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Synthetix transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Synthetix’s current market cap is 1,161,745,308.
The current price for Synthetix in Canadian dollars is $3.45.
Buying Synthetix with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Synthetix 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Synthetix. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.