How to Buy Sui ($SUI) in 2024 — Beginner’s Guide
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$SUI is a cryptocurrency token launched on May 3, 2023, by the team behind Facebook’s Libra project. The $SUI token is the backbone of the Sui blockchain network, which seeks to improve smart contract development, decrease transaction speeds, and improve user experience thanks to its zkLogin solution. The $SUI token secures the network via proof-of-stake (PoS), can be used to pay gas fees, and is a unit of account that can be traded. $SUI supply is capped at ten billion tokens, and it already features a $2.8 billion market cap.
In this quick and simple guide, you’ll learn how to buy $SUI safely without paying any fees!
What Is Sui?
Sui is a blockchain founded by former Meta programmers who created the Libra project. It uses a unique ownership tracking mechanism where everything on the blockchain is displayed as an object, which results in predictable fees and faster processing (finalization takes just 400 milliseconds).
What’s more, Sui has implemented its own smart contract programming language, Move, which provides developers with enhanced flexibility while bolstering security. The founders have also made user experience a key element of the network. For example, you can access SUI via your Google or Facebook account.
This blockchain has its own token, $SUI, which is similar to other blockchain network tokens like Bitcoin or Ethereum. $SUI can be traded at major exchanges like MEXC or staked to secure the network and earn a return. As a holder, you also have voting rights when it comes to protocol changes.
How to Buy $SUI in 5 Easy Steps
Purchasing $SUI is just like purchasing any other cryptocurrency. Here is what the process looks like step by step:
Step 1: Select a Crypto Exchange
The first step is finding a crypto exchange that offers $SUI trading pairs, which shouldn’t be too difficult, as the token immediately became one of the most traded cryptos when it was launched in 2023.
Our top choice to purchase $SUI from the MEXC exchange, as it charges the lowest fees, a great iOS and Android app, spot and futures markets, and a $20 welcome bonus. To register at MEXC, just hit the Sign Up button, enter your email or mobile, and create a password.
Step 2: Verify Your Identity
KYC is mandatory for users at crypto exchanges, including MEXC. To verify your identity, sign in to your account, click on the account icon, and tap Security. Click Verify next to Primary KYC and fill out your personal details. Then, scan your ID and take a selfie. MEXC will check your documents within 24 hours!
Step 3: Deposit Funds
You can buy $SUI with credit cards, e-wallets, bank deposits, mobile payment methods, and other cryptocurrencies.
Before you can start trading, you first need to add funds to your account. Let’s use MEXC as an example. Log in to your MEXC account and click the Buy Crypto button. Then select your payment method and enter the amount of USDT you wish to purchase. Type in your payment details and confirm the transaction.
Step 4: Prepare Your Order
Once the USDT has arrived in your MEXC account, type $SUI into the search function and click on the $SUI/USDT trading pair.
Step 5: Buy $SUI
Now that you’ve arrived at the $SUI spot market, hit the Buy tab and type in the amount of $SUI you wish to purchase and the price at which you want the order executed. Once you are satisfied, tap the Buy $SUI button. After the order has been completed, $SUI will be automatically added to your MEXC account.
Where to Buy $SUI? The Top Exchanges
Despite having launched only in 2023, $SUI has had a lot of hype behind it and features an almost $3 billion market cap. The token is a top 30 cryptocurrency and can be purchased at all major cryptocurrency exchanges.
We’ve researched numerous exchanges where you can buy $SUI, and based on our experience, these platforms offer the lowest fees, feature liquid markets with multiple trading pairs, and provide the best user experience:
1. MEXC — Buy $SUI With Up to 200x Leverage!
MEXC charges 0%, yes, 0% maker fees when you buy $SUI, and you’ll pay just 0.02% for taker orders. You won’t find cheaper fees at any other crypto exchange.
With over $3 billion in assets and $SUI/USDT spot and futures trading pairs, MEXC is one of the biggest exchanges in the world. The platform offers massive leverage up to 200x and flexible payment methods, including Visa, Mastercard, and bank transfers.
This exchange is loaded with features like crypto-backed loans and staking. Unfortunately, you can’t stake $SUI via MEXC at the moment, but you should be able to do so in the not-too-distant future.
MEXC is also super generous when it comes to promotions. Right now, when you deposit $100 and trade $100, you’ll receive $20. You can unlock up to $8,000 by completing tasks, and the exchange offers a 60% referral bonus!
Pros:
- Claim up to $8,000 via the welcome bonus
- Enjoy futures and spot $SUI trading pairs
- Buy $SUI with debit cards and bank transfer
- Trade $SUI with up to 200x leverage
- Borrow against your $SUI tokens
Cons:
- No fiat withdrawals
- MEXC recently tightened KYC requirements
2. OKX — Stake $SUI and Earn 3.13% APY
OKX hosts 50 million users, is available in over 200 countries, and provides incredibly liquid spot and perpetual futures markets for $SUI. This crypto exchange also charges very low fees, starting from 0.08%.
Also, OKX is one of the most secure crypto exchanges out there. The platform keeps its assets in cold storage and always holds 1 to 1 reserves, which it publishes frequently, so you don’t have to worry about an FTX scenario. Also, your account is secured by multiple 2FA protocols, making it incredibly difficult for your $SUI tokens to be stolen.
At OKX, you can put your $SUI to use by staking them. You simply click a button, and the exchange handles the rest. Currently, you can earn a risk-free annual yield of over 3% just by holding $SUI.
Another thing to appreciate about OKX is its instant approval of flexible loans. You can borrow up to 65% of your $SUI portfolio’s value and receive USDT, BTC, and ETH. Interest rates start from 1%, and you can repay the loan anytime. These loans are a great way to buy even more $SUI!
Pros:
- Access the exchange from 200 countries
- Benefit from low bid/ask spreads
- Earn yield by staking your $SUI
- Take loans against your crypto with APR as low as 1%
- Enjoy low fees starting from 0.08%
Cons:
- High fees for fiat deposits
- Not available in the US
3. Binance — Trade Over 10 $SUI Pairs Including $SUI/BTC!
Trading at Binance is one of the cheapest ways to buy $SUI coins. At the world’s biggest crypto exchange, you’ll pay 0.10% fees when you buy and sell $SUI, and if you’re a VIP, you can negotiate even lower fees!
Binance features the best trading app we’ve come across, and you can pick it up from the App Store or Google Play. Within a minute or two, you can buy $SUI with a credit card directly from the app. Binance only charges a 2% fee, while many exchanges take 5% or more.
If you fancy yourself as a trader, you can take advantage of Binance’s margin and unlock up to 50x leverage. This exchange offers other advanced options like API trading, where you can hook up your bot and unleash it on the $SUI markets, or block trade, where you purchase huge sums of $SUI off-market without causing the market to react.
Pros:
- $SUI trading with up to 50x leverage
- Low fees for $SUI purchases via credit card
- Well-designed Android and iOS app
- Advanced features like options, block trade, and API trading
- Very low 0.1% fees when you buy $SUI
Cons:
- No USD trading pairs
- Limited fiat options
What Can You Use $SUI For?
$SUI can be staked to earn a yield, used to pay gas fees, or simply traded like other cryptocurrencies. Also, if you own $SUI, you can vote on the future of the token. Let’s see how all that works in detail:
- Proof-of-Stake (PoS) Participation — $SUI is used to participate in the proof-of-stake consensus mechanism by staking tokens. As a validator or delegator, you stake your $SUI to secure the network and validate transactions. In return, you receive rewards in the form of additional $SUI tokens.
- Gas Fee Payments — The $SUI token is used to pay transaction fees, known as gas fees, on the Sui network. These fees are necessary for confirming transactions on the blockchain, including transfers.
- Store of Value and Investing — $SUI can be transferred, traded, or held just like Bitcoin or other cryptocurrencies. The token is traded on all major exchanges, including MEXC and Binance, and can be exchanged for other tokens or fiat currencies.
- Governance — As an owner of $SUI, you can participate in the governance of the network and vote on key proposals, upgrades, or protocol changes.
Conclusion
People are calling SUI the next Solana, and thanks to their 400-millisecond finalization times and unique purpose-built smart contract programming language, it might just be. As $SUI features a 21x lower market cap than Solana, this cutting-edge blockchain represents a fantastic opportunity to get in on a crypto project early.
To buy $SUI, simply sign up to MEXC, OKX, or Binance, deposit cryptocurrency or fiat, and start trading today!
FAQs
What is the purpose of $SUI?
The purpose of $SUI is to provide a fast, secure, and scalable blockchain that can be easily developed by programmers. The $SUI token supports the blockchain and lets you conduct transactions via the network.
How can I get the $SUI coin?
To get the $SUI coin, create an account at MEXC, OKX, or Binance. Deposit cryptocurrency or fiat to your account, go to the $SUI markets, and purchase your tokens.
Can I buy $SUI on Binance?
You can buy $SUI on Binance and trade $SUI/BTC, $SUI/BNB, $SUI/EUR, $SUI/USDT, $SUI/TUSD, and $SUI/TRY. Binance also offers leverage up to 50x!
Is $SUI a good investment?
$SUI is a highly volatile cryptocurrency but will likely keep rising in value over the long term due to the advantages the Sui network offers, the project’s talented developers, and the strong community support.
What payment methods can I use to buy $SUI?
You can obtain $SUI with debit and credit cards, including Visa and Mastercard, other cryptocurrencies like Tether and Bitcoin, e-wallets like PayPal, and bank account transfers. Some processors also accept Apple Pay and Google Pay.
How to buy $SUI on MetaMask?
To buy $SUI on MetMask, follow these steps:
- Download the $SUI wallet and connect it to MetaMask
- Open your MetaMask wallet
- Head to the Buy Crypto section
- Choose your region and payment method
- Select and enter the amount you wish to buy
- Confirm the transaction
References
- Understanding $SUI’s Token Supply ($SUI)
- Largest Cryptocurrency Exchanges Based On 24-Hour Trade Volume In The World (Statista)
- Binance API (Binance)
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