Want to jump straight to the answer? You can buy Serum on Binance and FTX Exchange.
Serum is a decentralized exchange built on Solana's blockchain. Solana uses proof of stake consensus, making it much easier to quickly send and receive cryptocurrency without paying high fees. Just like how Solana is a competitor to Ethereum, Serum is a competitor to Uniswap, the leading DEX on Ethereum's blockchain. Before jumping right into how to buy Serum, take a deeper look into what it really is, its history, and what the project is all about.
- What is SRM?
- Brief History of Serum
- How to Buy Serum
- See All 8 Items
What is SRM?
SRM is a utility token used on Serum, a decentralized exchange, also known as a DEX. Serum is built on the Solana blockchain and is cross-listed as an ERC-20 token on Ethereum. Its purpose is to offer decentralized finance (DeFi) with fast transactions at a low cost while remaining completely transparent and trustless. While most DEXs run on automated market makers, Serum runs on an on-chain central limit order book.
Serum is unique because it is a cross-chain swap protocol that allows users to exchange assets between blockchains in a trustless manner. The Solana blockchain that Serum is built on is a layer-1 blockchain with all of the security and simplicity that would be expected from a layer-1 protocol. However, it offers the speed and scalability of a layer-2 blockchain. This is what allows Serum to offer sub-second trading at only $0.00001 per transaction.
Serum was co-founded by Sam Bankman-Fried, who is also the founder of the FTX cryptocurrency derivatives exchange and co-founder of Alameda Research.
Brief History of Serum
The Serum Foundation was created through an alliance between FTX, Alameda Research and the Solana Foundation. In July 2020, the Serum whitepaper was published with the plan to create a DEX without the problems of existing DEXs such as insufficient cross-chain support and lack of order books in automated market makers.
In a relatively short time, Serum has established itself as a big player in the crypto industry. It launched in August 2020 with 2 initial exchange offerings. One was on FTX and the other was on BitMax. They sold their SRM token for $0.11 per token and within 15 hours it was trading at 15 times that amount. Together, the 2 exchanges sold 6 million SRM tokens raising $660,000 USD.
At the time of writing, the token is priced at $6.49, and while it has been going down recently, as a whole the token has increased in value steadily. It hit an all-time high on May 23, 2021, reaching nearly $13 per token.
How to Buy Serum
Overall, it’s pretty impressive. So, now you’re probably ready to learn how to buy Serum yourself. Most of the experts look at Serum as a long-term investment, so keep that in mind when you plan your purchase.
- Open an online account.
Your first step to buy Serum is to open an account on an exchange. There are several to choose from, but your best options are Binance or FTX.
Opening an account is fairly simple. Just go to the registration page, enter your email address and create a strong password. After this is done, you should receive an email containing a code to verify your account.
Once your account is verified, if you haven’t already, you should enable two-factor identification (2FA) to ensure extra security for your account. You will also have to go through Know Your Customer (KYC) which is required to prove that you are who you say you are. To do this, you will have to submit identification.
This is typically a picture of your driver’s license (front and back), your passport, your social security number or another document that the exchange will request. Usually, this process is fairly quick, and once it’s complete, you can make your first purchase! - Buy a wallet (optional).
A wallet is usually recommended if you’re going to own any kind of cryptocurrency and keep it safe. While this is considered an optional step, you should look at it as extra security for your assets. Keeping your crypto on an exchange means it’s vulnerable to hackers, outages and other potential problems.
A hardware wallet is always the safest option because it’s connected to the internet. Because of this, it’s impossible to hack into and have your crypto stolen.
Software wallets are connected to the internet through your phone or computer. This makes them more convenient because your crypto is easily accessible at any time. However, it is also more vulnerable to attack, so keep this in mind when making a choice. - Make your purchase.
Your best bet for buying SRM is Binance or one of the other exchanges listed above. Set up your account on the chosen exchange, link your bank account and add funds to that account to make your purchase.
Now, just find SRM on the market page and make your purchase! Pretty simple, right?
Cryptocurrency Wallets For Serum
- ERC-20 tokens
Best hardware wallet: Ledger
A hardware wallet is usually your best choice for holding onto crypto long-term, which is what most buyers of SRM do. Ledger is arguably the top hardware wallet you can get. It’s so good that Serum lists it on their wallet support page.
Best software wallet: SOL
Serum itself recommends the SOL wallet because it is designed to work with assets that are Solana-based. Other recommendations from Serum include Math Wallet and Coin98 wallet.
Step 3: Make your purchase.
Your best bet for buying SRM is Binance or one of the other exchanges listed above. Set up your account on the chosen exchange, link your bank account and add funds to that account to make your purchase.
Now, just find SRM on the market page and make your purchase! Pretty simple, right?
Bonus:
Serum has a 5-part “roadmap” that, at the time of writing, is on Phase 3. Watch the page for Phase 4 and get ready to see where it’s going next!
Trade, Sell or Convert your SRM
Most experts agree that your best option with SRM is not to sell, but to hold it long term. If you still want to sell, it’s a fairly simple process. Just log in to the exchange you prefer to use, transfer your SRM to that exchange and place a sell order for the amount of SRM that you want to sell.
Converting your SRM works similarly. Instead of placing a sell order, you can convert it into another cryptocurrency. Typically, you will see a list of currencies that you can convert your SRM into. Choose the one you want and push the button.
Current Crypto Prices
The prices of cryptocurrencies go up and down all the time, no matter if it’s Bitcoin or altcoins. It’s always best to look at the big picture. Instead of looking at prices that have dropped over the week or month, look at what they’ve done over the last year, or since they launched.
Serum is a perfect example of a token that has shown a recent drop, but the big picture shows steady growth since it first became available.
Is Serum a Good Investment?
Experts seem to think Serum is a good long-term investment, with some predictions calling for more than a 400% increase over the next 5 years. That sounds like a pretty good return on investment.
If you’re looking for fast returns, SRM isn’t a quick pump and dump coin, but if you’re willing to hold for the long term, Serum may be worth adding to your portfolio.