Syscoin: The List of FIAT/SYS Trading Pairs and Exchanges is Growing!
The growing adoption of public blockchain projects is reflected by the steadily increasing number of exchanges offering services. Newcomers seeking to invest in a particular project (aka coin) face a time consuming task, as the number of exchanges that have been hacked, shut down, or have become irresponsive, is definitely concerning. One is therefore well advised to research the history and consumer satisfaction of exchanges before sending funds to any of them.
For all these reasons, keeping one’s coins on exchanges longer than needed is not recommended. Wallets on exchanges have been known to be in maintenance mode for extended periods of time, or to even fail to upgrade for months when hard forks happen, thereby preventing timely withdrawals, which can often lead to substantial losses! Storing crypto assets in a wallet that is not connected to the web (cold wallet), unless one is executing trades or performing tasks on the blockchain, is best practice.
One needs to distinguish between exchanges that simply facilitate trade between coins, and those that provide FIAT gateways, i.e. allowing one to purchase coins for national currencies (USD, EUR, JPY, CAD, etc.). When seeking to use a particular exchange that offers FIAT gateway, one needs to look at the particular costs of banking transactions and the specific rules that the exchange may have in place.This particularly applies when sending funds abroad that will entail substantial transfer (SWIFT) costs.
In general, choosing an exchange within one's own jurisdiction will reduce costs and one will have easier access should problems occur. It can be time-consuming and frustrating to open an account in a foreign country, submit (KYC) documents—only to realize later that the exchange refuses to execute the trade due to some particular rule or regulation.
In the case of Syscoin, one now has a choice of 20+ exchanges and quite a few offer FIAT/SYS trading pairs, saving oneself the step from trading among coins! This substantially eases the entry into the market and helps avoid typical late night errors, such as sending assets from one coin (BTC) to a Syscoin address, or similar mishaps. At present Syscoin can be directly purchased against FIAT using the following currencies: USD, GBP, EUR, AUD, CAD, JPY, MXN, SGN, TRY.
The following is an updated list as of 03/23/19. Exchanges that offer FIAT gateways are marked with an asterisk and those offering direct Syscoin trading pairs show the abbreviation (SYS/FIAT):
LiteBit.eu * (EUR/SYS)
Simpleswap.io(simple swap/no registration)
This list of exchanges is continuously updated at https://syscoin.network/syslinks/ , including all other relevant links to the growing Syscoin platform, such as wallets, websites, support, downloads, blogs, media, dapps, collaboration and partnership announcements