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How & Where to Buy Symbol A Step-by-Step Guide to Buying XYM

Symbol Research Center

Symbol Technical Details & Statistics

Tokenomics
  • Market Rank99
  • Market Cap287,727,898
  • Circulating Supply5,582,460,005
  • Total Supply7,967,988,930 XYM
  • Max Supply8,999,999,999
Yesterday's Trading
  • 24 HR Volume1,837,254 USD
  • Yesterday's High / Low---
  • Yesterday's Open / Close---
  • Yesterday's Change---
All Time Performance
  • All Time High---
  • All Time Low---

How and Where to Buy Symbol (XYM)

Symbol evolved from the NEM group founded in 2014 when it launched the NIS1 blockchains. The founders of NEM (New Economic Movement) are unknown other than by the pseudonyms BloodyRookie, gimre, and Jaguar0625 from the Bitcointalk forum. Eventually, a group of enterprise veterans and experienced representatives took over the project, the identity of which remains unknown. 

The NEM groups comprise: –

  • NEM Ventures – the venture capital arm
  • NEM Trading – for financial concerns
  • NEM Software – for business development and product

What Is Symbol (XYM)?

Symbol (XYM) is a layer-1, open-source, public and private blockchain, a project of NEM, and it’s primarily a duplication of the NIS1 blockchain that focuses on enterprise use by helping businesses reduce costs, streamline processes, and innovate.

On the Symbol blockchain, companies can integrate DLT (distributed ledger technology). The protocol is built on the Java programming language, a widely used language, enabling easy integration with existing database solutions.

Symbol uses a PoS (proof of stake) consensus. Users can earn rewards from transaction fees by holding and staking tokens or running nodes.

The platform focuses on secure, low-cost, streamlined processes, like multi-layered, multi-signature accounts. Users can also create digital assets like NFTs.

$XYM is Symbol’s native cryptocurrency token to reward its public nodes that verify and record all transactions.

What Makes Symbol (XYM) Unique?

Many public blockchains struggle to combine speed and security whilst retaining decentralization and keeping gas fees low. Private blockchains can keep gas fees low because it allocates fewer resources to nodes or miners, unlike the energy-intensive PoW consensus mechanisms used by Bitcoin. Symbol has created a hybrid blockchain that gives businesses the security of a public blockchain whilst retaining control on a private blockchain.

The Symbol network has a custom library of APIs for developers that are compatible with multiple programming languages that are easy to integrate with most existing systems. The network can integrate with most blockchains because it has adaptability and interoperability due to four modifiable layers that can be independently altered.

One concern about the Symbol project is that the URL redirects to the Symbol Discord Community website. There is no public website for potential investors to research the project, and the Discord Symbol community membership is insignificant compared to most other similar blockchain projects. The absence of a public website and a lack of transparency regarding the founders could be a potential red flag for investing in this project.

How and Where to Buy Symbol (XYM)

Gate.io is an established cryptocurrency exchange that lists $XYM tokens. The platform has an excellent range of markets and coins and is one of the few crypto exchanges that offers its users a free cold storage crypto wallet as a secure option to store their coins: –

 

  1. Open an account with Gate.io – the platform has one of the easiest sign-up processes for new users. Once registered, your account is instantly verified
  2. Deposit with a supported cryptocurrency – Gate.io supports over 1,390 different coins
  3. Buy $XYM – look for XYM/USDT or  XYM/ETH on the exchange and execute the trade
  4. Transfer your $XYM tokens – send them to your Gate.io wallet or an alternative wallet that supports Symbol (XYM)

How do I Sell Symbol (XYM)?

When you wish to sell your $XYM tokens, log in to your Gate.io account: –

  1. On the exchange, sell your $XYM tokens for a mainstream stablecoin like $USDT
  2. Send the $USDT to a reliable off-ramp platform like Gemini or Coinbase
  3. Once the $USDT has transferred, convert it to your chosen fiat currency and request a withdrawal to your bank account

Should I Buy Symbol (XYM)?

Investing in Symbol (XYM) could be an exciting decision, but unfortunately, we cannot offer financial advice on buying cryptocurrencies. Before investing, it helps to understand a project, its underlying goals, the potential for scalability, and, finally, does the project serve a good purpose?

When you are ready to buy $XYM tokens, do so with a cryptocurrency exchange with a good reputation like Gate.io. KuCoin and Poloniex also list Symbol (XYM) tokens as leading platforms in the crypto space.

How do I invest in Symbol (XYM)? Safely?

Investing in the cryptocurrency market is a high-risk venture, and it can be a challenge to time investment to maximize results. No financial investment can be defined as safe. Still, it’s always a good plan to minimize your risks by purchasing from a cryptocurrency exchange with a proven history and good customer support.

Three leading, globally established exchanges are Gate.io, KuCoin and Poloniex. KuCoin has an excellent reputation. The platform offers custodial and non-custodial services, and it lists XYM/USDT and XYM/BTC. Poloniex has over 450 markets and lists over 300 coins, including XYM/USDT and XYM/BTC, and it has a secure exchange wallet to store your $XYM tokens.