How to buy and sell Swell Network (SWELL) coins

Swell Network, an open-source blockchain platform, facilitates fast, economical, and transparent international remittances through its native cryptocurrency, SWELL.

Dec 10, 2024 at 05:53 pm

Step 1: Understanding Swell Network and SWELL Coins

Swell Network is an open-source blockchain platform designed to facilitate frictionless cross-border payments. It leverages the power of distributed ledger technology (DLT) to streamline the international remittance process, making it faster, cheaper, and more transparent.

Swell Network utilizes a native cryptocurrency, SWELL, which serves several critical functions within the ecosystem. SWELL tokens are used as a means of payment for transaction fees on the network. Additionally, they are employed for staking, allowing users to contribute computational resources to the network's security while earning rewards.

Step 2: Selecting a Suitable Cryptocurrency Exchange

To purchase or sell SWELL coins, you must first identify a reputable cryptocurrency exchange. Several exchanges support SWELL trading, but it is crucial to select one that aligns with your specific requirements. Consider factors such as trading fees, supported currencies, security measures, and customer support when making your choice.

Some popular cryptocurrency exchanges that offer SWELL trading include:

• Binance
• KuCoin
• Gate.io
• Poloniex
• Liquid

Step 3: Creating an Account on the Exchange

Once you have chosen an exchange, you will need to create an account. This typically involves providing personal information, verifying your identity, and setting up two-factor authentication (2FA) for enhanced security.

The specific steps for creating an account may vary depending on the exchange you select, but in general, the process should be straightforward and user-friendly.

Step 4: Funding Your Account

Before you can start trading SWELL coins, you will need to fund your account. Most reputable cryptocurrency exchanges support a variety of funding methods, including bank transfers, credit/debit card payments, and other cryptocurrencies.

Select the funding method that is most convenient for you and follow the exchange's instructions to deposit funds into your account.

Step 5: Buying SWELL Coins

With your account funded, you can now proceed to buy SWELL coins. Navigate to the trading interface of the exchange and locate the SWELL market. Enter the amount of SWELL coins you wish to purchase and the price you are willing to pay.

Once you are satisfied with the order details, confirm the transaction. The exchange will execute your order, and the SWELL coins will be credited to your account.

Step 6: Selling SWELL Coins

If you wish to convert your SWELL coins back into fiat currency or another cryptocurrency, the process is similar to buying. Navigate to the SWELL market on the exchange and place a sell order. Specify the amount of SWELL coins you wish to sell and the price you are willing to receive.

When a buyer is found, the exchange will execute your order, and the proceeds will be credited to your account. You can then withdraw your funds or use them to purchase other cryptocurrencies.

Step 7: Storing Your SWELL Coins Securely

Once you have purchased SWELL coins, it is important to store them securely. You can choose to store your coins on the exchange's platform, but this is not recommended for long-term storage due to potential security risks.

Instead, consider using a hardware wallet, a specialized device designed to store cryptocurrencies offline, or a software wallet, an application that allows you to manage your digital assets on your computer or mobile device.