What is the serum token and how it works?
Serum token is an ecosystem or decentralized exchange that brings the low cost of transaction and high speed to decentralized finance. Serum was developed through the Serum Foundation that is backed up by an expert group in cryptocurrency, decentralized finance, and trading.
Serum cryptocurrency is permissionless. The serum has been created for eliminating the vulnerabilities. It is also claimed for being fully decentralized. It runs on the non-custodial exchange. The design and network of Serum are to facilitate the transactions in a smooth way that feels like the traditional transactions.
The Serum token helps to smoothly transact the amount with high speed and cost-effectiveness. The native cryptocurrency of Serum is SRM tokens, which derive the value from the utility. Interestingly, the traders could trade the tokens that are built on the other platforms. They can trade the coins with the highest utility.
The serum is similar to Ether in its usages. It could be traded, held, or even exchanged just like other currencies. The serum team takes the advantage of the virtual machine of Solana for supporting the execution of the smart contracts.
Transactions happen quickly. Solana could handle around 50000+ transactions every second. The users of Serum are mainly the investors who have no issues with the locked-up investment for the long term. These coins are designed specifically to attract long-term investors. Now you can move further if you wish to know about Serum coins in greater detail.
Serum token details
At the moment, the price of Serum tokens is USD 7.06 along with the 24-hour trading volume which is USD 232,556,952. In the last 24 hours, the Serum token is down by 4.88%. The current supply of Serum is 50,000,000 coins with a maximum supply of around 10,000,000,000 Serum coins. The supply of Serum tokens is restricted to an amount of 10 billion.
Initially, in the unlocked form, Serum launched around 10% of the Serum tokens. The Serum token isn’t the best for a quick profit. They are created for long-term investments. The best part is that the transactions are very safe and secure.
SRM is ranked 2125 over the Coinmarketcap. It surges up to 29.05% as we speak. The SRM cannot directly be purchased with fiat money. There are very few chances of getting hacked. If you wish to buy the Serum token then you can purchase it through Hotcoin Global, Binance, CoinTiger, OKEx, and Tokocrypto. To purchase SRM, you need to buy Bitcoin from large exchanges. You can then transfer the Bitcoin to get the tokens. However, the process of how to buy Serum coins has been elaborated in the next section in detail.
How to buy Serum coins?
Serum coins or the SRM could be sold or bought on various exchanges. Some of them include Bittrex, BitMEX, Coinbase, and Binance. But, if you are wondering how to buy Serum coins in the first place then, continue reading. Here’s a detailed step-by-step process to buy the Serum coins. Go through the below steps to get a better understanding.
Open the account on the exchange supporting SRM
To begin with, you need to open up your account on the exchange. Ensure to fill in all the details. You are also required to complete your KYC process and only then you would be able to access the account completely.
Transfer the money into the account
Once you have registered yourself, you would be required to add your bank details. Try to link your bank account directly. It will help you make the transaction process easier. Transfer some amount into your account so to purchase the Serum coins through your account.
Buy the coins with the fiat money
The next step is to buy Bitcoins. You could purchase these Bitcoins through a bank account. Only when you purchase major currencies, you would be able to buy the Serum coins later. So, purchase the Bitcoins or other cryptocurrency that you prefer.
Transfer the Crypto to Altcoin Exchange
Since the Serum token is Altcoin, you need to transfer your cryptocurrency to Altcoin exchange. Once the Bitcoin is transferred, you would be able to get the Serum coins that you can use further for trade.
Deposit the BTC to the exchange
Furthermore, you will be required to complete the second round of KYC. You need to deposit the BTC to the exchange. Once this process is completed, you would be able to use your account with full accessibility.
Trade the SRM
The final step is to trade your Serum coins. You would now be able to trade the coins. As the previous step is completed, you would get into the SRM trading page from where you can exchange or trade the amount. You can trade these coins with the coins that have the highest utility.
Now you would be able to trade the coins. Follow the steps mentioned above to buy the Serum coins. A point worthy to note is to be patient enough while trading here as the investments are most beneficial when they are invested in the long term.