Learn how to buy Saros Token on one of the major centralized crypto exchanges in the world by using the order book and placing advanced orders.
Saros Finance is a fast-growing and relatively new cryptocurrency that uses the Solana ecosystem. Moreover, it is a cryptocurrency similar to Ethereum(ETH) that uses a blockchain network to validate transactions.
In particular, $SAROS is the native utility token of Saros Finance, a comprehensive DeFi platform built on Solana. Think of it as the fuel that powers the Saros ecosystem, rewarding users and incentivizing participation.
Being a cryptocurrency means that this token(SAROS) is available on many exchanges all around the globe. Trading Saros Finance, or buying and selling SAROS tokens is a logical next step if you want to start making money from this volatile asset.
Finally, by continuing to read this guide you’ll learn the following according to Saros Finance:
- How To Buy Saros Token on Kucoin(Step-by-step)
- How centralized cryptocurrency exchanges(CEX) work
- Learn to use the advanced trading orders
How Does Trading SAROS Token Work?
Spot trading $SAROS is like buying and selling digital currencies. You can trade Bitcoin, Ethereum, and other cryptocurrencies. To start, sign up, and deposit funds on a centralized exchange(CEX). There are trading fees when you make trades, typically a small percentage of your transaction.
Now, about custodial wallets: All centralized exchanges(CEX) like Kucoin, provide a wallet for storing your crypto. It’s very similar to a digital bank account. They manage security and private keys. However, it’s a custodial wallet, which means they have control over your funds. You can also use non-custodial wallets for more control.
Regarding costs, besides trading fees, be aware of withdrawal fees when moving your SAROS tokens out of the exchange. These fees vary by the type of cryptocurrency you’re moving.
In summary, to trade Saros on a CEX involves signing up, trading digital assets, paying trading and withdrawal fees, and using a custodial wallet. Consider using non-custodial wallets for added security and control over your funds. Start small, learn, and make informed trades.
The SAROS/USDT and SAROS/BTC Trading Pairs
By far, the most popular Saros trading pairs are with Bitcoin (BTC) or Tether (USDT). Additionally, the most popular exchanges to buy or sell SAROS are Binance and Kucoin. Below is a summary of both crypto exchanges:
- Binance(The most popular platform and well-known cryptocurrency exchange globally)
- Kucoin(Another reputable cryptocurrency exchange with a mobile app, it allows Saros trading for US and EU residents)
|Go to Binance
|Go To Kucoin
So, if you are planning to buy Saros, then you will need to have some BTC or USDT in your exchange account to buy them. Deposit BTC or USDT into your exchange account if you have not yet done so.
If you are selling Saros, then you will need to have some SAROS in your online trading account.
Once you are done with the registration and deposited your SAROS, BTC, or USDT, you are ready to start trading SAROS. For the rest of the guide, I will be using SAROS/USDT in the examples.
Steps To Trade Saros on Kucoin Exchange
As explained earlier in this guide, using a CEX depends on your local situation where EU and US residents can’t use Binance(at time of writing). As a result, I’ll be using the Kucoin exchange to guide you through the spot trading process for the SAROS/USDT pair.
Step 1: Open Spot Trading Screen
After you have logged in/signed up at Kucoin you have to navigate to the upper menu and click Trade and then the first item in the menu: Spot Trading. This will launch the Kucoin trading interface with the BTC/USDT as the default trading pair.
Step 2: Find SAROS/USDT Trading Pair
At this point you have to click on the BTC/USDT up arrow and type the SAROS symbol in the new search screen.
Next, you only have to select the SAROS/USDT pair, click on it, and the chart will load:
Step 3: Place a Limit Buy Order
To indicate how to trade Saros on Kucoin, I’m going to place a limit buy order on the SAROS/USDT pair. Meaning, I’m going to add a new order to the exchange trading book(add liquidity). After this has been done, it’s just a matter of waiting before the order will be hit.
Overall, the spot trading process on Kucoin is very straightforward where you can use limit and market buy orders. On the flip side, you can also start selling the SAROS/USDT pair where you have to click the big SELL button. Also, remember that you have to pay fees for every single trade on Kucoin:
- Spot orders (Maker/Taker): 0.1%
- Futures(Maker/Taker): 0.02 / 0.06%
Understanding Saros Spot Trading Orders
To be able to understand Saros trading on Kucoin, you have to learn the concepts mentioned below:
- Market Depth: Market depth, often shown as a chart, displays the supply and demand for a particular cryptocurrency on KuCoin. It shows the number of buy orders (bids) and sell orders (asks) at various price levels. Deeper market depth indicates more liquidity and stability in the market.
- Order Book: The order book on KuCoin is a real-time list of all buy and sell orders for a specific cryptocurrency pair. The buy orders are listed on the left (bids), and the sell orders are on the right (asks). It helps traders see the current market sentiment and potential support and resistance levels.
- Open Orders: Open orders are the trades you’ve placed but haven’t been executed yet. For example, if you set a buy order at a specific price lower than the current market price, it’s an open order until the market reaches that price, and the trade executes.
- Stop Limit Orders: Stop limit orders on KuCoin are used to automate trading strategies. They consist of two parts: the “stop” price and the “limit” price. When the market reaches the stop price, the order becomes active, and a limit order is placed. It’s commonly used for managing risk. For instance, you can set a stop limit order to sell your crypto if its price falls below a certain point to limit potential losses.
In essence, these terms help you understand the dynamics of trading on KuCoin. The order book shows current demand and supply, open orders are your pending trades, and stop-limit orders automate your trading strategy based on predefined conditions. Understanding these concepts is crucial for effective trading on the platform.
Conclusion: What Moves The Price of The SAROS Token?
In general, when purchasing Saros tokens as a beginner in cryptocurrencies, it’s very safe to use a more mainstream exchange like Binance or Kucoin. The sign-up process for both platforms is very straightforward and there is enough volume and liquidity in the order books to buy or sell SAROS tokens.
Finally, to explain what moves the price of the SAROS token, consider the following factors:
- Adoption and Usage: If more people and projects use the Saros network for transactions and smart contracts, it can create demand for the SAROS token, potentially increasing its price.
- Market Sentiment: Like all cryptocurrencies, SAROS’s price can be driven by investor sentiment. Positive news, developments, and community support can boost confidence and attract buyers.
- Token Utility: The SAROS token may have specific uses within the Saros ecosystem, such as paying transaction fees or participating in governance. The more utility it has, the more valuable it can become.
- Competition: SAROS’s price may be influenced by how it compares to other similar projects and layer-two solutions. Competition can affect demand and market perception.
- Overall Crypto Market: Cryptocurrency markets are interconnected. If the broader crypto market experiences bullish trends, it can positively impact SAROS and vice versa.
- Supply and Demand: The basic economic principle of supply and demand applies. If more people want to buy SAROS than sell it, the price goes up, and if more people want to sell than buy, the price goes down.
What is Saros Finance(SAROS)?
Imagine Saros Finance as a one-stop shop for managing your crypto on Solana. It’s like a powerful Swiss Army knife, combining features like swapping tokens, earning interest, and voting on platform decisions. All are powered by their newly launched $SAROS token, which fuels the whole ecosystem.
Think of it as a simpler, smoother way to do DeFi on Solana, with plans for a mobile app coming soon to make it even easier. Backed by big names like Solana Ventures, Saros is setting out to be the go-to destination for everyday DeFi users in the Solana world.
Is Spot Trading Saros Profitable?
Spot trading SAROS is less risky compared with margin or leveraged futures trading. Meaning, you aren’t subject to high risk when market price turns against you. Also, in the long run, trading Saros can be profitable when prices rise substantially and you have increased your SAROS holdings.
How Do You Buy Saros For Cash?
On major crypto exchanges like Binance or Kucoin, it’s very easy to convert your SAROS to USD or EUR. From here you can cash out and deposit funds to your bank account.
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