1.Choose an Exchange
Skycoin can’t be purchased through your bank or investing firm yet — though some organizations are working toward that possibility in the future. For now, you’ll have to go through a cryptocurrency trading platform to exchange your U.S. dollars (fiat currencies) for Skycoin or other digital currencies.
There are 5 of Skycoin exchange you can use to buy crypto online, but a few of the more popular ones are These exchanges are online platforms where you can buy and sell
cryptocurrencies. Available coins
Not all exchanges offer every single cryptocurrency out there.
Skycoin are traded on our recommended exchanges
Cryptocurrency investments are not backed by a central institution like FDIC-insured bank accounts. If your account is compromised, or the platform where you keep your coins is hacked, you could be at risk of losing your investment.
If you plan to keep your crypto on your account with an exchange (rather than move it into your own crypto wallet), make sure you choose an exchange that uses offline, cold storage, and has strong protections against theft. Some exchanges also have independent insurance policies to help protect investors from potential hacking.
Exchange fees can vary greatly, and may be applied as a flat fee upfront or as a percentage of your trades. Fees can be based on price volatility, and many are charged per transaction.
While fees should definitely be a consideration, experts say you also get what you pay for, especially when sticking to the bigger, more established exchanges like . If an exchange has more protections, better security, or other important features to you, it may be worth slightly higher fees.
Some exchanges charge fees based on a spread, or margin on top of the market price. Others base fees on a flat rate or percentage of your total purchase, which can vary based on your location, payment method, and other factors.
Exchanges with more active trading features often use a fee model determined by market price fluctuations, known as maker-taker fees. If you buy at the current market price, you’ll be charged a (usually higher) “taker” fee. Or, you can set a price at which you want to buy, and wait for the market to reach that point. That’s known as a limit order, and incurs a “maker” fee.
Make sure you know what fees you’ll be charged — which you can find on the exchange’s website — before signing up. The fee structure should be clearly stated when you make your purchase, but it can help to factor in that cost beforehand so you don’t spend more than you expected.
Compare exchange fees
2.Choose how you want to buy the Skycoin(SKY) asset.
A. Credit Card and Debit Card : Link your debit or credit card, fill in your purchase amount in the order form, verify the payment, and wait for the transaction to be completed
B. Bank Deposit :What are the pros of buying with a bank account?
The benefits of using a bank account are fees. Bank account is usually the cheapest deposit method for buying coins. Limits are also usually higher when using a bank account, assuming you have verified your account.
What are the cons of buying with a bank account?
The cons are speed. Bank transfers are slow in many countries, so bank transfer is often the slowest way to buy Skycoin.
C. P2P Trading
D. Third Party Payment
The best place to store your Skycoin depends on what you intend to use them for. it may be best to keep them with the crypto exchange or broker where you do your trading, especially if you’re trading frequently or in the near term. Others may opt for a crypto wallet, A cryptocurrency wallet is a place to store digital currency. There are various types of cryptocurrency wallets available, and they all have different levels of security associated.
Two popular options for this latter group include hot wallets and cold wallets.
With a hot wallet, Skycoin is stored by a trusted exchange or provider in the cloud and accessed through an app or computer browser on the internet. Any trading exchange you join will offer a free Skycoin hot wallet where your purchases will automatically be stored. But many users prefer to transfer and store their Skycoin with a third-party hot wallet provider, also typically free to download and use.
Cold wallet providers include: Trezor: This company offers small, key-size cold wallets ranging from about $60 to $220. Ledger Nano: Designed like a thumb drive, Ledger Nano has cold wallets ranging from about $60 to $120.
What information is needed to purchase Skycoin?
When you open an account at a traditional brokerage or a crypto exchange, you’ll need to provide basic personal information. Of course, you’ll need to provide your name, but the firm will also require other data such as your Social Security number, your address, your phone number and your bank account number. You may also have to detail how much trading experience you have and how comfortable you are with trading, depending on the institution.
.What can you do with your Skycoin?
Once converted from Skycoin to a fiat currency, Skycoin users can use their cash to purchase anything they want.
As far as using Skycoin directly for payments, those options are much more limited.
A lot of customers hold onto their Skycoin in the hope that its value goes up.
Use your Skycoin to pay for travel, buy gift cards, eat at restaurants, and more. The number of places that accept Skycoin is growing every day.
Selling crypto on is easy, and you can cash out your proceeds to your bank or PayPal account.
Unlike sending money overseas, you can send Skycoin to anyone in the world virtually instantly.
Want to own other crypto? Convert any portion of your Skycoin balance to another crypto.
Donate Skycoin to people in need on websites such as