Sushiswap is a fork of Uniswap, it’s a decentralized exchange that allows users to swap Ethereum tokens also known as ERC-20 tokens. Sushiswap is better than Uniswap because integrates the Binance smart chain (Bep-20) into its network. The Binance Smart chain is a better alternative to the Ethereum network because the fees for transactions on the Ethereum blockchain are very high and transaction speeds are getting slow.
How to buy Sushiswap summary
Follow these steps to buy Sushiswap immediately:
- Create a Binance.com account
- Deposit fiat currency, Bitcoin or Ethereum
- Get a Sushiswap wallet (Ledger Nano X, Atomic Wallet)
- Transfer your Sushiswap to your wallet
If Binance.com doesn’t work in your country you can use a VPN or create an account with one of the exchanges below:
If the exchanges above don’t accept fiat deposits you can use Bitcoin to make payments. If you don’t have Bitcoin you can buy Bitcoin on Localbitcoins.com
What is Sushiswap?
Sushiswap is a decentralized exchange that runs on the Ethereum blockchain, in other words, Sushiswap is a Dapp, Decentralized application that works on the ERC-20 blockchain, Only ERC-20 tokens can be exchanged eg: ETH, UNI, REEF, and more.
Sushiswap exchange doesn’t work like centralized exchange like Kraken or Coinbase.com, on centralized exchanges traders, are ask to provide KYC. On Sushiswap exchange transaction are made instantly or automatically on the Blockchain and liquidity are provided by traders that earn Sushiswap token for providing liquidity.
Liquidity providing: Traders can provide Tokens or Liquidity for other traders and earn Sushiswap. For the exchange to function there must be liquidity so that other traders can buy or sell a token. Earning for providing liquidity for the Sushiswap pull can go up to %200 APY, It varies on the Token.
Sushiswap staking: Sushiswap has a feature that allows users to Stake coins and earn Xsushi, the XSushi can’t be bought on an exchange, but according to the Sushiswap official website it says XSushi is regularly more expensive than the Sushi token.
Sushiswap exchange: The Sushiswap exchange is a decentralized application that runs on the Ethereum blockchain, traders can only swap ERC-20 tokens. Sushiswap exchange doesn’t require KYC and trades are made instantly on the Blockchain.
Follow these steps to buy Sushiswap instantly:
Step 1 – Get a Sushiswap wallet
If you are planning to buy a huge amount of Sushiswap, then a hardware wallet would be the best option to store your Sushiswap. A hardware wallet is the most secure cryptocurrency wallet, it is almost impossible to hack and secure from malware, your wallet is not stored on a cloud.
Sushiswap hardware wallet includes:
A hardware wallet is known for being the best way to secure crypto funds. The hardware wallet mentioned above also supports multiple cryptocurrencies, this means you would be able to store not just Sushiswap but other cryptocurrencies as well.
Sushiswap mobile wallet
MetaMask mobile wallet: The MetaMask mobile wallet can be found on the AppStore or Playstore, its supports all ERC-20 tokens all also Sushiswap. The MetaMask wallet supports Dapps eg: opensea.io, Uniswap, Sushiswap.
Lumi mobile wallet: The Lumi Mobile wallet is a decentralized wallet that supports the Sushiswap token, you can get the Lumi wallet app on The Play Store and App Store. Dapps are supported. Users can buy Bitcoin using a credit card.
Exodus mobile wallet: The Exodus mobile wallet is available on Playstore and AppStore. It supports the Sushiswap token and also can be used to purchase cryptocurrency. No Dapps supported.
Sushiswap desktop wallet
MetaMask chrome extension: You can download the MetaMask chrome extension and activate your wallet. The MetaMask wallet supports all Erc-20 tokens and is a good wallet to store Sushiswap.
Exodus wallet: The Exodus wallet supports Sushiswap as well as other ERC-20 tokens. Exodus wallet can be downloaded from the official exodus site.
Step 2 – Locate your Sushiswap wallet address
If you have a Sushiswap wallet installed you can search for your Sushiswap wallet, the Sushiswap wallet address starts with 0x, The Sushiswap wallet address looks like this:
Step 3 – Find a Sushiswap exchange
Most of the exchanges below may only accept Bitcoin deposits, if you don’t have Bitcoin, you can purchase from Localbitcoins.com.
It is always important to choose a trusted cryptocurrency exchange, this way you are sure that you don’t get your account frozen for no reason or your fund stolen. Here is a list of trusted exchanges to buy Sushiswap instantly:
Cex.io: Cex.io supports multiple cryptocurrencies and allows United States traders to buy Bitcoin and other cryptocurrencies. The exchange supports more than 50 cryptocurrencies and is one of the best Coinbase alternatives for buying Bitcoin in the United States.
Huobi.com: If you are looking to trade Bitcoin or any cryptocurrency then Huobi may just be the best choice. Huobi supports over 300 cryptocurrencies to invest in. Investors can use Leverage trading and also collect loans.
Okex.com: The cryptocurrency exchange Okex support multiple cryptocurrencies, users can buy Bitcoin or any cryptocurrency using a credit card. Okex supports leverage trading and loans.
Changenow.io: You can exchange Bitcoin or Ethereum for any cryptocurrency using Changenow.io. Sushiswap can be purchased on the exchange.
Step 4 – Send the Sushiswap to your wallet
There is a list of Sushiswap wallets available you can get your Sushiswap wallet address when you buy Sushiswap. Send the Sushiswap from the exchange to your wallet. It’s is not always a great idea to keep your Sushiswap on an exchange.
Conclusion – Is Sushiswap a good investment?
Yes, Sushiswap is a decentralized exchange, which many believe to be the future of cryptocurrency exchanges. You will find much decentralized exchanges like Uniswap and 1inch exchange online but Sushiswap is different.
The Sushiswap exchange is better than the Uniswap exchange, it integrates the Bep-20 blockchain also known as the Binance Smart chain. The Binance Smart chain is fast and has a very cheap transaction fee. The Uniswap exchange only uses the ERC-20 blockchain also known as the Ethereum blockchain, transaction are slow and can cost up to $200 for one swap or exchange.
The Sushiswap Dapp not only gives users the feature to exchange cryptocurrency in a decentralized manner but also to earn passive income by farming or staking coins. Staking of the coin is a great way to earn income with Sushiswap but you should also know that it is risky, so invest what you can afford to lose.
Can I mine Sushiswap?
No, it’s not possible to mine Sushiswap, if you want to earn Sushiswap in a similar way to mining, go to the Sushiswap swap pool and start staking.
Is Sushiswap safe?
Yes, Sushiswap is %100 safe, it is a legit decentralized exchange and doesn’t store your private key on its database.