- What is SAL?
- Step 1: Register on Coinbase
- Step 2: Buy coins with fiat money
- Step 3: Transfer your cryptos to an Altcoin Exchange
- Step 4: Deposit BTC to exchange
- Step 5: Trade SAL
- Last Step: Store SAL securely in hardware wallets
- Other useful tools for trading SAL
- Frequently Asked Questions
- Latest News for SAL
What is SAL?
SalmonSwap is described to be a decentralized exchange that lets users earn forever on TRON. SalmonSwap aims to balance the short-term and long-term interests of the liquidity providers, community by providing lasting rewards to liquidity providers, even if they withdraw their stake from the liquidity pool. With SalmonSwap, liquidity providers receive a proportionate share of the trading fees generated by each pool they provide liquidity to. However, unlike other AMM protocols, liquidity providers will continue to receive a share of the trading fees even after they have withdrawn their liquidity. Each trading pair will have a 0.3% fee, these fee will be converted to SALMON tokens and then be distributed to past and present liquidity providers for each pool. Out of this 0.3%, 0.25% will be distributed to active liquidity providers, whereas the remaining 0.05% will be converted into SALMON (through SalmonSwap) and will be distributed to SALMON holders. This system ensures early LPs continue to see a long-term benefit even after they withdraw their assets. SALMON holders will need to stake their tokens to benefit from the 0.05% fee distribution scheme. Rewards will be proportional to the amount of SALMON staked versus the total SALMON staking pool. To help with liquidity migration to SalmonSwap, the platform will be running an initiative that sees stakers of various JustSwap LP tokens rewarded with SALMON. For the first 2 weeks (starting from 2020 Sep 3rd 19:00 UTC Time), the 10X the amount of SALMON will be generated per block and distributed to these pools. Following which SALMON will drop down to its long-term rate. Genesis Week rate: 100,000 SALMON per pool per week. Long-term rate: 10,000 SALMON per pool per week. To begin with, SALMON pools will earn 2x rewards, whereas all other pools will share an equal weighting. This is designed to help reward the early adopters that help SalmonSwap grow.
Currently, SAL is being ranked 2596 on Coinmarketcap and has recently surged a hefty 39.50% at the time of writing.
SAL has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy SAL.
Step 1: Register on Coinbase
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC) or Ethereum (ETH). We will use Coinbase here as it is one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
Type your email and click 'Get started'. Make sure you provide your real name as Coinbase will need it for account verification. Choose a strong password so that your account isn't vulnerable to hackers.
You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, Coinbase is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn't take more than 15 minutes to finish.
Step 2: Buy coins with fiat money
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You will be charged higher fees when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees, such as iDeal in some European countries.
Now you are all set, click the 'Trade' button at the top left, choose the coin you want to buy and confirm your transaction...and congrats! You've just made your first crypto purchase.
Step 3: Transfer your cryptos to an Altcoin Exchange
But we are not done yet, since SAL is an altcoin we need to transfer our coins to an exchange that SAL can be traded. Below is a list of exchanges that offers to trade SAL in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from coinbase depending on the available market pairs. After the deposit is confirmed you may then purchase SAL from the exchange view.
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once SAL gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Last Step: Store SAL securely in hardware wallets
Ledger Nano S
- Easy to set up and friendly interface
- Can be used with smartphone and tablet
- Lightweight and Portable with built-in rechargeable battery
- Support most blockchains and wide range of (ERC-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
Trezor One White
- Thousands of tokens/cryptos supported
- Rich documentation online available
- Open-sourced firmware
If you are planning to keep("hodl" as some may say, basically misspelt "hold" which get popularised over time) your SAL for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online("Hot Wallets" as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of "Cold Wallets", where the wallet will only have access to the blockchain(or simply "go online") when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it's basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.
Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger and Trezor and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion.
Other useful tools for trading SAL
Because of the very nature of cryptocurrency – decentralised, it means that users are 100% responsible for handling their assets securely. While using hardware wallet allows you to store your cryptos in a safe place, using an encrypted VPN connection while you trade makes it harder for hackers to intercept or eavesdrop your sensitive information. Especially when you are trading on the go or in a public Wifi connection. NordVPN is one of the best paid (note: never use any free VPN services as they may sniff your data in return of free service) VPN services out there and it has been around for almost a decade. It offers military-grade encrypted connection and you can also opt-in to block malicious websites and ads with their CyberSec feature. You can choose to connect to 5000+ servers in 60+ countries base on your current location, which ensures you to always have a smooth and secure connection wherever you are. There is no bandwidth or data limits that means you can also use the service in your everyday routines such as streaming videos or downloading large files. Plus it is among the cheapest VPN services out there (only $3.49 per month).
Brave is a Free and an Open Source Web Browser built by a team of privacy focused, performance oriented pioneers of the web. The Web Page gets loaded quickly. Brave is in general faster than Chrome and Firefox. The Web Page gets loaded quickly. It is designed with privacy in mind so ad-blocking and untrusted cookie blocking are enabled by default, and you get to further customise the level of privacy as you like. Its "incognito" private mode has built-in Tor connection which makes it extremely safe to use. You also get the chance to earn reward (in BAT tokens which can be traded in Coinbase and other exchanges) by opting in to view privacy-respecting ads.
Frequently Asked Questions
Can I buy SAL with cash?
There is no direct way to buy SAL with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
Buy Bitcoin from local sellers
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when you can't find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any quick ways to buy SAL in Europe?
Yes, in fact, Europe is one of the easiest places to buy cryptos in general. There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Coinmama.
Are there any alternative platforms to buy SAL or Bitcoin with credit cards?
Yes. Changelly is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.