There have been so many new crypto projects popping up left and right these days that it’s hard to keep track. If you want to be one of the first ones to take advantage of rising rates when they occur, you need to be aware of what’s new and how they work.
In today’s article, we’ll be taking a look at the XSP crypto project. Officially named XSwap or XSwap Procotol, XSP comes from the Xfinance platform. You can use many crypto trading websites out there as a handy tool to trace XSP’s price and price changes, trade volume, and other crucial details about the asset.
More About XSP Crypto
Xfinance is a decentralized finance ecosystem, and it works as a platform that gathers various digital assets. It’s also a leverage trading platform where users can trade assets at a much more affordable price than what’s on the market. Since leading assets with significant market shares regularly experience shifting prices, the price of XSP will also change accordingly. In other words, XSP’s rate doesn’t entirely depend on its availability or functionality.
When you buy XSP tokens, that means you’ll be able to utilize the functionality of Xfinance’s ecosystem fully. Xfinance’s operators even acknowledge that XSP is the network’s most important coin.
XSP is an altcoin, which indicates that it’s not a Bitcoin cryptocurrency. This also means that XSP doesn’t have as much market share as Bitcoin, so it can be challenging to buy and sell because it’s not traded often.
How to Buy XSP
Some decentralized currencies can be hard to buy, especially because many aren’t that easily accessible. It’s easy to buy big-time crypto assets like Bitcoin online because most people already know their usefulness. However, this isn’t the case for smaller cryptocurrencies like XSP.
In such cases, investors have to go through extra steps to buy and sell. To buy XSP, you must first purchase Ethereum. Once you have ETH in your wallet, you can trade it for XSP.
Where Can You Buy Ethereum?
You won’t have any trouble finding Ethereum to purchase because it’s one of the most significant crypto tokens on the market, which means it’s available on most exchanges like Gemini, Binance, Kraken, Bitfinex, Coinbase, and more. The first step is to create an account on your crypto exchange of choice; then, you link your credit/debit card or bank account.
Every crypto exchange platform has various requirements you’ll need to keep in mind before you can set up your account. For instance, buying crypto means you’ll have to pay transaction fees. These fees vary per exchange, so you must look for an exchange with fees you agree with.
You must also note that a crypto’s value constantly changes, even with only a 1-hour difference. It’s ideal for traders to buy low to sell it high later on. As such, crypto trading involves waiting for the right time to make a purchase. Once you have some Ethereum deposited into your account, you can proceed to the next phase.
Time to Buy XSP
You can now buy XSP using a crypto exchange now that you’ve got ETH. Note that not every crypto exchange supports XSP, so you may have to transfer over to another exchange that does offer it to purchase. Some crypto exchanges that offer XSP include Bitrue and LBank.
Lesser-known exchanges typically offer XSP, but you have to be wary about using these smaller platforms because some aren’t safe or reliable. It would be best if you did a lot of research first about the exchange you’re interested in to ensure you’re not losing money instead. If you choose a platform that doesn’t have proper security, your account could be a victim of hacking or cyberattacks.
The more popular XSP becomes, the more exchanges will support it.
After buying XSP coins, you can keep them safe in a digital wallet on the exchange platform itself. However, you can also store your coins offline using a hardware wallet, which is more reliable and secure.
That said, note that the value of XSP can still change even when you store your coins offline. The price will automatically update when you start trading, showing the current day’s value.
Selling Your XSP
Selling XSP has a similar process to when you purchased it. In other words, you’ll have to convert the asset into a major cryptocurrency before you can cash it out. This is because it can be much easier for you to gauge the value of your XSP when you convert it into Ethereum or Bitcoin.
Investing in XSP
Most crypto enthusiasts invest and trade these digital assets because they want to profit. If you want to do so with XSP, you must buy when the price is low. Then, don’t go selling your XSP whenever you feel like it. You have to wait until the rates are high, higher than when you purchased.