Looking to buy SushiSwap (SUSHI) in the UK?
Check out this post for a quick overview of the two best places where you can buy SUSHI in the UK.
Best Ways to Buy SushiSwap (SUSHI) in the UK
The cheapest way to buy SushiSwap (SUSHI) is via a cryptocurrency exchange like Coinbase (Advanced Trade).
You can deposit GBP with a UK bank transfer for FREE into Coinbase. This is processed via the Faster Payments Service (FPS), which means that you should expect deposits to be credited within minutes. The first deposit you make might take a little longer – but after that, it’s smooth sailing.
You can then buy SushiSwap (SUSHI) at the real exchange rate without paying high fees (max 0.6%).
But there is a catch.
While this is one of the cheapest options, it’s not the simplest or most beginner-friendly way to buy SushiSwap (SUSHI) or other cryptocurrencies in the UK. The Advanced interface provides you with lots of information which might be a bit overwhelming if you’ve never used something like it before.
Coinbase WebsiteCoinbase Review
CoinJar allows you to easily and quickly buy SushiSwap (SUSHI) and more than 50 other cryptocurrencies with GBP.
You can deposit GBP into CoinJar with a UK bank transfer. This is processed via Faster Payments (FPS), which means that your GBP deposits should be credited quickly. Whenever I’ve sent GBP to CoinJar, it has been credited within minutes to my account.
You’ll be charged a fixed 1% fee when you buy SushiSwap (SUSHI) and any other supported cryptocurrency on CoinJar. The prices you’re quoted might be slightly higher than the real exchange rate, but usually not by much.
Unlike a cryptocurrency exchange, CoinJar has a great mobile app and web interface which is intuitive – even for a beginner.
You can also instantly buy SushiSwap (SUSHI) and a growing number of other cryptocurrencies with a debit card or credit card on CoinJar (2% fee, but prices you’re quoted might be slightly higher than the real exchange rate too).
What is SushiSwap (SUSHI)?
SushiSwap is a decentralized exchange (DEX) that allows users to trade one cryptocurrency for another. The DEX was launched in 2020 as a fork of Uniswap (UNI) and quickly attracted over USD$1 billion in liquidity.
- Decentralized exchange for swapping tokens.
- Forked from Uniswap in 2020.
- Supports multiple blockchain networks.
- Has lending and yield farming programs.
- Transaction fee of 0.3%.
Unlike Uniswap (which only supports Ethereum (ETH) tokens) or Pancake Swap (which only supports Binance Smart Chain (BSC) tokens), SushiSwap works with a large number of blockchains – including Ethereum (ETH), Binance Smart Chain (BSC), Polygon (MATIC), xDAI (xDAI), Avalanche (AVAX), and others.
Another unique aspect of SushiSwap is its Kashi function. Kashi is a lending and borrowing platform that allows users to engage in margin trading. To learn more about Kashi and how it works, check out this.
SushiSwap is known, in part, for its shaky beginnings. Shortly after launching, the anonymous developer (who went by the name Chef Nomi) ran off with SushiSwap’s development fund, which was worth over USD$14 million at the time.
In a strange turn of events, Chef Nomi returned the stolen funds and renounced ownership of the project, partially restoring the communities faith in SushiSwap.
Like Uniswap and other DEX’s, SushiSwap relies on liquidity pools to facilitate transactions. These liquidity pools are supplied by users who receive a part of the transaction fee as a reward. The amount they receive is proportional to the amount of cryptocurrency they have provided to the liquidity pools.
SushiSwap also supports yield farming. In some ways, yield farming is similar to a traditional savings account at a bank, where users agree to lock away their funds for a predetermined time frame in exchange for rewards in the form of interest. That said, cryptocurrency can be volatile, making this type of investment risky. To learn more about it, check out this post.
SushiSwap’s native token is called SUSHI, which has a total supply of 250 million. There are currently just over 127 million SUSHI tokens in circulation and the remaining tokens will be released as rewards to holders.
SUSHI is a governance token, meaning those who hold it has the right to vote on proposed changes to the platform. That said, SUSHI is not currently a DAO, meaning the people who run the project are under no obligation to carry out the wishes of the holders.
Check out this video to learn more about SushiSwap:
Best SushiSwap (SUSHI) Wallets?
Because SUSHI is a fork of Uniswap (UNI), any Ethereum-based wallet should work:
- MyEtherWallet: Often referred to as MEW, MyEtherWallet is a browser-based wallet that can hold any ERC-20 token. MEW is known for being highly secure and working well with many hardware wallets.
- MetaMask: Besides ERC-20 tokens, MetaMask supports the Binance Smart Chain (BSC), Polygon (MATIC), and Fantom (FTM) networks. In total, over 30 different blockchains are compatible with MetaMask. That said, many users don’t find it as easy to use as other options.
- Trust Wallet: An easy to use mobile wallet that supports thousands of cryptocurrencies and NFTs. Staking options are also available.
While browser and desktop wallets are extremely safe, the chance of getting hacked is always present. Storing cryptocurrency in a hardware wallet is the most secure option.
If you don’t have one, here are some options to check out:
Thanks for checking out this quick guide about how to buy SushiSwap (SUSHI) in the UK!
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