Built on the Solana blockchain for its fast transaction speeds and low cost, Serum is a decentralised derivatives exchange, or DEX—a place where traders can buy and sell tokens with greater efficiency.
At launch in August 2020, the price of SRM rocketed 1500 percent. This popularity is rooted in the problems Serum solves. These are segmented liquidity, market inefficiencies, and layer settlement risk. Serum also allows its users to trade tokens on other platforms such as Ethereum and Polkadot by providing cross-chain support.
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Most Popular
1
Min. Deposit
$1
Promotion
User Score
10
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
You’ll need to sign up for one before you can start buying and trading tokens such as SRM. This is fairly easy and usually takes about 15 minutes. All you will need to do is provide some basic information and your I.D. This is often referred to as KYC, or ‘know your customer’ and is a legal requirement in a growing number of companies.
Once you’ve created an account, it's time to make a deposit. Do this by using your debit or credit card, or by making a bank transfer. At this stage, it’s important to be aware of any charges you might incur. These differ between exchanges.
Step 3: Buy SRM
Once you’ve added funds to your account, head to your preferred broker or exchange and search for SRM. Choose one of the trading pairs and simply swap your funds for SRM. Within a few seconds, your trading portfolio should update with its new holdings. Hidden fees might be included in spreads, to make sure you know what the spread is before you buy SRM.
Where to buy Serum
You can buy Serum’s native token, SRM, from various exchanges and brokerages. These have different trading fees and rules, so you’ll want to pick the one that works best for you. Below is a handy table of recommended exchanges and brokerages to help you make the right decision.
Most Popular
1
Min. Deposit
$1
Promotion
User Score
10
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
WazirX is India's largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.
Payment Methods
Full regulations list:
3
Min. Deposit
$0
Promotion
User Score
8.7
All swaps are custody-free, with no registration needed
Convert 500+ crypto assets instantly
Best exchange rates among the whole cryptocurrency market
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
Payment Methods
Full regulations list:
Why buy SRM?
Serum users benefit from a 50 percent trading discount if they hold SRM.
Another of its major plus points is the ability for users to exchange tokens from multiple blockchains. This means developers and different types of traders, including retail and algorithmic traders, can take advantage of shared liquidity and use it to build new marketplaces.
Serum has already captured the interest of Solana users to become one of its most actively used dApps. If Solana’s network continues to grow and gain new users, Serum’s DEX and SRM token are likely to expand with it.
Where to store your SRM
You can keep your SRM on an exchange or brokerage. Still, if you want more control and security, it's best to send your assets to a hardware wallet. These offer the best protection for crypto assets and are used by most crypto traders. However, it’s crucial to keep your wallet safe and your private keys even safer; you lose your crypto if you lose the latter.
Think of MegaSerum as the big daddy of Serum. Basically, this is 1million Serum stacked together. MSRM is its own coin, and there are just 1,000 of them in existence. So, if you are lucky enough to own one, that would make you an instant Serum whale! To create one MSRM is simple—you buy 1million SRM and hey presto, you’ve got your first MSRM.
To trade on Serum you will need a non-custodial wallet that can be used on the Solana blockchain. The Phantom browser wallet is the most popular Solana wallet, and is compatible with Serum. To trade, visit the Serum site then choose from a list of dApps hosted by Serum.
The most popular dApp for trading cryptocurrencies on Serum is Raydium, an automated market maker (AMM). To trade on Raydium, all you have to do is connect your Phantom wallet to the application, and you’re ready to go. Other dApps popular with traders include Bonfida and Mango Markets.
You can find Serum’s blog on its official website. The blog is updated regularly, providing insights to the project and showcasing its roadmap. You can also follow Serum on Twitter to keep up to date with its ecosystem.
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