With so many new cryptocurrency tokens hitting the market these days, such as Sat Coin, it’s hard to stay on top of which ones are being released. If you are looking to take advantage of rising rates on hot new tokens, you need to be informed about what’s out there and how some of these cryptocurrency tokens function. In this article, we’re looking at XSP crypto, which comes from the Xfinance platform and is officially known by the name XSwap or XSwap Protocol. XSP is the trade symbol for this crypto, and you can track the price, price changes, trade volume, and other important information about this digital asset on a number of cryptocurrency trading websites.
XSP Crypto Detailed
The Xfinance platform is a decentralized finance ecosystem, and it serves as an aggregator platform, pulling together different assets. It also serves as a leverage trading platform, where traders take on a significant amount of an asset at a lower than market price. The Xfinance platform also offers automatic market making that enables quick and easy digital trading.
XSP is one of the proprietary tokens of that network, powered by transactions on Xfinance but also subject to the movements of the larger cryptocurrency market. As major crypto assets with large market shares experience price shifts, XSP’s price will respond accordingly. Its rate is not wholly dependent on its functionality or availability.
Purchasing XSP tokens allows users on the Xfinance network to make full use of the ecosystem’s functionality. According to the Xfinance platforms operators, XSP is their most important token.
XSP is considered an altcoin, which means it is a cryptocurrency token that is not Bitcoin. What that means practically is that XSP doesn’t have nearly the market share of Bitcoin, so it is not traded as frequently, and it can be more difficult to buy and sell.
How to Buy XSP Crypto
Purchasing some kinds of decentralized currency can be a little tricky. Not all of them are available for cash purchases. Major cryptos like Bitcoin can be bought very easily online because they have proven their usefulness to the mainstream. Smaller cryptos like XSP have a little more trouble breaking through to the mainstream and may require investors to go through a lot more steps to buy and sell.
In order to buy some XSP, traders will first have to by Ethereum. Once they have some Ethereum in their account, they can trade that in for XSP. There are benefits to having XSP as opposed to Ethereum, as you can use XSP crypto on the Xfinance platform.
Where to Buy Ethereum?
Because Ethereum is one of the largest cryptocurrency tokens on the market, you can find it on most major exchanges like Bitfinex, Binance, Kraken, Coinbase, Gemini, and more. You have to set up an account on one of those exchanges, linking either your bank account or credit/debit card to the exchange.
Each exchange platform has different requirements to sign up and set up an account. You will have to pay transaction fees for every purchase you make, and the fees vary from one exchange to the next. You will probably want to do some research before you settle on an exchange to make sure you’re happy with their rules and fees.
Keep in mind that when you buy Ethereum or any other cryptocurrency, the value changes frequently, even from hour to hour. It’s ideal to buy low so that you have the option to sell high later. You may want to wait to purchase your crypto until the price is right.
Once you have some Ethereum in your account, you can move on to the next step.
Buying XSP Crypto
Now that you have some Ethereum to work with, you can purchase XSP through a cryptocurrency exchange. Depending on which exchange you’re using, XSP may be available there, or you may have to transfer to another exchange that offers it.
XSP can be purchased through a few different exchanges, including Bitrue and LBank. It is mostly available on smaller exchanges, and you want to be careful about using these exchanges if they’re not considered reliable and safe. Your account may be at risk for theft or hacking on exchanges that are not properly secured or that are not reputable.
Once you have some Ethereum in your account, though, you can trade that through some of the major exchanges. You can purchase XSP crypto from a smaller exchange by copying over your digital wallet address, which is where your crypto tokens are stored.
XSP crypto may be offered in more places, on more exchanges, as its popularity increases.
Storing XSP Crypto
You can keep your XSP tokens in a digital wallet on the exchange you purchased it from. You can also store your XSP offline in a flash drive wallet. Physical storage is always more secure, but there is the risk that you will lose that stored crypto and no longer have access to it.
Be aware that the value of your XSP can change even when stored offline. When you start trading with your crypto, it will have the current day’s value, which is subject to frequent change.
How to Sell XSP
If you want to cash out or sell your XSP crypto, you’ll have to do that similarly to how you purchased it. In other words, it needs to be transferred back to a major crypto before it can be cashed out to your bank card or bank account. Transferring this crypto back into Ethereum or Bitcoin will make it easier to get the value of your XSP into your fiat currency account.
Investing in XSP
If you’re playing the trading game with XSP and hoping to make a profit off of it, it’s important to purchase it when the price is low, then watch the rates and sell when they are high. How high can XSP’s rate go?
That’s going to depend on a number of different factors, including the overall crypto market, the global economy, and XSP’s continued functionality.
This crypto will struggle to reach a dollar for a long time, even if the price skyrockets and its popularity goes through the roof. Like Dogecoin (more info here) and Shiba Inu, hitting that $1 mark, according to Fool.com, can take a long time even for a popular crypto.
Last Updated: January 3, 2022