How to Buy Status (SNT) Cryptocurrency | A Step-by-Step Guide

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How to Buy Status

One of the more niche coins in all of cryptocurrency is the Status (SNT) utility token. In the most basic sense, Status is an operating system designed for the Ethereum network and all Ethereum-based (ERC-20) tokens. Status aims to lower the threshold of understanding for new users to adopt Ethereum-based cryptocurrency. The SNT token can be used to facilitate peer-to-peer crypto transfers, games, messaging, and mobile wallet storage.

The value of the Status (SNT) utility token has risen dramatically since the beginning of 2018. This increase is almost entirely due to the trading of the SNT token within the exclusive Korean markets. However, non-Korean investors can also trade for SNT utility tokens on well-known international exchanges such as Binance and Bittrex.

The prospect of trading for coins on exchanges such as Binance and Bittrex can be intimidating for new investors. That’s why we have provided this guide for you. Follow our simple steps listed below to easily acquire your SNT.

The Exchanges We’ll Be Using

ExchangeTrading FeesWithdrawal LimitsReviewVisit

Binance

0.1%2 BTC equivalent / 24 hours w/ no verification

100 BTC equivalent / 24 hours w/ "Level 2" Verifcation

Binance Review

Visit Binance

bittrex altcoin exchange logo SMALL

Bittrex

0.25%.04 BTC equivalent / 24 hours w/ "Basic" verification

100 BTC equivalent / 24 hours w/ "Enhanced" Verification

Bittrex Review

Visit Bittrex

How to Buy Status (SNT) on Binance

Binance only accounts for a small percentage of the daily trading volume of Status (SNT). This is no fault of Binance, however, as it is simply because the Korean markets currently represent nearly all of the daily trading volume for SNT. Binance is the top worldwide exchange when international trading volume is considered because of the variety it offers as well as the low transaction fees (0.1%).

Here’s how you can set up your Binance account, deposit your Bitcoin (BTC) or Ethereum (ETH), and start trading for Status (SNT).

1) Create Your Binance Account

The first step is to sign up for a Binance account. Registration is simple, only requiring an email address and to create a password.

Binance Sign up Register

Once you've submitted the registration form, you'll need to verify your email address. This is simply done by clicking the link Binance has emailed you.

Binance Email Sent Sign Up Confirmation

2) Secure Your Binance Account

Upon logging into your account for the first time, you'll likely be prompted to enable 2-Factor Authentication (2FA). While this is not required, it's highly recommended.

Binance 2FA Prompt

2FA helps to secure your account by requiring an additional passcode when login attempts are made. Binance offers 2FA through the Google Authenticator App and SMS text messaging. We recommend using Google Authenticator, as SMS 2FA has known security vulnerabilities.

Once you select Google Authenticator, Binance will show you step-by-step how to set it up.

Binance Google Authenticator Set Up

You can also set up 2FA at any time from your "Account" page.

Binance Account Page

From your "Account" page, you'll also be able to submit verification documents, should you need higher withdrawal limits than the default 2 BTC equivalent per 24 hours.

3) Deposit Bitcoin or Ethereum to Binance

Locate the "Deposits" page, under "Funds" in the main menu. Here you can search for the cryptocurrency you want to deposit. We recommend Ethereum over Bitcoin, as it's faster and has lower network fees (fees from their respective networks, not Binance).

In this example, we'll be depositing 1 ETH.

Binance Deposit Ethereum Step 1

Once you've selected the cryptocurrency you want to deposit (in our case Ethereum), Binance will give you an address where you can send your deposit.

Binance Deposit Ethereum Step 2

After you've sent funds to the given address from your cryptocurrency wallet, your deposit will soon show up as pending while it completes the required number of block confirmations. For our ETH deposit, it took about 5 minutes for our deposit to be completed. Other cryptocurrencies like Bitcoin, that have longer block confirmation times, will take longer to deposit.

Binance Pending ETH Deposit New

4) Buy Status (SNT) with Bitcoin (BTC) or Ethereum (ETH)

Next to the Binance logo on the top of the page, you can easily locate the Exchange button. When you move your cursor over to that button, you will see two exchange options: ‘Basic’ and ‘Advanced’. For most trades, the Basic option is sufficient, so choose that one.

On this new trading screen you will see a market chart in the center and Binance’s four trading pairs to the right of that chart. These pairs are indicated by letter codes: BTC (Bitcoin), ETH (Ethereum), BNB (Binance Coin), and USDT (U.S. Dollar Tether). Status (SNT) can be traded for Bitcoin (BTC) or Ethereum (ETH). Click whichever asset you deposited in Step 3.

Directly underneath the asset you selected will be a search bar. Enter ‘SNT’ and you will see SNT/BTC or SNT/ETH. Left click on the pair to bring you to the appropriate trading screen.

Binance Buy Status SNT

You are now viewing a market chart that displays the current valuation of SNT utility tokens against your chosen asset (BTC or ETH). Located under the chart are two order forms, titled ‘Buy SNT’ and ‘Sell SNT’. The ‘Buy SNT’ form has tabs for ‘Market’ and ‘Limit’ orders. Choose ‘Market’ to begin.

Market orders are more useful for newer traders simply because they require less input from the user. Once you input your desired number of SNT tokens on the ‘Amount’ line, you can simply press the ‘Buy SNT’ button and your trade will be instantaneously filled. The Binance exchange automatically inputs the current market price in a Market order.

Limit orders are not much more complicated to use; they only require one more step. In a Limit order, you must determine both the ‘Price’ and the ‘Amount’ of SNT tokens for which you wish to trade. You can look at the Trade History on the right side of the exchange page for help figuring out your desired price. It is also important to note  that while Market orders are instantaneous, Limit orders can be delayed or only partially filled depending on if sellers are interested in your price.

Another useful tool provided by Binance is a percent calculator that will allow you to spend 25%, 50%, 75%, or 100% of your available BTC or ETH on SNT utility tokens. You will see the controls for this function on either the Market or Limit order forms.

Once your order has been filled, you can find your Status (SNT) tokens in your ‘Funds’ on the Binance exchange.

Binance Status SNT Balance

From this point you can withdrawal your SNT tokens to another SNT wallet.

Buy SNT on Binance

How to Buy Status (SNT) on Bittrex

Similar to Binance, Bittrex deals only with a very small percentage of the daily trading volume of Status (SNT) tokens, mostly because of the massive trading volume of SNT utility tokens within Korea. That being said, Bittrex is a reputable exchange with great safety features including mandatory “basic verification” steps before fund withdrawal is allowed. The fees are slightly higher on Bittrex at 0.25% per transaction, but the exchange is also safe and simple to use.

Here’s a step-by-step guide that shows you how to buy Status (SNT) tokens on the Bittrex exchange.

1) Sign Up to Bittrex

To begin creating your Bittrex account, you’ll need to enter your email and choose a password.

Bittrex Sign Up

2) Verify and Secure Your Bittrex Account

Since Bittrex requires you to verify your account to make withdrawals, we recommend starting this process immediately. To do this, locate the verification tabs under your account's settings.

"Basic Verification" requires your name, date of birth, and address. The information you submit will be automatically checked against public records. Once "Basic Verification" is completed, you'll be able to withdraw up to the equivalent of 0.4 BTC per day.

Bittrex Basic Verification

If Bittrex is unable to verify your "Basic Verification" information or you need greater withdrawal limits, you can go through their "Enhanced Verification" process. This will require a photo or scan of a government issued ID, as well as a "selfie" of you. Once "Enhanced Verification" is complete, you'll be able to withdrawal up to the equivalent of 100 BTC per day.

Bittrex Enhanced Verification

In addition to verifying your account, you should also take time to enable 2-Factor Authentication (2FA). Bittrex encourages all users to do this and we second this recommendation. 

Bittrex offers 2FA via Google Authenticator.

Bittrex 2FA

3) Deposit Bitcoin or Ethereum to Bittrex

To make a deposit onto Bittrex, locate the "Wallets" page in the menu of your account. You can use the search bar to find the cryptocurrency you want to deposit.

Once you’ve found the cryptocurrency you want to deposit, click the “+” symbol next to it. After clicking “+” a deposit address will be shown where you can send your crypto.

Bittrex Deposit

Once you've sent funds to your bittrex account, you can view them under your pending deposits. Each cryptocurrency requires a specific number of block confirmations before being credited to your account. Due to its faster block times, Ethereum allows for far quicker deposits than Bitcoin.

4) Buy Status (SNT) on Bittrex Using Bitcoin or Ethereum

From whichever screen you are at within the Bittrex platform, select the Bittrex logo on the top-left to begin your process to acquire Status (SNT). You will now see the various markets Bittrex offers in the center of the page.

Status (SNT) is offered in trading pairs on Bittrex with Bitcoin (BTC) and Ethereum (ETH). Type SNT into the search bar to the right of whichever cryptocurrency you deposited in Step 3. Then select your trading pair as it is presented (either BTC-SNT or ETH-SNT).

Bittrex Status SNT Markets

You are now looking at the trading screen with an obvious market chart on the top left, current pricing information to the right of that chart, and two separate order forms below the market chart. Those order forms are titled ‘BUY STATUS’ and ‘SELL STATUS’.

Within the ‘BUY STATUS’ order form you can see two lines near the top: ‘Units’ and ‘Bid’. First, enter your desired number of Status (SNT) utility tokens on the ‘Units’ line. Next, look at the drop-down ‘Price’ menu on the ‘Bid’ line. Here you will see three price options: Last (the most recent sale price), Bid (the current price being offered by buyers), and Ask (the current price being requested by sellers). Select whichever option best suits your needs or input your own price on the line.

At this point you can select the blue ‘+ Buy Status Network Token’ button at the bottom of the form. Bittrex gives you an easy option to cancel your order if it is taking too long to fill. You can find this option in the ‘OPEN ORDERS’ section below the order forms.

Bittrex Buy Status SNT

After your order is filled, you will be able to view your Status (SNT) utility tokens in your Bittrex exchange wallet. From that wallet you can withdraw the SNT tokens to a secure wallet using the ‘-’ button.

Buy SNT on Bittrex

Summary

Because of the massive popularity of the Ethereum network and all of the cryptocurrencies being created on it, the Status (SNT) utility token has found a valuable place as a way to explore and interact with Ethereum on a functional level. Traders can easily acquire Status (SNT) by converting their fiat currency into Bitcoin (BTC) or Ethereum (ETH) and sending those assets to Binance or Bittrex. Once on Binance or Bittrex, traders can safely, quickly, and easily trade their BTC or ETH for SNT.

I’m an American teacher, living and working in Korea, who developed a passion for cryptocurrency early last year. As a political and financial Libertarian, I find the concept of bankless, blockchain-based-commerce absolutely intoxicating. My goal is to help people SAFELY enter the world of crypto through education and non-biased writing.

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