Instant Guide on How to Buy Serum (SRM) with a Credit or Debit Card

Serum is a decentralized exchange (DEX) protocol created as an alternative to incumbent centralized exchanges (CEXs). It strives to provide users with a more efficient trading experience by utilizing the Solana blockchain's transaction throughput and low fees, potentially enabling faster trade execution and reduced costs. 

The Serum ecosystem uses SRM as its native cryptocurrency. Participants can use this token to pay transaction fees, participate in governance, and potentially earn crypto rewards by staking SRM.

Interested parties can obtain SRM on CEX.IO with their credit and debit cards, along with other payment methods which we'll cover in the section below. Read on and learn what SRM is and how to acquire this token on CEX.IO. 

What is SRM?

SRM serves as the cornerstone of the Serum DEX ecosystem, powering various functionalities. As the native utility token, it facilitates transaction fees, staking, and on-chain governance.

Serum incentivizes holding and participation by offering users reduced trading fees based on their SRM holdings. This tiered structure rewards active participants, fostering increased liquidity within the ecosystem.

In addition, SRM holders wield voting rights on crucial decisions impacting the platform's future. This includes:

• Voting on protocol upgrades.
• Fee structure adjustments.
• Other significant ecosystem changes.

Similar to staking crypto with CEX.IO, Serum incorporates a native SRM staking mechanism, which allows users to lock up a portion of their SRM holdings to potentially earn network rewards. 

This potentially enhances SRM's overall utility by offering participants additional avenues to earn rewards and contribute to the security of the Serum network through staking. 

Disclaimer: Please note that SRM staking is not currently available on CEX.IO. We encourage eligible customers interested in staking to explore the wide range of other stake-able cryptocurrencies available on our platform, like Solana (SOL), Tezos (XTZ), and Tron (TRX).

How does SRM work?

Serum was created in 2020 by the Serum Foundation, including members of FTX and Alameda Research. Sam Bankman-Fried, the disgraced CEO of FTX, played a significant role in developing and promoting Serum. 

The platform was built on top of the Solana (SOL) network, and aimed to take advantage of its high throughput and low transaction costs. Solana can potentially handle thousands of transactions per second, making it suitable for high-frequency trading applications. 

Unlike many DEXs that use Automated Market Makers (AMMs), Serum utilizes a fully decentralized central limit order book (CLOB). This model is similar to those used by the CEX.IO Spot Trading, where buy and sell orders are matched.

Serum implements cross-chain swaps and bridges, making this platform interoperable with other blockchain platforms. This enables cross-chain trading and asset transfers, potentially allowing users to trade a wide variety of assets from different blockchains seamlessly and efficiently.

How to buy SRM with a credit card

Eligible customers can buy crypto, including SRM, with their credit card through Instant Buy. This functionality allows registered users to buy Ethereum, Bitcoin, Cardano, XRP, Dogecoin, and 200+ other supported assets to diversify their holdings. 

Our Instant Buy feature streamlines the cryptocurrency acquisition process for users seeking a convenient entry point. This functionality caters to those who may not require the advanced tools of traditional trading interfaces, such as complex price analysis charts and order types. Here's how to buy SRM with a credit card on CEX.IO: 

1. Sign up with CEX.IO and get verified 
2. Navigate to Instant Buy from the Products menu (see picture below) or click here for quick access. 
3. Choose the fiat currency you want to use to acquire SRM. 
4. Select SRM from the list of supported assets and click Buy Crypto Instantly to proceed with the purchase. 
5. Enter the amount of fiat you wish to spend acquiring SRM or select from predefined allotments. 
6. Select credit/debit card as the preferred way to fund your SRM purchase.
7. Enter your card number and expiration date. Click Add Card to link your credit card to your CEX.IO wallet. 
8. Complete your SRM purchase by entering the CVV (three-digit number from the back of your card) and confirming with your chosen two-factor authentication method (OTP code or bank app).

How to buy SRM with a debit card

To potentially minimize transaction fees associated with credit card purchases, users may choose debit cards to acquire SRM on CEX.IO. The process remains identical to the steps outlined above. 

It's important to note that CEX.IO supports a broader range of payment methods for purchasing various cryptocurrencies. Verified users can use both credit and debit cards to buy USDC, Bitcoin, Ethereum, or any other supported asset on the platform.

Alternative payment methods to obtain SRM on CEX.IO

CEX.IO offers multiple avenues to obtain SRM. Besides Visa- or Mastercard-issued credit and debit cards, eligible participants can buy bitcoin with a bank account (SEPA and SWIFT), Skrill, PayPal, and Neteller e-wallets, Google and Apple Pay mobile processors, as well as other cryptocurrencies. 

Disclaimer: CEX.IO prioritizes compliance with regional regulations. As a result, the availability of specific payment methods for acquiring cryptocurrency may vary based on customer location. For transparency, we recommend verifying supported payment methods on CEX.IO before initiating a transaction.

Where to buy SRM?

Crypto enthusiasts have several pathways to obtain SRM, each with their own advantages and disadvantages. 

Those who prefer remaining anonymous can acquire SRM on decentralized exchanges, which typically don't require identity verification. However, DEXs often have more complex interfaces and require a higher level of technical understanding to navigate, which can be a barrier to entry for new users. 

On the other hand, centralized exchanges, like CEX.IO, are potentially more accessible for beginners due to their user-friendly interfaces. They also provide a range of technical indicators and analysis tools, and empower enthusiasts to make informed purchasing decisions. 

Additionally, CEXs typically offer customer support to assist with any issues, which can be invaluable for new users encountering challenges.

What are the potential risks of obtaining SRM?

Prospective SRM buyers should engage in a thorough self-assessment to ensure their decisions align with their current risk appetite. The cryptocurrency market is inherently volatile, and SRM's price may be susceptible to fluctuations. 

Consequently, conducting comprehensive research into market trends and the economic factors, influencing SRM's valuation, is crucial before making any purchasing decisions.

Eligible users seeking to take advantage of cryptocurrency price fluctuations can explore assets like SRM. Conversely, those looking for a more reliable store of value can buy BUSD, GUSD, USDT, and USDC stablecoins, which are pegged to traditional assets and offer potentially lower volatility.

How to store SRM?

SRM holders have two storage choices: custodial and non-custodial wallets. Non-custodial wallets, often hardware devices, are ideal for long-term holds but require technical knowledge and higher costs. 

Custodial wallets, like the Bitcoin wallet offered for free by CEX.IO, prioritize user-friendliness and convenience, making them ideal for frequent or smaller-scale transactions. These wallets typically boast intuitive interfaces that streamline the deposit, withdrawal, and trading processes. 

Additionally, the CEX.IO wallet integrates seamlessly with our exchange platform, allowing eligible users to manage their SRM holdings and execute transactions directly from a single interface. This eliminates the need to transfer SRM between wallets when transacting, saving valuable time and effort.

FAQs

How to track the value of SRM on CEX.IO?

The most intuitive way to track the real-time value of SRM is through our crypto prices page. This is also a great avenue for users looking for comprehensive market data, including SRM's market capitalization, and 24-hour trading volume.

Can I buy SRM in the U.S.? 

Due to regulatory restrictions, SRM is not available for purchase by users located in the United States. However, U.S.-based customers can buy USDT, Bitcoin, Ethereum, as well as other 30 supported digital assets. To explore the complete list of assets available for U.S. users, please visit our dedicated cryptocurrencies page.

What payment methods are available in the U.S.?

CEX.IO offers a variety of convenient payment methods for U.S. residents to purchase cryptocurrency. U.S.-based users can buy crypto with PayPal, credit and debit cards, Apple Pay, and Google Pay. Please note that bank transfer purchases are not currently available for U.S. customers.

What is the CEX.IO Bitcoin calculator? 

Interested parties looking to buy Bitcoin can use our Bitcoin calculator to simplify their purchase decisions. This user-friendly tool seamlessly converts between Bitcoin (BTC) and a variety of fiat currencies, including USD, EUR, and GBP. Additionally, our calculator supports the USDT stablecoin, providing flexibility for users with diverse transaction needs. This valuable resource is available for free to both verified customers and non-members, empowering informed decision-making throughout the Bitcoin acquisition process.