How to Stake Synthetix Network (SNX): A Step-by-Step Guide for Canadians

Introduction to Cryptocurrency in Canada

Staking Synthetix Network can be an excellent choice for Canadians looking to hold SNX while earning APY in a secure manner and supporting the network. The process may seem a bit overwhelming, particularly for first-timers. That's why we've created this guide specifically for you.

Step-by-Step Guide for Canadians

1. Acquire Synthetix Network (SNX) Tokens in Canada

To stake Synthetix Network, you first need to acquire it. To obtain Synthetix Network, you'll need to purchase it from one of these popular Canadian exchanges.

Platform	Coin	Cost
Nexo	Synthetix Network (SNX)	0.43
PrimeXBT	Synthetix Network (SNX)	0.43
YouHodler	Synthetix Network (SNX)	0.43
Binance	Synthetix Network (SNX)	0.43
BTSE	Synthetix Network (SNX)	0.43
Coinbase	Synthetix Network (SNX)	0.43

See all 69 prices in Canada

2. Select a Synthetix Network Wallet in Canada
Once you have SNX, you'll need to choose a Synthetix Network wallet to store your tokens. Here are some great options available in Canada.
3. Delegate Your SNX in Canada
We recommend using a staking pool when staking SNX. It's simpler and faster to get started. A staking pool is a group of validators who combine their SNX, which increases their chances of validating transactions and earning rewards. You can do this through your wallet's interface.
4. Start Validating
You'll need to wait for your deposit to be confirmed by your wallet. Once it's confirmed, you'll automatically validate transactions on the Synthetix Network network. You'll be rewarded with SNX for these validations.

What Canadians Should Be Aware Of

In Canada, it's important to consider transaction and staking pool fees. Additionally, there may be a waiting period before you begin earning rewards. The staking pool must generate blocks, which can take some time.