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

Introduction

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

Step-by-Step Guide for South African Investors

1. Acquire Synthetix Network (SNX) Tokens

To stake Synthetix Network, you first need to acquire it. To obtain Synthetix Network, you'll need to buy it. You can select from these popular exchanges available in South Africa.

Platform	Mint	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

View all 69 prices

2. Select a Synthetix Network Wallet
Once you have SNX, you'll need to choose a Synthetix Network wallet to store your tokens securely. Here are some solid options to consider.
3. Delegate Your SNX
We recommend using a staking pool when staking SNX. It's simpler and quicker to get started. A staking pool is a collective of validators who combine their SNX, which increases their chances of validating transactions and earning rewards. You can manage 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 to Keep in Mind

There are transaction and staking pool fees you need to take into account. Additionally, there may be a waiting period before you begin earning rewards. The staking pool will need to generate blocks, and this process can take some time.