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The SUI token is gaining significant traction, and many individuals in the USA are eager to acquire it. This article will guide you through the process of purchasing SUI tokens, starting with the setup of a non-custodial wallet. This wallet will serve as a secure storage solution for your SUI tokens, ensuring that you maintain full control over your assets. Additionally, having a SUI wallet will enable you to trade tokens on the SUI network through popular decentralized finance (DeFi) applications.
To begin, you will need to set up a non-custodial wallet. The most recommended options for this purpose are the SUI wallet and Suite. For this guide, we will focus on installing the SUI wallet, which is accessible to users regardless of their location. To install the SUI wallet, open your Chrome browser and search for 'SUI wallet.' Click on the link from the Chrome Web Store, which should be among the top results. As of now, the SUI wallet has around 800,000 users. Click 'Add to Chrome,' review the confirmation, and then click 'Add Extension.' You will be redirected to the welcome screen of the SUI wallet.
On the welcome screen, you will have options to sign in with Google or Twitch. It is advisable to avoid these options and instead select 'More Options.' Click on 'Create a New Passphrase Account' to set up your wallet. Create a secure password and confirm it. You will also have the option to select an auto-lock timeout; it is recommended to enable this feature for added security. After agreeing to the terms of service, click 'Create Wallet.' Once your wallet is created, it is crucial to back up your recovery phrase. Click on the 'i' icon to reveal your secret recovery phrase, copy it, and store it safely. After confirming that you have saved your recovery phrase, click 'Open SUI Wallet.'
With your SUI wallet set up, the next step is to purchase SUI tokens. Unfortunately, if you are in the USA and already have a Coinbase account, you will not be able to buy SUI tokens through that platform. Instead, you will need to use a centralized exchange like Kraken or Binance US. For this guide, we will use Kraken. Visit the Kraken website and either sign in or create an account. Once logged in, you can link a bank account to deposit USD. If you already have Solana (SOL) in a Phantom wallet, you can convert that into SUI tokens instead of depositing USD.
To transfer your Solana to Kraken, first, locate your SOL deposit address on the Kraken platform, ensuring it is on the SOL network. Copy this address and go to your Phantom wallet. Paste the Kraken wallet address, enter the amount of Solana you wish to send, and click 'Send.' After the transfer is complete, return to Kraken and wait for your Solana to arrive. Once it does, navigate to the 'Trade' section from the top menu. You will need to sell your SOL for USD by selecting the SOL/USD trading pair.
Once you have sold your SOL for USD, you can proceed to purchase SUI tokens. Navigate to the SUI/USD trading pair and enter the amount you wish to buy. After confirming the purchase, head to your portfolio. Scroll to the bottom of the portfolio page to find the SUI asset. Click on the three dots next to it and select the option to withdraw. Enter the amount of SUI you wish to withdraw and paste your SUI wallet address from earlier. Preview your withdrawal, and if everything looks correct, confirm the transaction. Finally, return to your wallet to check your new SUI balance.
If you are interested in acquiring SUI tokens without undergoing KYC on another exchange, there are alternative methods available. Exploring decentralized exchanges or peer-to-peer platforms may provide additional options for obtaining SUI tokens without the need for extensive verification processes.
Q: What is the SUI token?
A: The SUI token is a cryptocurrency that is gaining significant traction, particularly in the USA, and is used within the SUI network for trading and decentralized finance applications.
Q: How do I set up a non-custodial wallet for SUI tokens?
A: To set up a non-custodial wallet, you can install the SUI wallet from the Chrome Web Store. After installation, you will be guided through creating a new passphrase account.
Q: What should I do after creating my SUI wallet?
A: After creating your SUI wallet, it is crucial to back up your recovery phrase and store it safely. This ensures you can recover your wallet if needed.
Q: Can I buy SUI tokens using Coinbase?
A: No, if you are in the USA and have a Coinbase account, you cannot buy SUI tokens through that platform. You will need to use a centralized exchange like Kraken or Binance US.
Q: How do I transfer Solana to Kraken?
A: To transfer Solana to Kraken, locate your SOL deposit address on the Kraken platform, copy it, and paste it into your Phantom wallet to send the desired amount of Solana.
Q: What steps do I take to purchase SUI tokens after selling SOL?
A: After selling your SOL for USD on Kraken, navigate to the SUI/USD trading pair, enter the amount you wish to buy, confirm the purchase, and then withdraw the SUI tokens to your wallet.
Q: Are there alternative methods to acquire SUI tokens?
A: Yes, you can explore decentralized exchanges or peer-to-peer platforms to acquire SUI tokens without undergoing KYC on another exchange.