Exercise is good for the body, but how much we exercise at any given time depends on a number of factors, including our level of motivation, our level of weariness, and the equipment available.
The move-to-earn project, Sweatcoin, offers rewards of a new generation cryptocurrency, SWEAT, for the physical activities of its users. Sweatcoin has raised the interest of cryptocurrency investors since its launch.
This guide will detail how the platform works and how to buy its native token asset SWEAT.
Where to Buy Sweatcoin
This section is our top picks of where and how to buy the Sweatcoin SWEAT Crypto token. We chose these based on our experience of using them and considered fees, security, payment options and reputation.
- FTX: Great Exchange for Newbies & Advanced Users
- Kucoin: Highly Regarded and Easy to Use for Beginners
- Bitfinex: Well Established & Trusted Exchange
- Gate: Solid Platform With Lots of Coins
Visit The Top Pick
FTX: A Top Exchange
FTX is one of the very best exchanges to purchase coins & tokens. It is a leading centralized multi-assets exchange that offers derivatives, volatility products, NFTs, and leveraged products. FTX also supports the most commonly traded cryptocurrencies.
Read: Our Full FTX Review Here
FTX’s wide range of tradable assets and user-friendly desktop and mobile trading platforms attracts all types of crypto investors from all levels, including newbies to well-experienced professionals. With support for over 300 cryptocurrencies for spot trading, FTX has one of the strongest bases of coins.
FTX does not have a minimum deposit balance. Maker trades on FTX costs between 0.00% and 0.02%, while taker fees costs between 0.04% and 0.07%. There is also a $75 charge for any withdrawals less than $10,000. Deposit channels vary from bank wire and bank instant deposits to debit/credit card to wire transfer and other methods like silver exchange network (SEN) and signature SIGNET.
FTX implements two-factor authentication (2FA) protocol for security when signing up for a new account. Additional security features include sub-accounts with configurable permissions, withdrawal address and IP whitelisting, and Chain analysis to monitor any suspicious activity. Also, this exceptional broker maintains its own insurance fund. All these security integrations are by standard requirements.
FTX operates in several countries, and US-based traders can use FTX.US — a fully regulated subsidiary that enables seamless trading services to residents of the United States of America.
Pros
- Large selection of cryptocurrencies and other digital assets
- Very competitive fees
- Great trading platforms
- Offers crypto derivatives
Cons
- FTX.US has limited coins
KuCoin: Exchange With Lots of Listings
KuCoin is one of the world’s oldest and most popular crypto exchanges. The Seychelles-based broker is one of the most notable names in the market for traders who desire access to derivatives products to speculate in the market.
Currently, KuCoin provides access to over 600 cryptocurrencies. Besides trading and investing, the exchange allows investors to save, stake crypto, and even participate in Initial Exchange Offerings. With KuCoin, investors have an all-encompassing crypto hub.
Read: Our Full Kucoin Review Here
Like many brokers in its class, KuCoin could appear too overwhelming for beginners. The exchange is more suited for advanced traders who want to speculate and trade sophisticated products. So beginners might have some difficulty making use of it.
Despite this, investors could gain many benefits from trading with KuCoin. The broker has a low minimum balance of $5, with deposits available via major fiat currencies, peer-to-peer (P2P) transfers, and a few credit card options.
As for trading fees, KuCoin users pay 0.1% in fees. But the fees could decrease based on an investor’s 30-day trading volume and ownership of the company’s KCS token.
Security on KuCoin is also impressive. The system uses bank-level encryption and security infrastructures to protect users’ coins and data. KuCoin also has a specialized risk control department to enforce strict data usage policies.
Pros
- Discounts available on trading fees
- Extensive staking functionalities
- Quick P2P trading system
- Anonymous trading available
- Low minimum balance
Cons
- No bank deposit option
Bitfinex: A Trusted Exchange
Based in Hong Kong, Bitfinex is owned and operated by iFinex Inc – a financial services company that also owns Tether Limited, the issuer of the USDT stablecoin. The broker is popular for having one of the most liquid order books in the market, ensuring that users looking to buy and sell crypto have no trouble getting it done.
Like many other top brokers, Bitfinex offers a versatile platform for anyone looking to enter the crypto market. Investors can buy and trade crypto, stake cryptocurrencies, and lend their coins to earn returns.
Read: Our Full Bitfinex Review Here
Ease of use is impressive on Bitfinex, with the broker combining an intuitive platform with a low deposit threshold. Deposits on Bitfinex can be made through direct crypto transfers, wire transfers, and card payments. Card payments are processed through a third party, so investors might have to pay more fees.
Besides its trading interface, Bitfinex provides easy access to services like margin trading, derivatives offerings, and lending. Investors looking to make high-volume purchases can use Bitfinex’s OTC trading service, while those looking for low-risk gains can use the broker’s staking protocol.
Bitfinex uses a maker-taker fee structure for its trades. The fees range between 0% and 0.2%, with fees reducing as investors’ order volumes increase. Also, the exchange doesn’t charge any fees for large orders through its OTC desk. Bank wires incur a 0.1% fee for deposits and withdrawals – although expedited withdrawals carry a charge of 1%. Crypto withdrawals incur a small fee, depending on the coin being withdrawn.
The exchange protects user funds and data using 2FA, advanced API key permissions, and the storage of 99% of funds in cold storage.
Pros
- Easy-to-use interface
- Impressive staking protocol for PoS coins
- Highly liquid order book
- High leverage for derivatives trading
- Unlimited withdrawals
Cons
- Higher costs for card transactions
Gate.io: Solid Platform With Lots of Coins
Gate.io is a cryptocurrency trading site that aims to offer its members an alternative to the exchanges currently dominating the market.
The site has been in operation since 2017 and aims to capture a portion of the cryptocurrency trading market by offering its users hassle free access to a number of hard to find coins and up and coming projects.
The site is also designed to help investors find specific information related to both their preferred coins and overall market trends.
Read: Our Full Gate.io Review Here
Trading mostly takes place on a web-based trading platform that is similar to most cryptocurrency exchanges. The site incorporates a number of functional features such as an order book, trading history, and charting.
Pros
- A wide range of currencies
- A low fee structure
- Simple registration process
- Functional platform with a mobile app available
Cons
- Unregulated
- The team is not very transparent
- No fiat currency transfers
What is Sweat Coin (SWEAT)?
Sweatcoin is a free smartphone app that monitors and rewards users for their physical activities.
By integrating the user’s default fitness app; such as Google Fit and Apple Fit, the software will accurately records step taken while working out; either on a treadmill, walking, or jogging. Users also get rewarded with SWEAT, the platform’s digital currency, which can be used to purchase products or easily donated to charity.
Sweatcoin is available on major mobile software, including iOS, Android, and Windows.
The Project
The Sweatcoin app was released in 2016. It was founded by the trio of London-based tech entrepreneur Oleg Fomenko, venture capital worker Anton Derlyatka, and developer Egor Khmelev.
The app aims to encourage better living by paying users for regular physical activity and has more than 100 million users. The Sweatcoin app is the most downloaded health and fitness app in 58 countries
Sweatcoin’s brand-new web3 product is called Sweat Economy. It consists of a cryptocurrency token called SWEAT and a crypto wallet called Sweat Wallet. More than 13 million wallets were created within four months of its introduction.
The original Sweatcoin was not a cryptocurrency, so users were rewarded with vouchers and gift cards after completing a predetermined number of steps. These could then be exchanged for rewards from businesses like Audible and Headspace or contributed to several charitable organisations.
However, the developers wanted a coin that users could spend and exchange for fiat currencies, leading to the launch of the SWEAT native token and Sweat wallet. The Sweat Foundation will also match every Sweatcoin in its balance with an equal amount of Sweat token.
Then, SWEAT owners can choose whether to exchange their tokens for fiat money or alternatively keep the tokens in their balance to earn a staking incentive. Sweatcoin’s ecosystem will eventually incorporate NFTs and DeFi as well in the future.
The Sweatcoin currency, often referred to as sweat economy or by its ticker symbol SWEAT, is built on the Ethereum (ETH) and Near Protocol (NEAR) blockchains and is intended to compensate users who register for the system and engage in physical activity.
Sweatcoin has acquired $13 million in investor funding and intends to hold a stronghold offering on the decentralised autonomous organisation (DAO) Maker launchpad in addition to a public token sale.
Collaborations
Sweatcoins have value because of their extensive partnerships. Over 600 partners, including insurance companies that want to promote healthier lifestyle choices, businesses that want to appeal to health-conscious consumers, and governments that want to lower healthcare expenses, have collaborated on the project.
For example, Sweatcoin collaborates with the National Health Service (NHS) to deliver healthy incentive programmes all around the nation, using individualised, data-driven strategies to bring about long-lasting behaviour change.
Real Money Value
Users may be able to purchase different goods or services using Sweatcoin depending on their location. The Sweatcoin marketplace offers thousands of amazing branded products and services, such as high-tech shoes, iPhones, anti-gravity yoga sessions, Apple Watches, and more. Users can get discounts on online educational courses or fitness memberships if they want price slashes.
Donation
Sweatcoin for Good (S4G) serves as the project’s charitable initiative. S4G has collaborated with over 100 charity organisations worldwide. With this initiative, users can donate to various environmental, humanitarian, and animal preservation causes.
How Does The Sweatcoin Work?
With a few steps, users can become healthier and join the ‘move-to-earn’ project on Sweatcoin — simply walk and earn.
Sweatcoin crypto’s litepaper states that the token is founded on the concept of “the open economy of movement.” It was launched on the open market in September 2022
People receive a small portion of a Sweatcoin for each step they take. It takes a thousand steps to earn one Sweatcoin. However, users can make ten Sweatcoins or more each day and a few hundred Sweatcoins each month if they exercise frequently.
The free version of the software allows users to earn up to 5 Sweatcoin per day, while the premium version allows users to earn more. Users’ daily limit can be boosted by paying more Sweatcoin according to the level they want.
The app allows users to purchase goods and services thanks to a marketplace feature that includes an auction area. Users can also donate their Sweatcoin to one of the various charities in partnership with the project.
There are “movement validators” who verify that users are performing the necessary number of steps before the Sweatcoin cryptocurrency reward is issued. The validator processes the raw data from the recording device using an algorithm to identify fraudulent activity and guarantee that only genuine movement is rewarded.
While the app currently comes with a standalone crypto wallet, called the Sweat Wallet, it also aims to integrate NFTs and the capability to purchase SWEAT directly with fiat currency in the future. Furthermore, the token will be made available on decentralised exchanges (DEXs) between 2023 and 2024, and a DAO will be given ownership of the cryptocurrency.
The token will also be used to obtain NFTs, subscribe to Sweatcoin’s premium services, and serve as a medium of exchange. Also, the platform intends to broaden the scope of minting the Sweatcoin cryptocurrency beyond walking in 2025 to include cycling and swimming.
Is SWEAT Crypto a Good Investment?
Sweatcoin is a project that rewards people for exercising. Users are more successful and contribute to healthcare cost savings of billions of dollars.
Moreover, health enthusiasts can use the platform to earn passive income while carrying out their usual day-to-day activities.
Some benefits of investing in Sweat crypto include:
Move to Earn
Many people have to walk for extended periods as part of their daily routine. Thankfully, they now have the opportunity to turn all that physical activity into something enjoyable and productive with the advent of “Move to Earn”.
The user’s activity level will determine how much income they can make using Sweatcoin. At the moment, users can earn one Sweatcoin for 1,000 completed steps. Therefore, users will earn 9.5 sweatcoins if they walk 10,000 steps each day minus the 5% commission which the business takes.
At the moment, 1 SWEAT on Coinmarketcap is worth $0.05, implying that one can earn about $0.49 for every 10,000 steps taken. The health benefits of walking those steps and the cash reward makes exercising a worthwhile activity.
A Healthier Lifestyle
The software encourages physical exercise in order to build a healthier and more active world. Therefore, Sweatcoins’ move-to-earn (M2E) style project, which is comparable to a play-to-earn game, allows users to receive rewards in the form of crypto for their involvement. Users can earn cryptocurrency in an M2E game by being physically active in their daily lives.
The team claims that by partnering with the NHS to promote a healthy society and lessen the burden on the world’s healthcare systems, their software has boosted users’ physical activity levels by an average of 20%.
User’s Autonomy
Sweatcoin ensures that keeping users data secure is their top priority. However, they believe everyone should be able to claim ownership of the data they produce, increasing their incentive for exercising or moving. Therefore, the Sweat Foundation is set to develop a platform allowing SWEAT users to select how to make a profit from their data.
The Sweat DAO will grant users control of their data and allow them the option to earn money from it. Any organisation, investor, healthcare provider, or insurer can purchase a person’s SWEAT to obtain data for analysis.
A SWEAT holder could, for instance, decide to work with a health insurer through this platform, who will pay for access to their activity data. The holders could also add their information to a pool of aggregate data, resulting in functions like global activity indices. Therefore, as its inventor and owner, the user would be compensated for selling this data to insurers, physicians, academic institutions, and investors. The DAO would be paid to provide the service.
Partnership
The developers set a lofty objective for themselves. Sweatcoin should evolve into a wellness movement that will help enhance many public spheres, not just another move-to-earn effort.
Due to this vision and initiative, many reputable companies across the world have joined Sweatcoin as partners. The current significant partners of Sweatcoin include Spartan, Electric Capital, Sandeep Nailwal, Do Kwon, and others.
Sweatcoin has teamed up with the National Health Service (NHS) to deliver healthy incentive programmes all around the country, utilising individualised data-driven strategies to bring about long-lasting behaviour change.
Additionally, Sweatcoin introduced the charitable programme “Sweatcoin for Good” (S4G). S4G currently collaborates with more than 100 non-profits that are experts in a variety of sectors. Famous names like Save The Children, the African Wildlife Foundation, the NAACP, and others are on the list of supported charities.
Staking Rewards
Crypto staking is the process of temporarily “locking up” a portion of your cryptocurrency to support a blockchain network. Another option for users to interact and profit on the site is through staking Sweat tokens. Better benefits and improved app experiences are available to users who stake higher, including lower transaction fees, premium services, and increased daily SWEAT minting limitations.
How to Buy Sweatcoin on FTX
For investors wondering how to buy Sweatcoin, we recommend using the FTX exchange to make a purchase. Get started with these easy steps:
Register
Visit the FTX website and select the “Register” in the top right corner of the screen. Next, enter your email address and password in the pop-up window. Check the “I agree” box, then click to confirm. Slide to solve the riddle and go on to the next stage. Clicking the “Sign Up” button will conclude this process.
A window displaying your “Fee Status” will appear. Users will receive a charge reduction when they sign up through a referral link. Click the “Close” button once you’ve finished reading.
Deposit
On FTX, users can deposit in the desired fiat currencies and cryptocurrencies. To deposit, head to the Wallet section. Locate BTC (for example) under Balances, and click “Deposit” next to it to deposit cryptocurrency. The deposit wallet address will be displayed in a pop-up window that appears. Once finished, shut the window.
For fiat, go to the Balances section of your Wallet page to deposit funds into your FTX account. Traders should find the currency they want to deposit by going to “Fiat” first. To proceed, select “Deposit.”
Buy Sweatcoin
There are numerous ways to buy assets or trade on FTX, but in this stage, we’ll only go through the basics.
Start by visiting the ‘Markets’ page. Select the “Spot” category. Select SWEAT/USD from the list of options since our goal is to purchase Sweatcoins with fiat funds. Traders should enter the number of Sweatcoins they want to buy in the order form. It will automatically determine how much it is worth in fiat.
Click “Place Orders.” The “Order History” section of your Account page makes it simple to see your order.
Conclusion
Sweatcoin has had tremendous success. With over 100 million users, the platform is now the most popular workout app worldwide.
Sweatcoin is confident as it begins the next phase of its cryptocurrency journey. It has also had time to refine its economic model. The years of effort put into Sweatcoin, and its ambition of incorporating cryptocurrency might make it a very successful initiative in the future. Nevertheless, the most important of which is the rise in popularity of move-to-earn platforms.
Sweatcoin FAQs
How do you buy Sweatcoin?
Investors can buy Sweatcoins on a crypto exchange. The most well-known SweatCoin exchanges are FTX, gate.io, KuCoin, Bybit, MEXC, LBank, Bitget, Bilaxy, and OKX. To buy Sweatcoins, users must log into any of the mentioned exchanges, deposit, and purchase through a crypto or fiat pair. SweatCoin can be exchanged for various fiat currencies, including USD, and stablecoins like USDT.
How many Sweatcoins is 100 dollars?
Sweatcoins can be used to buy products, services, and discounts on the app’s internal marketplace. They have actual monetary worth. At the time of writing, 1 Sweatcoin is worth $0.05 on Coinmarketcap. Therefore, 100 dollars worth of Sweatcoins will be 2,500 Sweatcoins.
Is Sweatcoin a crypto?
Yes, Sweatcoin is a crypto. Formerly, Sweatcoin served as a non-crypto virtual asset and financial incentive to reward app users for their physical activity. However, following the recent token launch, customers can now convert Sweatcoin to SWEAT, the cryptocurrency token, to redeem real-world rewards and experiences.
Can you exchange Sweatcoins for cash?
No, buying one of their PayPal or Amazon gift cards is the only way to convert your Sweatcoins balance to real money. Sweatcoin does not offer a direct method for cashing out coins, but rewards can be used instead. However, it is uncommon to receive rewards via PayPal or Amazon that pay users money.
The post Where to Buy Sweat Economy (SWEAT) Coin: Beginner’s Guide appeared first on Blockonomi.
