Sweatcoin is a move-to-earn decentralized finance (DeFi) app that rewards users when they make physical movements. Sweatcoin’s development team believes physical motion should be appreciated, which was why an app was created to reward users’ everyday movements.
This guide provides all users need to know about Sweatcoin and where to buy and trade Sweatcoin.
Where to Buy Sweatcoin SWEAT
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.
Visit The Top Pick
Uphold: Great For Buying & Selling Multiple Cryptos
Uphold is a comprehensive digital financial services platform catering to a worldwide audience, operating in over 184 countries and supporting over 200 traditional and cryptocurrency assets as well as commodities. Through seamless foreign exchange and cross-border remittance solutions, Uphold has facilitated over US$4 billion in transactions since its inception in 2015.
As a multi-asset platform, Uphold offers a distinct "Anything-to-Anything" trading experience, allowing users to effortlessly exchange between various asset classes. With integrated payment solutions, Uphold paves the way for universal access to financial services.
Founded on a robust framework of proprietary technologies and e-money applications, Uphold is dedicated to promoting a future where individuals and businesses globally can benefit from secure, transparent, equitable, and cost-effective financial services.
Pros
- 50+ Cryptocurrencies
- Easy to Use - Single Click Trading
- iOS & Android App
- Transparent Fees
- Well Regulated
Cons
- No Volume Discounts
KuCoin: Beginner Friendly & Lots of Choice
This exchange, one of the oldest and most popular brokers globally, is especially suited for derivatives traders and sophisticated investors. However, everyday investors looking to get into the market can make use of the broker as well.
Based in Seychelles, KuCoin isn’t licensed to operate in the United States. However, investors in other countries can easily access the broker and buy coins. The exchange currently supports over 200 cryptocurrencies and 400 trading pairs, and it has a full suite of features that encompasses savings, staking, and even Initial Exchange Offering (IEO) participation.
This broker works for advanced traders or beginners, the interface takes a little time to get used to but it's fairly intuitive and there are tutorials on the site.
Currently, KuCoin doesn’t accept bank deposits. Instead, the broker allows investors to deposit using cards, swift peer-to-peer (P2P) transfers, and direct crypto transfers. Users can only deposit fiat or crypto, and KuCoin requires a $5 minimum deposit.
Trading fees on KuCoin stand at a flat rate of 0.1%. However, these fees could reduce based on users’ 30-day trading volumes and their ownership of KuCoin’s KCS token.
The broker also takes security very seriously, with bank-level encryption and security infrastructures to keep users’ funds and data safe.
Pros
- Bank-level security infrastructure
- Access to IEOs
- Quick P2P trading system
Cons
- No bank deposit option
What Is Sweatcoin?
Sweatcoin is a free smartphone application that counts users’ steps daily and rewards them with one SWEAT token for every 1000 steps taken. Like most fitness apps, such as Google Fit, Samsung Health, and Apple Fit, Sweatcoin tracks all users’ daily steps. Usually, these include steps taken while walking, jogging, running, hiking, and other similar activities.
The move-to-earn app was founded in England in 2015 to connect the fast-growing fitness world with Web 3’s emerging DeFi space. Its board consists of seven executives, including the founder and CEO Anton Derlyatka and cofounders Oleg Fomenko and Egor Khmelev.
Derlyatka and his team developed Sweatcoin to encourage people to pay more attention to their physical health, tackle health challenges like obesity, and get value from physical activities. With its rewarding system, the global health platform helps users convert physical movement into money through its SWEAT (Sweat Economy) crypto.
With their Sweatcoin tokens, users can purchase items from the platform’s dedicated marketplace or donate to Sweatcoin’s charity partners in the environmental, humanitarian, and animal preservation industries.
Sweatcoin has raised $13.6 million after four funding rounds. Today, the move-to-earn company that started as a simple idea of making steps valuable has become a global tech company with over 100 million users across more than 50 countries.
It’s important to note that when Sweatcoin started, its original coin was a non-crypto token. The app users had to carry out a certain number of steps and got paid in the token. However, the token was limited to redeeming rewards on platforms like Headspace and Audible or donating to charities affiliated with Sweatcoin.
However, the Sweat Economy token can be exchanged for crypto assets today. As a result, some crypto investors leverage Sweatcoin’s reward system to earn passive income, while others believe that the digital currency will reward investors in the long run.
The Sweatcoin app is free to install on Android, iOS, and Windows smartphones. It has over 50 million downloads on the Google Play Store and a 4.3 rating from 1 million reviews on the same Android app platform.
Many investors are now interested in how to buy Sweatcoin. This guide will answer these pertinent questions and explain how the app works.
How Does the Sweatcoin App Work?
The Sweatcoin app integrates with the smartphone’s GPS and activity app to count the user’s steps. When a user walks or runs, it tracks and records the movement to give SWEAT rewards in accordance with the total steps taken.
It’s important to note that the app doesn’t show the total distance walked in kilometeres – it only counts steps. The platform also has an in-built algorithm that doesn’t count bumps and shaking. So ensure to take actual steps when using the app.
For every 1000 steps, the user gets 1 Sweatcoin (minus a 5% processing fee) — this means users will receive 0.95 Sweatcoin (SWC) for every 1,000 steps and 1 SWC for 1,052 steps.
Sweatcoin has an in-app marketplace where users can pay for items with their SWEAT tokens. First-week specials include 1 Month of Netflix subscription and a $20 Adidas voucher, but these offers can vary depending on the user’s location.
Users can also refer Sweatcoin to their friends via Whatsapp, Facebook, and SMS. A successful invite attracts a 5 Sweatcoin reward.
Is Sweatcoin a Good Investment?
Based on users’ reviews, Sweatcoin works as the developers described. The software starts tracking the user’s steps after installation and authorization, and the corresponding number is shown at the top of the dashboard.
Users have access to several offers and services on the Sweatcoin online marketplace. Usually, these include beauty products, earphones, food subscription boxes, and cable TV subscriptions. Users can also get gym membership discounts and vouchers for educational courses – depending on their location.
The app also has an auction platform where users can bid for items like gift cards worth hundreds of dollars, gaming consoles, and smartwatches. For this auction, users are required to bid for an item with their SWC tokens, and the highest bidder gets the product. If an individual loses the bidding war, they’ll get their Sweatcoin back. However, these items are usually very expensive, so users must have accumulated a good number of Sweatcoin tokens to have a chance to win the auctioned items.
Alternatively, users can also access the app’s donation page to donate to environmental and humanitarian causes. To do this, they can convert their Sweatcoins to BTC on an exchange like FTX and sell the equivalent BTC for real money.
How to Buy Sweatcoin on Uphold
Looking to buy Sweatcoin? Get started on Uphold within minutes:
Step 1: Sign Up to Uphold
Visit Uphold and hit the "Signup" button at the top right of the website.
Once the account is created, Uphold requires that users enter their personal information, including legal name and date of birth, as shown on their government documents. They’ll also need to enter their home address information and verify their phone number to finalize the process. This is a basic verification process
Step 2: Fund Your Account
Uphold offers fee-free deposits to its customers. They can deposit funds into their Uphold wallet using cryptocurrencies, debit cards, bank wire transfers, and crypto deposits. New users need additional verification to use the debit card or wire transfer options.
In the sidebar, click the "Linked Accounts" link and choose to add a card or a bank.
Enter your card or bank details.
Step 3: Buy Your Chosen Crypto
Now search for your chosen crypto to purchase, you can choose a currency to pay with, the amount and the crypto you wish to purchase.
After selecting the trading pair, click on the “preview trade” option and it will show you the trade and fees, finally click "confirm trade" to make the purchase.
Conclusion
Sweatcoin is a futuristic move-to-earn cryptocurrency that lets users earn money while carrying out daily activities like walking. The Sweatcoin project has garnered so much attention from crypto enthusiasts and investors who believe in the coin’s future.
However, with its solid team, financial backing, and numerous use cases highlighted above, it’s exciting to see what lies ahead in the future of Sweatcoin.
