Cryptocurrencies are unregulated in the UK. Cryptocurrency profits may be subject to Capital Gains Tax. The value of investments is variable and can go down as well as up.
Synthetix is, as the name suggests, a platform built on the Ethereum network for issuing synthetic versions of real world assets – what they call ‘synths’. This includes everything from other cryptocurrencies, to fiat currencies, commodities and real world stocks such as Netflix, Apple and Tesla.
One of the few major cryptocurrency platforms founded and based in Australia, Synthetix has developed a pooled collateral system that allows every possible synth pair to trade with the same, theoretically limitless liquidity.
Users lock up their SNX tokens and receive their chosen synth tokens in return – for example, sETH, sBTC, sOIL, sGBP. SNX is also used to pay for each trade, with the proceeds being distributed to those staking their coins as collateral. These users also receive general staking rewards.
CoinJar’s digital currency exchange services are operated by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).
Like all investments, cryptoassets carry risk. Due to the potential volatility of the cryptoasset markets, the value of your investments may fall significantly and lead to total loss. Cryptoassets are complex and are unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits.
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