Over the past couple of years, staking has become a massively popular way to earn a passive income with crypto but there’s always been a risk. However, Bancor (BNT) has set out to change this by offering users protection from impermanent loss, perfect for those looking to minimise risk. Despite widespread turmoil in pretty much every financial market on the globe, BNT has remained strong. This has prompted lots of people to add the staking token to their portfolios, leading many investors to want to learn how to buy Bancor. If that sounds like you, EconomyUniverse has your back! Let’s get started.
What is Bancor?
Bancor is a decentralised staking protocol that provides small & micro-cap coins with liquidity, lowering transaction costs and rewards liquidity with a percentage of their investment returned back to them as interest. What makes Bancor different is protecting users from impairment loss, greatly reducing the risk associated with providing liquidity to small projects. Additionally. The Bancor platform features a decentralised exchange where users can buy a host of tokens created on the Ethereum blockchain. Lastly, BNT is the Bancor platform token, used to pay fees and earn rewards. Now that we understand the difference between the two, let’s delve into where to buy Bancor.
How to Buy Bancor – Mini Exchange Reviews
One of the most important aspects of the Bancor buying process is selecting a great exchange. Because it’s such an important step we’ve included brief reviews on a couple of the best.
Binance – Great for UK Residents
Binance is the largest crypto exchange and services almost every country in which cryptocurrency is legal. It’s been around for years and tends to be one of the first names to be brought up when discussing exchanges. While it’s a great platform with solid security, it’s important to understand that if something goes awry you will have less recourse when dealing with overseas exchanges.
Binance has a native token called BNB token which is used for their NFT marketplace, to reduce fees, and for many of the earning services offered by Binance. Additionally, there’s also the Binance Smart-Chain (BSC) token which developers can use to create their own crypto projects.
Overall, Binance is a great choice for anyone wondering how to buy Bancor, it’s user-friendly, available everywhere, and most importantly secure. With tons of altcoins up for grabs on the Binance exchange, you’ll always have plenty of investment opportunities. Additionally, if it’s your thing you can trade using up to 50x leverage with Binance futures.
|Fee Type||Fee Amount (%)|
|Instant Buy/Sell Fee||0.5%|
|Spot Trading Fee||0.1%|
Lots of coins
Binance.US has some limitations
Coinbase – Great for Beginners
If you’re just looking for a beginner-friendly platform then Coinbase is a great option. It’s the largest US-based crypto exchange but Coinbase is still available across the globe. While Coinbase is a solid choice for a novice, it does leave a lot of features to be desired for more experienced users.
Coinbase has plenty of documentation meaning learning how to buy Bancor is a breeze. However, it’s important to be aware that fees on the default Coinbase platform are rather high, luckily they can be lessened by using the Coinbase Pro platform.
Overall, Coinbase is a solid exchange and perfect for anyone wanting to buy crypto as easily as possible. While it’s a great option for first-time investors, if you’re wanting to trade leveraged instruments or need a variety of order types, then it’s more in your interest to get to grips with Binance.
|Conversion||0.5% to 2%||0.5% to 2%|
|Trades||$0.50||$0 to $0.50|
|Coinbase fee||$0.99 to $2.99 Based on size of transaction||0.04% to 0.50% taker fee and a 0% to 0.50% maker fee|
Great for beginners
Easy to use
Lack of features
KuCoin – Great for Small-Cap Coins
KuCoin, ‘the people’s exchange’ is another great option for budding crypto investors. It was founded in 2017 and has quickly risen in popularity to become one of the foremost exchanges on the market. It’s jam-packed full of various features, some more unusual than others. Therefore, while KuCoin is a great all-around platform, it could be a little confusing for a beginner.
KuCoin gives you the option of staking various assets to earn interest on them, allowing investors to earn a little extra just by holding. Furthermore, any KuCoin user is able to create a trading robot that follows basic strategies. On top of this, KuCoin often hosts small ‘red letter’ events where users can earn money by completing various actions.
All in all, KuCoin is a great exchange for more experienced users, it’s got tonnes of features and a plethora of small-cap coins. Its fees are average and customer support is not the best, but for spot trading smaller coins it’s perfect.
Tonnes of coins
How to Buy Bancor – Step by Step Guide
To ensure that any of our readers wanting to learn how to buy Bancor have an easy time, we’ve included this easy-to-follow guide, perfect for first-time investors.
Step 1: Open an account with Binance
The first thing you’ll need to do when buying Bancor is set up an account with a trusted exchange. We recommend using Binance as they offer excellent security and quick onboarding.
Step 2: Verify your account
After registering for an account with Binance, you’ll need to verify it. Luckily this is a quick and easy process, you’ll need a passport and proof of address. Don’t worry though, Binance encrypts all sensitive information.
Step 3: Fund your account
The next step is funding your account. You can do this a few different ways, some of the most common are bank transfer, credit/debit card, and crypto. Payments tend to arrive promptly but first-time deposits usually take a while longer.
Step 4: Invest in Bancor!
Now that you’ve loaded up your account with some funds, you’re ready to invest in Bancor! Simply type ‘Bancor’ or ‘BNT’ into the Binance search bar, select the relevant pair (e.g. BNT/USD, BNT/BTC, etc)press trade, enter the amount you want to buy, and press ‘buy’. The BNT will appear in your wallet shortly.
How to Buy Bancor – Conclusion
Well, there we have it! Now you know how to buy Bancor! It’s an interesting project that certainly has plenty of potential. For months BNT has been hovering around the $2-3 mark and now that it’s dipped below it’s a great time to pick up some BNT on the cheap. We hope you enjoyed, until next time, peace ✌️
You can buy BNT using Binance.
Bancor is built upon the Ethereum network.
It’s impossible to predict for certain but BNT has good tech behind it so it’ll likely perform well in the coming months.