How to Buy Bancor (BNT) in 2021: A Simple Guide

Bancor (BNT)In this guide you’ll get information about where to buy Bancor, if you are planning to buy BNT – You’re in the right place!

In general, crypto trade or currency swap requires an exchange for the trading activity, but it’s not the case with Bancor. The platform basically offers (a series of) smart contracts managing on-chain tokens’ conversion. Users should be able to convert tokens quickly and effortlessly without having to use the exchange. It implements direct transactions, secured by smart contracts, within the liquidity pools, connecting to different tokens within the network.

Bancor is currently the frontrunner of this novel DeFi trend, along with Uniswap. Bancor was established and created by Guy and Galia Benartzi, Eyal Hertzog,  and Yudi Levi. The developer believes that Bancor has provided an elegant and effective-proven solution for decentralized network, especially addressing the common issues. Because there is no need for intermediary for the trade, not only it can run faster and more efficient, but it also supports inexpensive fees. Bancor wallet is designed to provide auto liquidity for trading, improving better experience for the traders.

Bancor (BNT) Features

  • Cross-chain conversion. It is possible to exchange tokens easily and effortlessly, thanks to the intuitive wallet application. Users can convert their cryptocurrency to other types, no matter what. So far, the platform has integrated Ethereum and EOS and they are planning on having more bridges and connections, such as Ripple, Tron, and Bitcoin.
  • Third-party elimination. Bancor promotes direct interaction, which means that there is no need for intermediary role. As a result, transactions can be done without expensive costs and the processing time can take place quickly – and efficiently.
  • Automatic liquidity. Liquidity is crucial because currencies would wither (and then die) without it. Users always want flexible currencies – especially those that can be sold and bought easily. Bancor Protocol enables users to get instant and fast liquidity easily.
  • Staking rewards. This is the incentive created for users providing network’s liquidity. When users add liquidity to the platform, Bancor’s network would be able to flourish and grow. The amount of incentives would be decided later in BancorDAO.

Where to Buy, Sell and Trade Bancor aka BNT

You can basically use debit card, credit card, or even PayPal to buy the Bancor (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Bancor as the exchange.

With cryptocurrency, things are different. You need to use debit card or credit card to buy the Ethereum or Bitcoin first. After you get the Ethereum or Bitcoin, you can convert it to Bancor. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.

In general, the process would be:

  1. You go to the online exchange and buy the Ethereum or Bitcoin
  2. Find a crypto exchange that supports Bancor currency and exchange your Ethereum or Bitcoin with the Bancor
  3. Store your Bancor to a secured wallet

Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) at Coinbase

There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.

The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.

coinbaseClick here to register (opens in new tab)

  • You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
  • Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
  • You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.

That’s the first step in buying Bancor, once you get your Bitcoin or Ethereum, you can continue to the next step.

Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments

After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH from your Coinbase wallet.

With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.

These are the best exchanges we can recommend for you to exchange BTC or ETH with Bancor:

BINANCE
binanceBinance is probably the top-ranked cryptocurrency exchange in the market, and it’s the place to go to trade large volumes of digital assets. They established their operations back in 2017 in Malta, one of the few countries to openly embrace cryptocurrencies as a financial instrument. They currently average up to 1.2 billion dollars in trade right now.

  • Deposit Methods: Bank transfer (ACH), Bank transfer, Cryptocurrency, Debit card, Wire transfer
  • Fiat Currencies: USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 5+ more
  • Supported Cryptocurrencies: BTC, EOS, BCH, ETH, FET, XVG, TRX, NEBL, XRP, NEO & 160+ more
  • Trading Pairs: 603+
CHANGELLY
changellyThis cryptocurrency exchange is located in the Czech Republic. They are the same team responsible for MinerGate, one of the most reputed groups of people in the market. The exchange is popular for allowing US-based investors and for offering to cover the network fees of any user.

  • Deposit Methods: Cryptocurrency, Credit card, Debit card, Wire transfer, bank Transfers
  • Fiat Currencies: USD, EUR, GBP
  • Supported Cryptocurrencies: BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE & 100+ more
  • Trading Pairs: N/A
GATE.io
gate.ioGate.io is a popular exchange service in his native base of operation in Hong Kong. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions.

  • Deposit Methods: Cryptocurrency Only
  • Fiat Currencies: N/A
  • Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 117+ more
  • Trading Pairs: 403+

IMPORTANT! Once you are registered to any of the above, find the BTC/BNT or ETH/BNT trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum.

Step 3: Managing Your Crypto Assets in a Secure Wallet

As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.

You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.

There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.

For Securing your Bancor (BNT) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor

ledger nano x

LEDGER NANO-X

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

TREZOR MODEL-T

  • Invented for your digital independence
  • keeps your keys safe
  • Easily back up your entire wallet
  • Supported Coins: 1093+

Frequently Asked Questions (Faqs)

Can I Buy Bancor (BNT) with PayPal?

You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Bancor. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy Bancor (BNT) with Cash?

You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:

  • Make sure you have a BTC / ETH wallet before you buy from seller
  • Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.

Can I Buy Bancor (BNT) with Skrill?

You can’t buy BNT directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Bancor. You can buy BTC/ETH with skrill by using these exchanges::

Can I Buy Bancor (BNT) with Bitcoin?

Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/BNT and begin the transactions.

Can I Buy Bancor (BNT) with Ethereum?

Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/BNT trading pair.

What Is the Best Payment Method to Buy Bancor (BNT)?

The cheapest way is to use bank account to buy Bitcoins first or to buy the Bancor right away. The fastest way is to use a credit card but you will then be charged higher fees.

How to Protect Bancor (BNT)?

Once you have purchased the Bancor, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:

ledger nano x

Securely trade on-the-go and manage a large number of assets at the same time, with only one device.

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.

  • Invented for your digital independence
  • keeps your keys safe
  • Easily back up your entire wallet
  • Supported Coins: 1093+

How to Sell Bancor (BNT)?

Find a crypto exchange which allow pairing BNT with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.

Can I Mine Bancor (BNT) and Not Buying It?

You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Bancor is to buy it from a reliable exchange.

Conclusion

Bancor would be an ideal place for users who are into trading and exchange. The platform is designed to make trading easy by eliminating the needs of an exchange and intermediary party. Through direct interaction, all transactions can be managed quickly, efficiently, and inexpensively. Moreover, users can also enjoy the possibility of profitable investment along the way. Make sure you know how to buy Bancor (BNT) if you are interested in the concept and you want to join it.

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