In this guide you’ll get information about where to buy BENQI, if you are planning to buy QI token – You’re in the right place!
BENQI is designed as a (decentralized) non-custodial protocol for liquidity market, constructed on Avalanche network. It’s special because Avalanche’s smart contract offers high-speed processing. In this platform, users are able to borrow, lend, and also earn interest by using their (digital) assets.
The reason why the developer team chose Avalanche is because of the platform’s low fees, high scalability, and also its compatibility to popular (plugin) wallets. One of the platform’s purposes is to be a cross-chain network that can connect BSC, Polkadot, and Ethereum via Avalanche subnets.
Basically, users are able to monetize their digital assets by lending them. While doing so, they can earn passive income for their participation in providing stability. They can do it with risk-free interest rates, thanks to Avalanche network’s smart contract.
BENQI wants to create a completely decentralized and liquid market protocol, designed to solve all issues related to current financial markets. The platform can provide access without limitations or permissions. The platform makes borrowing (and lending) easier and more approachable because the activity can be implemented on the highly scalable network.
- Official website: https://benqi.fi/
- Twitter: https://twitter.com/BenqiFinance
- Telegram: https://t.me/BENQIFinance
- Whitepaper: https://docs.benqi.fi/
Table of Contents
BENQI (QI) Features
- DeFi project on Avalanche network. The platform claims that they are the first ever DeFi project within Avalanche network. DeFi users can be freed from centralized and congested networks. They can also provide better options where they can place and move their unused (digital) assets on the platform.
- Easy operation. Users are able to manage and operate everything without any complication and with low fees. Not to mention that Avalanche enables BENQI users to gain access to DeFi services affordably and seamlessly.
- Greater flexibilities and freedom. Users are able to manage their assets and improve control over their own strategies.
- Access to developers. The platform isn’t only for users, but also for developers. The latter one is able to use BENQI to create and make financial products with the platform’s protocol and also transferable revenue tokens.
- Ease off Ethereum network’s overloading. The platform offers Ethereum users with faster alternative and less expensive option. The members can also borrow from the liquidity market, withdraw liquidity (from shared liquidity market), and get a better view of the interest rates.
Where to Buy, Sell and Trade BENQI aka QI
You can basically use debit card, credit card, or even PayPal to buy the BENQI (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the BENQI as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy Tether first. After you get the ETH or BTC or USDT, you can convert it to BENQI. 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:
- You go to the online exchange and buy the Ethereum (ETH), Bitcoin (BTC), or Tether (USDT)
- Find a crypto exchange that supports BENQI currency and exchange your Ethereum / Bitcoin / Tether with the BENQI
- Store your BENQI to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT)
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.
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- 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 BENQI, once you get your Bitcoin or Ethereum or Tether, 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 or USDT 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 or USDT with BENQI:
Gate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. 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 1040+ more
- Trading Pairs: 1801+
Kucoin is one of the most solid exchanges in the market right now. They started to operate back in 2017. They take regular payment methods such as wire and bank transfers as well as other cryptocurrencies. They have a presence both in the Google Play Store and the iOSAppStore. Kucoin also offers discount trading fees, as well as significant dividends on half the transactions they do. They have a presence both in the Google Play Store and the iOSAppStore.
- Deposit Methods: Cryptocurrency, Express Polish Post Office 24/7, Wire transfer, GBP bank transfers
- Fiat Currencies: USD, EUR, PLN, GBP and 47+ More
- Supported Cryptocurrencies: BTC, ETH, XRP, BCH, TRX, LTC, DASH, XMR, XLM, OMG & 512+ more
- Trading Pairs: 1044+
IMPORTANT! Once you are registered to the crypto exchange above, Go back to COINBASE and send your Bitcoin/Ethereum/Tether to your new exchange. Find the QI/BTC or QI/ETH or QI/USDT trading pair and then place the order to buy those pairing cryptocurrencies.
Most likely you’ll find this pair available to you QI/USDT – so you need to convert your BTC or ETH to USDT first in order to buy BENQI (QI)
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 BENQI (QI) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor
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+
Frequently Asked Questions (Faqs)
Can I Buy BENQI (QI) 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 BENQI. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy BENQI (QI) 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 BENQI (QI) with Skrill?
You can’t buy QI directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to BENQI. You can buy BTC/ETH with skrill by using these exchanges::
- LocalBitcoins
- Paxful
- Virwox
- SpectroCoin
- Lykke
- Exmo
- Coingate
Can I Buy BENQI (QI) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair QI/BTC and begin the transactions.
Can I Buy BENQI (QI) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support QI/ETH trading pair.
What Is the Best Payment Method to Buy BENQI (QI)?
The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the BENQI right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect BENQI (QI)?
Once you have purchased the BENQI, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell BENQI (QI)?
Find a crypto exchange which allow pairing QI with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine BENQI (QI) 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 BENQI is to buy it from a reliable exchange.
Conclusion
BENQI makes it possible for users to enjoy easier management to borrow and lend digital assets. The participants would be able to earn passive income from their contribution to the platform. It’s also helpful for those who want to get fast access to funds. Anyone interested in joining the platform should buy BENQI (QI) first to gain the benefits.
