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How to buy Bao Finance (BAO) in Canada

Learn how to buy Bao Finance (BAO) in our step-by-step guide.

Where to buy Bao Finance in Canada

It looks like BAO may not be available to purchase on an exchange in Canada.

You can still purchase BAO by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.

Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.

How to purchase BAO using a decentralised exchange.
  1. Find BAO on a decentralised exchange and make sure Bao Finance can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
  2. Buy ETH to trade for BAO using an exchange like Ndax. You will need to purchase enough ETH to swap for BAO as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
  3. Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
  4. Trade ETH for BAO on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
  5. Wait for the transaction to finalise and the BAO tokens will arrive in your wallet.
  6. You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.

You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in Canada.

Best Bao Finance wallets to store your BAO

You can keep your BAO on the exchange you purchased it on, or move it to a personal wallet:

  • Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
  • Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your BAO below.

Ledger Nano X Wallet

Trezor Model T Wallet

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Supported assets

5,500+

Supported assets

1,317+

Price (USD)

$149

Price (USD)

$186

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Is Bao Finance a good investment?

Below are the aspects you should consider before investing in BAO:
  • Pending Bao: This refers to the pending balance that will only be minted when the user harvests it. In the event of a change in the derivative contract impacting the calculation of BAO, if the pending balance is not harvested, it can no longer be claimed.
  • Tokenomics: At present, users earn 5% of the BAO upfront and 95% of the token is locked into a 3-year vesting period with a 1-year cliff. This means 1 year after receiving the earnings upfront, the remaining BAO balance is evenly distributed daily to users for 3 years. This lock-in period protects the token from the risk of being dumped or being incentivised for short-term gains. However, if your objective is short-term farming, this may not work for you.
  • Governance: The BAO token provides the users with the right to vote and participate in several decisions related to the ecosystem, including reward rates, founder rewards, changing or removing fees, changing supported pools and allocations or removing BaoMan (the founder) from his elected position as an administrator.
  • Fees and behaviour penalties: Users pay a 0.75% deposit fee while depositing their liquidity provider (LP) tokens. However, in the event of withdrawal, the user is charged a fee ranging from 0.1-8% based on the amount of time they have been in the pool. If the user withdraws within the same block, a slashing fee as high as 25% is charged to mitigate any flash-loan attacks.

Today's Bao Finance price versus ATH

Compare today's price of Bao Finance ($0.00003458 USD) against its all-time-high price of $0.00317406 USD on 03 February 2021. The closer the bar is to 100%, the closer BAO is to reaching its ATH again.

Bao Finance's price: $0.00003458
ATH date: February 03, 2021
1.09%

Bao Finance ATH: $0.00317406


How to trade, convert or sell Bao Finance

You can convert or sell your BAO with the same exchange you bought it through:
  1. Sign in to the exchange you have BAO on.
  2. If you store your Bao Finance in a digital wallet, compare crypto exchanges to convert or sell it on.
  3. Choose Sell or Convert and place a sell order.
  4. Choose the amount of BAO you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of Bao Finance.
  6. Complete your transaction and move your BAO to a wallet for storage.
  1. Bao Finance
  2. Data by CoinGecko

Disclaimer: Cryptocurrencies, including Bao Finance, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BAO is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Bao Finance or any other cryptocurrency discussed.

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