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How to buy Bonfida (FIDA)
Learn how to buy Bonfida (FIDA) in our step-by-step guide.
Bonfida (FIDA) is in the top 1,000 cryptocurrencies by market cap, valued at $24,164,324.
Bonfida is a highly volatile asset capable of major price swings in a single day. Today FIDA is trading for $0.40087, which is slightly down from yesterday's trading price of $0.402530236. Bonfida's seen a decrease of -79% over the past year.
So before you buy Bonfida, make sure you understand these unique risks as well as its legal, regulatory and tax status here in the US.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Bonfida.
How to buy Bonfida in 4 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchangesThe easiest way to buy Bonfida is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an accountTo create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a depositOnce verified, you can deposit using the payment method that best suits you – credit card, cryptocurrency, debit card and bank transfer payments are widely accepted.
Buy BonfidaYou can now exchange your funds for Bonfida. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Bonfida to your personal wallet.
Where to buy Bonfida
Find an exchange to buy, sell and trade FIDA by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How we keep this Bonfida guide up-to-date
- FIDA price data is regularly updated through data feeds so you always have the latest information.
- Bonfida performance data is regularly updated using automated comparisons and AI systems built by our technical experts Zak Killermann and Helen Hu.
- Key information on coins and how to buy them is regularly reviewed by our editorial team of James Edwards, Frank Corva and Billy Endres.
- Our coin coverage and exchange information is regularly reviewed by our publishing experts Louise Vinciguerra and Molly Wiltshire-Bridle.
How do I find the best places to buy Bonfida?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Bonfida?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Bonfida.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing FIDA with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Bonfida?
Once you've created an account, you will need to deposit funds to buy FIDA with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to to buy FIDA:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase FIDA by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for FIDA on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Bonfida?
The easiest way to buy FIDA is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Best Bonfida wallets to store your FIDA
You can keep your FIDA 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 FIDA below.
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Is Bonfida a good investment?
The FIDA token is associated with a relatively young decentralized finance (DeFi) application. As such, investing in the FIDA token should be carefully evaluated. Here are a few points to consider before investing funds:
- Token lockup: The maximum supply of FIDA tokens is capped at 1 billion. 95.4% of all FIDA tokens will be locked between 1 and 4 years. These locked tokens will be used for a range of different measures including the SRM yield, paying Bonfida employees and contributors, and furthering the Bonfida ecosystem. Locked seed sales, which account for 9% of the total supply, will also be locked between 1 and 4 years. The remaining unlocked tokens (4.6%) will be used to provide liquidity to the application and for initial exchange offerings.
- Saturated market: The value of the FIDA token will be closely linked to the success of the Bonfida DEX. According to the whitepaper, the FIDA token will accrue all of the value from the product suite. Increased users will result in an increased demand for the token. While the Bonfida DEX will enjoy first-mover advantages within the Serum ecosystem, it is certainly not one of the more established DEXs currently available in the cryptocurrency industry. There are now several decentralized exchanges littered across the industry, which means Bonfida will need to work hard to retain a top spot. The leverage of Solana and Serum may only carry the DEX so far.
- Range of use cases: The range of use cases for FIDA within the Bonfida ecosystem is extensive. The higher the number of use cases, commonly the higher the demand for the token will be. According to the whitepaper, the FIDA Foundation may also allow the token to be used for governance purposes in the future.
- Buy and burn program: Bonfida implements a buy and burn program for the FIDA token. The features is both decentralized and permissionless. 95% of all transactional fees are collected in the buy-burn pool on Bonfida. Those fees are then either burned or used to buy FIDA from the market. This is decided by FIDA token holders. The buy and burn program was designed to place continual deflationary pressure on the token.
Today's Bonfida price versus ATH
Compare today's price of Bonfida ($0.40087 USD) against its all-time high (ATH) price of $18.77 on November 03, 2021. The closer the bar is to 100%, the closer FIDA is to reaching its ATH again.
How do I trade, convert or sell Bonfida?You can convert or sell your FIDA with the same exchange you bought it through:
- Sign in to the exchange you have FIDA on.
- If you store your Bonfida in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of FIDA you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Bonfida.
- Complete your transaction and move your FIDA to a wallet for storage.
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.
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