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How to buy Bancor Network (BNT)

A beginner's guide to buying and selling BNT in New Zealand.

Learn about Bancor Network Learn more
Where to buy BNT Find BNT exchanges

Bancor Network Tokens (BNT) are the native tokens of Bancor Network.

The Bancor Network is a series of permissionless liquidity pools designed to facilitate more seamless trading and accessible liquidity in the DeFi space.

How to buy BNT

Follow these steps to purchase your first BNT.

  1. Compare crypto exchanges
    The easiest way to buy BNT is from a cryptocurrency exchange. Use our comparison table to find an exchange with the features you want such as low fees, ease of use or 24-hour customer support.
  2. Create an account
    To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
  3. Make a deposit
    Once verified, you can deposit NZD using the payment method that best suits you – Bank transfer, debit card, wire transfer and credit cards are all widely accepted.
  4. Buy Bancor Network Tokens
    You can now exchange your funds for BNT. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking “buy”. If you like you can now withdraw your BNT to your personal wallet.
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.

Where to buy BNT in New Zealand

Compare exchanges that list the BNT token on things like payment methods, fees and features.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Swyftx Cryptocurrency Exchange
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, POLi, Osko, PayID
AUD, NZD

284
cryptocurrencies

Finder Exclusive: Receive $10 BTC on Sign up and Verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

153
cryptocurrencies

Buy 100+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

314
cryptocurrencies

Finder Exclusive: Get 10% discount on your fees when signing up through Finder.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Wirex Cryptocurrency Exchange
Wirex Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Bank transfer (SEPA), SWIFT
EUR, GBP, CAD, CZK, HUF, PLN, RON, HRK, USD

29
cryptocurrencies

Get a Welcome Bonus of USD 15 in WXT when you sign up with Wirex through Finder. T&Cs apply.
Spend a range of cryptocurrencies anywhere Visa is accepted with the Wirex Crypto Card and earn rewards.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

279
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
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Compare up to 4 providers

A step-by-step guide to buying Bancor Network Tokens

Want to buy Bancor Network Tokens? Follow these simple steps:

Step 1. Create an account on a cryptocurrency exchange that allows you to trade BNT

Compare exchanges that support BNT, then determine if the exchange you choose supports buying BNT with New Zealand dollars (NZD), Bitcoin (BTC) or Ethereum (ETH). You’ll need to provide your email address and create a password to register for an account.

  • Note: It’s also recommended that you set up two-factor authentication to provide an extra level of security.

Step 2. Deposit funds into your account

Many cryptocurrency exchanges only allow trading between cryptocurrencies and don’t allow the direct deposit of fiat currency, such as NZD, so you’ll usually need to own or buy BTC or ETH first.

  • Note:The exact process for depositing funds into your account varies depending on the exchange you choose.

Step 3. Buying BNT

The final step is to trade your chosen currency for BNT on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.

Which wallets can I use to hold BNT?

Unless you’re looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it’s generally much safer to store your BNT in a secure wallet.

How does Bancor Network work?

At its heart, Bancor Network is a series of liquidity pools. It is intended to serve as a decentralised and permissionless alternative to the market making schemes which provide liquidity in centralised systems.

Put simply, its purpose is to ensure that people can make crypto-to-crypto trades faster and at lower cost. It builds these liquidity pools by rewarding people who make deposits into the Bancor Network pools.

The BNT token serves multiple purposes in this system: it’s an incentive mechanism, an admission token, an intermediary currency to help grease the wheels and a governance token.

CryptocurrencyBNT
Circulating supply~66,000,000 BNT
Maximum supplyVaries with demand
TypeERC20
PurposeMulti-purpose utility token

What does BNT do?

BNT serves multiple functions:

  • Admission token. People are required to deposit BNT proportional to the amount of their other deposits.
  • Incentive. Rewards, in the form of a cut of the Bancor Network trading fees, can be paid to liquidity providers.
  • Intermediary currency. As a native, plentiful currency in the Bancor Network, BNT is available as an intermediary currency to enable more seamless exchanges.
  • Governance. BNT token holders can exercise governance rights over the network, for example, by voting on whether network fees are distributed to token holders.

Key factors to consider when buying BNT

BNT is paired with cryptocurrency tokens in each liquidity pool meaning it is a neutral unit of exchange on the platform and, therefore, is in constant fluctuating demand.

The number of BNT tokens in circulation at the time of writing is 199 million, however, the supply of the coin can vary. More or less BNT can be created depending on the liquidity being placed on the platform. This is why the supply of BNT is often referred to as elastic. Unlike many other tokens, BNT can be both inflationary and deflationary.

Although holding an elastic supply, BNT’s value is directly linked with the success of the Bancor platform. Most newly created BNT tokens are only created to match the token (TKN) liquidity that is staked on the platform. This is done to provide impermanent loss protection to users, which incentivises the use of the platform. Impermanent loss is a problem faced by all decentralised exchanges.

When TKN liquidity is removed or BNT is staked by users, the protocol minted BNT is burned (just as though it never existed), along with the fees it accrues. This should ultimately be deflationary for BNT. The elastic supply of BNT is to provide liquidity to the platform and should not be detrimental to BNTs price. By facilitating impermanent loss protection it should increase the utility of the platform which should subsequently benefit the price of BNT.

In the latest V2 update, those that stake BNT will be issued vBNT which can be used for governance rights on the Bancor platform or be used in further staking opportunities.

How to sell BNT

To sell the native BNT token find a cryptocurrency exchange that it is listed on. This could be a centralised or decentralised exchange. You will then need to follow a similar process to that depicted in Step 3 above. Select the cryptocurrency, stablecoin or fiat currency you would like to exchange your BNT tokens for. Once you have found an exchange pairing you are happy with, look for the ‘Sell BNT’ button and enter the amount you wish to sell.

Frequently asked questions

Can BNT tokens be staked?

Yes. BNT tokens can be staked on the Bancor platform in exchange for vBNT tokens.

BNT tokens can also be staked on other DeFi platforms in return for associated rewards.

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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