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How to buy Bancor Network (BNT) in Singapore
Learn how to buy Bancor Network (BNT) on 19+ crypto exchanges in our step-by-step guide.
You can buy Bancor Network (BNT) on a cryptocurrency exchange like Kraken. These specialised marketplaces allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. At its heart, Bancor Network is a series of liquidity pools. Here's how to buy Bancor Network.
How to buy Bancor Network in 4 easy 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 exchanges
The easiest way to buy Bancor Network 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 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.
Make a deposit
Once verified, you can deposit $ using the payment method that best suits you – bank transfer, cryptocurrency, wire transfer and osko payments are widely accepted.
Buy Bancor Network
You can now exchange your funds for Bancor Network. 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 Bancor Network to your personal wallet.
Where to buy Bancor Network in Singapore
Find an exchange to buy, sell and trade BNT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How do I find the best places to buy Bancor Network?
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 Singapore 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 Bancor Network?
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 Bancor Network.
- 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 BNT 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.
Where can I buy Bancor Network with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy BNT with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy BNT on the following exchanges:
- 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 BNT by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for BNT on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Bancor Network?
The easiest way to buy BNT 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.
Before buying BNT, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of Bancor Network has been performing recently.
Best Bancor Network wallets to store your BNT
You can keep your BNT 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 learn more about wallets and compare them with our comprehensive guide.
Is Bancor Network a good investment?
Before acquiring any cryptocurrency, it’s essential to thoroughly research your purchase and be fully aware of any risks involved. Cryptocurrencies are complex and speculative, so make sure you consider a wide range of factors before you buy.
If you’re thinking of buying BNT, take the following into account:
- Tokenomics: Unlike many other tokens, BNT can be both inflationary and deflationary. 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. 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.
- Competitors: Bancor is just one of many decentralised protocols attempting to provide liquidity to traders. Automated market makers (AMM) have become quite popular as the DeFi ecosystem has evolved, with major players like Uniswap and PancakeSwap cornering a large portion of the market.
- Use-case: Beyond providing liquidity and participating in Bancor’s pools, the BNT token has a number of other uses. BNT can be staked in exchange for additional rewards. 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. vBNT holders can participate in governance by voting on proposals pertaining to the development of the Bancor platform.
Additional information about Bancor Network can be found using our BNT analysis tools.
Today's Bancor Network price versus ATH
Compare today's price of Bancor Network ($0.434326 USD) against its all-time-high price of $10.72 USD on 09 January 2018. The closer the bar is to 100%, the closer BNT is to reaching its ATH again.
ATH date: January 09, 2018
Bancor Network ATH: $10.72
How to trade, convert or sell Bancor NetworkYou can convert or sell your BNT with the same exchange you bought it through:
- Sign in to the exchange you have BNT on.
- If you store your Bancor Network 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 BNT you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Bancor Network.
- Complete your transaction and move your BNT to a wallet for storage.
Disclaimer: Cryptocurrencies, including Bancor Network, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BNT 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 Bancor Network or any other cryptocurrency discussed.
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