How to Buy Bancor in Australia

A Beginner’s Guide to Buying and Selling Bancor Cryptocurrency in Australia

5 Min Read
Last Updated July 23rd 2021

If you’re based in Australia and wish to buy Bancor – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many Bancor tokens you want to buy.

The Bancor Network is a decentralized protocol that enables trading processes to take place in the absence of intermediaries or third parties. The coin empowers traders, liquidity providers and developers alike to engage in an open financial marketplace where there are no barriers to entry. Bancor serves to resolve the major issues found on the Ethereum blockchain by offering lower transaction fees and at better speeds. 

Bancor has its native cryptocurrency, called BNT, and are a highly valuable investment to holders because they come with voting rights on various governance issues on the Bancor network. 

Bancor stands among the largest cryptocurrency in terms of market cap. Its market capitalisation stands at almost $1 Billion. The current value of Bancor tokens is around $3.51. However, just like with other cryptocurrencies, this value can either increase or reduce.

What is in This Guide? 

The following is a guide tailored to systematically lead you through Bancor tokens, giving you details on how you can buy or sell the token. This guide will also give you a list of things to consider before you buy the token and answer some questions that you may have especially if you are a new market entrant. 

Beginners must take some time to research more about the crypto market so that they acquire the much-needed professional insights. The crypto space can be very unpredictable, and you need to ensure that you are equipped with all the knowledge you need before venturing into the sector.

  1. QUICK GUIDE: HOW TO BUY BANCOR IN AUSTRALIA
  2. Where to Buy Bancor in Australia 
  3. A Step-by-step Guide to Buying Bancor in Australia
  4. How to Sell Bancor Tokens
  5. Which Wallets Can I Use to Hold Bancor Tokens?
  6. How does Bancor Work?
  7. Key Things to Consider if You are Thinking About Buying Bancor Tokens in Australia
  8. FAQs 

QUICK GUIDE: HOW TO BUY BANCOR IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select Bancor
  5. Enter how many Bancor tokens you want to buy
  6. Check the details and confirm your purchase

Where to Buy Bancor in Australia  

Bancor tokens are bought from a cryptocurrency exchange. There are several crypto exchanges in Australia, and you only need to select the one that supports both the AUD and Bancor tokens. 

There are two main ways that you can buy Bancor tokens on an exchange. You can either use fiat currency to exchange for the tokens or use another cryptocurrency. However, the latter option is only supported by a few exchanges. 

A Step-by-step Guide to Buying Bancor in Australia 

Before starting to buy Bancor tokens, you need to be sure that the exchange you are using can support the tokens. The steps involved in buying these tokens follow that: 

Step 1: Open an account on the exchange 

The first thing to do when the intention is to buy the token is to open an exchange account. Opening an account is a very easy and straightforward process. You need your contact details such as the phone number, email addresses, and your government-issued ID as your proof of identity. 

Step 2: Deposit funds into the account 

Next, as part of step two, you have to deposit funds into your exchange account. The easiest way for you to fund your exchange account is by using a debit card or a credit card. You can also link your bank to the account and perform a direct transfer. If your exchange allows you to buy Bancor tokens using other cryptocurrencies, you can deposit the same from your crypto wallets. To buy Bancor tokens using cryptocurrencies, you need to choose your pair that matches what you have against what you want. As such, select BTC/BNT, ETH/BNT, or any other depending on what you want. 

Step 3: Buy Bancor

The last and most important step is to buy Bancor. Once you have selected the amount you want to purchase, confirm your transaction, and your Bancor tokens will be added to your wallet.

How to Sell Bancor Tokens 

When you finally decide to sell your Bancor tokens, do so directly from the exchange. The sale process is as easy as the purchase process. Specify the number of Bancor tokens you want to sell and trade them at the prevailing market prices. You can also set a limit order to sell your tokens as soon as they hit a certain price. 

You can either trade your tokens in fiat currencies or trade them for other competing cryptocurrencies. 

Which Wallets Can I Use to Hold Bancor Tokens?

There are two main types of exchange wallets. The first type is a cold wallet, also called a hardware wallet where your crypto will be stored offline in an external device such as a USB drive. Hardware wallets are ideal for those who do not want to trade their crypto for several months or years. 

The second type of wallets is the hot wallet or online wallet. An online wallet is usually found on an exchange. Once you have purchased tokens on your exchange account, you can choose to store them there and later trade them when prices go up. Exchange wallets are hot wallets best suited for those who are only holding crypto for short-term speculation. 

How does Bancor Work? 

The Bancor Network is a decentralized system. This means that users on the platform do not need an intermediary to complete their transactions. Decentralized systems also provide security and significantly lower transaction fees. 

While Bancor tokens can serve several purposes, the main reason why people hold these tokens is for speculation. The other entails using the tokens to develop DeFi protocols. 

When you have many Bancor tokens, you are able to participate on the network’s governance, because then you will have voting rights. 

Key Things to Consider if You are Thinking About Buying Bancor Tokens in Australia 

Some things you need to consider when buying Bancor tokens in Australia include: 

Interoperability

The Bancor network seeks to deal with the scalability issues on most blockchain networks. Bancor is compatible with several blockchain networks such as Ethereum. Interoperability is a measure of value and acceptance.

Usability

Several DeFi protocols are launching on the Bancor network. Usability is a measure of value.

Partnerships

The other thing you also need to consider is Bancor’s partnerships since its launch. It has collaborated with major firms in the blockchain space. Partnerships are a measure of acceptance.  

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FAQs 

Is Bancor as competitive as Bitcoin? 

All cryptocurrencies have their value. While Bitcoin may be the most popular crypto offered in almost all exchanges, Bancor tokens also have quite a following, and their popularity is increasing. 

What is DeFi? 

DeFi, short for decentralized finance, is a term that defines an anonymous system operating free of control by the government or the central bank. 

How can I buy Bancor with a credit card? 

Some exchanges allow you to buy cryptocurrencies using debit cards or credit cards. All you need is to link your card to the exchange.

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