How to Buy Bancor in the UK
A Beginner’s Guide to Buying and Selling Bancor Cryptocurrency in the UK
If you’re based in the UK 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.
Launched in 2016, Bancor or BNT protocol is a standard for decentralized exchange networks and serves to allow for the automated conversion of cryptocurrency tokens into other tokens. Bancor also facilitates conversion across blockchains without the need for an order book or counterparty to facilitate the exchange. Operating as the first decentralized trading protocol, Bancor empowers traders, liquidity providers and developers towards participating in an open financial marketplace where there are no entry limitations.
The following guide takes you through the process of buying Bancor tokens in the UK. The guide is very comprehensive and elaborate, so much so that it goes further to mention some of the other details you need to know about the token. The goal of this guide is to ensure that even a beginner can understand.
Nonetheless, before buying Bancor tokens, it is important to understand the nature of the crypto market. Cryptocurrencies are very volatile, and investing in them can be very risky.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY BANCOR IN THE UK
- A Step-by-step Guide to Buying Bancor
- How to Sell Bancor Tokens
- Which Wallets Can I Use to Hold Bancor?
- How Bancor Works
- Key Things to Consider Before Buying Bancor in the UK
QUICK GUIDE: HOW TO BUY BANCOR IN THE UK
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select Bancor
- Enter how many Bancor tokens you want to buy
- Check the details and confirm your purchase
A Step-by-step Guide to Buying Bancor
Follow this well-detailed guide to start buying Bancor in UK:
Step 1: Open an exchange account
The first thing you need to do is open an exchange account for buying your tokens. UK features many types of crypto exchanges, hence the need to be careful when choosing. Go for an exchange that supports Bancor tokens and GBP.
Opening an account is a less complicated compared to opening a bank account. The only details you have to provide are your full names, address, and contact details such as the telephone number and email address. Depending on the exchange account you are using, you may be required to verify the information that you have provided. This will involve submitting documents such as a government-issued ID and a proof of address.
You need to set a two-factor authentication process and a strong password to keep your tokens safe within the exchange.
Step 2: Fund the account
The second step involves funding the account so you can buy Bancor tokens. If the exchange you have selected permits the use of the GBP, you can link your bank account to the exchange and transfer the funds you want to use. However, not all exchanges have this option.
The second way of funding your account is by using other cryptocurrencies. An exchange may not allow you to change fiat currency into Bancor tokens directly, but it will allow you to buy other popular cryptocurrencies such as Bitcoin using fiat currency. If you hold BTC, ETH or any other supported crypto on the exchange, you can directly change them to Bancor tokens.
Step 3: Buy Bancor
The third and most important step is to buy Bancor tokens using the funds you have deposited into the account. To buy the tokens, go to the buy section on the exchange account page and enter the amount you want to purchase. Once you confirm all the details of your transaction, you will receive a notification that will inform you that your purchase has gone through successfully.
Sometimes the price of Bancor tokens may be too high for you to buy at the prevailing prices. To purchase tokens at the prevailing prices, you will have to go with a market order.
However, when you wish to buy at your chosen price; you can select a limit order. With a limit order, your purchase will automatically be completed when prices hit a certain price.
Step 4: Store in a crypto wallet
The fourth step is storing the Bancor in a crypto wallet. Once you have Bancor tokens on the exchange, you can transfer them to a hot wallet like the one offered by exchanges through mobile apps. Hot wallets are stored online, making it easier for you to retrieve tokens whenever you need them.
Alternatively, you can choose to store it in a cold wallet. The cold wallet can store your Bancor offline, so you do not have to worry about its safety online. A cold wallet is perfectly suited for those who are holding large amounts of Bancor tokens.
How to Sell Bancor Tokens
If you decide that it is time for you to sell Bancor tokens, you can go through the same process as the one involved in the purchase. Go to the sell section at the exchange account and enter the amount of Bancor tokens you want to sell. Confirm your details, and you will receive a notification that your sale has been processed successfully.
You can sell Bancor tokens for fiat currency, or you can sell them for other cryptocurrencies. Once your sale goes through, the following step is to withdraw your money back into your bank account.
Which Wallets Can I Use to Hold Bancor?
To hold Bancor tokens, you can use either hot wallets or cold wallets. Hot wallets are preferable by those with small Bancor holdings and people who want to trade the token regularly. Cold wallets are preferable by those who want to hold large amounts of the token and those who do not want to trade any time soon.
How Bancor Works
Bancor works in just the same way as other cryptocurrencies. It is based on the blockchain system, and this makes the transactions secure and fast. The token is mainly used for speculation where people buy and sell depending on the token’s market prices.
The Bancor tokens are also used to power the Bancor network. In addition, they can be used for developing other DeFi protocols.
Key Things to Consider Before Buying Bancor in the UK
It would help if you considered these factors before buying Bancor tokens:
A highly available token will make it easier for you to trade.
The performance of Bancor is judged by how the token has done in recent months in terms of price. Like with other forms of investments, you need to evaluate the performance of an asset before you can make a decision.
You also need to check whether the token can be adopted for other purposes, such as supporting DeFi projects and being used for online purchases.
Bancor tokens are some of the most valuable cryptocurrencies. The tokens are very new in the sector, but this has not overshadowed their potential. It is among the thriving cryptocurrencies in the world, and it is rapidly gaining popularity. Buying and selling Bancor is a very easy process, but you also need to be cautious when investing in crypto.
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Virtual currencies are highly volatile. Your capital is at risk.