How to Buy Basic Attention Token - Beginner's Guide

Buying Basic Attention Token: A Step-by-Step Guide

21 Min Read
Last Updated July 23rd 2021

Are you interested in buying Basic Attention Token, but not too sure where to begin? You’re not alone. The BAT asset is a hugely popular cryptocurrency to buy. But, for beginners, this can be quite intimidating.

Basic Attention Token (BAT) is an Ethereum-based digital coin that powers the Brave protocol - a privacy internet browser and advertising platform rolled into one. This tool can block all unwanted advertisements or trackers that impede your browsing experience and even gather data on your preferences. 

In the digital world that we live in - where security is becoming an increasingly important concern, the Brave platform serves as an alternative that prioritizes your security. 

If you believe that this project has the potential to grow in the long run, you might want to consider buying some BAT coins of your own. 

In our How to Buy Basic Attention Token Guide, we provide you with comprehensive information that will walk you through the process of purchasing this digital asset from the comfort of your home. 

If you want to buy BAT quickly and easily, with 0% Commission, check out eToro Exchange!

Contents:

Buy Basic Attention Token in 5 Steps

Before you can buy BAT, you need to find a crypto provider that can facilitate your purchase. The best way to access Basic Attention Token is via a regulated broker such as eToro - which offers you commission-free access to this asset. 

Before we tell you how you can find a broker, let us offer you a quick-fire guide on how to buy BAT from regulated platform eToro. 

Step 1: Open your crypto account. 

Step 2: Fund your account by entering the amount you wish to deposit.

Step 3: Find Basic Attention Token (BAT) from the list of supported cryptocurrencies. 

Step 4: Type in the amount of BAT you want to purchase. 

Step 5: Confirm your buy order to complete the purchase of BAT. 

Depending on your financial goals, you can then decide to store your BAT coins in a secure digital wallet for long-term investing or trade them for short-term profits. 

Now, let us start diving into how to buy Basic Attention Token by carefully considering each of the steps mentioned above. 

Step 1: Choose an Online Basic Attention Token Broker or Exchange

When looking for the best place to buy BAT, you will face two popular options - cryptocurrency exchanges or brokers. 

Although cryptocurrency exchanges might seem to be the popular choice here, these platforms are largely unregulated. On the other hand, a regulated broker can be a suitable choice in order to access high liquidity and lower fees. 

With this in mind, let us discuss what parameters you should evaluate to find a regulated broker to buy BAT coins online. 

Regulation

There are virtually hundreds of cryptocurrency providers out there, which can make things challenging for a beginner. As a novice cryptocurrency investor, you will want to opt for one that balances user-friendliness and high security. 

When it comes to the safety aspect of your investments, there is nothing better than the protection offered by respectable financial authorities. For instance, the FCA in the UK is a governing body that licenses many top-rated brokers in the investment arena. 

The role of this authority is to prevent financial fraud and protect consumers like you. As such, any broker regulated by the FCA has to adhere to strict guidelines, such as segregation of client funds and submitting financial records for regular audit. 

You might also find other regulatory councils based on your country of residence - like ASIC in Australia, CySEC in Cyprus, or the SEC in the US. 

Ideally, you want to find an online broker that holds one or more licenses from such reputable bodies. One such example is the social trading platform eToro, which is regulated by multiple financial authorities. Buying BAT from this brokerage site will ensure you a higher level of safety and security. 

In comparison, an unregulated cryptocurrency exchange does not have to abide by any such rules. As these exchanges tend to be unregulated, your BAT trading funds will also be vulnerable. 

Payment Methods

While choosing your online broker, you will also have to consider how you are going to pay for your BAT coins. These days, brokerage platforms integrate multiple payment methods to offer more options for investors. 

You will find platforms like eToro that support not only wire transfers but also immediate payments via debit cards and credit cards. A large number of them even have e-wallets such as PayPal and Neteller available. 

That said, note that paying for your BAT coins using fiat currency might not be supported on all exchanges. On many platforms, you might have to exchange another cryptocurrency in order to purchase Basic Attention Token. 

Therefore, this is one feature that you do not want to overlook. If you are a beginner who does not have any other digital assets in your portfolio, it will be best to buy BAT via a regulated broker like eToro - by paying for it directly using fiat money. 

Fees and Commissions

Another factor to keep in mind is that brokerage platforms charge trading fees to facilitate your BAT purchases. The costs involved will depend on your chosen broker and vary widely in the crypto industry. 

Regardless, you will want to look up whether your broker charges any commission for buying Basic Attention Token. The lion's share of platforms will charge you a variable fee, which will change depending on your investment amount. 

For instance, let's say your broker has a commission policy of 3% on all BAT investments from $1,000 to $5,000 and a fee of 2% for anything higher. 

This means if you buy $2,000 worth of BAT - you will be paying $60 (3%) to the platform. When you increase your investment to $6,000, your commission will amount to $120 (2%). 

In addition, you might also have to pay transactional charges based on your funding method. For example, on popular cryptocurrency exchange Coinbase, depositing money via a bank transfer is free. However, when using a debit card, this fee will rise to 3.99% of the transaction amount. 

By comparison, eToro comes out ahead as a cost-effective alternative - with no trading commission applicable for cryptocurrencies like Basic Attention Token. The only transactional cost you will encounter is a minor exchange fee of 0.5% - for those who are making non-USD deposits. 

Since fees can have a significant impact on how much money you can potentially make, it tends to make sense that you carefully consider what charges you are liable to pay before choosing your brokerage. 

Other Important Factors

Being a beginner, there are a few other parameters that should influence your choice of the right BAT broker. These include:

  • User-Friendliness:  The easier it is for you to use the platform, the more comfortable you will be. As a new investor, you need to choose an intuitive broker that offers you educational resources and help you navigate the site with ease. 
  • Minimum Investment: It is also common for crypto brokers to enforce a minimum investment policy on their users. This means that in order to purchase BAT, you will need to invest at least a certain amount of money. For instance, on eToro, you will only need to put up $25 to buy Basic Attention Token. 
  • Storage: Cryptocurrencies like Basic Attention Token have to be stored in a secured digital wallet. Many brokers like eToro allow you to store your tokens on the platform itself - via its safe storage facilities. 

All in all, the easiest and safest way to buy Basic Attention Token is to find a regulated online broker that checks all the boxes that we have mentioned above. 

This will ensure that you have access to BAT at lower market fees and at utmost convenience. 

Read Also: Could Basic Attention Token Be a Millionaire-Maker Coin?

Step 2: Come up With an Investment Plan

Beginners often make the mistake of buying a cryptocurrency first and then wondering about what to do with it. However, this is not the best approach to take. 

When considering how to buy Basic Attention Token, you should always have a clear idea of what your investment plan is. In fact, this will be driving your future decisions regarding the purchase as well as the safe storage of your BAT coins. 

In order to get you started, here are some fundamental investment strategies that you can take into consideration. 

Long-Term or Short-Term

When Basic Attention Token was launched in 2017, it was worth $0.1566. There are those who bought BAT at this time and held onto the coins for the long term. 

At the time of writing, the price of BAT has increased to $0.6356 - translating to a gain of over 300% in value. In other words, for long-term investors who purchased Basic Attention Token at the time of its launch, BAT has turned out to be a highly profitable investment. 

As you can see, in a long-term investment method, capital gains can be significant - given that your chosen asset continues to perform well in the market. However, the key is not to be swayed by short-term price fluctuations. 

Additionally, before adopting such a 'buy and hold' strategy, you should spend some time researching the future potential of your chosen asset - in this case, that of Basic Attention Token. 

That said, as we mentioned before - cryptocurrencies like Basic Attention Token are highly volatile in nature. In practice, you will find that the price of BAT moves up and down throughout a single day. 

If you would rather prefer to speculate on these brief price movements of this digital asset - then you might consider a short-term investment method. 

However, it is crucial to understand that in order to capitalize on this volatility of BAT, you will need to have a strong grasp of the crypto market and its driving forces. This means that you might have to rely on technical indicators and other tools to guide you in the decision-making process. 

Moreover, whenever a potential opportunity arises, you will have to place trades promptly to take advantage of them. 

Altogether, for a beginner - a short-term strategy can be challenging and overwhelming. This is why we recommend that you gain enough understanding of the cryptocurrency trading market and BAT itself before you start trying your luck with short-term investment methods. 

Check Out: 14 Reasons Why You Should Invest in BAT

Target Basic Attention Token Price

Among the many popular purchasing strategies to choose from, one that is particularly suitable for beginners is to have a profit target in mind for your Basic Attention Token investment. 

In this method, you will work out in advance how much you seek in financial profit. This way, you will not sell your BAT investments until this profit target has been attained. 

For example, you can buy BAT coins aiming to sell them for a 30% profit. This means that if you invest $1,000 in BAT, your position should be worth $1,300 at the time of selling. 

The rewards you want to achieve will be decided by you, based on a number of factors - such as your financial goals and risk appetite. That said, bearing in mind the volatility of cryptocurrencies like BAT - it is always advised to invest only small amounts of money to limit your exposure to the market. 

Consider Regular Investments

Another investment method you can take into account for Basic Attention Token is 'dollar cost averaging.' This is when you invest a specific amount of money in BAT on a regular basis. 

This can be a great way to approach buying BAT because you are not overexposed to a single cost price.

Let us take the case of BAT, for example. Suppose you had $1,000 set aside for buying Basic Attention Token at the beginning of May 2021:

  • On May 7th, 2021, the price of BAT was at $1.4080.
  • On May 14th, 2021, the price decreased to $1.2189.
  • On May 21th 2021, the value dropped further to $0.7604. 
  • On May 28th, 2021, the price rose again to $0.8657. 

Instead of investing the entire $1,000 at once, you could have chosen to make four investments of $250 across each week of May. In doing so, you would have got an average price of $1.0632 per BAT coin. 

On the other hand, had you invested $1,000 in BAT on May 7th, then you would have been looking at a price of $1.4080 per coin. 

As you can see, during those weeks that BAT performed really well, the price was relatively high, meaning you would have got fewer coins for your $250. When the inverse happens, you get more coins for the same investment amount - and so on. 

This method of spreading out your investments can be a powerful strategy, especially if you are speculating that the price of BAT will go down in the immediate future. 

Don't Miss: Basic Attention Token Price Predictions

Step 3: Open a Basic Attention Token Broker Account

In the first two steps of our How to Buy Basic Attention Token Guide, we discussed what you need to do in order to prepare for your BAT purchase. Now, it is time to get started with your broker account. 

You can begin by visiting the website of your chosen broker to set up your investment account. As with any other site, you will need to provide your email address and create a password. 

In addition, being a trading platform, you will also have to fill in some personal information - think along the lines of your full name, date of birth, and home address. 

If you have selected a regulated broker like eToro, you will also have to complete a KYC process before you can gain full access to its many features. This will require you to submit a government-issued identity for verification. Additionally, you will also have to provide a copy of a recent utility bill or bank account statement as proof of address. 

Most brokers like eToro have this step completely automated. As such, you will be able to finalize the KYC process within a few minutes.  

Step 4: Deposit Some Funds

In order to buy Basic Attention Token, you will first have to add funds to your investment account. As we discussed earlier, there will be multiple payment methods accessible for you - depending on your chosen broker. 

On brokerage platforms like eToro, you will be able to fund your account using a debit/credit card or through an e-wallet like PayPal. You will also have a traditional wire transfer at your disposal, but this might mean waiting longer for the transaction to process. 

Step 5: Set up a Trading Order

In order to buy BAT from a regulated broker, you will be required to place trading orders. These are merely instructions that you will give to the brokerage site to convey how, when, and at what price you want to buy or sell this digital asset. 

For complete beginners, below we list the most common trading orders you will be using when buying Basic Attention Token. 

Buy Order

As you might guess, a buy order is used when you are looking to purchase BAT coins. This will indicate to your broker that you expect the price of Basic Attention Token to rise in the future. When it is time for you to cash out your investment, you will use a sell order to close the position. 

However, if you are adopting a short-term strategy, you might be looking to capitalize on bearish price movements too. If so, you will open your BAT position with a sell order so that you can purchase the coins back at a lower price using a buy order - thus making a profit. 

Limit or Market Order

When thinking of how to buy BAT, you might have an idea of what price you want to purchase the asset. In this case, you can use a limit order - specifying at what value you want to open your position. 

  • For instance, let's say that the current quoted price of BAT is $0.5130. 
  • You can set a limit order at $0.5200. 
  • This way, your broker will execute your position only when the value of BAT hits this mark. 

Of course, your limit order price level might never be achieved - keeping your position pending. To avoid this, you will have to cancel the order manually. 

Alternatively, if you want to purchase BAT at the quoted price on your brokerage site- you can use a market order. This means that your order will be carried out immediately, at the next price available. 

However, the main issue with this is that there might be some 'slippage' - meaning you will end up with a slightly different price due to the volatility of BAT. If you want to prevent this from happening, you will have to use a limit order.  

Stake

The next step when buying BAT is to specify how much money you want to invest in this asset. This will be called your 'stake' on Basic Attention Token. 

The more money you risk on BAT, the higher your profits will be. At the same time, a high stake can and will translate into larger losses. 

As such, it's best to consider your threshold of risk when deciding on your stake amount. The good news is that currently, at the time of writing - BAT is priced at $0.6356 per coin. In other words, you do not have to invest large sums to buy this token. 

Moreover, on brokers like eToro, you will be able to buy Basic Attention Token at a minimum investment of just $25. 

Confirm Order

After you have specified your trading orders and stake, you can confirm your purchase of Basic Attention Token. 

Your broker will execute the respective orders as per your instructions. If you placed a market order, you will be able to buy BAT coins immediately. If not, you will have to wait until your limit order price level is met. 

Once the purchase is completed, you will be able to withdraw your BAT coins for safe storage. 

Step 6: Storing Your Basic Attention Token Coins

Unlike fiat currencies, crypto assets have to be stored in a digital wallet. Your chosen brokerage platform might have an integrated cryptocurrency wallet where you can safely hold your coins. 

For instance, on eToro - you have the option to store your coins securely at no additional cost. This will make it easier for you to sell them directly from the platform. 

However, some investors might prefer using an external wallet. If this is the case, you will have to withdraw your BAT coins from your brokerage platform. You might also have to transfer your assets back to your chosen broker at the time of cashing them out. 

Step 7: Selling Your Basic Attention Token Coins

When you decide you are ready to sell your BAT coins, you can place a sell order through your chosen broker - much like you did when you originally purchased your Basic Attention Tokens. 

For example, if your broker is eToro - then all you need to do is to go to your portfolio, locate BAT and press the 'Sell' button next to it. If you have your BAT coins stored in an external digital wallet, you will have to transfer them to your chosen brokerage platform first. 

Either way, the proceeds from the sale of your BAT coins will be accessible to you by placing a withdrawal request on the platform. 

Other Ways to Buy Basic Attention Token in 2021

Depending on your chosen crypto broker, you might also have access to the following methods to buy Basic Attention Token. 

Buy Basic Attention Token Debit Card

It is becoming an increasingly popular option among brokers to allow investors to buy cryptocurrencies by paying through a debit card. 

The only thing to remember while choosing this option is to check whether there are any additional charges included to process the transaction. 

Buy Basic Attention Token Credit Card

Similar to debit cards, many brokerage platforms also accept credit card payments to facilitate BAT purchases. However, you might have to pay a 'cash advance fee' to your credit card issuer in order to buy investment assets like BAT from an online broker. 

Buy Basic Attention Token Paypal

Brokers like eToro also accept payments through e-wallets like PayPal, Neteller, or Skrill. Depending on your chosen platform, this option might also include additional choices. 

Basic Attention Token ATM

Cryptocurrency ATMs might strike as an easy alternative to buy BAT coins. However, these machines charge a high trading commission - often in excess of 10%. Moreover, it is not yet established whether any ATMs support Basic Attention Token. 

As such, it is best to use a regulated and commission-free broker like eToro that can facilitate your BAT purchases from the comfort of your home and on a 0% commission basis. 

How to Buy Basic Attention Token 2021 - The Verdict

When thinking of how to buy Basic Attention Token, you should first research the future potential of this asset. Once you are confident that you want to invest your money into BAT, you can look for a strategy that aligns with your financial goals. 

When it comes to the process of buying BAT, the best method to do so is via a crypto broker like eToro. Not only will this platform give you commission-free access to Basic Attention Token, but you will also be able to store the digital coins safely on the platform - as the brokerage is regulated by the FCA, ASIC, and the CySEC. 

eToro – The Best Platform to Buy Basic Attention Token

eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.

Virtual currencies are highly volatile. Your capital is at risk.

FAQs

What is BAT?

BAT or Basic Attention Token is the Ethereum-based native digital coin of Brave Software's digital advertising network. Cryptocurrency investors can buy, sell or trade this token like any other digital asset.

How to buy Basic Attention Token?

To buy BAT, you will first have to find a regulated crypto broker like eToro - which allows you to invest in this asset both safely and conveniently on a commission-free basis.

Is there a minimum investment required to buy BAT?

The minimum investment amount policy varies from one broker to another. On eToro, you will be able to buy BAT from a minimum investment of just $25.

What is the highest price of Basic Attention Token?

On April 9th, 2021 - Basic Attention Token hit its all-time-high value of $1.5336 per coin.

Is BAT a good investment in 2021?

BAT has performed considerably well over the past few years. The platform is speculated by some to grow more in the coming years. However, there is no guarantee that this will happen. Therefore, it is paramount that you invest only small amounts into this digital asset. 

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