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As one of the newest and most ambitious projects in the community, the Bonfire token has been attracting lots of attention from investors ever since it was released on April 18, 2021.
This cryptocurrency was launched through the Binance Smart Chain Network and it strives to become the first-ever crypto-based social media network.
Bonfire is essentially an inflationary token that works by rewarding owners with additional coins by taxing people who choose to sell their tokens. This is also known as a 'statistic reward system'.
While Bonfire is still at a very early stage of development, it maintains the long-term objective of creating a decentralized social media platform that could be used as a place for artists to trade NFTs.
Another advantage of Bonfire is that it has a dedicated team of experienced developers and marketing experts behind the whole project. If their crypto-based social media platform objective comes to life, there is no doubt that the currency will explode in value.
In this article, we are going to show you some of the best ways to buy Bonfire token and a simple step-by-step guide you can follow.
Let's dive in.
Finding the best place to buy Bonfire token can be a bit complicated. Since it is still a relatively new currency, not all crypto exchanges support it.
But don't worry – we compiled a list of the best exchanges where you can register and buy the crypto in a matter of minutes.
1. eToro – Overall Best Crypto Exchange to Buy Bonfire Token
2. Crypto.com – Advanced Trading Options
3. Binance – Most Competitive Spreads
4. Coinbase – Best Educational Resources
To make sure you understand the benefits of these platforms, we also prepared a detailed review of each one.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Choosing the best place to buy Bonfire token depends on the crypto exchange's supported features, fee structure, payment methods, and lots of other factors.
Here, we are going to show you some of the best platforms you can use for buying Bonfire and their advantages.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
When compared to other crypto exchange platforms, eToro easily stands out as the best option for buying the Bonfire token.
This platform doesn't charge any commissions. Instead, you only have to pay the spread to buy Bonfire. The spread fee is extremely competitive and it starts at 0.75%. While there are certain withdrawal and inactivity fees included, you can easily avoid them.
What's more, eToro allows you to buy Bonfire at a minimum investment of only $10. Since this currency is still new and highly speculative, you may be interested in investing a smaller sum of money.
When it comes to payment methods, eToro offers the whole package. From credit cards, debit cards, and bank transfers to online payment methods such as PayPal and Skrill. Also, there is a free crypto wallet called eToro Money that registered traders can use.
Due to the simple and user-friendly interface, new traders can create an account in a matter of minutes.
eToro is also very popular among traders because of its advanced features such as customizable charts, drawing tools, and unique trading platforms. The social trading network is also worthy of mention since it serves as a place where you can discuss price predictions with other experienced traders on the platform.
Due to the simple and user-friendly interface, new traders can create an account in a matter of minutes. If you happen to run into any problems, the 24/7 customer support will help you resolve them immediately. If you're interested in buying Bonfire, make sure to learn more on the best cryptocurrency apps for 2022 you can use for the purchase.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Crypto.com is one of the most popular crypto exchanges for blockchain-related projects such as Bonfire.
The trading fees are relatively low compared to the industry average, they are limited to 0.40% and can further be reduced through higher trading volumes. On the other hand, deposit fees may be a bit higher depending on which way you choose to fund your account.
For credit/debit card transactions, the deposit fee can go up to 2.99%, which is surprisingly high. However, you can avoid this fee by using ACH for account funding.
One of the main advantages of Crypto.com is its security measures. This includes MFA (multi-factor authentication) and whitelisting. Additionally, the platform also uses state-of-the-art compliance monitoring systems and stores user deposits offline – which is especially helpful for preventing hacking attempts.
This crypto exchange also has some of the most advanced trading options on the market. For example, users are able to participate in crypto staking and take advantage of DeFi (decentralized finance) features such as unique lending programs.
Also, Crypto.com is famous for its NFT network. Some of the influential figures that create NFTs on this platform include Aston Martin and Snoop Dogg.
Binance is a great alternative to eToro if your primary goal is to trade Bonfire tokens with the lowest spread.
This exchange offers spreads at 0.10% per trade at the start and you can get specific discounts that can reduce it to just 0.06%. No account fees are charged on Binance.
Although, you should keep in mind that fees get higher if you use the platform for one-off crypto purchases. For example, with a credit/debit card, you will get charged a 1.8% fee and a 3.5% transaction fee.
There are a lot of trading tools included like customizable indicators, drawing tools, and three advanced trading platforms. Also, you can use the in-depth market charts that are available for monitoring Bonfire price changes.
The main disadvantage of Binance is that it isn't really suited for beginners. Compared to eToro or Crypto.com, the signup process is significantly more complicated.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Found almost a decade ago, Coinbase is one of the oldest and most reliable crypto exchanges in the industry. It is also one of the most comprehensive, considering that it supports more than 3000 digital assets.
Coinbase also offers a lot of different tools that even the most experienced traders can find useful. One of them is the diversified portfolios that you can create to track recurring investments. There is also the self-managed wallet that you can download to pay certain expenses through cryptocurrencies.
However, the main advantage of Coinbase is the variety of educational resources for beginner traders. There are hundreds of different technical guides, practical tutorials, and market updates on the cryptos that you are interested in.
One downside of Coinbase is that it is a bit pricey. With a 0.5% spread fee for every Bonfire transaction, it can't really compete with other platforms in this regard. Plus, there is an additional flat fee that depends on your trading volume.
Coinbase supports all the popular payment methods such as bank transfers, credit/debit card, PayPal, and many more.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
If you are interested in buying this currency, you may also wonder about the right time to buy a Bonfire token.
At the time of writing, the price of one Bonfire token stands at $0.000000009939.
This is a significantly lower price compared to the all-time high price of $0.00000094 it reached in May 2021.
Considering the volatility of the crypto market, not even the most experienced experts and traders can tell you when the right time to buy an X coin is. However, if we apply the "buy the dip" philosophy, now would be a good time to invest in Bonfire if you believe that it's bound to succeed.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
As we said, eToro is undoubtedly the best option for purchasing Bonfire. With low fees, advanced features, and a variety of payment methods it succeeds its competitors by a long shot.
To buy a Bonfire token through eToro, you should follow these next few steps.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
To create your free account on eToro, you should visit the official website and click on the 'Join Now' option in the right corner.
Fill out the basic information like name, phone number, address, email, and birth date.
eToro is strict about verification and AML regulations, so you will also need to upload a photocopy of your ID and a recent financial statement.
The next step is to transfer money to your account.
New users have a minimum deposit of $10.
To deposit money, you can use your credit/debit card, bank transfers, PayPal, Skrill, Neteller, or any other option that you find the most suitable. No depositing fees are included.
In the main dashboard, go to 'Trade Markets' > 'Crypto'.
Type in 'Bonfire' in the search box to find it.
Once you have found the Bonfire Token, you should click on the 'Trade' button that will appear right next to the results.
Type in the amount of Bonfire you want to buy and press 'Open Trade' to complete the purchase.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Bonfire Token is one of the most exciting new projects in the community. With huge potential to grow, many traders are looking to invest in it.
The best way to buy it is through the crypto exchange eToro. Follow our step-by-step guide and you can get your first Bonfire token in a matter of minutes.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
