The sudden bullish surge has taken the crypto market by storm. Since all the investors (probably you, too) are grabbing cryptocurrency left, right, and center, it is challenging to decide your best bet.
That is why we advise you to invest in Bonk, last year’s Christmas gift for Solana users. This article explains the reason for buying Bonk, the best exchange, and the step-by-step process.
Bonk As a Token
Bonk instantly attracted the consumers’ interest and caused Solana to regain its value. Its dog-shaped meme makes it all the more fun to trade.
Soaring from #154 to #115 according to the last market cap, this Solana-based token is becoming popular fast. Its distribution has crossed 4T, and its value is steadily rising.
Efficiency of Tokens
The biggest pro of a token is that it can be traded across blockchains. It is a virtual asset that does not have an independent blockchain like coins have. It can be beneficial for you in several ways:
- Tokens remove the liquidity premium because multiple consumers can own them. This results in more liquidity for time-consuming purchases, like property or art.
- Your transactions become faster and cheaper due to trading through tokens. You do not have to pay mediators and intermediaries involved in conventional trading. This reduces transaction costs and saves processing time.
- You get ultimate transparency because tokens sit on live blockchains and can be tracked easily. You can trace the tokens’ history as it is automatically stored within the blockchains.
Significance of Bonk
Bonk has been rising since the sudden crypto summer. It has several uses:
- It has been created to stabilize the Solana ecosystem and to encourage investors to join Solana.
- You can use it to pay for NFTs.
- Games like Duel Casino allow gamers to conduct in-game purchases through Bonk.
- It is a payment option for the programs integrated into the Solana chain.
Now that you know why Bonk is an excellent investment, let’s move on to the best exchange to buy it from.
Why Use Kucoin Exchange?
Kucoin, known as the “peoples’ exchange,” is among the top ten crypto exchange platforms. Its competitive price plans and balancing market liquidity make it the best choice to trade a surging token like Bonk.
Security and Privacy
Kucoin has developed stringent security measures. Since the foremost hack in 2020 that caused this exchange a significant loss, they have rallied impressively. You can set up trading passwords, extensive identity verification, and anti-phishing phrases.
Kucoin is backed up by an insurance brokerage called Lockton. You get a 1:1 compensation insurance in case of a circumstantial loss.
Hosting High-Tiered Crypto Coins
You can buy Bonk here and trade it with the best coins. Bitcoin, Ethereum, and several revenue-generating cryptocurrencies are at your disposal at Kucoin. Moreover, you can also sell Bonk for KCS, Kucoin’s native coin.
The great news is that you get huge discounts if you buy and hold KCS for a month. You can devise a profitable buy-hold-trade strategy with it. You can buy Bonk at Kucoin, use it to buy KCS, hold it for a few months at a discounted price, and sell it for another high-paying coin.
Market Liquidity
Kucoin creates market liquidity by opening order slots for investors to buy and exchange. The market liquidity decreases when the investors buy/trade here because the slots are filled. Kucoin repeats this process to ensure a precise balance of supply and demand.
You can select “Market Order” on the Kucoin homepage, enter the amount of USDT you want to buy, and select “Buy KCS.” You will get a fulfilled order in a few seconds.
Ease of Navigation
You can buy Bonk here within minutes due to its straightforward navigation. Although you may be overwhelmed by the many tools and features Kucoin offers, you can easily find buying and trading options. Once you are familiar with it, you can appreciate its features individually.
How to Buy Bonk Through Kucoin: A Step-By-Step Process
This is the fastest way to navigate the Kucoin exchange and buy Bonk tokens. All the relevant options in the images are circled in red.
Step 1: Register & Verify
First, you have to register on Kucoin. You need an email, phone number, and strong password for this. After registration, you must verify your identity.
To finalize the KYC verification, you need a government-issued ID or Passport. The Kucoin verification process takes 10-15 minutes.
Step 2: Deposit funds
After successfully creating and verifying your Kucoin account, you can deposit funds. If you have cryptos such as USDT in other wallets, you can deposit them into your Kucoin account.
To deposit cryptos, click “Assets” in the top right corner and select Funding. Copy your deposit address and send your funds to it.
If you wish to onramp using fiat, you can do so with your credit card, bank account, or any other payment method that Kucoin accepts. Click on “Buy Crypto“. You can deposit funds in 40 currencies, including USD, EUR, GBP, CAD, AUD, etc.
Step 3: Go to the Kucoin Spot market
After successfully depositing funds into your Kucoin account, head to the Kucoin spot trading section. This is where we will buy the BONK token.
Select “Trade” in the header menu and click “Spot Trading”.
Step 4: Search for “BONK”
Once you reach the spot market dashboard, type in your trading password. You may have to set up a trading password when you go to the Kucoin spot trading market. This is a 6-digit code that you must type in to unlock spot trading.
After that, type in “BONK” in the search bar.
Step 5: Buy BONK on the Kucoin spot market
Now that we have successfully deposited funds into our account and navigated to the BONK chart, we can finally buy BONK tokens.
For this, we will use a “Market” order. So make sure you select “Market” instead of “Limit” order. This ensures we buy BONK immediately at the ongoing market rate without waiting.
Choose how many BONK tokens you want to purchase and click “Buy” to finalize the transaction.
Step 6: Store BONK in a secure Wallet
After successfully purchasing the BONK cryptocurrency, you should decide where you want to store your digital assets. We never recommend keeping cryptos on an exchange, as these can be subject to hacks or bankruptcies.
The best place to store crypto assets such as BONK is a hard wallet like the Ledger Nano X. You can learn more about this hardware wallet in our dedicated Ledger Nano X review.
Step 7: Track your BONK investment performance
If you want to keep track of your crypto portfolio, including BONK, you can use tools such as coinmarketcap or TradingView. Coinmarketcap is an extensive crypto database that tracks valuable information such as prices, volume, popularity, etc.
TradingView, on the other hand, is a professional charting tool with much more advanced features to do an in-depth analysis of cryptocurrencies, stocks, commodities, and more.
Alternative Exchanges to Buy Bonk
Although Kucoin is the best exchange for Bonk, you can buy it from other exchanges, too. Some names are:
- CoinEx
- Bybit
- Gate.io
- HTX (Houbi)
- P2B
Things to Know Before Trading In the Crypto Market
With the Greed level bouncing around the extreme 80, you might be tempted to grab every coin off the virtual shelves. Stop right there! You must know these things before you take a nosedive into those murky waters.
- Learn how to trade cryptocurrency: You must know the cryptocurrency’s hows, whys, and wheres. It is a highly unpredictable market that can make or break your assets. Be a spectator until you know where to invest and how to navigate the crypto ecosystem.
- Don’t be too trusting: You can succeed in gaining profit and protecting your hard-earned assets only if you trust no one. You must trust a currency or exchange to trade, but ensure you are not scammed. The bullish has led the scammers out in the open. Keep your facts straight so that you won’t be fooled.
- Go for Stable Assets: Study the coins and their value pattern. Although you can take risks and go for a coin leaping to the sky instead of climbing, avoid it. Especially if you are a newbie, go for a coin or token rising steadily. Playing safe may get you less profit, but it is better than losing everything.
- Do your research: You must know the market trend, the best place to buy crypto, the trending currencies, and whether that trend is followable. Spend as much time as possible finding out everything about a coin you want to invest in. Venturing the market unaware can prove disastrous to your money.
- Get the most suitable wallet: Your wallet choice can also affect your trading. Wallets store personalized keys on blockchains. While this is deemed the most trustworthy approach, there have been incidents where the wallets were hacked and the assets were stolen. Review several wallets’ reviews, ratings, and mechanisms before choosing the perfect one.
- Don’t adopt the FOMO trend: Avoid running unthinkingly after the herd. You can easily get caught up in the buying frenzy without giving yourself enough time. Evaluating cryptocurrency is the best course of action if you feel something is wrong (or right). Taking a step back to weigh your options will ensure promised success rather than rushing into throwing everything into an unpredictable venture.
- Favor fractional ownership: This fast-spreading method saves your monetary and digital assets. You don’t have to worry about buying a whole coin to claim ownership. You can buy a part while another investor(s) buys the other. That is why several investors like to invest in tokens like Bonk. They are easy to hold and trade.
Conclusion
Bonk is a dog coin meme token that uses the Solana blockchain. You can buy Bonk easily through the Kucoin exchange. It is the best exchange for Bonk because of its to-the-point navigation, security standards, and vast trading options. Before heading into the crypto ecosystem, you must weigh all your options and observe the market keenly. Your research and strategies can earn you success in this volatile market.
