Bonfida (FIDA) is the Solana ecosystem’s top builder, aiming to challenge Ethereum’s DeFi sector dominance effectively. Read on to learn everything you need to know about Bonfida and where, why, and how to buy Bonfida (FIDA).
The DeFi boom is exposing Ethereum’s scalability issues and ability to cope with increased usage leading to network congestion and higher gas fees for processing transactions on the network. The number of DApps on the blockchain multiplies, requiring more and more validation and a higher transaction speed.
As a result, numerous chains were launched in an attempt to provide an alternative to Ethereum. Among them, Solana quickly distinguished itself as the most scalable option. Solana addresses the scalability issue with a high-performance protocol that offers innovative time architecture, improved transaction processing speeds, and an efficient consensus model.
Bonfida has built a seamless GUI and brought the first Solana data analytics for Serum, a decentralized exchange (DEX) built on Solana that offers cross-chain support. Bonfida provides a user-friendly front-end experience for Serum and Solana and integrates the latest analytical innovations with DEX operations.
Bonfida is the full product suite developed by the Bonfida Foundation that strives to bridge the gap between Serum, Solana, and the user.
FIDA is a Solana network-compliant SPL token.
Let’s get right to it!
What Is FIDA
Bonfida offers a comprehensive product package that bridges the gap between Serum, Solana, and the expanding userbase active on the Serum DEX.
The Bonfida user interface communicates with the Serum API, enabling traders to examine charts and create Bonfida bots to perform automatic transactions on Serum. Furthermore, Bonfida operates a Solana naming service, which provides a decentralized method of mapping.sol domain names to on-chain data.
The Bonfida API is presently used by some of the largest market makers in the cryptocurrency sector and has shown significant growth, with a week-over-week increase of over 25%.
FIDA is an SPL token compatible with the Solana network. FIDA holders can make proposals and vote on governance and product matters on the Bonfida platform.
The FIDA token regulates 95% of the net fees on Bonfida and can be used for purchasing .sol domain names and as a payment method for trading bot subscriptions on the Serum DEX.
FIDA staking provides its holders with the following benefits:
- Exclusive API endpoints and lower latency access
- Access to scarce Solible marketplaces
- Advanced Market Analytics.
Bonfida will likely incorporate a limited governance model based on the FIDA token. Some factors, such as product fees, can be altered by a FIDA token governance vote.
FIDA was first tradable on December 14, 2020. It has a total supply of 1 Billion FIDA Tokens. Check the current price of FIDA, its market cap, circulating supply, 24-hour trading volume, total supply, etc., on CoinStats, one of the best crypto platforms around.
Where to Buy Bonfida (FIDA)
FIDA has been listed on several crypto exchanges, but unlike other major cryptocurrencies, it cannot be purchased directly with fiat currency. However, you can still easily buy this token by first purchasing Bitcoin and crypto currencies with a credit or debit card from any fiat-to-crypto exchange and then transferring it to an exchange that trades FIDA.
Here are the top 5 exchanges where you can buy Bonfida (FIDA) tokens:
Coinbase is a NASDAQ-listed cryptocurrency exchange with users from over 100 countries, including Singapore, Canada, and Australia.
Over 70 million Coinbase users have exchanged over 500 billion USD in volume. Coinbase prioritizes security, with 98% of customer assets stored in cold storage. The platform is simple to use and supports over 200 cryptocurrencies, including Bonfida (FIDA).
Coinbase is not registered or licensed with the Securities and Exchange Commission or the Commodity Futures Trading Commission in the United States.
This exchange presently welcomes U.S. citizens, except for Hawaii.
Binance is well-known for its crypto-to-crypto exchange services. Low fees and high liquidity are among the benefits of purchasing Bonfida FIDA on Binance, allowing you to easily purchase and sell digital assets to capitalize on market opportunities.
Binance best suits users from Canada, Australia, the United Kingdom, Singapore, etc., but U.S. users aren’t permitted to purchase Bonfida on this platform.
Since its launch in 2013, Gate.io has evolved into a reputable crypto trading platform. The exchange’s easy-to-use interface is well suited for novices, while its complex charts can be used by investors of all skill levels.
Gate.io supports most major cryptocurrencies and is frequently among the first exchanges to accept new tokens, including Bonfida (FIDA).
Gate.io is one of the top 10 cryptocurrency exchanges in terms of the trading volume.
KuCoin is a competitive cryptocurrency exchange in terms of costs and services. It has grown from its early days of crypto-to-crypto trading to providing a wide range of services, including credit or debit card transactions. KuCoin lets you purchase Bonfida (FIDA) and 700+ tokens, including new tokens.
The exchange accepts U.S. residents.
Huobi Global, founded in 2013, has since evolved into one of the world’s largest cryptocurrency exchanges, with a total trading volume of $1 trillion. Huobi has over 5 million users in over 130 countries and handles 50% of all digital asset transactions worldwide. Huobi Global doesn’t accept U.S. or Canadian citizens.
How to Buy Bonfida (FIDA)
Now that you know what Bonfida (FIDA) is follow our simple step-by-step guide to help you purchase Bonfida right away!
Step #1: Select a Cryptocurrency Exchange
You must examine the popular cryptocurrency exchanges’ features before selecting the best exchange to buy Bonfida.
Some factors to consider are as follows:
● Supported deposit methods – Bank transfer, credit or debit card, cryptocurrencies
● Customer support
● User reviews
● Trading Volumes
Step #2: Create an Account
Once you’ve decided on a cryptocurrency exchange that meets your requirements, the next step is to register an account using your email or mobile number. The requirements vary based on the platform. To get verified and start trading, input the verification code supplied to your email or cell phone.
Some exchanges may require strict KYC and AML procedures to be followed, and you must provide your personal information such as your full name, contact number, email address, home address, social security number, and a copy of your driver’s license, passport, or government-issued I.D. to get verified. If you intend to acquire the FIDA token using fiat currency from your bank account, you must provide this information to get verified.
After you’ve verified your identity, it’s recommended to set up two-factor authentication (2FA) to keep your assets safe.
Step #3: Deposit Funds
The next step is to fund your account according to the payment methods supported by the exchange, i.e., cryptocurrency or fiat currency like USD or EUR. Simply select your desired payment option, such as a bank transfer, Master and Visa credit/debit cards, e-wallets, wire transfer, PayPal, etc. The platform, location, and preferences will influence the payment method used to purchase FIDA tokens.
Some deposit methods are fast, while others require confirmation from authorities depending on the amount. Remember to compare the fees associated with deposit methods because some have higher fees than others.
Step #4: Buying FIDA
The process of purchasing Bonfida FIDA is similar across all exchanges. Search for Bonfida in the search bar, select FIDA, and click on “Buy FIDA” or its equivalent. Input the amount of FIDA or the fiat amount to be spent. Most exchanges will immediately convert the amount to show you how much money you’ll spend and how much FIDA you’ll receive. Recheck the details before proceeding with your transaction.
You can place a market order to buy FIDA immediately at the current market price. Otherwise, you can place a limit order indicating that you want to buy FIDA at or below a specific price. The coins will only appear in your wallet if your broker executes your order at or below the specified price.
Step #5: Setup a Wallet (Optional)
Once you’ve completed your Bonfida purchase, the next step is to select a crypto wallet to store FIDA tokens securely. Your tokens can be stored in your brokerage exchange wallet; however, exchanges are prone to hacking. So, we strongly advise you to create your own private wallet with your own set of keys. Depending on your investing preferences, you may choose between software and hardware wallets, with the latter being the more secure alternative.
CoinStats Wallet is one of the best software wallets for managing your DeFi and cryptos in one place – a single crypto wallet for swapping, buying, selling, tracking, and earning on your cryptocurrency!
Some other hot wallets for storing your FIDA tokens include:
- Trust Wallet
- Atomic Wallet
- Guarda Wallet.
Tip: Keep your seed phrase secure and write down your wallet address.
Pro Tip: While using a hardware wallet allows you to store your cryptos in a safe place, using an encrypted VPN connection will make your trading even safer.
Note: If you’re new to cryptocurrencies, we recommend not investing all your funds in a single digital asset. Diversifying your portfolio with several digital assets can aid with risk management.
Hardware wallets, also known as cold wallets like the Ledger or Trezor, are the most secure options since they offer safe offline storage and backup capabilities. These are more appropriate for experienced users who have a large number of tokens.
How to Sell Bonfida (FIDA)
You can cash out your FIDA with the same exchange you bought it from by following the same steps:
1. Sign in to the exchange account where you have FIDA.
If you have kept your Bonfida (FIDA) in a digital wallet, compare crypto exchanges to choose where to sell it.
2. Place a sell order.
Choose how much FIDA you wish to sell.
3. Complete your transaction.
Complete the FIDA sale by confirming the selling price and fees.
Track FIDA With CoinStats
To stay up with the industry’s speed and take their trading to the next level, cryptocurrency investors need the services of a crypto portfolio tracker. CoinStats provides one of the best crypto portfolio trackers on the market, with remarkable features that allow traders to monitor all their assets across several exchanges from a single platform.
CoinStats is a well-known crypto and DeFi portfolio tracker that offers over 250 cryptocurrency exchanges and over 8,000 coins. It provides graphing tools, analytical data, complex search options, and up-to-date news.
CoinStats allows you to link a significant number of portfolios and wallets here: wallets and exchanges. You can track the prices of all your crypto assets, including FIDA, across many exchanges and wallets on CoinStats. You can also set price alerts, create a watchlist, earn up to 20% APY, receive a 24-hour cryptocurrency market report, and stay up to date with the latest FIDA news. CoinStats protects data with military-grade encryption and follows industry best practices for seamless transactions.
With over 400 platforms supported, keeping track of your FIDA tokens has never been easier. To track your FIDA with CoinStats, go to the Portfolio Tracker page and:
- Click “Add Portfolio” and “Connect Wallet.”
- Select the wallet you want to connect.
- Enter the wallet address and click “Submit.”
Can I Buy Bonfida With Cash
The answer is No; there is no direct way to purchase Bonfida with cash. However, you can first buy Bitcoin on marketplaces such as LocalBitcoins and then move your Bitcoin to respective Altcoin exchanges to complete the process.
Can I Use Credit Cards to Buy Bonfida or Bitcoin on Other Platforms
Yes, Changelly is a simple, user-friendly platform for purchasing Bitcoin using credit cards. It’s an instant cryptocurrency exchange that enables you to exchange crypto fast and buy it with a credit card.
What Are the Quickest Ways to Buy Bonfida in Europe
While in Europe, you can purchase cryptocurrency quickly and easily with European online banks that allow users to register an account and transfer money to exchanges like Coinbase and Coinmama. Bunq, N26, and Revolut are some of the popular online banks in Europe.
Bonfida is a top builder that makes the Solana ecosystem stronger. With its diverse range of products and services, including the first Serum GUI, the Bonfida Trading BOT, naming system, and the Bonfida Perpetual, the Bonfida protocol appears to be well positioned to achieve its goal of serving as a viable alternative to the major Ethereum blockchain.
You can also visit our CoinStats Blog to explore our in-depth buying guides on how to buy various cryptocurrencies, such as How to Buy Chrono.Tech (TIME), How to Buy Kadena, How to Buy Filecoin, What Is DeFi, How to Buy Cryptocurrency, etc.
Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.
Cryptocurrency is a highly volatile market sensitive to secondary activity, do your independent research, obtain your own advice, and only invest what you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your own circumstances and obtain your own advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.