How to Buy Bonk Coin – Easy Guide for 2024
Bonk continues to trend in the broader crypto space. This Solana-based meme coin is up thousands of percentage points since launching on New Year’s Eve 2022.
With new all time highs being printed every day, hype around Bonk shows no sign of diminishing. A well timed investment now could see you take advantage in this ongoing crypto bull market. Read on to learn how to invest in Bonk in under five minutes. We also provide some background information on Bonk, including its upside potential and risk considerations.
How to Buy Bonk Coin – Quickfire Tutorial
Before delving into our comprehensive walkthrough, here’s an overview of how to buy Bonk Coin in 2024:
- Step 1: Decide Where to Buy Bonk: The first step is deciding where to buy Bonk. Many popular exchanges list Bonk, including OKX, KuCoin, Bybit, and Binance. That said, we prefer MEXC. It offers 0% commission trading, accepts fiat money, and provides a safe investing experience.
- Step 2: Assess How Much to Invest in Bonk: Make no mistake about it Bonk is a risky investment. Therefore, it is crucial to evaluate your budget and avoid investing more than you can afford to lose. Avoid investing too much, as there’s every chance you’ll lose money. Evaluate your investment budget and ensure your portfolio is well diversified.
- Step 3: Research the Risks and Rewards: Seasoned investors will always research a crypto project before investing. You should do the same. Spend ample time exploring the risks and potential rewards. Leave no stone unturned, including the whitepaper, pricing chart, and long-term objectives.
- Step 4: Register With a Crypto Exchange: Next, visit your chosen crypto exchange and register an account. This should take you no more than a few seconds.
- Step 5: Add Funds to Your Account: You’ll need funds in your crypto exchange account before you can buy Bonk. If you opt for MEXC, you’ll be able to use a debit/credit card.
- Step 6: Set up a Bonk Trading Order: Create a trading order with your chosen exchange. Specify the investment amount and place a market order. Bonk will then be added to your account.
- Step 7: Store Bonk in a Private Wallet: Regardless of whether you’re a short or long-term investor, never keep Bonk in an exchange account. Instead, withdraw the coins to a private wallet. This ensures you have full control of your Bonk Coins.
How to Buy Bonk Coin – Full Step-by-Step Guide
Need some more guidance on where to buy Bonk Coin in 2024? We’ll now walk you through the investment process every step of the way.
Step 1: Decide Where to Buy Bonk Coin
Bonk is a popular cryptocurrency, meaning it trades on the best crypto exchanges. It is important to choose an exchange that meets your personal requirements. For example, is your main priority low fees or a user-friendly experience?
- Overall, we found that MEXC is the best place to buy Bonk Coin.
- It takes seconds to register and you can easily deposit funds with a debit/credit card.
- MEXC offers 0% trading commission on all supported pairs, including BONK/USDT.
- In addition, we found that MEXC is safe and that customer deposits are covered 1:1 with audited reserves.
- Finally, MEXC is also rated for its fast withdrawals, meaning you can instantly cash out your Bonk Coins.
MEXC is just one option, though. Some other places to buy Bonk are listed below:
- OKX: A leading exchange supporting hundreds of cryptocurrencies, including Bonk. Users can deposit funds instantly via ACH (US), SEPA (EU), and Faster Payments (UK). Debit/credit cards are also supported. OKX charges trading commissions of just 0.1%.
- Binance: The world’s largest exchange also lists Bonk. The three most popular trading pairs are BONK/USDT, BONK/TRY, and BONK/FDUSD. Similar to OKX, Binance charges 0.1% per slide. Binance offers flexible Bonk savings accounts, although the APY is just 0.68%.
- Bybit: Trade Bonk in the spot markets or via leveraged derivatives. Bybit will appeal to advanced traders who seek high-level charting tools.
Step 2: Assess How Much to Invest in Bonk
Choosing the right investment amount is crucial. First, consider how much you can realistically afford to invest. This should be money that has no impact on your day-to-day expenses. Put otherwise, the investment size should not exceed what you’re prepared to lose.
- If you’re looking to make short-term gains, then you might consider a one-off investment. This means you’ll get just one cost basis.
- Alternatively, if you’re planning to HODL long-term, you could invest small amounts each week using a DCA strategy or you could explore some BONK price predictions to see what market analysts think of this meme coin. For example, $50 every Monday. In doing so, you’ll slowly build your exposure and average out your cost basis.
You should also consider diversifying your investment budget into other cryptocurrencies. For example, some of the best meme coins include Smog, Dogecoin, Shiba Inu, and Floki. You should also consider cryptocurrencies outside of the meme coin space, such as DeFi coins and utility tokens.
In addition, don’t forget that Bonk is one of the best cryptocurrencies under $1. This means you can invest a small amount but still get a large number of tokens.
For instance, right now, Bonk trades at just $0.00003859. Based on this price point, the table below shows you how much Bonk you’ll get with some small investment stakes:
| Purchase Amount |
Bonk Coins Received
|
| $10 | 259,134 |
| $50 | 1,295,672 |
| $100 | 2,591,340 |
| $150 | 3,887,017 |
| $200 | 5,182,680 |
| $250 | 6,478,360 |
In a nutshell, you would only need to invest $38.59 to get 1 million Bonk Coins. This offers an attractive risk-reward ratio. Sure, you could lose your initial investment if Bonk capitulates. But, if it continues its current trajectory, you could make significant gains. All without needing to risk large amounts.
Step 3: Research the Risks and Rewards
Regulators from around the world – including the UK’s FCA, have repeatedly warned investors about meme coins. They’re inherently risky, as pricing is rarely based on anything intrinsic. Instead, successful meme coins attract investors with aggressive marketing campaigns and promises are untold riches.
However, the reality is that most meme coins lose investors money. Therefore, we strongly suggest that you research Bonk before risking any funds. A good starting point is to read the Bonk Coin whitepaper. This highlights everything you need to know about the project, such as its long-term goals and tokenomics.
You should then research Bonk’s future potential. For example, do you believe Bonk will break above $0.01? If so, an investment today could promise some serious returns. A Bonk price of just $0.01 would provide you with an upside almost 260x.
Do you believe that Bonk could replace Shiba Inu as the world’s second most popular meme coin? If so, based on current prices, Bonk Coin would need to increase by almost 700%. If you’re super bullish and believe Bonk could reach the same market capitalization as Dogecoin, that would require a 1000% upside.
Step 4: Register With a Crypto Exchange
The most common way to buy Bonk Coin is via a crypto exchange. Some of the most popular exchanges listing Bonk include Bybit, OKX, Gate.io, Binance, KuCoin, and Coinbase. We, however, rank MEXC as the best option – especially when it comes to low fees and safety.
Nonetheless, once you’ve selected an exchange, you can proceed to open an account. This should only require your email address or mobile number, plus a password. However, you’ll need to provide more personal information if you’re planning to buy Bonk with fiat money. More on this in the next section.
Step 5: Add Funds to Your Account
Most investors will look to buy Bonk Coin with fiat money, such as a debit/credit card or bank account. The specific process will vary depending on the exchange.
- For instance, some exchanges allow you to deposit fiat money into your account. You can then use the funds to buy Bonk.
- Alternatively, other exchanges allow you to instantly buy a popular crypto like USDT, which can then be exchanged for Bonk.
Both options have the same outcome. Nevertheless, to guide you through the process, we’ll now show you the specific steps with MEXC. Just note that the steps can vary slightly if you opt for another platform.
Assuming you’ve already opened an account with MEXC, you can now click on ‘Debit/Credit Card’. You’ll find this by hovering the mouse over ‘Buy Crypto’. Next, choose your local currency from the drop-down list. In our example, we’re opting for EUR. Next to the currency, you need to select the crypto asset to buy.
We’d suggest USDT, as BONK/USDT is the most traded pair. This means that once you’ve bought USDT, you can instantly swap the tokens for Bonk. Next, type in the amount you’re going to deposit. In our example, we’re opting for 50 EUR.
Completing KYC
Anti-money laundering laws can no longer be ignored by crypto exchanges. This is especially the case after the Department of Justice recently fined Binance over $4 billion for money laundering failures. Therefore, before you can buy Bonk Coin with a debit/credit card, you’ll need to complete a quick KYC process.
This will require:
- Some personal information, such as your name, nationality, and home address
- A copy of a government-issued ID, such as a driver’s license or passport
- A selfie, with you holding the ID next to your face
- In some cases, you might also need to upload proof of address, such as a bank statement
Fortunately, we found that MEXC’s partners can usually verify your document in under 1-2 minutes. This means you won’t be waiting around for too long.
Once KYC is completed, complete the payment by typing in your debit/credit card numbers. The transaction will be executed instantly.
Step 6: Set up a Bonk Trading Order
If you’ve never placed a trading order before, the process can feel a bit intimidating. Especially when buying a volatile crypto like Bonk.
We’ll now guide you through the process, allowing you to buy Bonk Coin with ease.
- First, you’ll need to find the BONK/USDT trading page. Why? Because you bought USDT in the previous step, which you’ll be swapping for Bonk.
- So, click on the ‘Spot’ button. By default, you’ll see the pricing chart for MX/USDT.
- There’s a search bar to the right of the chart; type in BONK/USDT and click the corresponding result.
You’ll now see the pricing chart for BONK/USDT, alongside order books and other key stats. You don’t need to pay attention to this right now. Instead, scroll below the pricing chart, which is where the order boxes are.
First, change the order type to ‘Market’.
- Next, you’ll need to tell MEXC how much Bonk you want to buy.
- Remember, you’re exchanging USDT.
- If you want to use all of your USDT to buy Bonk, move the slider to 100%.
- Alternatively, consider dollar-cost averaging your investments. For example, investing 25% of your balance every week.
- You can also type in the number of USDT tokens that you want to use.
Either way, you’ll need to click on ‘Buy BONK’ to complete the order.
Should I Use a Limit Order?
- We always suggest using a market order if you’re buying Bonk for the first time.
- There’s plenty of liquidity on MEXC, so your market order will get matched at the next best price.
- However, if you want to choose your own entry price, opt for a limit order.
- The limit order will only be executed once the Bonk price is matched by the markets.
Step 7: Store Bonk in a Private Wallet
After you place a market order on MEXC, it will be executed at the next best available price. This means within a few seconds, you’ll see that your account is funded in Bonk Coins.
You could leave the Bonk Coins in your MEXC account, as the exchange has a solid reputation for security. However, we’re firm believers in “Not Your Keys, Not Your Coins”. Put otherwise, MEXC’s web wallet doesn’t provide you with private keys, so you don’t control the Bonk Coins.
Therefore, we’d suggest requesting a withdrawal to a private wallet. This can be any wallet that supports the Solana blockchain. If you want the ideal balance between convenience and safety, consider a mobile hot wallet.
- Best Wallet is a solid option. As one of the best hot wallets, it comes as a mobile app for iOS and Android. It’s free to download and very easy to use. Best Wallet offers institutional-grade security controls, such as facial biometrics.
- We also like Zengo, which specializes in multi-party computation (MPC) security. This removes the need to write down private keys, as they’re split across multiple servers.
- Some Bonk investors prefer cold storage wallets. While less convenient than hot wallets, security is significantly tighter. Some of the best cold wallets include Ledger Nano S Plus, Trezor Safe 3, and ELLIPAL Titan Cold Wallet.
After you’ve chosen and set up a wallet, you can copy the unique wallet address. Then go back to MEXC and request a Bonk withdrawal. Paste the wallet address that you just copied. Within a few minutes, you should find the Bonk Coins in your newly created wallet.
After that, it’s just a case of monitoring the market. If you’ve set a price target, it could be worth setting up alerts. Most exchanges – including MEXC, allow you to set up alerts. This will notify you when your price target has been triggered.
How to Sell Bonk? Best Way to Cash Out Bonk Coins
You’ll hopefully be able to sell your Bonk Coins for more than you originally paid. If so, you’ll make a profit on this investment.
Looking to sell Bonk for another cryptocurrency, like Ethereum, USDT, or BNB? The best crypto wallets allow you to do this directly. For example, Best Wallet doubles up as a decentralized exchange, meaning you can swap coins without leaving the wallet interface.
However, some of you will want to sell Bonk for fiat money, such as EUR or USD. In this instance, you’ll need to use an exchange that supports fiat withdrawals. Coinbase is one of the best options, as you can deposit Bonk, sell to fiat money, and withdraw the cash to a bank account.
An Overview of Bonk Coin
Bonk Coin is a cryptocurrency project built on the Solana network. It was launched on New Year’s Eve 2022. Unlike most new cryptocurrencies, Bonk didn’t opt for an initial coin offering (ICO). In fact, it didn’t raise funds at all. Instead, Bonk opted for an airdrop, meaning coins were distributed for free.
Those eligible for the Bonk airdrop had previously engaged with the Solana network. For instance, by building or using Solana-based dApps. Bonk is defined as a meme coin, as it has questionable use cases. That is, Bonk’s value is largely built around hype and speculation. This has helped Bonk grow by many thousands of percent since launching.
Bonk’s proponents will argue that the coins have a use case. This is because Bonk is now integrated with other projects in the Solana ecosystem. For example, Bonk Coins can be used for staking on SolFarm, and as a payment method when buying NFTs on Orca. Bonk can also be used on decentralized exchanges. It’s also a rewards currency with several play-to-earn games.
In reality, most people buy Bonk Coin to make a financial gain. The upside potential has the potential to be huge, but so are the risks. After all, meme coins can lose significant value overnight. That being said, meme coins such as Bonk and Pepe are leading the crypto market right now with billions of dollars of capital coming into the tokens every day. Ultimately, it’s best to treat Bonk as a speculative investment. Consider the investment as lost capital; any returns you make are a bonus.
Should I Buy Bonk Coin?
We’ll now discuss whether or not Bonk Coin represents a solid investment.
- Bonk Has Already Produced Huge Gains: Since launching on December 31st, 2022, Bonk Coin has increased by almost 34,600%.
- Bonk is Setting New Records: Today, Bonk is printing new all time highs almost every day. With the Bitcoin halving still to come, many experts believe there is still some way to go before crypto hits its peak.
- $38.60 Gets 1 Million Bonk Coins: An investment of just $38.60 would get you 1 million Bonk Coins. This is based on BONK/USD prices right now. Nonetheless, the key point is you can buy a huge number of Bonk Coins without risking a lot of capital.
- Increased Integrations: Bonk continues to integrate with the Solana ecosystem, offering additional use cases for the coins. This includes NFT marketplaces, play-to-earn games, and decentralized exchanges.
- Tier-One Exchanges: Although Bonk has only been around for just over a year, it has already secured listings from the world’s biggest exchanges. In addition to MEXC, this includes Coinbase, KuCoin, OKX, and Binance.
The Verdict?
In summary, we’ve explained the easiest way to buy Bonk Coin in 2024. Simply open an account with MEXC, choose a payment method (e.g. Visa), and place an order.
MEXC is a safe and secure exchange with verifiable proof of reserves. It’s also one of the few exchanges not to charge trading commissions.
FAQs
Where can I buy Bonk crypto?
You can buy Bonk safely on the MEXC exchange without paying any commissions. Other options include Coinbase, Binance, and KuCoin.
Is bonk available on Coinbase?
Yes, Bonk is traded on Coinbase against the US dollar. In the prior 24 hours, more than $8 million worth of BONK/USD has been traded on Coinbase.
Can I buy Bonk with ETH?
Most exchanges list Bonk against Tether, meaning you’ll be trading BONK/USDT. If you currently hold ETH, simply swap ETH for USDT, and then USDT for BONK.
How much is Bonk worth?
Based on prices today, 1 Bonk is worth just $0.00003859. This means you’ll get 1 million Bonk Coins for just $38.60.
References
- Guidance Consultation: Financial Promotions on Social Media (UK FCA)
- Bonk Whitepaper
- Binance and CEO Plead Guilty to Federal Charges in $4B Resolution (U.S. Department of Justice)
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