How To Buy Biconomy (BICO)?
Step 1: Create an account on an exchange that supports Biconomy (BICO)
First, you will need to open an account on a cryptocurrency exchange that supports Biconomy (BICO).
We recommend the following based on functionality, reputation, security, support and fees:
Fees (Maker/Taker) 0.075%*-0.1%*
Available for Trade 500+
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Europe, Asia, Oceania, Africa
Fees (Maker/Taker) 0.2%*-0.2%*
Available for Trade 1500+
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North America, South America, Europe, Asia, Oceania, Africa
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Biconomy (BICO) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Biconomy (BICO)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Biconomy (BICO) or Biconomy (BICO) trading pairs. Look for the section that will allow you to buy Biconomy (BICO), and enter the amount of the cryptocurrency that you want to spend for Biconomy (BICO) or the amount of fiat currency that you want to spend towards buying Biconomy (BICO). The exchange will then calculate the equivalent amount of Biconomy (BICO) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Biconomy (BICO) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
How to create a Gate.io account
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Step 1: Go to the Gate.io website.
Step 3: Set your fund password and click “Create account”.
Note: Your fund password must contain at least 6 characters and can not be the same as your login password.
Step 4: An activation email will be sent to your email address. Complete the rest of the registration process by following the instructions in the email to activate your account. Once this is done done, click “Email activated, please log in”.
How to complete KYC (ID Verification) on Gate.io
In order to ensure the safety of your assets, and to reduce fraud, money laundering, blackmail, and other illegal activities, Gate.io makes it mandatory that all users obtain KYC ID Verification. Only after your account has obtained KYC ID verification, can you withdraw funds or use credit cards or debit cards to buy cryptocurrencies.
Step 1: Log in to your Gate.io account.
Place your cursor on the top-right profile icon and go to “KYC (ID Verification)”
Step 2: Click “Individual (Verify now)”
Step 3: Select your country, input your full legal name (twice), fill in your ID information, upload photos of both sides of your ID card, and a photo of you holding your ID together with your User ID (UID) for Gate.io. You will see your User ID by placing the cursor on the top-right profile icon on the main page. Make sure everything is filled in correctly and then click on “Confirm and Submit”.
Step 4: After you have submitted all the requested information, you will see the pending approval.
Approval can take anywhere from a few hours to a few days to complete.
Once the KYC is approved, you’re ready to make your first cryptocurrency purchase.
How to buy cryptocurrency on Gate.io
Step 1: Log in to your Gate.io account.
Then in the Menu Bar at the top of the page, click “Buy Crypto” and select “Credit Card”.
Step 2: Enter the amount you wish to spend in the “Buy with Fiat Currency” tab and select the cryptocurrency that you want to buy under the “Currency Purchased” field. Then select one of the “Service Providers” below and click the “Place Order” button to enter the confirmation page.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: On the confirmation page, select “Buy Crypto” or the “Create Order” button to complete the payment.
Note: To ensure a quick and secure way of receiving the order, users might need to conduct an additional Identity Verification (KYC) with a third-party service provider. Once successfully verified, the service provider will immediately transfer the cryptocurrencies to your Gate.io account.
How to Conduct Spot Trading on Gate.io
Step 1: Log in to your Gate.io account.
Click on “Spot Trading” under “Trade” on the top navigation bar.
You can either choose “standard” or “professional” version. This tutorial uses the standard version.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can click on the last prices on the order book to set the buying/selling price automatically.
Step 5: Confirm the price and amount. Then click on “Place Order” to place the order, followed by “Confirm Order” to confirm it.
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And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is Biconomy (BICO)?
They are on a mission to make the decentralized web accessible to everyone. They claim to be the missing piece to crypto adoption for onboarding the next billion. With APIs & SDKs to transform any dAapp to become usable for anyone regardless of their crypto knowledge and experience. And with multi-chain relayed infrastructure that processes almost 50K daily transactions for 70+ DApps to ensure all the benefits of web3.0 come with the intuitiveness of web2.0.
Every interaction with a dApp is a blockchain transaction, and blockchain transactions are complicated. Users have to be proficient with crypto wallets, deal with gas, actively manage each transaction, move funds across various chains and much more. Even then, they face a broken experience fraught with long wait times and failed transactions. This is specially daunting for crypto newbies who face a steep learning curve just to get started.
The mainstream user doesn’t want to deal with these blockchain headaches. They expect the Dapp to deal with gas, transaction management, bridges and everything else under the hood. That’s where Biconomy comes in. Biconomy provides a simple & quick way for Dapps to abstract away these complexities from their users.
Biconomy Simplifying Web3.0
With Biconomy, users get a simple multi-chain experience where they connect their wallet to any dApp, instantly access their funds on any chain or L2/rollup and enjoy a completely gasless experience.
Biconomy enables this superior experience though the following features:
- Free gasless transactions
- Instant cross-chain transfers
- Flexible options to pay gas
- Assured successful transaction
- Simple instant onboarding to scaling solutions
- Automatically connect to any L2 & EVM compatible chains
- Cheap and instant cross-chain contract calls
The future of the internet is decentralized, and Biconomy is a critical infrastructure on which it will stand. Biconomy makes web3.0 more usable, interoperable & composable.
Who Are the Founders of BICONOMY?
All three co-founders of Biconomy (Ahmed Al-Balaghi, Sachin Tomar, and Aniket Jindal) gathered together for the first time in early 2019.
Ahmed Al-Balaghi holds the position of CEO. On top of that, he’s Founder and Co-Host of Encrypted Podcast (MENA’s largest podcast dedicated to fintech, blockchain and crypto assets). Al-Balaghi graduated with a degree from the Queen Mary University of London studying Economics and Mathematics. Later, he earned a scholarship to study Mandarin at Fudan University. Prior to Biconomy, Al-Balaghi worked for Viewfin, a leading Chinese blockchain company. He also has experience working with Citibank, Dow Jones, and Ofgem.
Sachin Tomar is CTO of the company. He is a skilled blockchain developer who leads the technical architecture of Biconomy. Tomar studied at Dr. B.R. Ambedkar National Institute of Technology Jalandhar. He has more than eight years of experience in IT, and he also worked with Samsung and Makemytrip.
Last but not least, Aniket Jindal is the COO of Biconomy. Jindal is an Angel investor in the Indian blockchain space. He is a true crypto expert with diverse backgrounds in marketing, investing, and operations.
$BICO is the native work & governance token of the multi-chain relayer infrastructure. It plays a key role in decentralizing the network by acting as the network fees, incentivizing all stakeholders to secure and maintain the network, and participating in the network’s governance.
There are in total 1 billion $BICO tokens in supply.
More details on tokenomics: https://medium.com/biconomy/bico-token-economics-b33ff71f673d
Best cryptocurrency wallet for Biconomy (BICO)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Biconomy (BICO)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
Most widespead examples of this being the Ledger Nano and the Trezor.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).