How to Buy BONK Coin (In 6 Easy Steps)

19 Dec 2023 by Rory Kejzerko 7 min read

The process of purchasing cryptocurrencies can be intimidating, with the steps involved in how to buy BONK coin being no exception.

That being said, if you’re armed with the appropriate knowledge and tools, acquiring Bonk ($BONK) becomes a relatively straightforward procedure that involves selecting a crypto exchange, establishing an account, verifying it, adding funds, and finally executing a BONK purchase.

Within this article, we present a step-by-step guide for acquiring the hot new memecoin, which includes pivotal aspects such as selecting a suitable exchange, establishing an account, executing a purchase, securing your crypto holdings, and ultimately, monitoring your crypto investment.

If followed correctly, such information should equip you with the knowledge and confidence for embarking on an exciting BONK-filled crypto portfolio.

How to Buy BONK Coin - 6 Steps

1) Select a Crypto Exchange

BONK is available for purchase on numerous cryptocurrency exchanges, with notable platforms including KuCoin, Binance, CoinEx, Bybit, and gate.io.

However when deciding on the exchange to use, it's crucial to verify whether the platform accepts customers from your country. Additionally, different exchanges cater to distinct user preferences, with some more suitable for long-term investors, while others are tailored for active crypto traders.

Assessing if an exchange provides the desired trading features is equally important, as whilst some solely focus on spot markets, others offer margin trading and futures. Ultimately, the ideal exchange depends on your specific requirements.

2) Set An Investment Budget

Acquiring BONK - or any other cryptocurrency for that matter - necessitates a well-defined plan and prepared investing strategy. Failing to do so may expose you to impulsive, emotion-driven decisions that could adversely impact your investment performance.

And of course, such a process is also concerned with the price of BONK at the time of purchase.

As of the time of writing (December 2023), BONK is trading at $0.00001957 per token - a reduction on its all-time-high (ATH) price of $0.00002825, which was achieved in the same month (per CoinMarketCap).

For tips and tricks when it comes to the intricacies of your BONK portfolio (and other crypto holdings), visit this article for trading advice, or this one for uncovering how to deal with crypto losses.

3) Place Your BONK Order

The process of buying Bonk is very similar across any of the aforementioned crypto exchanges (therefore meaning that the following steps are broadly applicable).

When placing a BONK order, start by registering a free account on your chosen crypto exchange. For more information on each platform’s BONK support, check its bespoke BONK page, or simply google ‘BONK’ alongside its name.

Here, it’s important to keep in mind that you’ll need to provide some personal information, such as your name and email address. In order to increase withdrawal limits and unlock additional functionality like crypto loans and staking options, certain exchanges also require users to complete know-your-customer (KYC) steps.

After you’ve selected a crypto exchange to use, it’s then time to choose a payment method. As is often the case, there are several methods and payment services you can use for funding an exchange account:

Crypto Deposit - If you opt to fund your account by depositing crypto, initiate a transfer of digital assets from your crypto wallet to your exchange account. Here you need to identify the specific address for each supported cryptocurrency on your chosen exchange - with caution being advised through the fact that using an incorrect address or sending unsupported crypto may lead to a loss of funds.

Bank Deposit (Wire Transfer)- For those preferring a bank deposit (commonly known as wire transfer), leverage supported fiat currencies like USD, EUR, and GBP (whilst also verifying whether your chosen exchange accommodates your local currency before proceeding with a bank deposit).

Credit Card or Debit Card - Purchasing BONK via credit card or debit card is the simplest and most popular option. Unfortunately however, exchanges such as KuCoin, Binance, and CoinEx don’t support credit or debit card transactions - meaning if you prefer this payment method, consider making a credit card deposit on Binance (or Kraken for US users).

Following the funding of your exchange account through one of these options, proceed to your exchange’s trading page. Here, locate BONK and - depending on the exchange - you should find multiple available trading pairs. Here, a trading pair represents two distinct assets that can be traded against each other, such as BONK/USDT.

Most crypto exchanges typically support both crypto-to-crypto (e.g., BONK/BTC) and crypto-to-fiat (e.g., BONK/USD) trading pairs. To align with your chosen deposit method, carefully select the appropriate trading pair to ensure seamless synchronisation with your preferred deposit method.

4) Place a Market or Limit BONK Order

When deciding to buy Bonk, you'll need to determine whether to use a Market or Limit order.

Market orders are ideal when the investor aims to swiftly buy or sell a specific cryptocurrency, prioritising speed over a specific execution price. With a market order, no price is specified, and the order is executed at the best available price when placed. Market orders are best suited for cryptocurrencies with high trading volumes and liquidity, minimising the impact on execution prices.

Alternatively, a limit order sets the maximum buying price or minimum selling price the investor is willing to accept. When placing a limit order, the investor specifies the desired price for the cryptocurrency. The order remains open until the asset reaches the designated price or until cancelled by the investor.

Unlike market orders, limit orders avoid differences in execution prices. However, they may not execute if the specified price isn't reached, even if the price moves favourably. Limit orders might take longer to execute, occurring only at the specified price or a better one. Poorly defined limits may lead to missed opportunities, emphasising the importance of careful consideration when using limit orders.

5) Store Your BONK

Cryptocurrency exchanges offer the convenience of storing and, in some cases, earning passive income with deposited crypto. However that being said, caution is often advised when it comes to storing crypto directly on exchanges, due to the potential risks of losing your funds (as exemplified by the likes of FTX, which filed for bankruptcy after losing billions worth of user funds).

For a more secure approach, cryptocurrency wallets are a succinct option. These fall into two categories: software wallets (hot wallets or digital wallets), which are connected to the internet, providing convenience but posing higher security risks. On the other hand, crypto hardware wallets (cold wallets) enable investors to securely store crypto keys offline, prioritising enhanced security measures.

Deciding between these options involves considering individual preferences and risk tolerance. While software wallets offer accessibility, hardware wallets prioritise security by keeping crypto keys offline.

Your BONK storage process should also involve monitoring its value. Here, you can do so by downloading crypto portfolio apps such as CoinCodex, add ‘crypto alerts’ to your phone’s notifications, or use crypto profit calculators to make forecasts.

6) Selling BONK

Selling Bonk mirrors the buying process, as it involves the choice between a limit or market order, as well as the selection of the desired trading pair.

It's also essential to be aware of potential fees related to selling cryptocurrencies, including transaction fees and exchange fees. Prior to selling, it’s therefore important to thoroughly examine the fee structure of your chosen exchange.

Upon selling crypto, you can opt to withdraw fiat to your bank account (for a crypto-to-fiat pair) or transfer crypto to an external crypto wallet (for a crypto-to-crypto pair). Additionally, transferring cryptocurrency between exchanges is a viable option, offering benefits like additional features or a more competitive fee structure.

How to buy BONK Coin - FAQ

Can you buy a fraction of BONK?

Similar to most cryptocurrencies, BONK is divisible, meaning users can purchase fractional units of it. Further, this allows you to acquire a portion of Bonk with just a few dollars, with the minimum purchase of exchanges often being restricted to $10.

What is the best exchange to buy BONK?

Prior to selecting an exchange, conducting research is crucial. However, the likes of KuCoin, CoinEx, Bybit, gate.io, and MEXC are among the popular platforms for purchasing Bonk.

When selecting an exchange to buy BONK on, consider comparing fees, evaluating security features, and reviewing supported currencies on each option.

Is BONK a good long term investment?

Evaluating BONK as a potential long-term investment involves considering various factors:

Fundamentals - Assess the team, roadmap, and the cryptocurrency's ability to address real-world issues.

Adoption and Community - Examine the level of participation from users, developers, and investors within the ecosystem.

Liquidity and Stability - Investigate the cryptocurrency's track record in terms of security, compliance, and its availability on reputable exchanges.

Technological Innovation - Evaluate the technical foundation, looking for features that differentiate it from competitors and contribute value to the overall ecosystem.

How much money do you need to buy Bonk?

A minimal investment of just a few dollars is adequate to acquire Bonk, with the precise amount contingent on the chosen cryptocurrency exchange (often $10).