How to Buy Basic Attention Token - Where to Purchase BAT?
Basic Attention Token (BAT) is the token that powers Brave, a blockchain-based digital advertising platform designed to fairly reward users for their attention while offering advertisers better returns on their ad spend. Users can use the Brave browser to watch privacy-preserving adverts and get rewarded using BAT tokens for doing so. On the other hand, advertisers can create targeted ads that maximise their engagement. BAT is used to reward users in this ecosystem. This guide will focus on how to buy BAT to ensure you don't miss out on the opportunities it offers.
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Why Trade rather than Buy Basic Attention Token for Cheap and Fast Returns?
You Don’t Need a Wallet:
You trade on the price movement of the coin without having to buy and store it.
You Can Use Standard Payment Methods:
All regulated brokers accept popular methods of payment such as credit/debit card and bank transfers.
Trades Are Fast and Withdrawals Are Easy:
Trades are executed within seconds and withdrawals will reflect instantly in your account.
What is the Easiest Way and Best Way to Buy? Compare the Top Basic Attention Token Brokers
One of the easiest ways to Buy BAT without having to stress on the process involved and having to store the coins is using brokers. They offer low entry barriers for anyone of legal age since all you need the minimum required capital to fund your account, and you are good to go. Also, you will get access to a demo account that will educate you on how to use the platform and make the most of it.
5 Things to Consider if you Want to Buy Basic Attention Token
You need to pay attention to a few things if you plan to buy Basic Attention Token. These will determine how the whole experience will be like for you.
1. Carefully Choose Your Preferred Secure Payment Method
Cryptocurrency exchanges and online brokers that allow the purchase of Basic Attention Token will support various payment modes to purchase the token. Some of the popular options you are likely to come across include the use of credit/debit cards, bank transfers, third-party payment processors, and use of other cryptocurrencies. It's up to you to choose a mode that you feel most comfortable with to make the purchase.
2. Will you need to set up your own wallet?
The decision to either set up a cryptocurrency wallet or not will rely on your overall investing goal. Are you planning to buy the token and hold onto it for a very long time or aim to exploit its volatile price and regularly take profits? If you intend to hold on to the coins for a while, it makes sense to procure a safe and secure wallet. However, if you intend to use brokers to trade financial instruments attached to the asset, you don't need a wallet since you will not deal with the actual asset.
3. Comparing Costs
Costs are common among platforms that allow users to buy and sell Basic Attention Token. They exist as fees, and this is how these platforms make their money. Also, they differ from one platform to another. Most top platforms offering almost similar services will try to be competitive with their costs to attract users. It's your duty to research some of the likely costs you are likely to encounter within a platform and compare them against potential competitors before deciding which platform to use to purchase BAT.
Some of the costs you are likely to encounter on the exchange will come in the form of network fees as part of transaction fees, withdrawal fees, trading fees, and so on. Brokers will not charge fees for most services but will charge commissions for a given number of trades. Some will also charge inactivity fees if you go for an extended period without using your account.
4. Safety and security
The next thing you need to pay attention to is the safety of the platform you choose to buy BAT. You need to research what security measures the platform has in place to protect user funds. Most will employ SSL certifications and encryption to make it hard for the platform to be breached. Also, most exchanges will store like 90% of all user funds in cold wallets, which means even if the platform is breached, the damage will be minimal. Also, lately, there has been a rise in exchanges insuring their platforms, and in case funds are lost, users can be refunded easily.
The protocol employs cryptography, decentralization, and consensus mechanism to protect its network from being breached. This prevents the possibility of 51% attacks where a few malicious individuals take over the network and change transactions in their favour, hence stealing from the network.
5. Can you understand and navigate the platform?
This is another factor you need to keep in mind since it will determine the likelihood of using a given platform. Top platforms are built in a simplistic manner that isn't intimidating to new users. They also offer tutorials on how to interact with various aspects of the platform, and there is readily available customer support to help out whenever you get stuck. You need to pay attention to the red flags, including an overly complicated user interface, lack of resources on how to use the platform to make a purchase, and lack of easily reachable customer support.
Ultimate Beginner's Guide to Trading Basic Attention Token
What is a Basic Attention Token Broker?
A Basic Attention Broker acts as an intermediary that helps place trades for you. Unlike exchanges that offer access to the actual asset, brokers allow you to interact with financial instruments attached to the main asset. They offer an easy way to invest in BAT and are easily accessible to anyone of legal age. Also, they are great since they offer users a way to speculate on the volatile price of BAT with potentially higher returns since you will trade using leverage which increases your exposure within the market. To get started with brokers, you need to open an account, fund it with the minimum capital, and you are good to go. You don't have to worry about acquiring and safekeeping BAT.
What is a Basic Attention Token CFD?
A Basic Attention Token contract for difference is a financial derivative that serves as a contract between traders and brokers. CFDs allow users to speculate on the volatile price of BAT, whether positive or negative, with potentially higher returns since they use leverage. To trade these instruments successfully, you need to educate yourself on how to conduct technical and fundamental analysis. Also, avoid being too greedy since the higher the leverage you use on your trades, the greater the chances of getting liquidated from slight price movements.
What is the Benefit of Basic Attention Token Regulation?
Regulation helps weed out bad actors within the crypto market, and they are many of them. It's a new industry that regulators are trying to come up with frameworks to govern, and this loophole has meant scammers have been able to thrive. Most prey on the greed of investors, people looking for quick riches, so they don't do their own research and end up falling for illegitimate projects. Also, some hackers target platforms and user accounts.
Today, most platforms must hold a safety certificate after being audited by a reputable security firm to guarantee user funds are safe. Also, they are expected to apply KYC and AML procedures to keep away bad actors from the platforms.
What is the Best Payment Method for Buying Basic Attention Token?
On platforms that offer access to BAT, you will find many options to purchase the token. Below let's take a look at some of the most convenient modes available.
Buying Basic Attention Token with Debit/Credit Card: This is the most common method you will find on most top exchanges and brokers. It's easy to use. You need to access the buy tab on crypto exchanges, select BAT if it's offered there, and enter the amount you would like to spend. Then proceed to enter your card details, and you are good to go. But depending on where you are located, this payment mode might not be accessible to you.
Buying Basic Attention Token with Crypto: If buying crypto with a credit/debit card isn't an option for you due to regulations and other restrictions, then you can consider buying BAT using crypto. This means you need to have crypto on your hands in the first place. You can visit a P2P platform that offers coins like BTC, where you get to pay with local payment modes. Transfer your BTC to an exchange that supports BAT and make the swap. This is an easy way to acquire BAT, especially on platforms that don't directly use credit/debit cards to purchase the token.
Buying Basic Attention Token Peer-to-Peer (P2P): Most P2P platforms aren't regulated since they are decentralised, making it possible to access them from anywhere. Some will not have KYC procedures; therefore, they are ideal for privacy seekers but it is not advisable to use such platforms as most of them are unregulated. On P2P platforms, you will find many payment modes supported, including using local currencies to purchase crypto since you can choose to interact with people within your region.
Buying Basic Attention Token Using Third-Party Payment Options: This is another common payment option you will find supported by brokers and exchanges. The buying procedure is similar to using a credit/debit card, but when selecting the payment option, you have to opt for any of the third payment options supported, such as PayPal and Skrill.
The Verification Process for Trading Basic Attention Token
Both exchanges and brokers will require one to verify their identity before buying and trading BAT since they have to abide by certain rules. The process involves uploading a photo of your national ID/passport. The platform may ask you to take a selfie or video call to confirm you are the person who appears on the photo. Then you will have to verify your residence by submitting a utility bill that isn't more than six months old. Once your account is verified, you are free to use the platform.
Basic Attention Token: Long Vs. Short Term Investment
There are two ways to invest in BAT; as a short-term or long-term investor. Short-term investors will use active trading strategies to make regular profits from the BAT market. These include day trading, trend trading, swing trading and scalping. These strategies vary in the number of days you let the trade play out, but it's mostly within a day and a few weeks or months. It can be highly profitable if you know what you are doing since the crypto market is highly volatile, offering opportunities to profit every day. However, you need to educate yourself on how to conduct technical and fundamental analysis to predict the market with a higher degree of accuracy. Also, learn risk management to protect your investment. Also, you can use brokers to make the most of the volatile BAT price.
On the other hand, the long-term investment, just like the name, involves buying BAT and holding onto the token for an extended period which can be years. You need to be a true believer in the project. Invest time to research what the project is all about, its problems, and if there is a chance, it will experience higher adoption with time. Once you identify the project is solid, then buy the tokens and transfer them to a private wallet where you get to keep your private keys.
Why Buy Basic Attention Token rather than Trade?
Trading BAT will require more from you. As mentioned above, it's a short-term investing strategy that is highly lucrative if you understand the craft. But you need to educate yourself on how to trade; otherwise, you will lose your capital. The process involves being on the lookout for events that have the potential to push the price of BAT up or down and adjusting your strategy accordingly. This whole process can be hectic for some.
On the other hand, if you opt for a long-term investment where you buy and hold your tokens for long periods, all you need is a crypto wallet to store your private keys, and you are good to go. You won't be stressed out about the daily price volatility and so on. Also, very little technical know-how is required to be a long-term investor.
What Fees are Involved in Buying Basic Attention Token?
When buying BAT, you are likely to encounter various fees on different platforms. Let's take a look at the most common ones in the section below.
Transaction Fees: Transaction fees are common on exchanges that facilitate the buying and selling of BAT. They comprise network fees, and the exchange will add a small fee for facilitating the process. For some tokens, these fees can get high if the network is congested. Brokers will charge commissions on a given number of trades.
Deposit Fees: Brokers and exchanges will not charge any deposit fees, but the payment option you use to fund your account might do it. These fees vary depending on the mode you choose; therefore, it's your duty before settling on one mode to choose the one that charges the least fees without compromising security and convenience.
Withdrawal Fees: These comprise network fees for taking coins or funds from and exchange. They differ on different platforms, and if you are frequently withdrawing, you need to identify where you will incur the least amount of fees over time.
Safely Storing Your Basic Attention Token
Basic Attention Token is a decentralised cryptocurrency that isn't controlled by any single entity. Below are a few options you have to store your tokens.
Web Wallet: These exist as exchange-supported wallets or browser extensions. When you sign up on an exchange and purchase, your token balance will reflect in your exchange-provided wallet. These are custodial wallets, meaning you don't hold the tokens' private keys, which means the exchange owns your tokens. If it's breached, there is a chance you can lose your coins. All web wallets offer great convenience, especially for short-term investors; the people that want to access their coins often for trading or conducting other transactions.
Mobile Wallet: These are applications you download and install on your smartphone that help users hold their tokens securely. They offer great convenience since you get to track your portfolio and access your coins on the move. However, if your device gets infected by viruses or malware, you risk getting hacked and losing your BAT tokens. Guarda and TrustWallet are good examples of a BAT mobile wallet.
Desktop Wallet: This is a software you install and run on your PC. It offers an interface where you get to trade, send and receive tokens while keeping your private keys. It's great for those that need to access tokens often, such as traders. Also, it's quite secure compared to web wallets. But, like mobile wallets, desktop wallets are prone to infection by viruses and malware. Also, they are vulnerable when you connect to the internet. Good examples of BAT desktop wallets include Guarda and Exodus.
Hardware Wallet: These are physical devices that resemble USB flash drives. They offer cold storage of crypto tokens such as BAT since they keep your private keys offline most of the time. Whenever you want to send or receive tokens, you can connect the device to your PC or smartphone, make the transaction, and disconnect. So far, they represent the safest way you can store your tokens away from bad actors and are ideal for long-term investors and individuals holding a huge number of tokens. Ledger and Trezor are two good examples.
Wallet Combinations: You are not restricted to use a particular wallet only, and it's possible to combine several types at a go. So if you are both a short-term and long-term investor, you can opt to combine browser extension wallets like MetaMask that offer quick access to DEXs and trading platforms and also simultaneously use a hardware wallet where you transfer coins that you plan to hold for an extended period.
What Other Coins Can I Trade or Use to Buy Basic Attention Token?
BAT is one of the most popular tokens within the crypto market due to its utility. This means it's easily accessible from top exchanges that list plenty of tokens, and you can easily swap it for other available coins. Stablecoins offer the best way to trade BAT. Also, popular coins such as BTC, ETH and BNB are an option.
What's the Smallest and Largest Amount of Basic Attention Token I Can Buy?
One BAT token currently goes for around $0.62. That is roughly sixty cents. One dollar can get you one token and a half. But exchanges will not allow you to purchase tokens worth a single dollar since there are fees involved, the kind discussed earlier. Therefore, they stipulate that you buy coins worth at least $10, which gets you about 16 BAT tokens. As for brokers, they will have limits on the amount you can use to fund your account. This can be $100, $200 or even $250.
Can I Buy Basic Attention Token Anonymously with no ID? Is it Safe and Legal to Buy Basic Attention Token?
The incredible thing with cryptocurrencies is that it's sometimes possible to buy these digital assets anonymously without disclosing your personal information. Mostly this option is available on decentralised exchanges that operate peer to peer. Here you get to negotiate with other traders before settling on the price. Then you pay, and they release the tokens to you. However, you need to be careful who you are trading with since it's easy to get scammed. These platforms operate on a reputation basis where users rate each other based on their trading experiences with them.
Centralised exchanges may not provide the privacy you may crave but offer excellent security for your BAT investment.
Will Buying Basic Attention Token Make Me Money?
Basic Attention Token is a solid project that is revolutionising digital advertising and how content creators are rewarded. Many useful products have come from the project, such as the Brave browser, where you get to browse the internet without being bombarded by advertisements, and you even get tipped for using the browser. It's one of the solid projects that should see increased adoption over time, and this will see its tokens grow in value. But whether it can make you money will depend on many factors such as how much you can research the price history and whether you invest time to learn the basics of trading. For learning more about the price of BAT, head over to the Basic Attention Token Price Page.
How to Spend your Basic Attention Token
You can use your tokens to make purchases of goods at merchant points where these tokens are accepted. You can also pay for services using BAT. Let's say you hire a freelancer, and both of you agree to settle the contract using BAT. On the Brave browser, you can tip content creators. You can spend your coins in many ways, including converting them to fiat to spend them as you like.
How to Sell your Basic Attention Token
The selling process is similar to the buying process. Platforms where you buy, are the same places where you will sell. Go for exchanges with high liquidity as these will allow you to make the sale instantly and at a fair price. If you buy a CFD, then the process is much simpler as the trade can be automated and closed easily using robots. You don’t need to transfer BAT from a wallet to an exchange here.
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Frequently Asked Questions
No. This is a decentralised cryptocurrency that isn't controlled by any single entity.
This project is revolutionising digital advertising and how content creators are rewarded.
This project was launched in 2015.
BAT has a maximum supply of 1.5 billion tokens.
Yes. Most reputed exchanges and brokers will insist on identity verification as part of the KYC procedure.
This depends on how much you have set aside for this endeavour. You can buy tokens worth $10 or even $100 and grow your portfolio slowly with time.
No. this isn't possible since the coin was launched pre-mined.