Bancor Review 2023

Bancor is a popular decentralized exchange created by Guy and Galia Benartzi in 2017.

It runs on 1 different chains including Ethereum.

Bancor offers features such as liquidity mining, staking, spot trading and more.

We rated Bancor 4.5/5, based on it's features, security, and future prospects.

Bancor Features

Liquidity Mining

Bancor allows you to earn passive income by providing liquidity. You're given LP tokens in return, which are interest bearing. The interest comes from trading fees generated by Bancor.

Staking

Has staking for it's native token; allows you to earn passive income.

Spot Trading

This means you can buy and sell the real thing. Actual crypto. Not a futures contract or derivative.

Bancor Fees

Trading Fees

All DEXs charge trading fees. Bancor is no different.

Trading fees incentivise liquidity providers to provide liquidity to Bancor. This enables people like you to freely trade between tokens without incurring too much slippage.

Withdrawal Fees

Bancor does not charge withdrawal fees.

DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.

How to use Bancor?

Get a crypto wallet that supports web3 on one Bancor's of supported chains.
Deposit crypto into the wallet, ensuring you have tokens for gas
Navigate to Bancor's homepage
Connect your wallet to the website
Goto Swap/Trade
Choose a token that you'd like to swap to
Finally, swap!

FAQ

Where can I buy BNT ?

You can by BNT direct from Bancor. It is the native token of Bancor, and they will therefore offer the most liquidity.

Is Bancor safe?

Yes, Bancor is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.