How to Buy Balancer (BAL)
Want a say in how Balancer rewards its users? If yes, you may want to purchase BAL, the cryptocurrency that powers this emerging protocol for asset exchange.
A decentralized finance (DeFi) platform built on Ethereum, Balancer facilitates trading without a central order book, instead letting users create index funds by locking up as many as eight crypto assets into custom lending pools.
By doing so, users earn a portion of the trading fees as a return, along with new BAL tokens. These BAL holders, in turn, give users a say in how protocol decisions are made, from how Balancer users are reimbursed to more technical upgrades.
Not sure yet why you’d want to buy BAL? Feel free to read our ‘What is Balancer?’ guide, which offers a more extensive breakdown of the project’s technology and vision.
Ready to dive in?
If you just want to start buying BAL right away, click the button below to begin.
Why buy BAL?
By providing liquidity to Balancer, you can receive rewards in the form of BAL, Balancer’s native cryptocurrency. But there are other ways to get BAL besides earning it.
You may want to consider buying BAL if you want to:
- Diversify your long-term investment strategy
- Lend BAL to a liquidity pool and earn more cryptocurrency
- Invest in decentralized lending and borrowing platforms
- Stake BAL to participate in the platform’s governance
- Support the development of applications on the Ethereum blockchain.
Where can I buy BAL?
There are a number of ways to buy BAL. However, many find that it is easiest to purchase it through a trusted global exchange like Kraken.
Aside from offering the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world. This matters because if you lose the private key to your BAL, it can be challenging if not impossible to recover your funds.
At Kraken, we take security seriously, with tested technology and rigorous procedures designed to safeguard funds. We don’t cut corners when it comes to security, and neither should you.
How much BAL can I buy?
Looking to buy BAL on a budget? Don’t worry, Kraken offers a minimum order size of 0.3 BAL to help you gain exposure to a variety of assets.
Of course, you can also execute larger BAL buy orders as well. It wouldn’t be out of the ordinary for larger traders to purchase or trade 500 BAL or more on Kraken.
How to buy BAL on Kraken
Follow the steps below to start buying BAL on Kraken:
Sign up for a Kraken account.
First, enter a valid email address, create a new username and set a strong password to protect your account.
Verify your account.
After providing your name, date of birth, country of residence and phone number, you can buy BAL with cryptocurrencies like BTC and ETH. In order to use fiat currency (i.e. USD or EUR), you’ll need to provide our experts with additional supporting documents verifying your identity. Read about our verification processes here.
Deposit fiat currency.
You can fund your account in a number of ways. How you do so will depend upon your location and preferences.
Once your account is funded with fiat, you’re ready to purchase BAL. At this point, you’ll also gain access to our advanced charting tools, 24-hour global client support and the ability to utilize spot trading on margin*, features that help make the Kraken experience beloved by millions of global traders.
*Availability of margin trading services is subject to certain limitations and eligibility criteria.
24/7/365 Customer Support
Trading is really pretty simple! If you have any questions about buying COMP, let us know. Our support staff is online all day, every day, ready to help.
You can reach us anytime on LiveChat or by email.
Where to keep your BAL
Once you buy BAL, you’ll need somewhere to safely store your cryptocurrency.
Kraken is secure, but it’s always safest to keep your BAL in a wallet, a software or hardware device that stores the public and private keys required to make crypto transactions.
Balancer is a platform built on top of Ethereum, meaning BAL can be stored in an Ethereum wallet, of which there are many. Mobile and web wallets can make transactions easy, while hardware wallets are perhaps best suited for secure, long-term storage.
When choosing a crypto wallet for your BAL, first spend some time thinking about what you plan to do with your tokens to find a wallet that fits your needs.
Kraken is not a wallet service
It is important to note that Kraken is an exchange service and not a wallet service. So while we allow our clients to hold BAL in their accounts, we highly encourage you to separate your BAL holdings into multiple wallets.
Start buying BAL
Ready to take the next step toward trading on emerging asset exchange protocols? Click the button below to buy BAL on Kraken today!