How to buy Bonfire Crypto in Australia

Summary: The best way to buy Bonfire Crypto tokens in Australia is to purchase Binance Coin (BNB) via CoinSpot and send it to a Metamask account to then buy on PancakeSwap.

By
James Glennon
on
14 October, 2021
Buy Safemoon Australia
How to buy Bonfire

Bonfire Crypto Review

Bonfire Crypto is a brand new application that is built on the Binance Smart Chain network, which makes it a BEP-20 token for technical purposes. The long-term ambition of Bonfire Crypto is to create a decentralized social networking platform built on the BSC network that will enable artists to sell NFTs amongst many other features.

The token $BONFIRE will provide utility to holders once the application is live by receiving 5% of all transaction fees on the social media network. This is a common utility token scheme and is something that would definitely be achievable for the Bonfire Crypto team.

Buy Bonfire Crypto

How to Buy Bonfire Crypto

As mentioned above, the Bonfire token lives natively on the Binance Smart Chain network - which means you have to get tokens onto BSC to be able to trade. The guide below provides a quick overview on how to buy Bonfire Crypto via the CoinSpot exchange. 

Step 1: Open a CoinSpot Account

The first step you need to undertake to buy Bonfire Crypto is to open a CoinSpot account. To do this, all you will need to do is provide either your personal or company information and provide 100 points of Identity to fully verify.


Step 2: Buy BNB Tokens

Once your account is verified, you will need to buy BNB tokens to be able to then send them to the Binance Smart Chain network to subsequently swap it for Bonfire Crypto. You can do this by selecting the Buy/Sell tab in the navigation menu and finding the Binance Coin (BNB) token. From there, simply input the amount of tokens you want to buy in Australian Dollar terms.


Step 3: Create a Metamask Wallet

When you have completed your purchase, you will now need to create a Metamask wallet that connects to the Binance Smart Chain network. This will enable you to send tokens from CoinSpot to your personalised Binance Smart Chain wallet.

When you have set up your new Metamask Wallet - you will need to create a new network and input the following information for Binance Smart Chain:

  1. Network name: Binance Smart Chain
  2. New RPC URL: https://bsc-dataseed1.binance.org:443
  3. ChainID: 56
  4. Symbol: BNB
  5. Block Explorer: https://explorer.binance.org/smart

Step 4: Send Tokens to Binance Smart Chain

Once you have set up your Metamask wallet, you now need to withdraw BNB Tokens from CoinSpot to your new wallet. The image below provides an example of the network you need to select to successfully do this.

BNB to Bonfire Crypto

Step 5: Trade on PancakeSwap

When the funds hit your account, you must now visit PancakeSwap to complete the trade from BNB tokens to BONFIRE tokens.

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James Glennon

I spent 5 years as a Commercial Lawyer in Australia before stumbling across the innovations behind Bitcoin and the cryptocurrency space. Ever since, I have been committed to learning more and educating the broader Australian community about Bitcoin, hard money, investing and decentralized finance.

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