Where to Buy Biconomy Token – Beginner’s Guide

Biconomy (BICO) is the native coin of the Web3 decentralized applications network Biconomy. After opening 2022 at around $4.55 Biconomy token has traded as low as $0.35 before bouncing – some investors are interested in buying the dip now that BICO has been listed on more crypto exchanges.

This guide will review the best places to buy BICO, chart its price action and attempt to predict a future price forecast for this relatively new cryptocurrency (starting trading in late 2021) – as well as giving an overview of the Biconomy project and its tokenomics.

Where to Buy Biconomy Token – Best Crypto Platforms

Unlike some of the Web3 coins that don’t make it onto major exchanges such as Coinbase, Binance and Crypto.com, Biconomy (BICO) was listed on all three early on in its roadmap.

1. Crypto.com – Margin Trade Biconomy

Crypto.com offers both spot trading and perpetual futures trading pairs, for advanced day traders that want to margin trade crypto with leverage. BICO was listed on Dec 2nd, 2021.

At the time of writing a BICOUSD-PERP pair hasn’t been added, but may be added – many of the 250+ altcoins on the Crypto.com exchange with a high trading volume do have those pairs. There is however a BICO/USDT pair with up to 10x leverage.

If a trader was confident BICO had bottomed out after its 95% correction since November 2021 for example – opening a low leverage long position on BICO could be a profitable trade set up. Shorting BICO is also supported.

Crypto.com also offers an automatic dollar cost averaging bot – its own in-house trading bot. Rather than make trading decisions however what it does is allow investors to scale into a position slowly over a set timeline while they’re away from their computer or mobile (Crypto.com also has an iOS and Android app).

Crypto.com is most well-known for being a DeFi lending platform – it offers a DeFi wallet and the option to earn interest on crypto and DeFi tokens – recently adding support for Fantom, Zilliqa and NEAR Protocol.

Users can earn up to 14.5% annual percentage yield (APY) on crypto coins they hold on the platform, and up to 10% on stablecoins.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

2. Binance – Trade BICO with a 0.10% Trading Fee

Binance also offers both margin and spot trading – supporting both cross leverage and isolated leverage. On Binance the BICO price wicked higher than on Crypto.com, reaching just under $8 in December 2021 – the day one listing pump which often happens on Binance. BICO was listed on on December 9th.

Binance has listed 600+ altcoins, the most of any crypto exchange. However it isn’t regulated and less crypto assets are available if accessing the platform in the United States via Binance US.

Binance offers educational courses on learning to trade through the Binance Academy and supports crypto staking.

Binance is popular for day trading as the 0.1% maker / taker fee structure is competitive and is made cheaper when using BNB to pay the fees and signing up via a Binance referral link.

Binance was one of the few crypto exchanges to hire new employees during the mid 2022 crypto crash rather than laying off staff, alongside  Kraken. They also sponsored Cristiano Ronaldo to be an NFT ambassador for their platform, similar to Crypto.com sponsoring Matt Damon.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

3. Coinbase – Buy Biconomy with USD, EUR

Coinbase listed Biconomy on December 1st 2021 – on the 2nd it then wicked higher in price than even on Binance, to $24, in such a short period of time that price fluctuation is not tracked on CoinMarketCap.

Listing days and shortly after are volatile times for a cryptocurrency asset, trade carefully – some investors FOMO’d into Biconomy early on and are now down on their investment.

Buying Biconomy in 2022 is now possible at a much lower price point. Relative to its all time high on Coinbase, Biconomy is today down almost 98% – although some would write off that wick.

Coinbase is planning to move its advanced trading features from Coinbase Pro – shown in the screenshot above – over to the main Coinbase platform in 2022.

BICO/USD, BICO/USDT, and BICO/EUR trading pairs are available – so traders that would prefer to have to the option to trade BICO against fiat currency like the Dollar and Euro might prefer Coinbase.

Binance by comparison has BICO/USDT, BICO/BTC and BICO/BUSD trading pairs. Coinbase is also popular for its secure crypto wallet which is also an NFT wallet as it supports storing non-fungible tokens.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

What is Biconomy?

The Biconomy platform was built to provide a more streamlined way for businesses and developers to onboard new users onto dApps without the expensive gas fees of the Ethereum blockchain.

Its goal is to be a better infrastructure for the Web3 world, less complicated and intimidating for beginners, to drive user adoption of Web3 with faster and cheaper transactions – allowing users to pay gas fees in an ERC-20 token of their choice.

The Biconomy platform uses software development kits – SDKs – as well as plug and play application programming interfaces – APIs – for businesses to customize their users’ transaction journey.

According to the Biconomy.io website it describes itself as a ‘next generation multichain relayer protocol’ that makes ‘web 3.0 frictionless and mainstream’.

BICO Token

Network fees on Biconomy are paid with its native currency of the same name, Biconomy (or referred to by its ticker symbol BICO).

BICO is also a governance token, i.e. BICO holders have a say in the direction of the Biconomy project and can vote on proposals and upgrades concerning Biconomy’s ecosystem and protocols. Stakeholders, validators, delegators, executors and liquidity providers are also paid in BICO for rewards.

The BICO staking pool pays 18% APY. See our review of the top DeFi staking platforms.

Biconomy Team

Biconomy was founded by a diverse international team of crypto entrepeneurs including Ahmed Al-Balaghi, who worked in the industry after graduating from Queen Mary University of London, software engineer Sachin Tomar, and developer Aniket Jindal.

Biconomy is backed by venture capital firms including Binance Launchpad, Coinbase Ventures, CoinFund, Eden Block, Huobi Ventures, True Ventures and Mechanism Capital.

Another DeFi project making use of Biconomy for meta transactions and gasless BTC deposits is Curve Finance.

Is Biconomy a Good Investment?

Many VC firms are bullish on Web3 in general, continuing to ‘double down’ on investing in Web3 projects despite the ‘crypto winter’ seen in 2022, according to BusinessInsider and similar financial media.

The co-founder of Polygon Sandeep Nailwal has also stated ‘long term Web3 remains mega-mega bullish, so newbies should keep learning and builders keep building’. Former Twitter and Square CEO and cryptocurrency proponent Jack Dorsey has even announced his own project centred on ‘Web5’, an even more decentralized version of the web.

The question is whether Biconomy and its native coin BICO can play a role in that – it’s possible as there aren’t many projects with a similar utility. There are other Web3 coins on the market such as Basic Attention Token (BAT) and RadioCaca (RACA) but with different use cases to BICO.

Biconomy Price

As of mid 2022 the BICO price is trading at around $0.50 – $0.52 after an over six month bear market – on both BICO and the wider crypto markets, including Bitcoin dropping under $20,000.

Measured from the $16.8 all time high on CoinMarketCap (although BICO hit $24 for a split second on Coinbase) the price of BICO is down 97%.

The $2 level which acted as support in early 2022 was then flipped to resistance in April, when the BICO price was rejected from that level during a bearish retest.

BICO Price Prediction

Ethereum corrected by a similar amount during the 2018 bear market (around $1,440 to $81) then recovered in the next bull market. Some altcoins never recover though – it’s wise not to over-invest in one coin unless it’s BTC or ETH, and debatably even not then.

Biconomy has a low market cap at just under $75 million at the time of writing – ranked #281 on CoinMarketCap. It wouldn’t take much buying volume for it to pump – selling pressure should be low also after six months of prolonged bearish price action.

Most altcoins do have more than one bull cycle so it’s likely at some point the BICO price will move up to retest some higher levels – such as $2 – if only as a short squeeze. Investors might want to set limit orders to sell in advance as any move to the upside might be a short term wick.

The 21 weekly EMA is at $1.35 currently so a simple mean reversion play would be an over 260% price move to the upside – at some point the price should retest that exponential moving average.

Crypto Youtuber Jacob Crypto Bury posted a video ‘What is Biconomy’ reviewing the Biconomy project background as well as making a BICO price prediction:

Best Ways to Buy Biconomy

Three of the most commonly used ways to buy Biconomy are those below:

Buy BICO with Debit or Credit Card

Using a debit card can incur high fees of around 2.99% on exchange platforms like Crypto.com and Coinbase. It is a common method however to buy BICO instantly and conveniently. Bank transfers are another method but can take longer to process on some platforms.

Buy BICO without ID

Bybit doesn’t require ID to get started buying cryptocurrency and has listed BICO. Of all the crypto exchanges on the market, it’s probably the one with the best reputation that is also more relaxed on KYC verification.

BICO withdrawals are also still possible without ID, there’s just a lower maximum daily withdrawal limit of 2 BTC – which is still more than enough for most investors.

How to Sell Biconomy

Your open positions in the account will be displayed in your portfolio – find that in the left menu.

Then to close your position, i.e. sell Biconomy back into cash, just click the red cross to the right side. Then click ‘Close Trade’. Alternatively you could transfer your BICO tokens to Crypto.com if you want to short sell BICO or convert BICO into Tether (USDT).

Conclusion

Biconomy has been in a bearish downtrend since its launch on major crypto exchanges. Cautious investors might want to wait for it to establish an uptrend before buying BICO and for the wider crypto markets to show signs of recovery. However some might see the current low prices as a buying opportunity, betting on Web3 as a growth industry.

FAQs on Buying Biconomy Token