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How to Buy Biconomy (BICO) in the UK (2022)

Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.

Looking to buy Biconomy (BICO) in the UK?

Check out this list for some places where you can get it in the UK.

Where Can You Buy Biconomy in the UK?

1. Coinbase Pro

Provider Payment Method Trading Fees
Coinbase Pro UK Bank Transfer 0.5% or less
Coinbase UK Bank Transfer 2% (if > £200)
Coinbase Debit Card 5.49% (if > £200)

Coinbase Pro provides a low-cost way of buying Biconomy (BICO) in the UK, but it’s not going to be the right choice for everyone.

Why?

It’s aimed at traders and enthusiasts – not beginners. If you’ve never used something like this before, then there will be a learning curve.

You also can’t buy Biconomy (BICO) directly with GBP on Coinbase Pro. This means you’ll have to:

  • Buy Tether (USDT) with your GBP on the USDT-GBP market.
  • Exchange Tether (USDT) for Biconomy (BICO) on the BICO-USDT market.

You’ll pay a maximum of 0.01% in fees when exchanging GBP for USDT on Coinbase Pro, but 0.5% when exchanging Tether (USDT) for Biconomy (BICO). Like other popular cryptocurrency exchanges, you’ll unlock lower rates if you trade more over a 30-day period.

One important thing here: While Coinbase Pro and Coinbase are part of the same platform, they’re not the same thing. To understand the distinction, check out this post.

Coinbase WebsiteCoinbase Review

2. CoinJar

Provider Payment Method Trading Fees
CoinJar Exchange UK Bank Transfer 0.1% or less
CoinJar UK Bank Transfer 1%
CoinJar Debit Card 2%

CoinJar is a beginner-friendly platform that allows UK residents to buy Biconomy (BICO) and a growing number of other cryptocurrencies (currently 50+). This includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and other popular coins.

You can deposit GBP for free with a UK bank transfer (via Faster Payments) and then use your account balance to buy Biconomy (BICO) or any other supported cryptocurrency. Using this route, you’ll pay a fixed fee of 1%.

Alternatively, you can instantly buy cryptocurrencies on CoinJar with a debit card. However, you’ll pay a fixed fee of 2% instead.

CoinJar WebsiteCoinJar Review

3. Crypto.com App

Provider Payment Method Trading Fees
Crypto.com Exchange UK Bank Transfer 0.4% or less
Crypto.com App UK Bank Transfer Variable Rate
Crypto.com App Debit Card 2.99% + Variable Rate

Using the Crypto.com app, you can buy Biconomy (BICO) and more than 170 other cryptocurrencies – including some, like Nano (XNO), that can be a bit trickier to find.

You can deposit GBP with a UK bank transfer for free. Although it supports Faster Payments, I’ve found that it’s not as fast as alternatives like Coinbase or CoinJar.

It’s also possible to instantly buy cryptocurrencies available on the Crypto.com app with a debit card, but you’ll pay a fixed fee of 2.99% (in the UK, it’s different elsewhere). However, fees are waived for the first 30 days after creating and verifying an account (find out more here).

Unfortunately, the prices you’re quoted when buying a cryptocurrency using the Crypto.com app aren’t the same as you’d find on a highly liquid exchange like Coinbase Pro or Binance. I’ve typically found that prices are more than 1% higher (but it varies all the time).

Because of that, I’ve stopped using it to buy cryptocurrencies (unless I can’t find them elsewhere).

But besides this, the Crypto.com app offers other things worth checking out – such as the ability to earn interest on your cryptocurrency, buy gift cards with crypto, and one of the best bitcoin debit cards on the market right now.

Download AppCrypto.com Review

What is Biconomy (BICO)?

Biconomy (BICO) is the native token for Biconomy, a self-proclaimed “next-gen multichain relayer protocol” that wants to make Web3 as accessible as possible. The BICO token is used to pay network fees on Biconomy. It also provides user incentives and governance votes in the Biconomy ecosystem.

The premise behind Biconomy is that it lets users connect to DApps (decentralised apps) and other Web3 interfaces without the need to pay gas fees. Biconomy also hopes to make DApps more user-friendly by making them easier to understand and navigate for people who are venturing into the cryptosphere for the first time.

Both Biconomy and the BICO token were founded by a team of developers that included Sachin Tomar, Aniket Jindal, and Ahmed Al-Balaghi. The company behind Biconomy was founded in 2019, but the BICO token wasn’t launched until 2021.

For an overview of what Biconomy is and how it works, check out this quick video:

How does Biconomy work?

Biconomy is an infrastructure protocol that allows for efficient and low-cost transactions on multiple blockchains.

Many of Biconomy’s features are designed for DApp developers. They’re available through an API (application programming interface) and SDK (software developer kit) package called Mexa that the regular crypto user wouldn’t use on a daily basis.

However, Biconomy has a handful of features and tools that are specifically designed to help people who interact with crypto and DApps, so those are the features I’ll focus on here.

Biconomy currently has three main products.

1. Hyphen

Biconomy’s first product is Hyphen, which is a cross-chain transaction solution that lets you transfer value from one blockchain to another.

It is similar to many network’s native bridges (i.e., Avalanche Bridge and Polygon Bridge), which let you move value to and from Ethereum and another network. However, many of these native network bridges are slow and expensive thanks to their high gas fees.

In response, Hyphen offers faster and cheaper value bridging between EVM (Ethereum Virtual Machine) compatible chains like Polygon and Avalanche. This is made possible by Hyphen’s liquidity pools, which live on each of these different EVM compatible chains.

2. Gasless

Gasless is technically a Biconomy feature that’s designed for software developers. But it has the potential to eliminate gas fees.

With Gasless, users of DApps don’t have to sign for their transactions as this would incur a gas fee. Rather, they sign signatures, which are gas-free.

These signatures let Biconomy relay transactions to forwarders (this is called a meta transaction), which then pay the gas fees on a user’s behalf from a “gas tank” that’s funded by the DApp itself. As a result, DApp users never have to pay gas fees with Gasless.

3. Forward

Biconomy created Forward because, while gasless transactions may sound awesome, the reality is that transactions on the Ethereum network cost a lot of gas. Many DApps simply wouldn’t be able to afford to cover these costs for users in the long term.

To solve this issue, Biconomy created Forward, which is a flexible gas payment solution. With Forward, both DApp developers and DApp users can pay for their gas fees in ERC-20 tokens, like stablecoins, rather than Ethereum (ETH), which fluctuates in value. Forward also makes gas fees more efficient by using relayers that pay the most optimal gas fees at any point in time.

What does the Biconomy (BICO) token do?

The Biconomy (BICO) token is a utility token for the Biconomy ecosystem. It plays three main roles:

  • Transaction Fee Payment: BICO tokens are used to pay for transaction fees on the Biconomy blockchain.
  • Governance Votes: Anyone that holds BICO tokens gets to vote on proposed changes to the Biconomy ecosystem.
  • Staking & Liquidity Rewards: BICO token holders can run nodes to help secure the network. Anyone that holds BICO tokens can also delegate their tokens to node operators. Rewards are paid out in BICO tokens to delegators and node operators. Anyone that provides ERC-20 tokens in the Biconomy liquidity pools also receives BICO tokens as a reward.

Best Biconomy (BICO) Wallets

The Biconomy (BCIO) token is an ERC-20 token that’s supported by a number of hardware and software wallets.

Popular software wallets that you can use for your BICO tokens include:

  • MetaMask
  • Atomic Wallet
  • Coinbase Wallet
  • Trust Wallet
  • MyEtherWallet

You can also use a Ledger or Trezor device to store the private keys to your BICO tokens. However, the wallet interfaces for Ledger and Trezor aren’t currently BICO-compatible. So, you would need to connect your hardware wallet to MetaMask, MyEtherWallet, or another similar service to send, receive, and manage your tokens.

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