Bancor program itself is something I stumbled upon actually in my quest to purchase Kin tokens last week. Kin (KIK's token) is trying to build something similar to steemit and swagbucks combined all into one with their social media platform. you can check it out here: https://www.kik.com/kin/
The exchange is pretty simple but accessing it is another beast. The bancor protocol is a decentralized exchange for tokens.
You have to use Wechat, Telegram, or Facebook Messenger app to access account. This process can be simple if you have these programs but can be confusing since your using the chat to sign into the account via a Bancor conversation with a bot to sign up.
I guess its trying to be simpler but in essence it made things a little more complicated rather than a standard sign in process that I am used to. But maybe its just me, and my perception let me know in the comments.
Once you get on the platform you need to either create a wallet or link via Metamask.
Once connected you need to send some Ethereum or ERC-20 token to your wallet address. Now this is the part that kinda pissed me off.
I transfered $50 eth as a test to Bancor exchange and it arrived in like 5 minutes which was cool. I then proceeded to exchange for kin tokens. There is a $4.00 fee on the trade. It was very counterproductive with such a high fee but it was the easiest exchange to access Kin tokens.
Honestly I think its more of an ETH issue than a Bancor issue.
Now it was very nice that it instantly quotes up the price as soon as you enter the buy phase of the trade and that it requires password to be entered to execute the trade.
If they get the fees down then this exchange would be amazing as it has some decent assets on it. Overall this was my best experience with a decentralized exchange in contrast with some of the other ones that are super annoying to deal with. This was the closest feeling to a Centralized exchange vibe with a much friendlier buying process( - the fees)
Cheers
Dante
