How to Buy Binance Coin (BNB)

How to Buy BNB

There are different steps to which Binance coins can be purchased. Once these steps are followed orderly, your purchase of the Binance coin will be successful. These steps are straightforward, and as you read on, they will be explained in detail. Let us begin by expanding your knowledge on the Binance coin itself.

What is BNB

Binance coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol. Initially based on the Ethereum network, it is currently the native currency of Binance’s blockchain, known as the Binance chain. It initially ran on the Ethereum blockchain with ERC 20 standard but later became the native coin of the Binance chain. In terms of market capitalization, the Binance coin ranks behind only Bitcoin, Ethereum, and USD Tether, and its market capitalization is approximately $56 billion. It uses one-fifth of its frolics to repurchase and permanently destroy Binance coins held in its treasury every quarter. It is also supported by the cryptocurrency platform, the mobile app, the VISA debit card of Monaco, and pioneering payments. Binance coins can also be used to invest in certain ICOs that are listed through Binance’s Launchpad program. An initial coin offering (ICO) is an unregulated means by which funds are raised for a new cryptocurrency venture. The use of Binance and New cryptocurrencies list on the Binance exchange provides a seamless marketplace for trading in a variety of established and new virtual tokens.

The History of BNB

BNB was launched in July 2017 during an initial coin offering (ICO) and also had a maximum of 200 million BNB tokens. It offered 20 million BNB tokens to angel investors, 80 million to the founding team, and 100 million to the various participants through the ICO process. In the year 2017, it was created as a utility token for discounted trading fees, and its uses expanded to numerous applications such as payments for transaction fees (on the Binance chain) at places such as (Crypto.com, Monetha), entertainment purposes like (Card pack, virtual gifts, and lotteries), travel bookings at sites such as ( Travel by Bit, Trip.io, and Travala.com), online services (Canva, Bit Torrent, Storm), and also financial services like take out Al loan at ETH lend or make an investment at Moeda. As of June 2021, the Binance exchange was ranked as the largest cryptocurrency exchange in the world, supporting more than 1.4 million transactions per second. The Binance Smart Chain was processing as much as 3.7 million daily transactions, triple the amount of Ethereum’s all-time high in daily transactions but down from a record of almost 12 million daily transactions reached in May 2021. Then in August 2021, it was ranked as the fourth-largest cryptocurrency by market capitalization, leaving Bitcoin, Ethereum, and USD Tether as the top three.

How Much is BNB

Just like all other cryptocurrency markets, the Binance coin is quoted and traded in U.S dollars. Demand and supply also determine the specific market price per token. 

For instance, since the Binance coin was launched in the year 2017, it has increased by over 620,000%. This results in an all-time peak of $620 per token. This is a result of the number of people looking and searching to purchase Binance coins far overweight those that wish to sell Binance coins. That being said, the price of a Binance coin on one exchange or broker can be different from the other. This happens because the Binance coin, like every other digital token, is not traded on a centralized exchange like stocks. Rather, the price on every single exchange or broker is based on the trading activity of the respective exchange.

Price Prediction

The price of the Binance coin does not remain constant. It changes from time to time, but we can say one Binance coin is equivalent to 404 United States dollars, and one Binance coin is also equivalent to 167580 Naira.

Binance has the lowest transaction fee rate among all major trading platforms. Like coin base, for example, has a fee rate of 1.99%, Kraken has a fee rate of 0.26%, but Binance has a fee rate of 0.1 %

What You Need to Buy BNB

Before you can buy a Binance coin, some basic things are needed for you to possess. Some of which are authentic documentation of some information. This will be needed for you to create an account to buy Binance coins from any of our available sites. After having a verified account, you would then need to have a legitimate source of payment to purchase your Binance coin. Once you have all that is required, you will be able to buy your Binance coin without problems.

Quick Guide to Buying BNB

Using an SEC-regulated platform like eToro can make it secure and faster for you to buy Binance coins. By doing this, you will be able to invest in Binance coins from $10 on a spread-only basis. There are some steps you would have to follow to buy the Binance coin as mentioned earlier and the steps are as follows:

Decide Where to Buy

To buy your Binance coin, you would first have to decide on where to buy Binance coin from. This step is the first step to take when you want to buy your Binance coin. There are various sites you can decide to buy your Binance coin from. Sites such as crypto.com, coinmama, and so on. These sites have different features and different ways they function.

Verify Your Account

To do this, you will have to put in your personal information as required and also your contact details to create an account with eToro. Then you would have to choose a username and a password afterward, verifying your phone number. 

Make Your Purchase

After verifying your account, you will have to deposit at least $10 using either a visa, PayPal, Master Card, or Online banking as your payment method. Other payment methods are also accepted.  After making payment, you would be required to specify how much you would like to invest in a Binance coin, either from $10 and above. Then you would confirm your order to buy Binance coins on a spread-only basis.

Think About Storage

After purchasing your Binance, you most definitely would have to decide on where you would like to store them. Binance coins are stored in wallets, and various wallets can be used to store your Binance coin. The various types of wallets are:

Hot wallets: These wallets store your Binance coin online; a smartphone is a good example. Hot wallets are convenient for sending, receiving, or trading cryptocurrencies and tokens. 

Cold wallets: Unlike hot wallets, cold wallets do not connect to the Internet. It does this to eliminate significant online attack vectors.

Various other wallets can be used to store your Binance coin, for example, the hardware wallet and paper wallet.

Best Places to Buy BNB in 2024

eToro

This is a well-known Israeli fintech company and a social trading broker which was established in the year 2007. It serves other customers by a Cypriot unit that is regulated by the Cyprus Securities and Exchange Commission ( CySEC). It also serves the United Kingdom clients through a unit regulated by the Financial Conduct Authority (FCA) and also Australians through the Australian Securities and Investment Commission (ASIC).

Pros

• Free Commission stock trading.
• The process for opening an account is fast and seamless.
• Comprises various features, just like social trading.

Cons

• Their non-trading fees are very high.
• USD is the only currency you can use

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CoinMama

Coinmama offers the ability to Buy or purchase some of the most popular cryptocurrencies, one of which is the Binance coin.

Pros

• Offers access to 10 cryptocurrencies.
• There are no fees for crypto deposits or withdrawals.
• Range of payment options.

Cons

• The fees are higher than some other providers.
• It does not allow crypto-to-crypto transactions.
• Has no crypto wallet or mobile app.

Crypto.com

Crypto.com is a virtual currency secured by cryptography. It is designed to work as a medium of exchange where individual ownership order is stored in a computerized database.

Pros

• It is a cheaper alternative compared to other online transactions.
• Payments are secured and safe.
• They also offer an unprecedented level of anonymity.
• Funds transferred are also completed with minimal processing fees.

Cons

• Payments are not irreversible.
• They are not accepted everywhere, and they also have a limited value elsewhere, which varies from place to place.
• The cost of producing a Binance coin requires an increasingly large amount of energy, which isn’t environmentally friendly.

Gemini

Gemini is a user-friendly cryptocurrency exchange that could be a good choice for beginners and experienced traders alike. Gemini offers more than 50 cryptocurrencies, including Binance coin, bitcoin, and ether, as well as a limited selection of crypto-to-crypto trading pairs. With industry-leading security features, it’s a hot wallet, and a comprehensive support center, you can consider Gemini as an option if you are interested in crypto investing or trading.

Pros

• It offers more than 50 cryptocurrencies.
• It is available in all U.S States.
• There is site insurance of digital assets against exchange hacks.

Cons

• Its trading fees are higher than some other crypto exchanges.
• It has a limited number of cryptocurrencies; only around 100 cryptocurrencies available.

BNB Buying Methods

There are various methods that you can use to buy Binance coins. These different methods have different advantages over other methods. The method which is most convenient for you can be your choice of buying Binance coin. Some of these methods that can be used to buy Binance coins are:

• PayPal
• Debit card
• Credit card
• Bank Transfer 

FAQs

What is The BNB Used For?

There are various ways to make use of the Binance coin. Apart from it being used for Binance exchange, the Binance coin also has several other uses, such as the power to:

• Purchase virtual gifts
• Initiate investments
• Process payments 
• Make Credit Card payments 
• Pay for travel accommodations on particular websites 
• Donate to charity 
• Make transfers and loans

What is BNB Market?

The BNB market is simply referred to as the place where trading of BNB takes place. That is, where BNB is bought and sold. The secondary market is where most BNB purchases are carried out, and traders can purchase and sell BNB on Binance.com and other cryptocurrency platforms.

Is Binance Banned in The U.S?

Most people are curious as to if Binance is banned or not in the U.S. The answer is no, but Binance is not banned in the U.S. But in May 2021, a report was brought by Bloomberg stating that investigations were carried out by the Justice on Binance holdings. It was stated in the report that tax sleuths and laundering had probed individuals with an insight into Binance’s business. So yes, it might be a hotspot at the moment, but it is not banned.