we will be answering them in detail in this ‘How to Buy Binance Coin guide,’ telling you everything else you need to know before buying BNB coins and providing you with a step-by-step guide on how to buy Binance coins from top-rated and most reputable crypto trading platforms.
Binance is one of the most successful cryptocurrencies of all time. Launched just a few years ago, the coin has gone on to report one of the highest returns on investment and assumed a near-permanent position among the 5 largest cryptocurrencies in the world by market cap. It has also gone on to become a widely used cryptocurrency not only within the Binance ecosystem but is also gaining acceptance as a medium of exchange, and a store of value – especially for speculative investors.
Its token prices have been rising steadily, making BB coins a must-have for most crypto traders/investors. But how do you buy Binance Coin? What are the best exchanges to buy Binance coins globally and in what ways can you invest or use the purchased Binance coins?
These are some of the most common questions that virtually every new crypto investor struggles with at the beginning of the crypto investment journey.
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81.4% of retail cfd accounts lose money
Capital At Risk
First, you need to create an account with an exchange listing Binance Coin. Although there are several options available to buy Binance Coin, we will go over what we consider the best in this article.
Before you sign up for an exchange, do some due diligence to ensure that your selected crypto exchange is safe and reputable. We will also be telling you what to look for when searching for the best place to buy Binance Coin below.
Your account should have enough funds available to buy Binance Coins. Therefore, deposit some cash into it. Your prospective broker or exchange will offer you multiple deposit and withdrawal options, which include debit/credit cards, e-wallets (Skrill, Neteller, Paypal), bank transfers, wire transfers, and WebMoney, etc.
Once you are done depositing funds in your account, you can start buying BNB. However, you may need to first decide whether you wish to acquire actual BNB tokens or trade BNB CFDs. Depending upon your preference, you can select different platforms. For example, eToro allows traders to either buy actual coins or trade CFDs. Similarly, Capital.com supports CFDs trading only.
Note: When you buy actual coins, the transaction does not involve leverage. When you buy BNB CFDs on the other hand, you will have access to leverage (borrowed funds), which means that you can open relatively big BNB trades with significantly low deposits.
Binance Coin is a blockchain-based cryptocurrency issued for the first time in 2017 by the Binance Exchange. Initially, it was launched as a utility token to receive discounts on purchases. Later on, the usage of the Binance coin embraced various applications, including payments for online services, entertainment, and financial transactions.
Binance Coin was launched through Initial Coin Offering (ICO) in 2017. The launch introduced 200 Million BNB tokens to the market, but only 50% of this was sold to the public, with the rest being allocated to the development team and angel investors. Each BNB token was sold for $0.15 and this helped the exchange raise $15 million. Binance exchange allocated the funds raised through ICOs for different purposes, including network up-gradation, brand marketing, and reserves.
Today, Binance Exchange uses one-fifth of its profits to buy back Binance Coins and burn them completely four times a year (every quarter). The crypto exchange has been consistent in burning its repurchased tokens since the launch of the BNB. Recently, Binance burned USD 595,314,380 worth of coins on April 15, 2021. So far, Binance has bought back and burned more than 16% of Binance coins seeing that their total supply has shrunk to 168 Million BJB tokens – according to data from CoinMarketCap.
The Binance coin is meant to facilitate transactions within the Binance ecosystem. It, therefore, can be used as a utility token and for participating in ICO’s launched through the Binance platform. Over time Binance has been accepted as a medium of exchange and can be used to pay for such services as travel accommodations on sites, such as Trip.io, Travala.com, and TravelbyBit, etc. Investors can also use BNB to buy lottery tickets, virtual gifts, or card packs.
More recently, BNB partnered with Asia’s premier video streaming platform – Uplive, which helped accelerate its acceptance and adoption in the region.
The Binance ecosystem is made up of the Binance Exchange, Binance Chain (BC), Binance Smart Chain (BSC), and cryptocurrency wallet (Trust Wallet). While the BC enables the exchange of digital assets, the BSC supports decentralized applications (DApps). On the other hand, the Trust Wallet allows investors to send, receive, and store their digital assets in a safe and ultra-secure environment.
Binance coin and Bitcoin are similar in the sense that they are both cryptocurrency technologies. BNB is the native digital currency for the Binance exchange and Bitcoin is the native digital currency for the Bitcoin blockchain. But that is far as their similarities go because the two cryptocurrencies are inherently different when it comes to their architecture and purpose. Here are two key differences between the two cryptocurrencies.
Bitcoin is designed to serve as a digital store of value and a medium of exchange. It is on a mission to eventually replace the inflation-prone fiat currency as the preferred currency. Binance coin, on the other hand, is a token for the Binance exchange and ecosystem. It is aimed at facilitating transactions within the Binance network.
Bitcoin has a hard-capped maximum supply of 21 million coins which are constantly mined by its pool of transaction validators across the world. The mining reward is halved every four years, and the last Bitcoin is expected to be mined in 2140. At the moment, there are 18.7 million Bitcoins.
On the other hand, there currently are about 168million Binance coins today. They started at 200 Million in 2017 but Binance has committed to cutting down on this supply by using a share of the exchange profits to buy and burn BNB tokens.
When the Binance exchange launched, about 200 million BNB coins were created to facilitate transactions with the network. But only 100 Million were sold to the public in an ICO that lasted 20 days earned the exchange $150 million – giving each BNB coin a listing value of $0.15. According to CoinMarketCap, however, the exchange-linked coin ended its first full day of trading – 26th July 2017 – valued at $0.105. And in the 96 hours that followed, BNB coin price tanked and hit its current all-time low of $0.096 on 1st August 2017. The fact that both the coin and exchange were relatively new ensured that it missed out on the crypto market rally sweeping the markets at the time.
The coin, however, received a warm reception from the market and its prices started rising steadily to hit $1 in late September before crossing the $10 mark on 8th January 2018. However, this price would trip and fall, forcing BNB to trade below $10 for the rest of 2018.
Throughout 2019 and 2020, the Binance coin attempted several price jumps – reaching $37 in April 2019 but falling and trading $30 for the rest of the year and the better part of 2020. But as lead coins – Bitcoin and Ethereum – started rallying in the last quarter of 2020 Binance took off and embarked on a wild rally.
It crossed into 2021 trading at $37 but rallied fast to end January 2021 trading at $44. The first 19 days of February 2021 proved to be most impactful for the Binance coin as it grew its price by more than 7X to reach $332 and ready the coin for the run to the peak. But before the race to the top, it consolidated and had its prices drop to $230 by 25th March. The consolidation would however be followed by a spirited rally that saw the coin set its current all-time high price of $690 on 10th May 2021.
As of this writing, the BNB coin has shed more than 54% of this value and is currently trading at $310. It ranks 4th in CoinMarketCap’s list of top cryptocurrencies and has a live market cap of $53 Billion and a circulating supply of 168 million BNB tokens.
There are several ways in which you can invest in Binance coin (BNB). Given below are four of the most popular.
Buying cryptocurrencies cheap and holding them to sell at higher prices is one of the most popular forms of crypto investments. While BNB tokens fall amongst the top favourite digital coins, experts anticipate the crypto price to increase in the future.
Opening a CFD contract is yet another effective method of investing in BNB coins. Trading BNB CFDs means buying coins with leverage. You don’t have to buy the actual coins. Instead, you can open a speculative position with a fractional amount. Remember, CFDs are high-risk and complex products and can be unsuitable for all investors. Before trading CFDs, you should fully understand the risks involved and take into account your individual circumstances.
You can also day trade your Binance Coins. Day trading is a short-term trading strategy that involves opening and closing multiple BNB trades on the same day. It is one of the most effective strategies for investors looking to generate quick returns.
Note, however, that the risk involved in day trading is slightly higher than other trading strategies. Before you consider day trading, ensure that you are well versed with the crypto markets, have ready access to advanced trading tools, and have sufficient trading capital.
Given below are some most popular methods to buy Binance coins. However, you can select the one that suits you more.
Buying Binance Coin with a debit or credit card is probably one of the most convenient methods. Besides being globally accepted, purchases made via debit/credit cards are instantaneous and less expensive. Further, most crypto exchanges support card payments and don’t charge any fee on deposits.
Buying BNB coins on eToro using PayPal is also quite hassle-free. Note, however, that PayPal is only available in select countries across the world. Therefore, it is worth checking if your chosen platform supports PayPal payments in your country. If both your platform and PayPal are supported in your country of residence, you may use the platform to deposit.
Payment through e-wallets (Skrill and Neteller) is yet another cost-effective method to buy BNB coins on eToro. But like PayPal, the availability of these e-wallets depends on your country of residence.
Bank Wire is also one of the supported payment methods on eToro. One of the benefits of using a bank to deposit funds into eToro is that there is no maximum deposit limit and the minimum limit is $500. Most eToro platform users, however, don’t prefer bank wire deposits and withdrawals because it may take up to 7 business days for the deposit/withdrawal to be processed.
You can buy BNB coins on eToro without verification. Since eToro allows you a grace period of 14 days, during which time you can deposit funds into the user account even though your identity isn’t verified yet. But the option is however only available to residents of a few countries and the maximum you can deposit into an unverified trading account is $2250.
Here are the three must-haves that every cryptocurrency trader/investor needs before they can start buying Binance coins.
You must have an account opened with a broker or a crypto exchange before you could start buying Binance Coin (BNB). Hereinbelow, we will introduce you to some of the best places to buy BNB globally.
You can’t start buying BNB coins before depositing funds in your approved crypto trading account. Therefore, add some money to your trading account. Most platforms let you buy Binance Coins worth as little as $1, but the minimum initial deposit may be higher.
A crypto wallet is another prerequisite that you must have in hand well before you start buying BNB tokens. You need it to store and hold your purchased BNB coins. Thankfully, though, almost all crypto exchanges provide their platform users with in-exchange wallets where the purchased coins are delivered.
There are typically two platforms to consider while buying Binance Coin (BNB), namely crypto brokers and crypto exchanges. Typically brokerages let you buy BNB derivatives like CFDs and futures contracts. You can’t buy actual coins from most crypto brokerages. Exchanges, on the other hand, allow you to buy actual coins. They give you the private keys that serve as proof of ownership of the purchased BNB tokens.
Finding the best trading platform to buy Binance Coin could be a difficult task to do, especially when you have multiple options available. However, with some guidance, things become more manageable. Listed here are some of the factors that you should consider before opening an account with any BNB broker or exchange.
Before registering with a crypto brokerage or exchange, check that they are of good repute. In such a case you will want to first ensure that they have a highly responsive support team, the exchange is reliable. Check online reviews and see other users’ experiences with the platform before registering an account.
Carefully review the supported deposit/withdrawal options and their associated cost, check the deposit/trade minimums, and if they charge deposit or withdrawal fees. You may also want to know the lead time each payment method takes to process your transactions.
Besides other factors, a platform should have an easy-to-use trading interface. Despite having rich features and trading tools, a platform with a complex interface will only confuse you instead of adding any benefit to your trading experience.
Before registering a trader account with a crypto trading platform, ensure that it has put in place adequate measures to keep your deposits, crypto assets, and sensitive personal information safe and secure.
You will also have to check the total trading fees charged by a BNB coin trading platform before creating a trader account. Confirm if they are transparent with the fees or if they maintain hidden fees or charges.
After looking at the different ways to buy Binance coins, learning where to buy them, and orienting ourselves with the best ways to invest in BNB, it is now time to look at the best places to buy digital assets. Here below, we discuss the 5 best places to buy Binance coins in 2021 and provide you with a step-by-step guide on how to purchase your first coin.
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eToro stands out from the competition because it is one of the few brokerages that let you buy BNB coins and CFDs. The company then maintains a highly transparent fee model for both the actual token and derivative trades. You will for instance pay a 2.45% spread on trading Binance coins on the platform. Plus it lets you view all the fees affecting your trade before you hit the buy button.
While the signing-up process is fast, multiple payment options make it even more convenient for clients to get started with the broker immediately. At present, the broker accepts payments through debit/credit cards, Skrill, PayPal, Neteller, wire transfers, bank transfers, WebMoney, and some other local payment methods. The minimum amount you need to open an account with eToro is $200, $500 for bank wire, and $50 for eToro.US users.
Note: The purchased Binance coins will be delivered to your eToro exchange account wallet. To move them to a third-party wallet or another crypto exchange, you will need to move them to the free eToro mobile wallet app first.
81.4% of retail cfd accounts lose money
Since traders can’t buy actual coins on Capital.com, you will not need a digital wallet when trading BNB CFDs on the platform. The brokerage does not charge trade commissions and it also maintains a highly transparent fee model with some of the most competitive crypto trading spreads. For instance, the spreads for trading Binance Coin CFDs on Capitla.com start from 13 pips.
Additionally, the brokerage maintains a hassle-free sign-up process along with multiple deposit options, making it a preferred choice for both newbies and veterans crypto traders. The best part is that the company doesn’t charge an inactivity fee. There are no charges on deposits and withdrawals either. The minimum initial deposit on Capital.com is $20 and supported payment options; an investor can use a a credit card or a debit card, Skrill, Neteller, Giropay, QIWI, Webmoney, Trustly, and the traditional wire transfer.
Note: Capital.com only offers crypto CFDs and not the actual coins. Hence, all the crypto assets bought at capital.com are non-transferable.
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Binance is arguably the world’s largest cryptocurrency exchange based on the volume of trade and registered users. It started in late September 2017 and the Binance Coin serves as the native token for the Binance exchange. This then makes the Binance exchange, arguably the best place to buy Binance Coin tokens – especially considering that you will be presented with a 25% discount on fees when you for the transaction in BB coins.
Binance comprises three platforms, including Classic and P2P exchange. Binance Classic serves to be the most straightforward trading interface to allow traders to buy and sell crypto assets.
Lastly, the Binance P2P exchange allows customers to communicate with each other directly on a secure platform that allows them to customize the terms and conditions for their BNB trades.
On Binance you can buy Binance Coins with a credit card or a debit card or through integrated third-party exchanges like Banxa and Simplex. You could also choose to deposit another cryptocurrency to your Binance account and later convert it to BNB using the crypto conversion feature.
Cryptocurrencies have become widely popular amongst the masses. One of the common ways to get cryptocurrencies is to buy them. However, due to Binance’s increased popularity, it is increasingly being offered as a gift or tip among friends and acquaintances.
Faucets are websites that offer free BNB coins when you contribute to different tasks hosted therein. Here, you are rewarded with coins when you complete a specific task. For example, you might need to play a game, watch a video, or bring a referral.
Different DeFi protocols on the Binance network allow you to stake your Binance assets. You will then be rewarded with interest after the staking period. This appeals to long-term Binance Coin investors as it allows them to earn doubly from their Binance holdings- first from Binance coin value appreciation and secondly, from the staking reward.
After buying BNB coins, you may wish to know how to use them best. Listed below are a few ideas that are worth considering.
HODLing your BNB tokens anticipating an increase in their prices can be a good idea. By doing so, you can sell your BNB coins at higher prices. However, cryptocurrencies are highly volatile; there is an equal chance for cryptocurrencies to lose their value in no time. Therefore, it is always suggested not to invest money you can’t afford to lose.
You can also day trade your BNB coins on the listed brokerage firms and exchanges. Day trading is one of the most effective methods. However, day trading is a comparatively riskier form of investment. It might not suit beginners. But, you can seek professional help and let someone experienced manage your account. You can also consider subscribing to a copy trading platform.
Cryptocurrencies have been used as a supported payment method worldwide. Binance has recently launched Binance Pay, making it possible for you to spend your BNB coins in paying for different services and products at thousands of retail merchant outlets globally.
You can donate some of your BNB coins to a non-governmental organization championing different charitable courses. Today, most charitable organizations are crypto-friendly and will gladly accept BNB coin donations.
Reddit & Quora are the two most popular platforms to read customers’ experiences in almost every niche. We also tried to find people’s views on investment in BNB coins. Given below is a quick summary of our findings.
The Quora community seems to be in full support of investment in BNB coins. According to most members on Quora, the Binance coin holds massive potential to witness a surge in its price due to various reasons. First of all, the exchange’s practice of burning BNB coins at regular intervals will keep the coin circulation limited. Hence, there will always be an increased demand for the coin, which will help the coin’s price rise. Secondly, the coin is issued by the world’s most popular and largest cryptocurrency exchange.
Some other crypto enthusiasts seem to be supporting Binance Coin as they believe that ongoing developments of the Binance exchange suggest that the company envisions making the BNB coin as a primary infrastructure provider for the whole blockchain ecosystem. Lastly, the company launches new products and services consistently, which becomes one reason why a vast community of crypto traders feels inclined towards investing in the BNB coin.
All matters Binance coin are discussed within the highly informative and vibrant Binance Subreddit. Here the community of Binancians (Binance coin investors/traders on Reddit) discusses news and events surrounding both the Binance exchange, coin, and the larger Binance ecosystem.
The subreddit moderators regularly update the followers with news and announcements about the Binance coin. The community, on the other hand, discusses the impact any of these will have on the prices and future of the coin. Here, you will also find highly informative reviews, guides, and opinions about the coin and the Binance network.
At the moment, for instance, the hottest discussions within the channel revolve around Binance relations to regulations, the impact that hard stand against Binance by different financial regulators will have on the network and the coin fees, and the sustainability of the ecosystem.
There also is a lot of commentaries and discussions about Binance Coin’s future prices, debates on whether it will ever rise and break above the current all-time high, and if it will eventually overtake Ethereum and Bitcoin as the lead blockchain network and cryptocurrency.
Binance has had an inspiring past seeing that it was launched a few years ago and it now has a near-permanent position among the top 5 largest cryptocurrency projects of all time. From a listing price of $0.15, the Binance exchange linked token reports more than 270,000% return on investment. Given such an attractive past price performance as well as its promising future, it has become such a valuable asset among both professional and novice crypto investors.
In this guide, we have provided you with a step-by-step guide on how to start investing in the Binance coin. We started by looking at how the coin works and price history, we looked at different ways of investing in Binance coin, highlighted the different ways to invest in the exchange-linked coin, and then provided you with a step by step guide on how to buy Binance globally on what we consider to be the best places to buy BNB tokens.
Go over this guide again, identify the trading platform that best suits you, register an account, deposit some cash and start your Binance Coin trading journey.
There are a few different places where you can buy BNB tokens. One option is to purchase them through an exchange like the ones listed above. Another option is to use a service like Changelly, which allows you to directly convert your fiat currency into BNB. Finally, you can also find someone selling BNB tokens on a site like LocalBitcoins.com. Whichever option you choose, just be sure to do your research first and make sure you’re getting a good deal!
There is no one right way to buy BNB. Some people prefer to buy it on an exchange, while others prefer to buy it from a friend or family member. Still others like to mine it. Whichever way you choose, just be sure to do your research and always use caution when investing in cryptocurrencies.
If you want to buy BNB instantly, then you have to find a reputable exchange that offers this coin. Binance is one of the most popular exchanges that offer BNB, so you should definitely check it out. Once you find an exchange that offers BNB, simply create an account and deposit some funds. From there, you’ll be able to buy BNB with your deposited money.
No one can definitively say whether or not Binance Coin (BNB) is a good investment – it all depends on the market conditions at the time you purchase it and your own personal investment goals.
There are a few ways to buy BNB without an ID. One way is to find someone who is willing to sell you BNB directly. Another way is to use a Bitcoin ATM. There are many Bitcoin ATMs around the world that don’t require an ID. Finally, you could also use a service like LocalBitcoins.com which allows you to buy and sell Bitcoin without an ID.
Yes, you can absolutely buy Binance Coin (BNB) with a credit card. In fact, it’s one of the easiest ways to get your hands on some BNB. Just head over to a platform that accepts credit cards as a payment method and follow the instructions.
It depends on what you’re looking for. If you’re looking for a stable and secure investment with a good return, then BNB might not be the best option for you. However, if you’re looking to make a risky investment in order to potentially earn a higher return, then BNB could be a good choice. It’s important to remember that no investment is guaranteed, so always do your own research before making any decisions.
There’s no doubt that BNB has a bright future. With all the buzz it’s been getting in the past year or so, it’s only a matter of time until it becomes a household name. Some people might say that BNB is just a bubble waiting to burst, but there’s belief that BNB will continue to grow in value and popularity for years to come.
There are a few ways to buy BNB with fiat, but the most common method is through a cryptocurrency exchange. Most exchanges will allow you to trade your fiat currency (USD, EUR, etc.) for BNB. Some popular exchanges that support BNB include the ones listed above. The process of buying BNB on an exchange is usually pretty simple: create an account on the exchange, deposit your fiat currency into your account, and then place an order to buy BNB using that currency.
The cheapest way to buy Binance Coin (BNB) is to purchase it on a cryptocurrency exchange such as the ones we listed above. You can also buy BNB directly from someone else who is willing to sell it to you. However, the cheapest way to acquire Binance Coin may not necessarily be the best way, as you could end up paying more in fees than you would if you purchased it on another exchange. It’s always important to do your research and compare prices before making any major purchase.
Yes, you can buy BNB with PayPal. In fact, PayPal is one of the many ways you can purchase Binance Coins (BNB). Just find a platform that lists PayPal as a payment method and get on with it.