BNB is one of the most traded and valuable coins all over the world of crypto, so understanding the best ways to trade it is beneficial to any serious crypto trader. Buying Binance Coin on eToro, which is one of the biggest trading platforms in the world, requires following an easy step-by-step process to create your account and fund it.
In this article, we will look at the things to consider when choosing an exchange, everything you need to know about eToro before trading with them, types of platforms offered on the broker, and a step-by-step guide on how to use different payment methods on the platform. If you’re ready to get started, let’s dive in and discover how to buy Binance Coin (BNB) on eToro.
Before you start trading, it is important to decide where to buy your Binance Coin. Choosing the right broker could be the difference between a good and a terrible trading experience. Here are some things to note before choosing a brokerage platform:
Although cryptocurrencies are decentralized and not tied to a location, the exchanges that offer them are often bound to the laws of the country where they reside. Different countries have different regulations for trading digital assets, so ensure you pick an exchange that is registered in a country with favorable laws.
To buy BNB, you need to be able to fund your trading account with ease. This means the exchange you choose should have a wide range of payment methods, like credit cards, debit cards, wire transfer, e-wallets, bank transfer, and so on.
It is important to save costs and maximize potential profits. So, ensure you look out for costs and fees associated with any exchange you wish to use. You can check the cost and fees of trading cryptos on eToro by going to the website and looking for “Fees”. Currently, the eToro trading platform charges a 1% fee on both the open and close transactions of your crypto position.
Generally, a reputable crypto exchange will offer a volume listing interface that showcases a range of buy and sell orders placed by customers. This feature is considered to be a reliable way to determine whether an exchange is trustworthy and worth considering when buying BNB coins. A higher number of buy and sell orders indicates that more customers are using this exchange. Conversely, exchanges that do not make their order books public may raise suspicions and should be approached with caution. It’s advisable to exercise due diligence and research the exchange thoroughly before making any transactions.
eToro is regulated by financial authorities such as the FCA, ASIC, and CySEC, which oversee its operations, ensuring compliance with industry standards and protecting customers’ funds. Its head offices are located in the UK and Australia.
The broker offers relatively low spreads and fees for trading the BNB coin, and also offers traders the option to trade real BNB coins or BNB CFDs. The maximum leverage offered by eToro to EU residents to trade CFDs of crypto assets is up to 1:2. For retail clients outside the EU (Seychelles), the leverage is up to 1:5.
Some payment methods available on the broker are credit cards, debit cards, PayPal, Neteller, Skrill, and bank wire transfer. We would be discussing how to purchase the BNB coin with each of these transaction methods.
eToro offers a proprietary trading platform that you can use on your desktop and mobile devices..
eToro desktop platform is user-friendly and provides access to a range of assets, including cryptocurrencies, stocks, and commodities. It features social trading tools, allowing users to copy other traders’ portfolios and strategies.
You have access to the volume listing, economic calendar, and you can view up-to-date news and notifications about a specific coin when you select the coin.
The eToro mobile app offers a user-friendly interface with easy access to trading and investing in various assets, including cryptocurrencies, stocks, and ETFs. It also features social trading tools and allows users to copy other traders’ portfolios and strategies. With the eToro mobile app, you can trade on-the-go comfortably and receive important news and notifications
Before you can trade the Binance coin on eToro, you need to register on the platform and verify your account.
As explained earlier, you can choose to buy real BNB coins or BNB CFDs at eToro. When you buy real BNB coins, you own the coins and can store them in your wallet – the eToro wallet, or any of your choice. On the other hand, trading BNB CFDs means you speculate the price of the BNB and receive payment for the difference in price in the future.
The main benefit of trading real BNB is that you own the coins and can HODL them for as long as you like. On the other hand, the price volatility of cryptos can make them difficult to purchase and HODL.
The main benefit of trading BNB CFDs is that you can take advantage of the fall in price, as long as you speculate the drop. On the other hand, trading CFDs involve a lot of risks as it involves trading with leverage.
CFD trading also has a risk of high swap rates, which is the cost of holding a CFD position overnight. If the swap rate is positive, traders receive interest, but if it’s negative, they must pay interest. If traders hold a position overnight when the swap rates are negative, it can cost them more money.
Finally, some countries like the UK have banned CFD or other derivative trading with cryptos, meaning traders in these countries don’t have this option.
eToro is one of the most trusted forex and crypto brokers worldwide. It offers access to over a dozen cryptocurrencies, including the BNB coin. For traders looking for how to buy Binance Coin (BNB) on eToro, all you need to do is register and verify your identity. You also need to deposit money in your trading account using credit cards, debit cards, e-wallets and bank transfer. When this is done, you can search for BNB on the trading platform and buy some.
You can decide to buy real BNB coins or trade its CFD. Both methods have their perks and downsides, and depend on your trading goals and strategy. It is important to remember that cryptocurrencies can be volatile, so trade responsibly to avoid losing all or most of your trading capital.
eToro is regulated by bodies like the FCA and ASIC, so it is relatively safe. However, it is important to be aware that trading your money with online brokers is always risky, so it must be done with caution.
No, you can’t trade Binance coin futures on eToro.
eToro charges a 1% open and close fee when you buy BNB or other cryptos.
You can buy BNB instantly on eToro with your credit card.
No, you cannot transfer your Binance coin on eToro to another exchange.
The minimum deposit for wire transfers on eToro is $500. However, you can spend less than that when buying BNB after funding your account.
Yes, a beginner can buy binance coins on eToro. However, it is advisable to trade with the demo account first before investing real capital on the platform.
The best payment method depends on your preference and ease-of-use.
Yes, eToro offers the eToro money crypto wallet for all registered users.
eToro offers a hot multisig wallet to all registered users.