How to Buy Binance Coin BNB in 3 Simple Steps

Binance Coin is the cryptocurrency coin that powers the Binance ecosystem. It is a token minted on the newly launched BSC blockchain adhering to the BEP-20 standards. There is also another less popular BNB variant minted on the Binance Chain as a BEP-2 token. When the Binance exchange was created in 2017, the most popular way to fundraise at the time was selling tokens to the public in what was called an ICO .

So minimums and other rules should be made visible at all what is hash bridge oracles. These Exchange Rules constitute a contractually binding agreement between Binance Bahrain and each Client governing access to the Exchange and its facilities. Earn money on your crypto and enjoy some of the highest interest rates on the market with Binance Savings & Staking. Choose from 300+ supported cryptocurrencies, including Bitcoin, Ethereum, Link, Cardano and Binance Coin while always being at the forefront of new coin launches. With our new Lite Mode, you can swap between any crypto you want, even if there is no trading pair.

Like the Ethereum blockchain, BSC is an ecosystem that powers a variety of decentralised applications and smart contracts. But, one of the key differences here is that BSC does so without the high transaction fees and low transaction speeds the Ethereum network has often been criticised for. It’s a super user-friendly platform with a set of trading tools that make it the ideal choice for investors of all experience levels. You can buy Binance Coin on your chosen exchange by selecting a trading pair that matches the local fiat currency on your account. For example, if you are a US citizen, you will need to select the BNB/USD trading pair.

This regulation protects your BNB coin as well as other investments. When placing an order, you can set the “Rate.” This is the price at which you are willing to purchase the asset. You also have to enter the “Amount,” meaning the quantity you want to purchase. If this is your first time opening a crypto trading page, you will receive the following message from eToro.

It has several features which are perfect for beginners and it is very easy to use. You can also take advantage of its excellent Binance Academy learning section to boost your crypto knowledge. Binance Smart Chain is a smart contract-enabled blockchain network that uses BNB as its native token. Binance Smart Chain was launched in 2020 with the goal of creating a decentralized financial ecosystem that is both developer-friendly and accessible for users. Binance Smart Chain uses a hybrid consensus mechanism that employs both delegated proof-of-stake and proof-of-authority to validate the blockchain network. Binance Coin , is a utility token for trade discounts on Binance, the largest crypto exchange.

• Because BNB is already linked to an exchange, it may not be as readily available as other popular cryptocurrencies on non-Binance platforms.
• Just enter your CEX.IO login information or create an account.
• Binance security features also include address whitelisting, device management, and the ability to restrict device access.
• For example, if you are a US citizen, you will need to select the BNB/USD trading pair.

Its wide array of services ranges from crypto futures and options to staking and NFTs to Binance Credit Card and Binance Pay. As BNB holders benefit from discounts and fee reductions on the platform, the demand for the token rises the more traders and investors use its services. Binance is one of the leading places for trading cryptoassets.

Binance vs. Coinbase: Ease of Use

Like hardware wallets, paper wallets are a highly secure option. With this approach, your private keys are written on a piece of paper or printed on a downloadable QR code. However, ensure you have a safe place to store that paper—and remember where it is! Binance Coin holders can use the tokens to receive discounts on Binance crypto exchange transaction fees. It can also be used to trade for other cryptocurrencies, such as Bitcoin, Dogecoin or Litecoin.

Binance accepts a wide range of currencies and makes it easy for you to buy crypto using USD , EUR, CNY, AUD, INR, RUB, and other fiat currencies. You can also use a wide range of accepted stablecoins such as Binance USD , Coinbase USD Coin , and Tether to buy crypto. Once you buy your BNB Chain, go to your Binance wallet section and look for the BNB Chain you purchased. Set the network to BNB Chain, provide your wallet address and the amount you want to transfer.

How to Buy Bitcoin on Binance P2P

To buy Binance-Coin on exchanges, you’ll first need to create and validate your account by giving some personal information data. Once approved by the exchange, you’ll be able to start buying Binance-Coin. You can purchase the BNB token from, you guessed it, Binance! If you’re a U.S. resident, however, you will have to sign up for a Binance.us account and comply with know your customer standards. This is standard for all U.S. exchanges and means uploading your Social Security number, driver’s license and some biometric information to confirm your identity.

Binance is one of the most popular crypto exchange platforms on the market. As you probably already know, it offers users a wide variety of benefits, and is considered to be at the top, as far as reputability and trustworthiness are concerned. Today, in this tutorial, we’ll talk about how to buy on Binance, on top of some other things. However, Binance Coin is particularly appealing for investors because it can be staked or “loaned out” for some of the most incentivising interest rates in the crypto space.

Current cryptocurrency prices on a single page and trade them right away. The easiest and most reliable strategy among Binance Coin investors is to hold onto or “HODL” their coins for long periods of time. Nexo is a solid option for buying and storing Binance Coin as you can earn up to 8% annual interest on your BNB investment. Please note that buying crypto on Binance with fiat currency is not supported or allowed in some countries.

We highlighted two easy ways to buy it, which are using the Binance exchange or using a mobile wallet such as Trust Wallet. The most significant benefit of using Trust Wallet is that it is available to anyone worldwide, even in jurisdictions where Binance is restricted or banned. Plus, users get to custody their assets as opposed to trusting a centralized platform that is vulnerable to hacks. In the next screen, Trust Wallet will prompt you to input the amount of BNB tokens you wish to purchase denominated in your preferred fiat currency. The transaction will process immediately and the BNB tokens will be deposited into your wallet.

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In Europe, they had to temporarily suspend Single European Payment Area deposits to their platform. Also, in countries like the UK, Canada , the Cayman Islands, or Thailand, Binance was ordered to cease operations for a lack of regulatory clearance or faced criminal complaints. Sign up below to access our Future Winners portfolio, featuring our top crypto picks.

Alternatively, some DEXs running on other blockchains offer synthetic versions of Binance Coin. These tokens represent tokenized BNB on foreign blockchain that track the price of BNB. For investors who are new to this sector, it is easiest to store your crypto holdings with the exchange where you purchased them, in a hosted wallet. For most cryptocurrencies, you will be better off holding the assets in an external wallet where you are guaranteed better safety. However, BNB has more utility within the Binance ecosystem, and you may find that holding your tokens in your exchange account is the best option.

Binance is a better fit for people familiar with cryptocurrency lingo and investing options, whereas Coinbase is built for convenient, easy trading. Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Why is MoonPay the best way to buy Binance Coin?

Binance has a system in place that ensures no one cheats or scams the system, even though it is not directly involved in the trade. For example, if you sent funds and, for whatever reason, the seller fails to release the Bitcoin, you can appeal, and Binance will take up the case to resolve the issues. All you have to do now is wait for the seller to release the Bitcoin after confirming receipt of your payment. The Bitcoin will be sent to your Binance P2P wallet, known as Funding Wallet. You will be alerted once the Bitcoin has been released with a button to click and view it in your Funding Wallet.

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• You can even take out a loan using your crypto as collateral.
• You can connect MetaMask to any decentralized finance apps compatible with the supported blockchains.
• MoonPay offers a fast and easy way to buy BNB with credit card.

There is a growing number of charities that accept donations in Binance Coin and cryptocurrency.Give crypto easilyand internationally. After you buy Binance Coin, you can transfer it to anyone across the globe, as long as you know their %name% wallet address. Purchase Binance Coin in more than 150 countries using the local currency of your bank account. We work only with verified and trusted partners to give you a secure and seamless crypto-buying experience. Despite recent price fluctuations, some investors believe Binance Coin has plenty of growth potential.

Click the crypto icon in the tab to open a selection window. We strive to present all the information & pricing as accurately as possible, but we cannot ensure that the data is always up to date. To finish off our guide on how to buy on Binance, it’s worth mentioning one, final thing – the P2P services that Binance provides. Admittedly, the screen interface that you’ll be redirected to might appear a bit intimidating at first. As you’re redirected to the verification page, you’ll see that you have to verify your identity with Binance in order to make your first trade. This involves providing your legal first and last name, date of birth, residential address, in addition to uploading a photo of your ID and taking a picture of yourself.

Depending on how quickly the other person responds, the trade can last from a few minutes to a maximum of 45 minutes. If the payment is not sent by you or the other user at the end of the agreed time, the trade is canceled, and you can start over. The specific objective of Binance P2P is to facilitate Bitcoin trading in local currencies. It now supports crypto trading in 55 local currencies and over 150 payment channels globally.

How to Buy Step® (STEP) Guide

Therefore, even though you do not have to sign up for an exchange account such as Binance, KuCoin, or FTX.com, you will still have to reveal your identity to a third party. If this is your first time using Binance or the credit/debit purchase option, you will need to link your payment card to Binance. In the follow-up screen, click the button to link your card.

Any action taken by the reader based on this information is strictly at their own risk. MetaMask is a browser plugin and can be used with Chrome, Firefox, or a Chromium-based browser like Brave. The platform was initially launched as a non-custodial Ethereum wallet but now supports major blockchains compatible with the Ethereum Virtual Machine .

Simply send your https://cryptolisting.org/-Coin from the exchange to your Binance-Coin address by using a compatible third party wallet. Barring some extreme external influence, BNB appears to be primed for steady growth through the rest of this market cycle. Learn everything you need to know about Bitcoin in just 7 days. If Binance truly comes through with its plans for building a decentralized exchange, BNB might see renewed interest and an additional surge in its value.

Both exchanges provide mobile apps with varying functionalities. We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Ponvang holds a BSC in Zoology and an MSC in Conservation Biology, but is a technology enthusiast with particular interest in blockchain and crypto. He is also a copywriter in the space, and has been creating content for over 4 years now, working with clients across the globe as a freelancer.