How to Buy Binance Coin (BNB) in 3 Simple Steps 2024

How to Buy Binance Coin

If you’re looking for a simple way to buy Binance Coin, all you need to do is sign up with a crypto exchange. You can access it online with a computer, smartphone, or tablet to quickly buy and sell Binance Coin and a range of other cryptocurrencies. The best platforms are listed below as well as a quick step-by-step guide on purchasing Binance Coin.

1. Choose a platform

The best way to buy Binance Coin is to choose a crypto broker or exchange with the highest level of security, lowest fees, and most user-friendly interface. You can sign up with one of our top recommended platforms we have picked out for you below.

2. Create and fund your account

To create an account on your favoured broker or exchange, you must provide a form of photo identification or proof of address such as a utility bill. After this, you can deposit money into your account using credit or debit card payment methods including Visa, PayPal, or Mastercard.

3. Buy Binance Coin

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.

Where to Buy Binance Coin?

Wondering where is the best place to buy Binance Coin? Below is a list of our carefully selected trading platforms and crypto exchanges that you can use to buy BNB.

1. eToro – Overall Best Place to Buy Binance Coin

eToro is our number one choice as the best place to buy Binance Coin. This is due to the high quality and diverse selection of services and features it offers.

On eToro, you can buy BNB with a minimum deposit of $10 (around £8), making it a suitable choice for new investors who are just beginning their investing careers. Along with a low minimum deposit, eToro has recently introduced a standard transparent fee of 1% for all crypto assets.

On top of being able to buy Binance Coin, eToro also has a large selection of other cryptocurrencies to trade. With over 60 different cryptos, it’s a great platform to diversify your risk and build a portfolio. Additionally, you can trade stocks, forex, and ETFs, making it a suitable platform for those who want to invest in various asset types.

eToro makes it very simple to buy Binance Coin. 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.

With a trading platform, storage wallet, and staking service, eToro is the best choice for crypto and investing. One unique aspect of eToro is its CopyTrader feature which allows you to copy the trades of professional traders, perfect for those new to the industry or who want a hands-off experience.

Most significantly, in the US eToro is registered with FinCEN and a member of FINRA and SIPC. In the UK, the platform is regulated by the FCA. This regulation ensures your Binance Coin and other investments are safe. Read our full eToro review here.

eToro Pros:

• Low and easy fee structure of 1%
• $10 minimum deposit (UK and USA)
• Social investing features
• Intuitive to use
• Educational resources
• Mobile app

eToro Cons:

• GBP deposits will incur a small USD conversion fee

2. Binance – Buy BNB Directly From Binance

With over 600 cryptocurrencies listed, Binance is the largest crypto exchange in the world. BNB is the cryptocurrency coin that powers the BNB Chain ecosystem, which has several use cases for the Binance exchange. Including reduced trading fees if you own BNB.

Its Convert feature makes swaps simple, while experienced traders can take advantage of charts and advanced tools with Binance’s Spot trading interface.

The exchange offers a range of derivatives and earning opportunities such as staking, savings accounts, and liquidity farming, so after you’ve purchased BNB, it’s on a platform where you can potentially earn more from it. Read our full Binance review here.

Binance Pros:

• 600+ coins
• Educational resources in Binance Academy
• Staking services and savings accounts
• Advanced trading tools and charts
• Low transaction fees
• Mobile app
• 24/7 chat support

Binance Cons:

• Maybe a bit technical for absolute beginners

3. Coinbase – Popular Crypto Exchange to Buy Binance Coin

Coinbase’s user-friendly platform makes it a popular crypto exchange to buy Binance Coin for beginners and experienced investors. With diverse payment options including PayPal and a low minimum deposit of $2, buying BNB on Coinbase is accessible regardless of your financial situation.

Users can set up recurring buys or even stake their crypto, a unique feature not all platforms offer. Setting up recurring buys can be especially useful if you want to utilize the Dollar-Cost Averaging (DCA) investment strategy.

Lastly, for more experienced traders and those who prefer a more technical trading interface, you can use Coinbase Pro, which caters to advanced crypto traders. Read our full Coinbase review here.

Coinbase Pros:

• User-friendly
• Set up recurring buys for DCA
• Earn free crypto through learning campaigns
• Secure offline wallet storage

Coinbase Cons:

• Complicated fee structure

4. Nexo – Best App to Earn Interest on Binance Coin

Nexo is a solid option for buying and storing Binance Coin as you can earn up to 8% annual interest on your BNB investment.

If you want your BNB to grow after you’ve purchased it, instead of sitting idle in a wallet, Nexo is a great platform for this.

On other assets, you can earn up to 17% annual interest, which is paid out daily.

The instinctual interface makes it simple to monitor and grow your investment portfolio. You can even take out a loan using your crypto as collateral.

Finally, on top of being an uncomplicated place to invest in BNB, Nexo offers competitive rates and instant cashback. You can also spend your crypto with the Nexo Card.

Nexo Pros:

• Earn interest on 38 coins, up to 17%
• Borrow cash or stablecoins
• 2% cash back on purchases with the Nexo Card
• Up to 3x leverage with Nexo Booster

Nexo Cons:

• Smaller number of cryptocurrencies available
• Lack of technical trading tools

What Is Binance Coin?

Binance Coin (BNB) is the in-house utility token of Binance, one of the world’s largest centralized crypto exchanges where users can buy hundreds of the most popular coins. The coin was first built on the Ethereum blockchain until its switch over to the Binance Smart Chain (BSC) in 2020. BNB currently has a trading volume of $2 billion

Like the Ethereum blockchain, BSC is an ecosystem that powers a variety of decentralized applications (dApps) 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 criticized for. BSC’s low fees are paid in BNB.

In terms of daily users and trading volumes, exchanges like Coinbase and KuCoin are some of Binance’s closest competitors in the space –– many of which tout their own native cryptocurrencies.

However, Binance Coin is particularly appealing for investors because it can be staked or “loaned out” for some of the most incentivizing interest rates in the crypto space. Staking is part and parcel of blockchains like BSC that use the Proof of Stake (PoS) model. This allows users to enhance the security of a blockchain by lending out their tokens in return for rewards.

What is Binance Coin?

BNB is a utility coin that was created by Binance, the largest trading volume crypto exchange. Binance Coin interacts and works with developers to build on the layer-1 blockchain, known as the BNB smart chain. The exchange will also use the native token for promotional purposes for discounted trading fees to incentivize holders.

With the current infrastructure, the smart chain is one of the more popular ecosystems for the development of NFT marketplaces, Play-To-Earn crypto games, and DeFi protocols.

Ways to Invest in Binance Coin

Investing in Binance Coin ultimately boils down to your financial position today and your financial targets for the future. Some investors will choose to buy Binance Coin for short periods in the hope that they may welcome quick profits. Meanwhile, others will opt to invest in Binance Coin for the long term with a view to seeing the value of their investment increase over time.

Buy and hold Binance Coin

The easiest and most reliable strategy among Binance Coin investors is to hold onto or “HODL” (Hold on for Dear Life) their coins for long periods of time.

While this method can potentially be less profitable than actively trading Binance Coin on the open market, it requires a relatively low level of numerical competency and dedication. It also provides the opportunity for staking while you HODL.

Best Binance Coin wallets

Binance Coin investors can either choose to store BNB on centralised exchanges or self-custody their coins by storing them in private, decentralised wallets. Private cyrpto wallets can be software wallets such as the Binance Chain Wallet that supports tokens built on the Binance blockchain such as BNB, or hardware wallets like Trezor, BitBox, and Ledger.

Storing your Binance Coin in private wallets is often considered the safest way of keeping your crypto safe because only you have the “keys” to access it, unlike web wallets found on centralized exchanges that could be susceptible to cyber-attacks. Those looking to buy and sell BNB often will have to take into account that private wallets, especially hardware wallets are slower to make transactions with, this could hinder any urgent Binance Coin transactions that you wish to make.

Trade BNB Binance Coin

A number of investors look to capitalize on the volatility of Binance Coin’s price by trading it on exchanges. This strategy comes with the possibility of producing large profits by using financial instruments such as leveraging or options trading. But it can also lead to heavy losses for traders given the unpredictability of Binance Coin’s daily price.

Successful traders usually find it easier to keep their coins in web wallets because regularly transferring coins from software or hardware wallets to exchanges for trading can be an arduous and time-consuming task. Both fiat currency and crypto can be traded for Binance Coin, those looking to start trading should closely follow the BNB price.

Besides the usual BNB trading there are also other ways that traders can utilize the coin to help save them money, and buying BNB can help with that. The Binance exchange currently allows traders to pay for transaction fees with Binance coins when trading crypto. This can potentially save a trader depending on what price they purchased BNB at, but they will save regardless as there is a discounted rate when choosing to pay the fees in this way.

Stake Binance Coin

Rather than just simply purchasing Binance coin and holding onto it owners can also choose to stake BNB tokens. Staking helps approve transactions on the network. Those looking to stake will need to be sure that they are willing to set aside some of their Binance coin tokens that they won’t be able to use. In the case of BNB, it’s within a seven-day period, and a minimum of 1 BNB is required to stake. Stakers don’t go empty-handed and will earn rewards for the BNB tokens they have staked.

Should I Buy Binance Coin Now?

Before buying Binance Coin, it is worth remembering that you should do your own research on the fundamentals, ecosystem, and trajectory of BNB. While this investment could provide eye-catching returns, it could also lead to partial losses in the short term.

In recent times, the Binance exchange has faced regulatory pressure from various financial authorities but has responded to these censures with a willingness to meet regulatory benchmarks and even gained operational approval in jurisdictions such as Canada and Bahrain.

So far, BNB’s price has been mostly unfazed by these developments, possibly because of its supply and demand dynamics. The maximum supply of BNB is already in circulation and Binance Coin is constantly being removed or “burnt” from the network in order to raise the value of the BNB price. These supply crunches can act as a counterweight against any unforeseen shocks to the wider crypto market that may deflate the price of the coin.

Perhaps, more importantly, this process also allows Binance Coin to compete with blockchain rivals like Ethereum, Solana, and Terra which engage in similar token-burning methods as the multi-trillion-dollar crypto industry continues to thrive.