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

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Binance Coin (BNB)
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Binance Coin is the native token of Binance, one of the world’s largest crypto exchanges. It is built on the Binance Smart Chain (BSC), a blockchain that powers a number of decentralised applications (dApps) that are increasingly innovating the world of crypto.

Keep reading to find out more on how you can buy Binance Coin in just a few small steps and how Binance works.

3 Steps to Buy Binance Coin 

1. Choose a broker or exchange

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 the top-recommended platform we have picked out for you below. 

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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. 

Buy Binance Coin in 5 Simple Steps

Create an account on Binance

Sign up with our recommended partner Binance now to get started. Once you’ve signed up, verify your account by uploading some form of photo ID and proof of address.

Buy some BNB

Next, you’ll need to purchase some BNB to swap for BNB. Fund your account with your preferred payment method, then search for BNB. Select the trading pair with your local currency, and click “buy”.

Send your BNB to a Web 3.0 wallet

Next, set up a Web 3.0-compatible wallet like MetaMask or Trust Wallet—you’ll need this to swap your BNB for BNB. Paste your wallet address into the “withdraw” section of Binance, and transfer your BNB.

Connect your wallet to Pancakeswap

Go to Pancakeswap and connect your wallet. Your wallet will display a few prompts to confirm the connection, and after that, you will be able to complete your swap.

Swap BNB for BNB

Find the coin’s pair here, enter the amount you want to buy, then complete the swap. Your BNB will immediately display in your wallet.

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Buy Binance Coin Today!

What Is Binance Coin?

Binance Coin (BNB) is the in-house utility token of Binance, one of the world’s largest centralised 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 decentralised 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 criticised for. BSC’s low fees are paid in BNB.

In terms of daily users and trading volumes, exchanges like Coinbase, FTX, 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 incentivising 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.

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 (or “cold”) 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're wishing to make.

Trade BNB Binance Coin

A number of investors look to capitalise 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 fess 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 that engage in similar token-burning methods as the multi-trillion-dollar crypto industry continues to thrive.

Frequently Asked Questions

  1. Binance was created by Changpeng Zhao, a Chinese-Canadian developer, in 2017 and was first registered in the Cayman Islands.
  2. This is the total monetary value of an asset’s circulating supply. It is equal to the price of 1 BNB multiplied by the number of BNB in circulation.
  3. To “HODL” means to Hold on for Dear Life. In the popular culture of the crypto community, it is a term that has come to signify buying and holding onto crypto for long periods of time.
  4. A cold crypto wallet is a piece of hardware capable of storing your crypto, like a pendrive for instance. This is opposed to hot wallets that are software wallets that can be added as extensions to your internet browser or downloaded as apps. 

    Cold wallets are usually more secure than that of there hot wallet counterparts but are also slower when making many transactions. Be sure to take this into consideration, BNB holders (HODLers) should lean toward cold wallets, while Binance coin traders might benefit from hot wallets.

  5. Centralised exchanges are trading platforms that take custody of your coins on your behalf in the same way a bank may with your money. These often take the form of a regular business and can increase the risk of crypto loss if anything were to happen to the company.

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