How to Buy Binance Coin - Where to Purchase BNB?

5 Things to Consider If You Want to Buy Binance Coin

Now that you are ready to buy Binance Coin, there are some vital things you need to consider. These factors may help you to avoid hassles and get the most for your money.

Carefully choose your preferred secure payment method

Depending on where you live around the world, there are several payment methods that could be available. In some countries, there might be limitations on the options that can be used. In any case, the major factors that come into consideration are the speed of processing and security. If the payment method is secure, you also might want to confirm if your transaction will be delayed or not.

Will you need to set up your own wallet?

Some platforms might have ready-to-use wallets for several cryptocurrencies. Others might not have this provision, and in that case, you need to set up your wallet. While setting up a wallet might be a little more complicated, it is important to take this into consideration as you prepare to buy BNB.

Comparing costs

Cost comparison is described as a winning tool when there are several buyers and sellers in any setting, so this is a notable consideration. While buyers of smaller units might think less of the cost implication of charges, big ticket buyers would zero-in on this. As 1 cent in a million places would amount to $10,000, anyone on a wholesale buy of BNB should consider the associated cost. And most likely, the discerning investor would use a platform with the least cost and acceptable quality.

Safety and security

Binance Coin only offers anonymity to the extent that the name of the wallet holder is not displayed. Apart from this, each wallet transaction can be viewed on the blockchain explorer.  In terms of user-end security, some platforms make it impossible for withdrawals to be processed without the activation of the 2-factor authentication (2FA).

The 2FA is activated using a phone number and an email address so that no log-in is made possible without the code sent to the user for authorisation. On the other end, MT4 and MT5 were designed for separate markets. MT4 serves foreign exchange trading purposes while MT5 caters to stock trading, futures, cryptocurrency and CFDs.

Can you understand and navigate the platform?

To use a platform as designed, it is important to know its basic features and how it works. The easiest way to learn the navigation of a platform is to access a demo account whenever available. While most platforms give users access to a demo account, some do not have such provisions. Users can still take advantage of the FAQs and educational resources to learn more about the functionality of the platform. Users can also contact the customer care services to learn more on how best to navigate the dashboard and features.

Ultimate Beginner’s Guide to Trading Binance Coin

What is a Binance Coin Broker?

A Binance Coin broker makes the selling and buying of the BNB possible by providing a platform for such transactions to take place. Most brokers facilitate trade in CFDs, securities and other financial instruments.

Each broker would normally charge a fee for the services provided and choosing the best broker would depend on several factors. While a broker might cover several markets, if your location is not supported or the crypto of your choice is not yet available, it will be wise to look at other options.

What is a Binance Coin CFD?

A Binance Coin CFD is a financial instrument that allows investors to speculate on a possible sales price at a given time as a way to make a profit on the expected price difference. While a CFD involves no actual possession of the underlying asset, it can be profitable for those who understand how it works.

In every Contract for Difference, one of the parties would make profits. It is either the investor who is paid for the difference between the purchase price and the expected price or the broker who gets the shortfall from the investor.

One of the most beneficial features of CFDs is that the investor is not required to pay the full value of the transaction at the time of signing the contract. 

What is the Benefit of Regulation?

Investors who patronise regulated brokers can be sure that they are dealing with organizations that are accountable to governing authorities who provide strict oversight. With stated guidelines that highlight best practices, brokers have a rulebook that protects the interest of all parties.

Where there are no regulations, some brokers might behave unprofessionally offering poor standards and higher risk for your investments. For example, in the UK, the Financial Conduct Authority (FCA) regulates the operations of brokerage and exchange platforms, while the SEC and FINRA hold sway in America. Regulation makes investment platforms safer for investors and encourages the mass adoption of cryptocurrency.

What is the Best Payment Method for Buying Binance Coin?

Some investors are used to bank transfers, however, other payment methods are available and you should examine the benefits offered by every option available to you. Here, we provide a small summary of the most popular modes of payment: 

Buying Binance Coin with Credit Card

You can buy Binance Coin with a credit card on many platforms. While this payment method is perhaps the best mentioned, some investors might not be able to use it if they live in a location that does not support foreign currency transactions.  Using a credit card is fast and highly preferred by most investors, but can also be quite costly. 

Via Bank Transfer

The most common choice is bank transfers, as this is available throughout most locations and therefore, one of the most convenient. While some payment methods might not be easily available, you can expect bank payments to be available on many platforms. A simple transfer to the bank account of your broker can be completed within a few minutes.

Buying Binance Coin with Crypto Deposit

You can buy Binance Coin with crypto depending on the platform you use. Crypto deposits take less than 30 minutes to reflect in most cases and this is not a complicated process by any means.

Buying Binance Coin with PayPal

While PayPal is cheap and convenient, you will enjoy this payment method more if you have a verified PayPal account.  Again, to verify your PayPal is not so difficult, it is simply a matter of providing your personal ID, bank account statement and linking a functional phone number to your account. You can buy Binance Coin with PayPal in a few minutes if you use a platform that supports this payment method.

If you would prefer to use this method, you should check availability as some countries have prohibited the use of PayPal. 

The Verification Process for Trading

To use a broker’s platform, your identity should be known and financial regulators in many countries require KYC compliance. The verification process works as follows.

Firstly, you need to open an account using your email address, your phone number and full name. You are expected to click on the new account opening link that is sent to your inbox to authenticate your profile. 

You might also need to provide copies of your personal identification documents and a credit card statement to be able to perform deposit and withdrawal functions. Every new account must be funded to be able to carry out transactions. 

While the minimum deposit might vary from one platform to another, you should expect to have at least $100 to start trading. After completing your initial deposit, you will be able to buy and trade Binance Coin from your broker.

Long vs Short Term Investment

Most short-term investments in Binance Coin can be in the form of day trading, in which case the investor buys the coin at some point during the day and sells it off before the end of the trading day. Another method is to buy Binance Coin in an anticipated period of price surge to sell for a profit in a few days or weeks.

For long term investment, the goal is to buy and hold the units of Binance Coin over a couple of months to reap from price gains and possibly, incremental coin distribution. While short term investment is targeted at immediate reward, long term investment requires patience.

Why Buy, Rather Than Trade?

You can buy BNB instantly to hold as a matter of investment strategy if you understand the market dynamics. There is a risk in buying Binance Coin to hold if you do not yet understand how best to store it. You need to know which wallets to use and ensure you can easily retrieve them when you need to.

Since you are buying to hold, you should be poised to use the safest medium and minimize the risk of loss due to system failure and hacking.

The cheapest way to buy Binance Coin in most cases is to use crypto. If your platform supports cryptocurrency payment methods, you should be able to go ahead as this is the fastest Binance Coin purchase option.

What Fees Are Involved?

Every cryptocurrency transaction attracts some fees. When buying Binance Coin, you should expect to pay additional fees apart from the value of the units you are acquiring even though they are largely minimal.

Processing Fees

When you buy Binance Coin with a payment method other than crypto, expect processing fees to arise. If you adhere to crypto payment only, you will incur just the network fees.

Network Fees

Each cryptocurrency blockchain charges some fee to authenticate transfers, deposits, or withdrawals. No two cryptocurrencies have the same fee structure, but they are mostly fractions apart in most cases.

Transaction Fees

Different platforms have their fee structure. While fees might be waived for a certain class of users depending on their tier, others have a flat fee structure that applies to all customers.

Safely Storing Your Binance Coin

As the Binance exchange is arguably the largest, BNB wallets are numerous. Here are the different types of wallets.

Web Wallet

Web wallets are hosted online, requiring an internet connection to access them.

The most common Binance Coin web wallet is the Binance DEX wallet. Users are free to generate their web wallet address on Binance DEX website and control it with private keys.

Web wallets are known to be susceptible to hacking, but if you keep your credentials safe, you don’t have anything to worry about. Guarda Wallet is another option to use.

Mobile Wallet

Mobile wallets can be said to be the most popular. The Binance-owned Trust wallet is the best-known mobile wallet for Binance Coin. Another option here is Enjin. Mobile wallets can be readily accessed wherever you go provided you have the access credentials.

Desktop Wallet

A leading feature of this class of wallet is their fixed nature. You can only physically access your desktop to be able to use this wallet. It imposes both physical and remote access limitations on would-be hackers. That is not to say users should throw caution to the wind. You need to safeguard your desktop and avoid introducing malicious bugs that can be manipulated by hackers. Examples here are Atomic wallets, Freewallet, among others.

Hardware Wallet

Hardware wallets are devices that can be accessed when needed and then packed away in an offline environment. Binance Coin can be stored in hardware wallets and accessed with a password or combinations of mnemonics. Hardware wallets are rated highly as much as they are mostly kept in safe places by their owners.

There is a risk of loss due to fire or other disasters that might affect wherever they are stored. However, users of this wallet can recover it and access their BNB by activating the backup option. Coolwallet and Ledger Nano S are leading names to explore.

Wallet Combinations

Some wallets are accessible on web, mobile or even desktop versions. These are wallet combinations that some brands offer. Guarda and TrustWallet are examples of multi-platform wallets. For convenience, you might install a wallet combination to provide you with a balance of both convenience and security.

What Other Coins Can I Trade or Use to Buy Binance Coin?

Depending on the cryptocurrency exchange platform you are using, it is possible to buy Binance Coin with Ethereum. In fact, ETH is commonly used on most platforms because of its low network fees and increased speed of completion. You can also purchase Binance Coin using Bitcoin, Bitcoin Cash and XRP in many countries across different platforms.

When you use Ethereum to buy BNB, you are likely to save time and cost, and above all, there is no need to log-in elsewhere to complete the transaction. Do not forget that some people must use another platform to first transfer their ETH to the place they are using to buy BNB. This can happen where they have the coin for the purchase in another wallet hosted elsewhere. Even on these occasions, however, the pace of the transaction is still fast enough, taking around 30 minutes to complete. 

What’s the Smallest and Largest Amount of Binance Coin I Can Buy?

Binance Coin is reducible to 8 decimal places (0.00000001 BNB) and the smallest unit is called 1 Jager. There are tiers when it comes to buying BNB on most platforms. Verified accounts and individuals who have completed higher KYC levels can buy Binance Coin (BNB) without limit. However, in terms of minimum value, several platforms allow $10 worth of purchase.

Someone might ask - can I buy less than one Binance Coin? This again depends on the platform, and if the cost of one BNB is less than the minimum purchase amount, you might not be able to buy less than 1 BNB. On the other hand, a common recommendation for people who want to purchase Binance Coin without limit is the use of multiple wallets in order to spread the risk of loss that might be traceable to any single threat.

Can I Buy Anonymously with no ID? Is it Safe and Legal?

Binance Coin was not designed to be anonymous and it is only anonymous to the extent that the name of the wallet holder is not reflected in public documents. Beyond this, all transactions in BNB are shown on a public explorer and these can be traced to personal identities at some point by verifying the KYC details provided at account opening. Yet, this not accessible to the general public. 

You can buy Binance Coin with no verification on some platforms, but regulated brokers might not allow such to happen. Secure Binance Coin purchases are routine in many countries as cryptocurrency transactions are legal in many parts of the world. So, you can purchase Binance Coin safely and realize your investment goals by opening an account with a recommended broker.

Will Buying Binance Coin Make Me Money?

You might ask a crypto investor - does Binance Coin make you money? Whether you get an answer in the affirmative or not, recent market data shows that Binance Coin was among the most profitable cryptocurrencies in 2019. It reached a historical peak of $39 in July that year, from a year-opening of just about $6. So, for holders of the coin for the 7 months to July 2019, they had a 600+ percent return.

On our Binance Coin Price Page, you will be able to find more details on how well BNB has fared in order to be in a position to make the right investment call.

How to Spend Your Binance Coin

Binance Coin is the default currency of the Binance ecosystem. It has earned its high ratings from the several projects that were launched on its platform, where you can use it to pay for trading fees and receive huge discounts.  Websites like TravelbyBit make it possible to use BNB at more than 200 locations throughout Australia.

Investors who are looking for fiat loans and do not want to sell off their BNB holdings can visit NEXO while QLink allows payment for VPN services with BNB.

Buyers of virtual gifts can use BNB on Gifto. In addition, in places like Las Vegas, hangouts accept BNB though the MoreCoin gateway.

Platforms like PundiX have PoS devices that accept BNB to pay for a variety of global services. For many people, the PundiX initiative takes the heat off them as they can safely use BNB for payment for overseas transactions if the foreign exchange is in short supply.

How to Sell Your Binance Coin

Selling your Binance Coin can be done in several ways. On many cryptocurrency exchange platforms, you must use your account dashboard and locate the sell button to select Binance Coin. While you might have to indicate your sales price on many platforms, others simply require you to indicate the units you are selling, and the unit column will auto-populate. 

Somehow, a few more platforms make it easier and all you need to do is to select the drop-down menu in your account dashboard and click on the currency symbol you are using for withdrawals. Next, you will see the equivalent amount in fiat on display which you can then withdraw from. 

The easiest way to sell Binance Coin might as well be to ensure that you invest in Binance Coin CFDs. This does not involve actual Binance Coin transfers as only the investment certificate is in focus. With only the broker and the investor as the parties, it is perhaps the fastest way to sell your BNB.