How to Buy Binance Coin in the UK - Beginner's Guide

How to Buy Binance Coin in the UK

The easiest way to buy Binance Coin is to purchase it online from a crypto exchange. Exchanges make it easy to buy and sell Binance Coin and other cryptocurrencies directly from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy Binance Coin.

1. Choose a UK crypto platform

Those looking to purchase BNB will need to find a crypto trading platform where it’s available. As well as fees, security and regulation are important factors to consider when choosing a platform if you want to keep your funds safe. There are detailed reviews of different platforms in the next section, but you can sign up to one of our top picks below.

2. Create and fund your account

Complete the registration form with your name and contact details to create an account with your chosen trading platform. A photo ID is usually required to verify your account. Then, navigate to the deposit page to find payment options supported in the UK and select one to add funds to your account.

3. Buy Binance Coin UK

If you have just deposited British pounds, you will need to search for the BNB/GBP trading pair (if there isn’t one, you can exchange your GBP for a currency that is traded against BNB first). Create a market order to purchase BNB now, or a limit order to specify a future price you want to purchase Binance Coin at.

Where to Buy Binance Coin UK?

1. eToro – Overall Best Place to Buy Binance Coin UK

eToro takes the title of the best place to buy Binance Coin in the UK due to the quality and variety of the services it provides. It’s easy for beginners to purchase BNB as you can do so in just a couple of clicks. More experienced BNB traders are also catered for, with customisable charts and tools for technical analysis.

You can add Binance Coin to your watchlist to stay abreast of the latest market developments; check for buy, sell, and hold signals; and view Binance Coin statistics, research, and news. There is a 1% fee on BNB trades, as well as spread. The minimum deposit is about £8.

There are over 60 other cryptocurrencies you can trade alongside BNB, as well as traditional financial instruments such as stocks, forex, and ETFs. You could even create a smart portfolio around Binance Coin to diversify exposure and employ thematic investment strategies.

eToro stands out from the competition as it is a social investment platform, meaning you can connect with other BNB traders to share your experiences and access their collective wisdom. You can also use the unique CopyTrader feature to view stats on other users and replicate the actions of the most successful BNB traders around the world.

eToro’s cold storage, SSL encryption, and other industry best security practices should mean your Binance Coin is safe on the platform, while you can take further comfort from the fact that eToro is regulated by the FCA in the UK. Read our full eToro review here.

Pros

• Social investing features

• Multi-asset platform

• Easy to use

• Transparent fees

• FCA-regulated

• Strong security

• Variety of payment methods

• Virtual account

• Mobile app

Cons

• Not as many coins as some competitors

• PayPal deposits aren’t available in the UK

2. Binance – Best Crypto Exchange to Buy Binance Coin UK with low fees

Binance has the lowest trading fees on the market at just 0.1%—or less if you belong to a higher loyalty tier. It is also free to make crypto deposits, and withdrawals incur a fee of just 0.0002 BNB.

There are charts and tools for advanced trading of Binance’s 600+ cryptocurrencies, but inexperienced users can take advantage of the Buy Crypto and Convert features, which make the processes of buying and swapping BNB simple.

There’s also plenty of educational material in the Binance Academy to help you build your knowledge. The Earn section enables you to earn interest on any BNB you purchase with interest-bearing products such as locked staking, liquid swap, and dual investment.

UK users can deposit a minimum of £15 by card or £2 by bank transfer, with fees of 1.8% and £1, respectively. The minimum amount of BNB you can buy is £10. Read our full Binance review here.

Pros

• Low fees

• Charts and tools for advanced trading

• More than 600 other coins

• Interest-bearing investment products

• Educational materials

• Low minimum deposit in the UK

• Mobile app

Cons

• Choice of payment methods in the UK is limited

• Isn’t licensed by the FCA

3. Bitpanda – Most Secure Exchange for Buying Binance Coin UK

Bitpanda stores all of its users’ assets offline, making it a great place to buy Binance Coin for the security-conscious. The platform holds all the necessary licences, is fully regulated, and is compliant with AML rules.

If you want to build a diversified portfolio around BNB, Bitpanda offers more than 200 other cryptocurrencies. There are also crypto indices, stocks, ETFs, and metals available—and you can swap directly between different types of assets. To set up recurring purchases of Binance Coin—or any other asset—you can use the Bitpanda savings plan.

If you need help navigating the platform, you can find advice in the Helpdesk, while there are plenty of resources available in the Bitpanda Academy to help you build your crypto knowledge. The platform has received an excellent rating on Trustpilot from its customers.

There are a variety of payment options available for making a deposit, which will need to be a minimum of £25. The quoted price of BNB includes a 1.49% premium, and you can make an investment with as little as £1.

Pros

• Licensed and secure

• Multi-asset platform

• Intuitive interface

• Rated excellent on Trustpilot

• Minimum trade size of £1

• Variety of payment options

• Educational materials

• Mobile app

Cons

• Support only available via email

• Fees for crypto deposits

4. KuCoin – Best Exchange to Buy Binance Coin UK with Altcoins

If Binance Coin isn’t the only cryptocurrency you’re interested in, KuCoin is a great place to build a diverse crypto portfolio, as it supports more than 700 coins, including many new and obscure ones that you can’t get anywhere else.

Beginners can use the Convert feature to easily swap between BNB and other cryptocurrencies with a single click and no fees. If you don’t have the time to keep up with the market, you can always use KuCoin’s trading bot to earn a passive income.

The platform provides plenty of information and research if you want to learn more about crypto. There are also charts, indicators, and technical tools for more advanced traders. After buying some BNB, you can put it in a savings account to earn interest.

You can make a minimum deposit of £5 with a credit or debit card for a fee of 3.8%. There is no BNB/GBP trading pair, but you can purchase a minimum of 0.1 USDT of BNB, and the trading fees are competitive at up to 0.3%. Read our full KuCoin review here.

Pros

• Over 700 coins supported

• Trading bot

• Savings accounts

• Research and analysis available

• Low trade and deposit minimums

• Low fees

• Mobile app

Cons

• Not regulated by the FCA

• Can be a bit complicated for beginners

5. CEX.IO – Best Place to Buy Binance Coin UK for Reliable Order Execution

CEX.IO enables users to buy Binance Coin quickly thanks to its high liquidity order book and favourable conditions for market making. Trades can be executed reliably with the platform’s advanced order matching algorithms, making high-frequency trading and scalping strategies possible.

There are more than 120 cryptocurrencies available in total on CEX.IO, as well as a range of API solutions for automated trading. The platform keeps funds safe with security features like cold storage, full data encryption, and protection against DDoS attacks.

If you’re new to crypto, you can use the Instant Buy feature for a simple way to buy Binance Coin, and there is dedicated support available 24/7 by phone, email, and live chat. You can also check out the university for lessons on blockchain fundamentals and trading.

The minimum deposit is £20, and there is a 1.49% fee for card transactions in the UK and no fee for using Faster Payments. The trading fees are pretty competitive at 0.25% or less, and you can withdraw your Bitcoin for a 0.005 BNB withdrawal fee. Read our full CEX.IO review here.

Pros

• High liquidity

• API solutions

• Strong security

• Make instant purchases easily

• 24/7 dedicated support

• Educational resources

• Mobile app

Cons

• Trading interface may be too technical for beginners

• ID verification process isn’t straightforward

How to Buy Binance Coin UK - Step-by-Step Guide

We believe eToro is the best place to buy Binance Coin in the UK. The buying process is pretty straightforward—all you need to do is follow these simple steps.

1. Sign up with eToro

Hit the “Join Now” button on the eToro website, and you will be redirected to a registration form. Provide a username, email address, and password, then accept the terms and conditions and click “Create Account”.

2. Verify your account

Click the link in the email you receive in order to verify your email address. You will be prompted to complete your profile by filling in your full name, date of birth, address, and National Insurance number, as well as answering some questions on your investing experience and attitude to risk.

You will then need to provide your mobile number and enter the verification code texted to you, after which you will be sent an email to let you know that your account has been verified.

3. Make a deposit

Once your account is verified, you can click on the “Deposit Funds” button. Select GBP as the currency and enter the amount you wish to deposit in pounds. Choose your preferred payment method (your options in the UK are credit/debit card, bank transfer, Skrill, Neteller, Rapid Transfer, and online banking through Trustly). Now fill in any other details required and click “Deposit”.

4. Buy Binance Coin

Type “BNB” into the search box to find Binance Coin and click on the “Trade” button. Enter how much Binance Coin you wish to purchase in either USD or BNB (you can also select “Order” at the top to create a limit order that will execute once BNB reaches a specific price). Now, simply hit the “Open Trade” button to buy some Binance Coin.

What is Binance Coin & How Does It Work?

Binance Coin was launched in 2017. It was initially created as an ERC-20 token on the Ethereum blockchain, but was later released as a BEP-2 token on the BNB Chain and then a BEP-20 token on the BNB Smart Chain.

The token can be used to pay transaction fees on both BNB Chain and BNB Smart Chain, and also as a utility token in the BNB Chain ecosystem to pay for things like games and dApps.

BNB also has utility on the Binance exchange, which was launched in 2017 by co-founders Changpeng Zhao and He Yi, and is the largest cryptocurrency exchange in the world based on daily trading volume.

There is a range of benefits on Binance for BNB holders, such as fee discounts, earning commission through the referral program, and accessing token sales on Binance Launchpad.

Is Binance Coin BNB a Good Investment?

Only you can decide whether investing in Binance Coin is the right move for you, but let’s take a look at some of the things you might want to consider when making that decision.

You may wish to purchase BNB if you are a user of the Binance exchange. BNB holders receive a range of benefits on Binance, such as trading fee discounts for spot, margin, and futures; opportunities to participate in Binance Launchpad and Binance Launchpool; and the ability to apply for crypto loans using Binance Loan.

Binance has already received regulatory approval in France and is pushing for approval in the rest of Europe. It is currently the largest crypto exchange by daily trading volume, and an increase in the number of Binance users could make BNB even more valuable.

Binance has formed numerous partnerships with companies such as Travala, Axie Infinity, and BitTorrent, providing more ways to use your BNB. There are even more possibilities for spending BNB when using Binance Pay. What’s more, the Binance Card enables holders to spend their BNB at over 60 million merchants worldwide while earning cashback.

The Binance platform provides a number of ways to earn interest on your BNB holdings, such as locked staking, the BNB Vault, and depositing BNB on various BNB Chain projects.

BNB has further uses beyond the Binance platform, like paying transaction fees on BNB Chain and BNB Smart Chain, as well as powering dApps and games in the BNB Chain ecosystem. You can also help secure the BNB Smart Chain by delegating your BNB to validators in the blockchain’s Proof of Staked Authority system in return for staking rewards.

Unlike other cryptocurrencies such as Bitcoin and Ethereum, BNB is deflationary, with a significant number of tokens being burned (permanently removed from circulation) each quarter. As the supply of BNB decreases, the value of each remaining token could increase as a result.

Risks of Buying Binance Coin

You should always be aware of the risks before making any investment. Cryptocurrencies are considered a “risk-on” asset, and you should never invest more than you can afford to lose.

BNB is very volatile, and while it sometimes surges in price, dramatic crashes are also possible. This is something you should factor into your investment plan.

Using an exchange or wallet that isn’t secure could put your BNB at risk, which is why we recommend using a regulated and reputable platform, such as the ones described in this article. If storing your BNB in a private wallet, make sure to keep your seed phrase somewhere safe to ensure you will be able to recover access to your coins if necessary.

What Payment Methods Can I Use to Buy Binance Coin in the UK?

Many major platforms support GBP. Even if your desired platform doesn’t, you can always use your bank card as the final payment is converted into the base currency of the exchange. You can buy Binance Coin in the UK through the following methods.

Credit/debit cards

Credit and debit cards are widely accepted, so you can use them to purchase Binance Coin on a number of different platforms. The fees charged for card deposits can be higher than other payment methods. On Binance, for example, GBP bank card deposits carry a 1.8% fee. eToro, on the other hand, doesn’t charge deposit fees.

Bank transfer

Making a bank transfer via Faster Payments can be a quick and cheap way to buy Binance Coin. There is a fee of £1 for using this payment method on Binance and no fee on eToro. Platforms may suggest allowing 1-3 business days for the payment to be processed, but it is usually immediate where Faster Payments is accepted.

Neteller

Neteller is a digital wallet for making secure payments online. Although many crypto platforms don’t accept Neteller, you can use it to purchase Binance Coin on eToro.

Skrill

Skrill is another digital wallet that allows you to easily move money online in seconds. While not widely accepted by crypto platforms, Skrill can be used to purchase Binance Coin on eToro.

PayPal

Not all crypto platforms accept PayPal, but eToro is one of the few that do. If you have a PayPal account, you can simply select PayPal as the deposit method when buying Binance Coin.

Other cryptocurrencies

On some crypto platforms, you can use other cryptocurrencies such as stablecoins to purchase Binance Coin. Binance, for example, lets users buy BNB with many cryptocurrencies, including BTC and USDT. Meanwhile, if you want to trade BNB on KuCoin, you will need to trade it against USDT, USDC, BTC, or KCS, as KuCoin doesn’t accept fiat deposits.

Ways to Invest in Binance Coin UK

There are a number of different ways that people in the UK can invest in Binance Coin. We’ll look at a few in more detail below.

Buy and Hold Binance Coin

The benefits of this method of investing in Binance Coin are that it is simple and anyone can do it. The strategy is fairly self-explanatory—you just buy some BNB and hold onto it for a period of time.

The buy and hold strategy is favoured by people who believe the value of Binance Coin will increase in the long term, giving them the chance to sell at a higher price in the future. This method is great for those who don’t have the time and/or skills to constantly analyse the market and make regular trades.

Trade Binance Coin

The volatile nature of BNB’s price means that it also lends itself to trading. Traders can benefit from short-term price fluctuations by making frequent trades to generate profits more often.

Trading strategies are more complicated than the buy and hold strategy and require more time and effort. Skills in technical analysis are also useful to identify the best times to make trades. The FCA has banned the trading of crypto derivatives such as futures, options, and CFDs, so UK users won’t have access to these instruments on regulated platforms.

Stake Binance Coin

The BNB Smart Chain uses a unique Proof of Staked Authority consensus mechanism whereby 21 validators receive BNB for validating blocks. Although the requirements are pretty high to become a validator, anyone can delegate their BNB to a validator to receive a share of their rewards.

To do this, you will need to create an account with the BNB Extension Wallet, connect and unlock your wallet on the staking page, and choose a validator to delegate to.

Choosing a Binance Coin Wallet

Once you have purchased your Binance Coin, you will need to decide where to store it. There are a number of options available to suit different needs.

Binance Coin Software Wallets

A software wallet is a form of cryptocurrency storage that exists in the form of software files. They are also known as hot wallets as they require an internet connection. The different types of software wallets available are detailed below.

• Web wallet: Accessible through any browser, all you need is an internet connection to send and receive your BNB. eToro, Binance, and BitPanda all provide free web wallets where you can store your BNB.

• Desktop wallet: This is a wallet that you download and run on your computer, with your private keys being stored on your hard drive. Atomic and Exodus both provide desktop wallets that support BNB.

• Mobile wallet: This type of wallet takes the form of an app that can be downloaded onto your phone. You can store your BNB in mobile wallets such as MetaMask and Trust Wallet.

• Browser extension wallet: This is basically a mix between a web wallet and a desktop wallet as it is a web extension that stores key files on your device. The Binance Extension Wallet is supported by Chrome and Firefox, and can be used for transferring funds, using dApps, and staking BNB.

Physical and Hardware Wallets

Physical and hardware wallets are also known as cold wallets. They store your keys offline, making them less vulnerable to hackers than hot wallets. The most popular examples are explained below.

• Hardware wallet: A hardware wallet is a physical device, often a USB, and is the most secure place to store BNB. Hardware wallets that support Binance Coin include Trezor, BitBox, and Ledger.

• Paper wallet: You can create a paper Binance Coin wallet by using a private key generator to generate a public and private key. They will be in the form of strings of characters and/or QR codes which you can print or write down. However, paper wallets aren’t a secure way to store BNB.

Wallet Combinations

There are also Binance Coin storage solutions that combine more than one of the wallet types listed above. For example, if you store your Binance Coin on a Ledger hardware device, you can also download the Ledger Live app to easily manage and trade your BNB. Alternatively, if you are both an investor and a trader, you might want to keep some BNB in a hardware wallet for long-term storage and keep some in an exchange wallet for easy trading access.

Should I Buy BNB Now? - Things to Consider Before Buying Binance Coin in the UK

To make this decision, you will want to consider the points discussed in the section above on whether Binance Coin is a good investment, but here are a few more things to think about.

What will I need to buy BNB?

Before you can buy BNB, you will need to create and verify an account on a crypto platform, so you will need to have certain documents ready in order to complete the KYC process. Most platforms require users to upload an image of their photo ID—usually their UK driving licence or passport.

You may also be asked for some form of proof of address, which could be a utility bill or bank statement with your address on it. Make sure you have these documents ready when you start the KYC process, as well as any other information required, such as your National Insurance number.

Binance Coin Fees & Regulations

There are network fees for making transactions on any of the blockchains that BNB runs on. However, as many platforms charge a fixed fee for trades, you don’t need to worry about network fees when making purchases and sales. You will just need to pay a trading fee or commission, which is 1% plus spread on eToro, and up to 0.1% on Binance.

There are other fees that your platform will charge. For example, you will likely have to pay fees on deposits and/or withdrawals, which may differ depending on the payment method used. Account management, inactivity, and overnight fees may also be charged by some platforms.

All cryptocurrencies are unregulated in the UK, so Binance Coin investors are unlikely to have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme. This is why it is important to keep your BNB as safe as possible and only buy and trade it on regulated platforms.

When to Buy Binance Coin?

This is a personal choice that depends on your investment goals and strategy. The exact entry point isn’t that important for long-term investors as they believe the price of BNB will trend upwards overall in the long term.

Shorter-term investors may choose to buy and sell based on certain events, such as project developments or news about regulation or the economy. If you employ a particular trading strategy, you will likely generate buy and sell signals from technical indicators, like the relative strength index or Fibonacci retracement. You could even buy and sell at the same time as a professional trader by using eToro’s CopyTrader feature.

Many investors aim to buy BNB during a price dip, which requires some understanding of BNB price and how to predict it, which will be discussed below.

Binance Coin Price and Prediction

The price of BNB is affected by many diverse factors, from project-specific events to the behaviour of the wider crypto market to global economic conditions. For example, a BNB token burn or a new Binance partnership could be good for BNB price, while regulatory hurdles could be bad.

You can check the Binance Blog to read about Binance’s latest developments. To find out what effect this and other factors might have on the future value of BNB, take a look at our Binance Coin price prediction page.

Buying Binance Coin Safely in the UK

A regulated platform with a strong reputation is the safest way to buy Binance Coin, as they usually have the most stringent security measures, as well as better features and support. In the UK, the safest platforms are those licensed by the FCA, like eToro. Security features to look for include offline storage, insurance, address whitelisting, and two-factor authentication.

You should act responsibly when you invest by never investing more than you can afford to lose. You should also keep your UK crypto investment somewhere safe, like a hardware wallet. Storing your seed phrase safely is important in case you ever need to recover access to your wallet.

Binance Coin investors are a target for hackers and scammers, so always be vigilant. You should check the provenance of emails purporting to be from your platform or wallet provider, and never share your password or private key with anyone.

Buying Binance Coin Anonymously in UK

Platforms that are regulated in the UK require their users to complete the Know Your Customer process and verify their identity before making a purchase in order to comply with Anti-Money Laundering laws.

This means that to buy crypto anonymously, you would need to do so on an unregulated platform, such as a decentralised exchange (DEX). All you need to use a DEX is a wallet such as MetaMask, which you can create without providing any personal information. DEXs only enable you to swap between different cryptocurrencies, though, so you would first need to acquire another cryptocurrency to swap for BNB.

However, this is a more complicated and risky way to buy BNB as unregulated platforms may attract scammers. It is, therefore, safer and easier to use a regulated platform, as KYC only usually takes a few minutes, and it is perfectly legal to buy BNB in the UK.

Best ways to buy – a comparison between centralised exchanges & decentralised exchanges

Centralised exchanges

All the platforms in this guide are centralised, meaning they are operated by a company. Many platforms have an order book, where buy orders are matched with sell orders to facilitate trades. The platform will charge you a fee for this service.

Beginners appreciate centralised exchanges (CEXs) as they provide a better user experience, are usually easy to navigate, and often provide customer support and educational resources. They’re popular with experienced traders as well, as many platforms provide more advanced features, such as a variety of order types and tools for technical analysis.

Decentralised exchanges

Conversely, there is no company or authority in charge of a decentralised exchange (DEX), as it operates through smart contracts on the blockchain. Instead of facilitating trades through an intermediary, DEXs tend to use liquidity pools. These are pools of crypto assets that trades are made against. People are incentivised to provide assets for these pools as they will receive exchange fees in return.

DEXs are popular with people who want to retain full custody of their assets and trade anonymously. However, the network fees can be expensive on DEXs, and they don’t provide many features. What’s more, you will need to buy another cryptocurrency first to swap for BNB, as DEXs don’t tend to have fiat on/off ramps.

Selling Binance Coin BNB

The right time to sell BNB depends on your strategy. If you opt for the buy and hold option, you will likely wait a long time before you sell. Meanwhile, if you use a trading strategy, you may be looking for a particular signal from a technical indicator to tell you when to sell.

The selling process is very similar to the buying process. On eToro, for example, it is just as straightforward. Just head to your portfolio, click on BNB, and click the “Close” button next to it. You can tick “Close only part of the trade” if you only want to sell some of your BNB.

On other platforms, you may have the option of creating a market sell order to sell immediately at the current price, or a limit sell order that lets you specify a price to sell at in the future.

How to Buy Binance Coin with Other Cryptocurrencies?

If you already own another cryptocurrency, such as Bitcoin, you may want to use it to buy Binance Coin directly. You can do this on Binance by following the steps below.

1. Create an account on Binance

Click the “Register” button at the top of the website. You can sign up with Apple or Google, or click “Sign up with phone or email”, after which you’ll have to select your country and provide an email address or phone number and password. Enter the verification code sent to your email address or phone number.

2. Verify your account

Hover over your user icon at the top right and select Identification. Click “Verify” under Identity Verification and select your country. Fill in your details and select your ID type. You will then need to upload an image of your ID or take a photo of it and let Binance access your webcam to confirm your identity through facial recognition.

3. Deposit your crypto to Binance

Go to Wallet at the top and click “Fiat and Spot”. Click the “Deposit” button and then click “Deposit Crypto” in the top right. Choose the coin and network, making sure you select the same network as the wallet you are withdrawing from. Copy your Binance address, paste it into the box for the withdrawal address in the wallet you are withdrawing from, and complete your withdrawal. Wait for your coins to arrive.

4. Buy Binance Coin

If you have just deposited BTC, go to Spot under the Trade tab and use the search box in the top right to find the BNB/BTC trading pair. Using the order form under the chart, select Market, enter the amount of BTC you want to spend, and click “Buy BNB” to buy BNB immediately. If you want a simpler process without access to trading tools, just go to Binance Convert under the Trade tab.

Final Thoughts

There is clearly a lot to consider when it comes to where, when, and how to purchase Binance Coin in the UK, but the most important thing is to choose the best platform for you.

We believe eToro is the top platform for buying BNB in the UK due to its strong reputation, security, ease of use, and range of innovative tools and features.

It’s quick and easy to set up an account and make a deposit with eToro—after that, you can purchase Binance Coin in a matter of seconds. Take a look at the step-by-step guide further up this page if you want to see how.

More Cryptocurrency Guides in United Kingdom

Check out more of our popular crypto guides for the United Kingdom below.

• How to Buy Polygon in the United Kingdom
• How to Buy Tezos in the United Kingdom
• How to Buy Algorand in the United Kingdom
• How to Buy Curve Dao in the United Kingdom

Methodology - How we picked the best platforms to buy Binance Coin UK

We have various quality control processes in place to give you a reason to trust us. We rigorously research and test the platforms we review in order to provide you with the best recommendations and help you make more informed investment decisions.

The things we test for on each platform we review include how to sign up to it, how to make a deposit, which assets are available, what types of trading are offered, fees charged, speed and interface, location and regulation, cross-platform compatibility, security, features and services available, educational resources, and customer support.