How to Buy Binance Coin
Binance Coin (abbreviated as BNB) is one of the most valuable digital currencies in the world, based on market capitalization. BNB has now been a popular choice for crypto asset investors, as the Binance exchange backs it. We’ll walk you through how to buy Binance Coin on a regulated trading platform in this guide.
Binance is the world’s largest cryptocurrency exchange platform, with over $90 billion market capitalization. Binance, based in China, is led by crypto mega-influencer Changpeng Zhao, also known as CZ. Due to U.S. restrictions, Binance.us only offers a limited set of services to consumers in the United States.
Buying Binance Coin vs Trading Binance Coin
Buying BNB can be simple – depending on wallets and exchanges – but it’s not the same as purchasing foreign cash when traveling abroad. It does not, however, necessitate a great deal of knowledge. You will be required to select an appropriate wallet and the exchange and payment of crypto coins.
On the other hand, Binance Coin trading is a more short-term endeavor; Getting into the market, remaining in it for a few months, then exiting when the price reaches its peak. As a result, BNB traders have a reputation for being price sensitive and fleeing the market when it becomes unprofitable.
Steps To Buy Binance Coin Online?
You need an exchange account to buy Binance Coin, which is easier than you would believe. Here are the 5 easy steps you’ll need to follow to buy Binance Coin quickly and easily.
Choose which exchange or brokerage you want to use to buy Binance Coin.
- Create a user account on Binance.
- Carry out the required KYC checks.
- Deposit into your account.
- Purchase BNB and keep it in a wallet.
How To Trade Binance Coin?
To invest in BNB, you do not need to buy it. You can exchange BNB instead if you prefer. Trading Binance Coin is slightly different from buying it; follow the procedures below.
- Look for a broker.
- Create a user account.
- Carry out the necessary KYC checks.
- Decide on a strategy.
- Once you’ve determined how you want to trade, fill your account with BNB assets. You can use leverage to maximize your winnings but keep in mind that it also increases your risk of losses.
Different Ways To Buy Binance Coin
Binance
When it comes to purchasing BNB, Binance is the obvious choice. You can acquire Binance Coin with any of the assets supported by Binance (which is a lot) or pay with a credit card – but at a higher cost.
eToro
With a range of standard payment methods and cheap fees, eToro allows you to invest in Binance Coin. Because withdrawing coins from eToro is a complex process, it is recommended that you utilize it for speculative purposes rather than for actual benefit from BNB.
Debit/Credit Card
The majority of individuals will use a debit or credit card to purchase Binance Coin; if you choose the appropriate broker, you can complete your transaction immediately.
On the other hand, Binance coin brokers are notorious for charging exorbitant fees for debit/credit card transactions. With an industry average of 3-5 percent, this is a good deal. Huobi, for example, charges between 2-3 percent depending on the card issuer, while Binance can charge up to 10%.
PayPal
You can also utilize e-wallets like Paypal with some internet brokers. If you seek a low-cost way to buy Binance Coin using Paypal, eToro will charge you 0.5 percent.
Your payment will be processed promptly by the broker, and you will not be required to enter your Visa/MasterCard information into the platform because it will already be kept in your Paypal account.
Things To Consider Before Buying Binance Coin
Deposit Fee
The deposit fees you pay will vary depending on the cryptocurrency exchange or brokerage. Although cryptocurrency transactions are usually cheaper, credit card and debit card fees are the most expensive. You’ll have to pay these fees every time you deposit or withdraw money from a cryptocurrency exchange.
Trading Fee
Like maker and taker fees, trading fees are present on almost every platform. Most of them have a tier-based structure dependent on your monthly trading volume. Your charge percentage decreases as you trade more.
Volatility
Volatility is another factor to consider. It refers to the quick change in the price of cryptocurrency tokens. If you acquire Binance Coin now at a specific price, it may be significantly higher or lower tomorrow.
Regulations
You’ll need to follow various restrictions depending on where you are and what type of crypto exchange you use. As a result, many crypto exchanges will request KYC and AML documentation from you.
Long-Term Holding (HODL)
A HODL investment lasts for at least six months. You’ll adopt this technique when predicting the price to rise over time.
Short-Term Holding
Any investment you can hold for less than a year is considered short-term holding. The goal with BNB is to sell as soon as the value rises rather than wait.
Is It Safe To Buy Binance Coin Online?
Buying Binance Coin online is risk-free if you choose a crypto exchange with stringent security measures. Before anything else, keep your coins separate from your exchange in a wallet. You can use two-factor authentication (2FA) to add an extra degree of security to your account.
We advocate using a hardware wallet to store your money when it comes to wallets. You’ll be able to keep them off the Internet— and away from prospective hackers — in this manner.
If you use a peer-to-peer P2P exchange, it’s also worth remembering that you should communicate to sellers before buying. Other measures you can take to safeguard yourself include:
- Not disclosing your account password to anyone.
- Only using authorized forums and websites to seek advice.
- Reading customer reviews before selecting an exchange.
- Not buying Binance coin on public internet connections.
How To Store Binance Coin
Binance Chain Wallet
The Binance Chain Wallet is Binance’s native wallet. A browser plugin allows Binance Chain and Binance Smart Chain users to send, receive, and transfer BNB safely. BNB can also be kept in a Binance account wallet, which is the wallet that is linked to their Binance account.
Trust Wallet
The most popular mobile-only Cryptocurrency wallet is Trust Wallet. It enables BNB holders to securely store and manage their assets while maintaining complete control over their private keys.
You may store coins from all significant networks on Trust Wallet, and you can also backup your BNB holdings for an extra layer of security.
Through Trust Wallet, you may engage with popular BSC DApps like PancakeSwap. You can access Binance’s DEX (Decentralized Exchange) through the app with Trust Wallet/WalletConnect compatibility due to its status as “Binance’s official digital wallet.”
Meta Mask
While MetaMask was built for the Ethereum network, BNB holders can connect to the BSC and store their assets there, including an inbuilt token wallet for all of your BEP20 and BEP2 coins, as well as an integrated token exchange.
Due to the low cost of gas fees on the Binance Smart Chain, it’s ideal for people who plan on using DeFi goods and transferring between wallets frequently.
Ledger
The Ledger hardware cryptocurrency wallet has proven to be the most popular on the market. It offers comprehensive protection for your BNB and is relatively straightforward.
It has two models: the Ledger Nano X and the Ledger Nano S, which enable BNB.
Users connect a Ledger wallet to their computer’s USB port to utilize it. Because private keys are held offline, Ledger can only be used in person, protecting the safety of your valuables. It has only two buttons and requires a PIN to operate.
How To Sell Binance Coin
Follow these instructions to sell Binance Coin:
- Sign up for an altcoin exchange and use Binance Coin to finance your account, or use Binance Coin to load into a Bitcoin ATM. Signing up for an altcoin exchange is the most convenient way to sell BNB for Bitcoin or Ethereum, allowing you to cash out sooner.
- You can exchange Binance coins for Bitcoin or Ethereum. Because Bitcoin and Ethereum are two of the most commonly acknowledged cryptocurrencies, you should be able to access them more quickly due to their larger volume and liquidity.
- After signing up and verifying your account, send your Bitcoin or Ethereum to Coinsquare. To fund your Coinsquare account, go to the top menu and select “Fund,” then follow the instructions for either Bitcoin or Ethereum, depending on which you want.
- Quick Trade allows you to exchange your Bitcoin or Ethereum for fiat currencies such as the Euro or Canadian dollar. On the left side of your Coinsquare dashboard, you’ll find Quick Trade. In three clicks, you may sell any cryptocurrency on our site.
- Withdraw money from Coinsquare directly to your bank account in Euros or Canadian dollars. You can do so by going to your dashboard’s top bar menu and selecting “Withdraw.”
Is It Worth Buying Binance Coin Right Now
Binance is the world’s largest cryptocurrency exchange, and it’s unlikely to change very soon, thanks to significant advantages over US-based businesses provided by weak Chinese crypto rules.
The Binance Smart Chain, introduced in 2020, expands the BNB token’s use cases and allows it to run its DeFi system on top of it. On the other hand, this chain is authenticated by 21 stakers every day, indicating that it is far from centralized. If you are concerned about the PoSA network, you may consider a more decentralized blockchain such as Ethereum.
BNB appears to be set for stable expansion for the rest of this market cycle, barring any dramatic external influences.
Bottom Line
This article focused on BNB and how to buy Binance coin– an extremely adaptable asset. We have highlighted a few simple ways to purchase it, including buying it through the Binance exchange or with a mobile wallet like Trust Wallet. BNB is a highly sought-after asset everyone should include in any crypto investment portfolio because it is a native token for the largest crypto ecosystem.