How To Buy BNB?
Binance Coin (BNB) is the native cryptocurrency of crypto exchange behemoth, Binance, running on the Binance Chain blockchain. The BNB coin served multiple utility purposes over the Binance exchange and launched in 2017. BNB has established itself as one of the go-to coins for investors; thus, they look for ways as how to buy BNB.
Crypto trading is a thing of the present; we see new entrants in the framework every day. Despite all the speculation and volatility, the popularity of the DeFi nature of the market attracts investments with each passing minute.
Moreover, investors are now looking beyond Bitcoin and Ethereum, as the crypto world is full of other potential coins, including BNB.
Luckily, buying BNB is like a walk in the park; even if you are a newbie, you can easily grab how to buy BNB.
So, let us start!
Step-by-Step Guide To Buy BNB
Here is a straightforward step-by-step guide to buying BNB coins.
- Step 1: Open A Crypto Exchange Account
First, you must have an account with a crypto exchange like Binance, CoinBase, TrustWallet and other platforms.
However, it is important to consider the below points before selecting any exchange.
- Supported tokens
Once you have selected an exchange, proceed further with opening an account. Generally, famous crypto exchanges must provide complete credentials, including your name, email, ID, and phone number.
Opening an account and gathering information is known as KYC (Know-Your-Customer).
Moreover, you register yourself using the exchange’s mobile app or website.
- Step 2: Deposit Fiat Money
Once your account is activated, the next step is to fund it with fiat money like USD, EUR etc. It is mandatory since you need money to purchase BNB.
Crypto exchanges these days offer numerous deposit options, including the following.
- Direct bank transfer
- Debit card
- Credit card
You can select your desired mode of payment to fund your newly opened crypto exchange account. However, credit card payments are charged at high-interest rates, as banks treat such payments as cash advance transactions.
- Step 3: Buy BNB
Upon successfully funding your crypto account, you are all set to buy BNB coins. All you need to do is to locate the BNB token from the search bar of your exchange’s portal.
Further, select the coin, enter the amount you want to spend or mention the total number of coins to intend to purchase. Validate transaction after providing required details.
There you have it! You are now the proud owner of BNB coins.
- Step 4: Store BNB
One of the key aspects of crypto trading is to keep it safe from unwanted hands. So, storing your coins safely is as important as buying them.
Usually, crypto exchanges themselves offer to hold facilities in their crypto wallets. However, users can have their digital wallets as well. So, it depends on whether to place it with your exchange or carry it home with your self-managed crypto wallet.
There are two main types of wallets.
- A hot wallet is a type of crypto wallet with an internet connection. Crypto exchanges provide these types of wallets free of charge. However, these are more prone to hacking and scamming.
- On the other hand, a cold wallet does not have an internet connection. You only connect it to the internet when you intend to transact. Therefore, these are more secure. However, hot wallets are expensive and come in the shapeof a USB device.
Here is an overview of the current financial position of the BNB coin.
- BNB Price – $302.16
- Market Cap – $47B
- 24H Volume – $391M
- Total Supply – Unlimited
- All-time High – $690.93 (May 10, 2021
- All-time Low – $0.09611 (Aug 01, 2017)
Binance (BNB) Uses
Like other cryptocurrency utility tokens, BNB is useful across multiple platforms beyond the Binance exchange.
A few of them are mentioned below.
Investors can use BNB coins to trade other cryptocurrencies across various exchanges.
Several platforms across the crypto space allow investors to use BNB to invest in ETFs, stocks and other digital assets.
BNB serves numerous purposes in the entertainment space by allowing holders to pay for virtual gifts and buy lottery tickets.
- Transaction fees on BNB exchange
One of the most used forms of BNB coin is to pay transaction fees on the BNB exchange, and it offers flexibility and security.
- Payment processing
Merchants use BNB as a mode of payment for their customers, which offers flexibility and ease of use.
Frequently Asked Question
Can I buy Binance (BNB) coin with a credit card?
You can easily buy BNB coins with credit cards. All you have to do is to create an account with a crypto exchange and select a credit card as your mode of payment. However, payments through a credit card are charged at higher interest rates.
What is the best way to buy BNB?
The obvious and best way to buy BNB coins is to use the Binance crypto exchange. Since it is their native coin, thus you can easily own BNB coins by creating an account with Binance.
What crypto wallet is best for BNB coin?
A cold wallet is always the best option to hold crypto coins. You can easily find cold wallets on the market; however, they are expensive but secure.
Is BNB a good investment?
BNB is currently ranked 4th among cryptocurrencies ranking. The prices fluctuate regularly; however, BNB is gaining value and is expected to remain stable. However, seek professional advice and do extensive homework before buying BNB coins.
Knowing how to buy BNB coins can diversify your crypto investment portfolio. BNB is currently ranked 4th in market capitalization; thus, it is one of the biggest and good performing coins.
Investors can easily buy BNB coins by opening an account with a crypto exchange like Binance. Fund your account with fiat money and place an order to buy BNB. Then you can store it in your exchange’s wallet and carry it home in a cold wallet.
Moreover, the coin is not limited to payments across the Binance exchange but offers multiple utility options, including entertainment, trading and investment payments. Thus, making it a perfect coin to own as its utility is high.
That concludes our article on how to buy BNB. Please leave feedback in the comments section, as we always dearly wait for it. Adios for now!