Binance Coin (BNB)

How to Buy Binance Coin (BNB)? BNB smart chain blockchain network enables users to build digital assets and decentralized applications. BNB originated from Ethereum blockchain and is the local currency used on binance. You can use BNB to pay transaction fees and other transactions on the binance chain.

According to the investability score of nextadvisor, although BNB’s market value ranks first, binance coin (BNB) is far behind Bitcoin and Ethereum, the top two cryptocurrencies and the most mature cryptocurrencies, are considered to be better investments because of their long history and long-term value growth and other key factors.

Want more than just to buy BNB? Access dozens of different cryptocurrencies buying guides 2022 here.

What is Binance Coin (BNB)? 

Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on the Binance cryptocurrency exchange. The Binance Exchange is the largest cryptocurrency exchange in the world as of January 2018, facilitating more than 1.4 million transactions per second.

Users of Binance Coin receive a discount in transaction fees on the Binance Exchange as an incentive. BNB can also be exchanged or traded for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc.

Binance Coin was created in July 2017 and initially worked on the ethereum blockchain with the token ERC-20 before it became the native currency of Binance’s own blockchain, the Binance Chain.

Read More: What is Binance Coin (BNB)?

How Does Binance Coin (BNB) Work?

Binance Coin (BNB), as mentioned above, is the native crypto of Binance and Binance.US. BNB, simply put, is a crypto asset similar to other digital assets on the market as it rises and falls in value as individuals use and trade it. Holders can store the BNB holdings in compatible wallets off crypto exchanges and send the coin directly to other people for payments and other transactions.

What makes BNB unique is that it works in tandem with two specific blockchain platforms, the Binance Chain and the Binance Smart Chain. Furthermore, BSC is a separate blockchain built in addition to the Binance Chain, and it runs parallel to BC and boasts different features, including smart contract capabilities.

Read More:

How to Make Money with Binance Coin (BNB)?

How to Earn Free Binance Coin (BNB)?

Why Buy Binance Coin (BNB)?

The short answer is: no. Binance Coin isn’t an investment in and of itself. Both of its exchanges’ exit from Singapore puts points against buying its coin, owing to the fact that it refuses to comply with Singapore regulations.

Binance is very clear on its stance towards Binance Coin (BNB) being a utility token, and intends it to be used as such.

All that said, you shouldn’t write-off every single altcoin as worthless except within its own ecosystem. Each crypto has different purpose (and thus potential) and needs to be assessed individually.

Once again, we’ll end our crypto article with a disclaimer that cryptocurrency is a highly volatile form of investing, regardless of which coin you buy! So always do your due diligence before buying and invest no more than you can afford to lose.

Make sure to also diversify your portfolio well with traditional investments like stocks, ETFs and REITs via online brokerages in Singapore. We’ve got beginner and advanced guides for you to start investing in Singapore. Have a read if you’re interested!

How to Buy Binance Coin (BNB) in 4 Simple Steps

  • Step 1: Decide where to buy Binance Coin (BNB).
  • Step 2: Think about how to store your Binance Coin (BNB).
  • Step 3: Make your purchase.
  • Step 4: Manage your investment.

How to Buy Binance Coin (BNB) on a Crypto Exchange

1. Coinbase

  • Step 1. Create a Coinbase account

Download the Coinbase app and start the sign up process. You will need a valid ID and may be asked for proof of address in order to transact, so be sure to have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.

  • Step 2. Add a payment method

Tap on the payment method box and connect a payment method. You can use a bank account, debit card or initiate a wire.

  • Step 3. Start a trade

Press button then select “Buy” from the list of options.

  • Step 4. Select Binance Coin (BNB) from the list of assets

Search for Binance Coin (BNB) by typing “Binance Coin (BNB)” into the search bar. When you see Binance Coin (BNB) show up in the results, tap it to open up the purchase screen.

  • Step 5.  Enter the amount you want to buy

Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a Binance Coin (BNB) amount.

  • Step 6. Finalize your purchase

Tap “Preview buy” when ready. You’ll be shown the details of your purchase. Make sure everything looks good and then confirm your purchase. That’s it, you’ve bought Binance Coin (BNB).

2. eToro

  • Step 1: Find a crypto exchange or trading platform that offers Binance Coin (BNB)

There are a number of exchanges that will let you trade your funds for Binance Coin (BNB). One of them is the eToro trading platform.

  • Step 2: Sign up

If you’d like to buy Binance Coin (BNB) through eToro, all you need to do is sign up, verify your account and make a deposit. From there, you’ll be able to buy and sell Binance Coin (BNB) easily.

  • Step 3: Buy Binance Coin (BNB)

Binance Coin (BNB) can be purchased fractionally, so you don’t need to buy a full Binance Coin (BNB) to own some. For example, if Binance Coin (BNB)’s price is $10,000, you can purchase 0.1 Binance Coin (BNB) for $1,000.

3. Bitfinex

  • Step 1. Log in to your account or sign up to Bitfinex.
  • Step 2. Go to Deposit, choose Payment Cards.
  • Step 3. Select the payment processors.
  • Step 4. Choose the crypto and enter the amount.
  • Step 5. Select the destination wallet and proceed payment

4. Binance

  • Step 1: Create your Binance Account

Sign up with your email address or mobile phone number, and choose a strong password. Or, download the Binance crypto trading app from the App Store or Google Play store and open an account there.

  • Step 2: Start Buying Binance Coin (BNB)

There are two main ways to buy Binance Coin (BNB) on Binance using cash: you can link your debit/credit card or bank account, or buy crypto directly from other users on Binance P2P.

Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy Binance Coin (BNB). Through this method, you can buy Binance Coin (BNB) for a minimum. (This amount varies depending on the currency you use.)

Buy Binance Coin (BNB) directly from other Binance users with your local fiat currency via Binance P2P. Browse a variety of Binance Coin (BNB) listings to shop the best offers on Binance Coin (BNB) from other users. With thousands of merchants and hundreds of payment methods available, Binance P2P caters to many regions in the world right now.

5. KuCoin

  • Step 1. Sign Up for KuCoin Account
  • Step 2. Secure Your KuCoin Account
  • Step 3. Verify Your Identity
  • Step 4. Connect Your Account to Funds Fund Your Account
  • Step 5. Start Trading on KuCoin

How to Buy Binance Coin (BNB) With PayPal

  • Step 1. Login to Paypal and Select Cryptocurrency

In Paypal website, you should see the option for cryptocurrency in the top right of the dashboard, next to ‘Send’ and ‘Request’.

  • Step 2. Select ‘Binance Coin (BNB)’

Or choose any of the other coins listed.

  • Step 3. Select ‘Buy’
  • Step 4. Choose How Much You Want to Buy

Enter an amount of dollars you want to spend on Binance Coin (BNB) or choose a pre-set amount below.

  • Step 5. Select Payment Method

You likely already have you bank account linked to you Paypal account, but you can also hook up another method if you don’t want to use your bank account.

  • Step 6. Hit the ‘Buy’ button

After finalizing your purchase, you will be taken to a confirmation screen and you should see your coins reflected in your Paypal account dashboard.

How to Buy Binance Coin (BNB) With a Credit Card

Not all platforms will allow you to use a credit card to make your cryptocurrency purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.

Some credit card companies allowing cardholders to make crypto purchases treat the purchases as a cash advance (cash advances usually involve a cardholder using a credit card to withdraw money from an ATM). This has several critical disadvantages.

  • Cash Advance Fees: Some cards treat a cryptocurrency purchase as a cash advance. This means each crypto purchase is subject to a cash advance fee. A typical fee of either $10 or 5% (whichever is greater) would be charged. These fees are in addition to fees charged by the vendor or exchange.
  • Cash Advance Interest Rates: Most cards have a higher Annual Percentage Rate (APR) for cash advances—often over 25%. This is a variable interest that changes with the market. Interest will start to accrue on the day the purchase is made and will continue to accrue until the credit is paid off. By comparison, cardholders have up to 25 days to pay off a regular credit card charge before accruing any interest.
  • No Credit Toward Rewards orBonuses: Credit used to purchase crypto (and thus make a cash advance) typically doesn’t qualify for any purchase rewards nor toward spending that would normally apply to a welcome bonus.
  • Lower Credit Limits: Cash advances often have a lower credit limit than the cardholder’s overall credit limit that applies to the card itself. Cardholders hoping to make big crypto buys may find themselves limited by the cash advance terms and limitations.

Buying Binance Coin (BNB) FAQs

What is a Binance Coin (BNB) Wallet?

You can pay your trading fees on Binance with BNB to receive a discount. You can also use it as collateral for loans, stake to earn rewards and as a BNB holder you gain exclusive access to opportunities on Binance such as investment in Binance Launchpad events.

BNB operates on Binance Chain and the recently released Binance Smart Chain. Binance Smart Chain is a smart contract blockchain that is compatible with the Ethereum Virtual Machine. In basic terms, that means that decentralized applications that work with Ethereum are relatively simple to migrate to Binance Smart Chain.

Ethereum tools like Remix, Truffle and Metamask work with Binance Smart Chain, which means that those developers familiar with building on Ethereum can transition their DApps to Smart Chain. Infrastructure like ChainLink and Band Protocol are already integrated.

Trust Wallet is the best BNB wallet for Android and iOS phones. Not only does it allow you to use your BNB to trade on the Binance DEX, you can also interact with Smart Chain DApps in the built-in DApp browser.

Can You Sell Binance Coin (BNB)?

On the Bitcoin Store platform, you can easily sell more than 130 cryptocurrencies from our offer at the current exchange rate.

You can instantly sell cryptocurrencies that are stored on your Bitcoin Store Wallet.

Cryptocurrency stored on personal wallets such as Exodus, TrustWallet, Ledger, Treasury, etc., or on various trading platforms must be transferred to your Bitcoin Store Wallet before selling.

Once the transfer is successful you can sell your cryptocurrency. You can withdraw the funds directly to your bank account or keep them on your Bitcoin Store Wallet and use them for future cryptocurrency purchases.

Read More: How to Sell Binance Coin (BNB)

What is a Binance Coin (BNB) Address?

Download the Trust Wallet here if you don’t have a crypto wallet.

To find your Binance Smart Chain (BSC) address, follow these steps:

  1. Click [Create a new wallet] and back up the 12-word seed phrase. Please keep your private keys and seed phrase safe and never share them with anyone. If you lose them, you will not be able to access your wallet.
  2. After creating a wallet, click [Smart Chain] – [Receive] to find your BSC address. You can tap on the QR code to copy the address or click [Share] to share your address.
  3. To see your Binance NFTs, click [Collectibles].

Besides, you can sell your NFTs via DApps such as BakerySwap.

How to Accept Binance Coin (BNB) Payments?

  • Binance payment on your website through Coinremitter payment gateway plugin. Now you can Start accepting crypto payments.
  • Coinremitter payment gateway is one the best, secure and reliable, and most importantly user-friendly crypto payment processors for Binance and other coins.
  • To use coinremitter payment gateway to accept Binance coin, all you need to do is create an account on Coinremitter as a Merchant or as an individual. So, you can start receiving payment directly on your Coinremitter Binance wallet.
  • To start accepting Binance on your website, you need to integrate a Coinremitter payment gateway on your website.
  • Once done, you will need to create a Binance coin wallet. So, you start receiving and sending payment directly to the wallet.
  • After creating a wallet, you need the API key and Password, go through this information.

Just paste the API and password of that coin and integrate it into your site and then you’ll be able to accept crypto payments.

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