There is a great variety of cryptocurrencies on the market, and the newbie in the cryptocurrency world can get lost in their pursuit to find the best one. For those not wanting to risk, there is a reliable Binance Coin that has shown significant growth since the time of its ICO.
Binance Coin (or BNB, in other words) is a token considered to be one of the most successful ICO’s on the cryptocurrency market and, in our humble opinion, definitely worth purchasing. In this article, we’ll cover the process of how to buy BNB and answer frequently asked questions.
What is Binance Coin (BNB)
Binance has been on the cryptocurrency market for four years now, as it was founded in July 2017. During this period, from a small unknown company, it has grown into a reliable stock market with users worldwide.
Such significant growth became possible due to its ICO they conducted in the year of the company foundation. It was made on purpose as they wanted to raise funds for their cryptocurrency exchanges. At the moment of BNB creation (a token is a part of the ICO exchange platform), it was estimated at $0.1 per 1 BNB. Since that time, its price has grown significantly, and the level of trust in this cryptocurrency has increased, as well. Now, Binance Coin (BNB) is known as one of the most reliable and profitable tokens on the market of cryptocurrencies. As far as we know, no one ever regretted utilizing Binance Coins for their purposes.
Why Do You Need to Buy Binance Coin (BNB)
It is essential to be mentioned, BNB is not a cryptocurrency itself. It’s an ERC-20 token, meaning it’s being used on the Ethereum network (which is nowadays considered more trusted than the Bitcoin network). Binance Coin (BNB), as a token, is accepted as payment on the Binance stock market for trading fees. Also, when you use BNB, you get discounts on these trading fees, so it’s profitable to make payments using these crypto coins.
There are more than 200 million BNB tokens in the Ethereum Blockchain, and all of these crypto coins are divided the following way:
- 10% (that is almost 20 million crypto coins) are used by private angel cryptocurrency investors;
- 40% (that is about 80 million crypto coins) are owned by the Binance founding team;
- 50% (that is, around 100 million crypto coins) are given to ICO investors.
The Binance founding team has plans for BNB. Changpeng Zhao, being the founder of the Binance Coin (BNB), has an intention to make a BNB token deflationary. For this, he created a plan, according to which the Binance company every quarter will spend 20% of the company’s money to buy BNB tokens until there’re only 100 million BNB coins are left on the market. When they achieve this goal, they will eliminate 100 million BNB coins they obtained. That is how the Binance Coin exchange market plans to make their crypto coins deflationary.
But why would Changpeng Zhao decide to make Binance Coin deflationary? The answer is quite simple: in the nearest future, he wants to create a unique decentralized exchange where users will utilize BNB coins as key assets (and for some other purposes, like, for example, as gas (for more data on Gas, check the link). Though we may not understand the intentions of Changpeng Zhao, we still can trust him, as he was called the king of cryptocurrency, and that says a lot about the person, right?
Now, when we know about Binance Coin (BNB) and its functions, we can move to the next part of the article and cover such a topic as how to buy BNB.
For those having no time or desire to read the whole article, we prepared a short video of two minutes only where you can get all the necessary data relating to this topic.
How to Buy BNB
There are several steps you need to complete to buy BNB and make some profit out of it (and getting the money in the shape of fiat currencies is the main desirable profit for all Binance users). For starters, you need to buy BNB tokens themselves.
You can buy BNB in two possible ways: through eToro or Binance.
Purchase Binance Coin (BNB) Through eToro
It must be mentioned and it’s not that easy to withdraw coins from eToro as this cryptocurrency platform is more suitable for speculative purposes than for getting real profit from utilizing Binance Coin (BNB). At the same time, it has low fees (which is profitable) and convenient payment methods (which is essential, as well).
Anyway, all cryptocurrency users need to keep in mind cryptocurrency is not reliable itself, and various cryptocurrencies can vary in their price all the time, meaning investors are under great risk all the time. It’s especially a risky activity when you know EU laws don’t regulate or support the exchange and trade of cryptocurrencies. Owning such a reliable cryptocurrency as Bitcoin won’t give you a sense of security anyhow. We assume it’s not great news to hear, but our recommendation is to always keep in mind things like this.
For example, users of eToro claim they lose money on almost 75% of their CFD accounts. In terms of trading, that’s a lot, but that’s a harsh reality. You need to remember you, as well as your assets and funds, are always at great risk. And users in the USA have no opportunity to trade or exchange their cryptocurrencies on CFD accounts as they’re simply unavailable there. USA residents can only trade and exchange assets with no leverage.
If you want to know more about eToro, check the detailed review on this platform by this link.
Purchase Binance Coin (BNB) Through Binance
It’s obvious it’s better to purchase Binance Coin through Binance itself, as this platform was created to support BNB. There are two options for those wanting to purchase Binance Coin (BNB) via Binance: you can either pay by credit card or debit card (to get higher fees), or you can purchase it with any crypto assets you have (and Binance supports various assets, which is profitable and gives many opportunities for all comers).
For more data about this service, examine the link with a detailed description of Binance.
Once you purchase Binance Coin (BNB), you need to find crypto wallets where you can store, trade, and exchange your coins. There are several types of crypto wallets, and below, you can find the list of those considered the most comfortable and reliable:
- Trezor (hardware wallet)
- Binance (web wallet)
- Ledger (hardware wallet)
- Coinomi (mobile wallet)
Binance Coin Web Wallet
Keep in mind, Binance is an exchange, and keeping coins on Binance’s exchange can have consequences. If something goes wrong, all your funds and assets stay there, and you lose control over them.
Although, if you have small amounts of coins, you can place them on Binance’s exchange. It will help you to skimp on Binance fees and will be cost-efficient enough. Still, our advice is not to use this service as the main storage for your coins, but if you have no other options, you can utilize this crypto instrument.
Binance Coin Software Wallets
There are a few software wallets you can utilize for trading and conducting exchanges of cryptocurrencies. The most reliable software wallets with low fees and comfortable built-in services are:
Exodus is a perfect crypto wallet for beginners and for those who want their crypto product to be as comfortable and accessible as possible. This wallet can support more than 100 assets, including Bitcoin and Binance Coin (BNB). More than 4 million users all over the world trust their funds to this wallet, as the high level of security of this app inspires confidence in them. This wallet is our recommendation for those wanting to exchange BNB for other cryptocurrencies (and conversely) with ease.
Atomic Wallet is another software wallet allowing users of this product to conduct trading and cryptocurrency exchanges of their various cryptocurrencies (such as Ethereum, Bitcoin, Litecoin, XRP, XLM, and others) without leaving your account. Its interface also allows you to exchange atomic swaps, and you can do it both from your mobile phone and PC.
Coinomi is a perfect free instrument for those wishing to store their BNB. Its interface is intuitively understandable, and you can utilize this wallet both on iOS and Android platforms, on your mobile phone, or PC.
Binance Coin Hardware Wallets
Hardware wallets obtain a high level of security as they aren’t connected to the Internet and operate only in an offline mode. It means only you can trade, exchange, and complete other manipulations with your cryptocurrencies and private keys. As long as you keep them in a hardware app, they will remain safe there. That is why it’s our advice to utilize such reliable services as hardware wallets both for cryptocurrencies and tokens.
TREZOR hardware wallets are a perfect crypto product for those wanting to exchange and trade their cryptocurrencies in safety. Utilizing this wallet, you can be sure nothing’s bad will happen with your funds, as this wallet operates only in an offline mode. There are two models of this wallet: TREZOR One and TREZOR Model T. You can choose any you like, but TREZOR One is the newest update of the wallet with a built-in touch screen and many functions making the trading more comfortable.
Although TREZOR Model T is also a decent hardware wallet, so have no doubts about choosing it as your wallet for the cryptocurrency exchange or Binance exchange. For more information about TREZOR Model T, check the following link.
Ledger hardware wallets will be a perfect solution for everyone with impressive trading experience wishing to store their BNB and other altcoins in safe conditions. As with TREZOR hardware wallets, this wallet also has two versions: the new and the old one. The Nano S is the old one, and the Nano X is the updated version of it. It gives its users the opportunity to manage the cryptocurrency exchange and Binance exchange both from their mobile phones and PCs (depending on the options they have).
For a detailed description of Ledger Nano X, examine the link with our full review of this wallet.
As you choose your crypto wallet, you can move to the next essential step, which is in the settling of your BNB address.
Settle BNB Address
As it was already mentioned, BNB is an Ethereum token, meaning it has a similar address. It looks like letters and numbers, starting with Ox. For example, it can look like this:
Once you settle the BNB address, chose a crypto wallet, and purchase BNB, you can withdraw these coins from the chosen wallet and transform them into real money in the form of fiat currencies.
Withdraw Binance Coin (BNB)
If you want to use your BNB for skimping on Binance fees, then you can leave them on Binance’s change. But remember, the risks of losing your coins on the exchange are high.
It’s better to withdraw your BNB from Binance’s account into your wallet as soon as you purchase them (especially if you have them in a big amount). It will be safer, more reliable, and profitable for those wanting to go into marketing and become true cryptocurrency investors. Our advice is the following: if you have the smallest opportunity to save your BNB, use this opportunity.
Summarizing the process of BNB purchasing. What do you need to do, and in what order:
- Choose a comfortable BNB wallet meeting your demands (Coinomi, Ledger, or others).
- Settle a unique BNB address.
- Sign up to Binance.
- Purchase BNB whether via your credit card or debit card or with some other cryptocurrency.
- Withdraw BNB into your wallet, or store them on Binance if you have small amounts of them and want to utilize them to skimp on fees).
If you want to become an investor, you can utilize eToro, and ignore the steps mentioned above.
Binance Coin (BNB) isn’t that popular these days, and that might stop many users from utilizing it. But, if we believe cryptocurrency news, Binance, in general, is becoming more popular each day. And that doesn’t surprise us a lot.
Binance, and BNB, allow their users to save on trading fees, unlike many other tokens on the cryptocurrency market. It’s our advice to take a closer look at BNB even if you don’t think it has a bright future ahead. No one knows that these days, but we don’t need to know what’s waiting for us in the future if we can enjoy the bonuses Binance Coin gives us today.
If Changpeng Zhao’s plans on turning Binance into a decentralized exchange become a reality, the price for BNB can increase significantly. And, honestly, we have no doubt Changpeng Zhao will do what he’s planning to do, as this person, as it was already mentioned, is called the king of cryptocurrency. What makes you doubt the king’s plan?
Where can I buy Binance coin?
You can purchase BNB either through your credit card or with other cryptocurrencies. For this, you need to choose a crypto wallet (hardware or software), settle your BNB address, sign up to Binance, and purchase BNB there. You can also purchase BNB on eToro, and for this, you can skip the steps listed before. There are some additional apps and websites where you can buy BNB, but our advice is to do this on verified sources.
Is the Binance Coin worth buying?
It is worth purchasing in any case, but especially if you want to skimp on trading fees. Binance gives you a significant discount if you purchase BNB on their platform, and that is profitable for everyone obtaining any cryptocurrency. Also, the founder of Binance wants to turn this platform into a decentralized exchange, and it might increase the general value of BNB. That’s why it’s our advice to purchase Binance Coin now when the price for it is low enough.
Can you buy coins on Binance?
Yes, you can purchase any cryptocurrencies on Binance. These coins can be Bitcoin, Litecoin, Ethereum, XRP, XLM, and others. For this, you can either use your credit card or debit card or bank transfer (choose the option meeting your demands and interests the most). Binance has only reliable partners, so be sure nothing illegal will happen with your money.
Why is Binance banned in the USA?
In November 2020, Binance’s founding team warned USA residents their accounts would be blocked in two weeks. It was made with one purpose: to make USA residents utilize Binance.US instead of Binance.com. Unfortunately, these two websites have different numbers of trading pairs, and the utilization of a new website became less profitable for USA residents. The reason why Binance’s founding team decided to ban their platform in the USA is quite simple: they claim many USA residents violate conditions and terms of the service, and their cryptocurrency exchange was conducted with violations, as well.