how to buy BNB

The Binance Coin has become popular lately because of its hype and the growing potential of the Binance exchange. Due to Binance’s popularity, many crypto users ask questions like “how to buy BNB (BNB)” and “where to buy BNB.”

If you want to get a BNB coin but don’t know where to start, this article will help you. We’ll cover the easy steps of buying BNB as well as the cryptocurrency’s use cases and working mechanisms.

Binance (BNB) Buying Guide

Step 1: Find An Exchange That Supports BNB

To start buying BNB, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support BNB.

Crypto platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.

  • 500+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.075%*-0.1%*
  • Sign-up bonus: 10% reduced trading fees*
  • Available in Europe, Asia, Oceania, Africa
  • 150+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 1.49%*-3.99%*
  • 10$ Sign up bonus
  • Available in North America, South America, Europe, Asia, Oceania, Africa
  • 1000+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.2%*-0.2%*
  • 10% reduced trading fees & up to $170 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa

Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification. 

You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.

Step 2: Deposit Funds to Your Exchange Account

Before buying a BNB token, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.

Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.

Step 3: How to Buy BNB Officially?

Learning how to buy BNB is not difficult at all. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the BNB ticker. You can also look directly for BNB trading pairs to save time. Afterwards, just enter the amount of the BNB tokens that you want to buy.

You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.

Everything You Have to Know About Binance Coin (BNB)

The Binance Coin (BNB) is the native token of the Binance crypto exchange. This token is powered by the Binance Smart Chain, and it became popular in the DeFi community because of its speed and versatility.

If you’re always using Binance for your crypto trades, you can save more money and time with the help of the BNB token. This coin has the potential to curb your Binance trading fees by as much as 25%. More importantly, BNB covers any transaction fees incurred in the Binance Smart Chain.

BNB is also a major component of the Binance liquidity fools, token sale events, and donation drives in the Binance Charity. In many ways, BNB is a highly dynamic token that will become more useful over the years.  

How Does BNB Work?

The Binance Coin (BNB) works in simple ways: After getting some BNB coins, you can now start trading or paying for the digital services that you need.

Currently, BNB can be used in various online marketplaces such as HTC, Monetha, Coingate, and Coinify. Many service providers also accept BNB tokens as payments for their services.

Additionally, BNB unlocks tons of services and utilities in the Binance platform. Some of these useful services are Binance Loan, Binance Launchpad, Binance Launchpool, and Binance VIP Program.

What Makes BNB Unique?

BNB is unique because of its versatility within the Binance platform. Once you’ve procured BNB tokens, you can partake in numerous Binance programs and gain more rewards.

BNB is also a widely supported token that will help you connect with thousands of merchants and service providers around the world. 

Who Are the Founders of BNB?

The Founder of BNB is Changpeng Zhao and he is also the CEO of Binance. Zhao was also part of Bloomberg as head of futures development. Eventually, he moved on to Fusion Systems as a business partner. Zhao’s skills and expertise helped Fusion Systems grow, and they were even more beneficial for the development of the Binance platform.

Changpeng Zhao is also dedicated to the continuous improvement of blockchain tech and cryptocurrency platforms. With the help of Zhao’s vision and the efforts of his core team, Binance became the crypto powerhouse platform that it is today.

What Are the Use Cases of BNB?

BNB has multiple use cases meant for traders and users from all walks of life. As a user, understanding BNB’s use cases will help you assess the token’s value.  

These are the common use cases of BNB:

  • Trading
  • Payment for goods and services
  • Binance staking
  • Asset for Binance’s programs

Who Builds on BNB?

The Binance coin (BNB) is essential for project builders who want to utilize the dynamics of the Binance platform. Since BNB is well-accepted by dozens of exchanges and thousands of merchants, it can contribute to the growth of any project or idea.

Official website: https://www.binance.com/en

Essential Points of the Binance Coin (BNB) Whitepaper

The BNB Whitepaper emphasized the dynamics of the BNB token. The paper also revealed the problems of most crypto exchanges, especially the ones widely used by the public.  

These are the strong points of the BNB Whitepaper:

  • Crypto token versatility
  • Binance utilities and programs
  • Platform interoperability
  • BNB’s coverage of transaction fees
  • BNB repurchasing plan

The Best Cryptocurrency Wallet for BNB?

After knowing how to buy BNB, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.

You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.

On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.

What Factors Affect My Choice of Crypto Wallet for BNB?

At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.

Check out the important factors affecting your choice of BNB wallet:

  • Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade BNB right away.
  • Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
  • When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
  • Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
  • Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.

Ledger vs. Trezor – The Top Choice for Beginners and Pros

Now that you already know how to buy BNB, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.

When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.

Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.

If Ledger excels in security functions, Trezor takes the crown of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes. 

General Market Overview for Binance Coin (BNB)

Do you want to learn more about BNB and other crypto coins? Check out our crypto blog and get all the relevant information that you need!

Additionally, here are some important topics in our blog:

  • Trading speculation about BNB
  • The current market prices of cryptos
  • Detailed price charts with a comprehensive history
  • Whitepaper summaries of cryptos
  • Founder profiles and their related works
  • Up-to-date cryptocurrency news and developments

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