How To Buy BNB: A Beginners Guide to Buying Binance Coins

The world of cryptocurrency can be a little bit confusing for beginners. With so many different coins, and new ones emerging on the market all the time, it can be hard to keep track of them all. There are quite a few different ways to acquire these digital currencies, and one of the most common is buying them directly from another person or from an exchange like Binance. This article explains what BNB is and how you can buy it.

What is Binance Coin?

BNB is the official token of the Binance exchange, which is one of the world’s largest crypto exchanges by volume. It’s a ‘utility coin’ (more on this below), which means that you can’t buy or hold the coin for investment purposes. Instead, it has a specific use within the Binance ecosystem.

The Binance exchange offers a rebate on certain trading fees paid in BNB, so it can save you money if you trade a lot. Holding a certain amount of BNB in your account will give you access to special privileges as a ‘premium user,’ such as advanced trading features and exclusive events. You can also use BNB to buy other cryptocurrencies.

Read Also: Crypto Binance Futures Trading For Beginners Click Here

How to buy Binance Coin

There are currently two ways to buy Binance coins, using either a credit card or an ‘exchange’ site like Coinbase or Binance. If you want to make a one-off purchase of Binance coins, you can use a credit card. This is easy but expensive, as you’ll likely pay a high fee for the transaction.

 

However, Coinbase is currently offering a 50% discount on all purchases of $100 or more, which can make the transaction less painful. You can find out more about the offer here. If you’re looking for a way to buy Binance coins ‘on a regular basis, you can use an exchange. Unlike a one-time purchase on a credit card, an exchange will let you buy as much or as little as you want and make regular purchases, as well as letting you deposit cash into your account. However, you’ll likely pay a transaction fee.

Where to buy Binance Coin

If you want to use the credit card method, then you can buy Binance coins directly from the Binance website. However, you can’t use the credit card method with an exchange. The main Binance exchange is hosted by Binance.com, and you can sign up for free by clicking here. Once you’ve signed up, you can use one of your connected payment methods to buy Binance coins. You can also buy Binance coins on Binance’s mobile app.

 

Other Exchanges to Buy Binance Coin BNB

There are lots of ways to buy BNB apart from going through the Binance website. This section will list just 2 of them that are easy to use, has a good reputation, security, good customer service, payment methods, and lots more pros features.

 

eToro

A multi-asset exchange founded in 2007 provides support for cryptocurrencies since 2013. eToro, having operated for years, has established a stand in the digital exchange world as they have operated for years without having any controversy attached to them.

 

Binance was listed on its website in 2017, on 25th July. In order to buy Binance on eToro, you will have to provide government ID verification and a bank credit card up to six months old to verify the ownership of the account.

After the verification, you can deposit funds and use them to buy Binance coins.

 

FTX

This is one of the best platforms to trade your Binance coin. FTX was founded in 2019, with its headquarters in the Bahamas. They are registered as FTX Trading Limited and have more than one million users.

 

Binance was listed on its website on 5th August 2021. Users have given this platform a good rating. FTX is also known for having one of the best customer service support in the digital exchange space and a smooth registration process.

Why should you buy Binance Coin?

As we’ve mentioned above, the Binance coin isn’t designed for long-term investment. It’s designed to be used within the Binance ecosystem, and any coins that you don’t use will be destroyed. This could have the effect of driving up the value of the remaining coins.

 

That being said, the Binance exchange is one of the biggest in the world, handling an average of $1.6 billion in daily trading volume. It also offers low transaction fees in comparison to other exchanges. With more and more people buying and selling cryptocurrencies, it’s likely that Binance will remain a major and popular exchange for the foreseeable future.

Is Binance the only place to buy BNB?

No. Binance is the main place to buy BNB, but there are other exchanges where you can buy the coin, such as HitBTC and Gate.io. However, Binance is likely to remain the most popular, so it makes sense to buy BNB from there. You can find out more about the other exchanges offering BNB here.

Should you invest in the BNB coin?

Buying Binance coins for investment purposes is a risky move, as we mentioned above. They’re designed for use within the Binance ecosystem, and Binance will destroy any coins that don’t get used so that the value of the remaining coins goes up. This means there’s a limited supply of BNB coins, which could drive up their value over time.

 

That being said, the Binance exchange is one of the biggest in the world, and it’s growing rapidly. More and more people are buying and selling cryptocurrencies, and more are signing up for Binance every day. This ongoing growth could drive up the value of the BNB coins.

CONCLUSION

The Binance coin is the official token of the Binance exchange, which is one of the world’s largest crypto exchanges by volume. It’s designed to be used within the Binance ecosystem, and Binance will destroy any coins that don’t get used. Buying Binance coins is a risky move, but the Binance exchange is one of the biggest in the world, and it’s growing rapidly.