How to Buy BNB Binance Coin 2023 Step-by-Step

For example, if you want to buy ETH using BTC, you will need to select BTC markets or BTC as your base asset. Now, after your account is well secured, use the top main menu in order to select “Wallets” and select from there the “Spot Wallet” sub-menu item. The referral field will assure you will receive the 20% off fees, as a unique offer to CryptoPotato’s users. After signing up, it worth mentioning that the Binance trading platform can be also accessed via Apple iOS, Google Android and Windows dedicated apps.

Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Register for a Coinbase account and verify your details by uploading some photo ID. Next, make a deposit using your preferred payment method, and search for Binance Coin to buy some BNB. Rather than just simply purchasing Binance coin and holding onto it owners can also choose to stake BNB tokens.

• On the other hand, a limit order can be canceled and allows you to set the price you want to buy or sell with.
• The transaction will show “pending payment” till the buyer makes payment and it indicates that receipt is confirmed.
• On the top field, you are to enter the cryptocurrency which you are exchanging and then input the amount you want to trade.
• He started the exchange in July, and within six months, the exchange grew to become one of the largest crypto exchanges in the world.
• Since its launch in August 2017, Binance keeps growing and leading the cryptocurrency ecosystem.
• Binance Coin on the CoinCasso cryptocurrency exchange can be purchased through orders and the SWAP function.

The trading platform specialises in offering a variety of crypto assets and crypto CFDs, together with several other financial instruments. Over the years, it has built a reputation for offering technologically-advanced trading solutions, which include its signature social trading platform. You can buy Binance Coin on eToro using a bank transfer, together with a variety of alternative payment methods. BNB is a native asset of the Binance Chain and Binance Smart Chain. The coin powers the platform’s trading ecosystem, is used to pay for its services, and can be converted to other crypto assets. BNB holders who have large volumes of the currency may be eligible for discounts on trading fees, a practice that encourages traders to use the coin.

Where to Store Binance Coin

Binance is not only limited to crypto-to-crypto trading – it offers FIAT-to-crypto trading, as well as buying Bitcoin and other cryptocurrencies with a credit card. For advanced traders, Binance offers its Futures exchange that enables leveraged trading. Anyone who’s trying to learn how to buy on Binance is going to face a few different choices of how to go about doing so. Having said that, buying cryptocurrency on Binance is actually very simple, especially if you’re taking the credit-debit card route. Besides the usual BNB trading there are also other ways that traders can utilize the coin to help save them money, and buying BNB can help with that. The Binance exchange currently allows traders to pay for transaction fees with Binance coins when trading crypto.

To register, visit the Binance website and click on the “Register” button at the top right-hand corner of the page. You will then be prompted to enter your email address and create a password. You can also simply use the main sign-up with an email or phone option. Enter the amount, then tap on the [Continue] button, where you will be redirected to the partner webpage to process the payment.

Using Binance Coin to pay for fees automatically discounts them, with the discount rate originally set to halve every year until being eliminated completely in the fifth year. Although this was the plan set out in the Binance Coin whitepaper, Binance decided to extend the current discount rate for a further year. The transaction will show “pending payment” till the buyer makes payment and it indicates that receipt is confirmed. After you’ve received the money, tap “Confirm” to release the crypto to the buyer. Binance was created in 2017 by Changpeng Zhao, a well-known entrepreneur, investor, and software engineer. He started the exchange in July, and within six months, the exchange grew to become one of the largest crypto exchanges in the world.

Besides discount on fees, Binance Coin holders can enter the exchange’s lottery to participate in Initial Exchange Offerings or IEOs. Binance runs fundraising campaigns for new projects via its Binance Launchpad platform. Make sure to select the base asset before the actual pair itself.

Step 5: Withdraw BNB from Binance

Although BNB is popular, think carefully before investing your money in the token—or any cryptocurrency. Cryptocurrencies can be volatile, https://topbitcoinnews.org/azure-cloud-engineer-jobs/ with steep price increases and decreases. Set an investing budget for yourself and only risk money you don’t need for essential expenses.

• Unfortunately, the platform isn’t accessible from all jurisdictions in the US.
• This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you’ve pre-funded your account with a bank transfer.
• Still, it can prove to be quite profitable – that’s why it’s an important factor to keep in mind when trying to learn how to buy on Binance.
• You can often find BNB at a better price on other exchanges, such as CoinCasso.
• Make sure to select the base asset before the actual pair itself.
• After this, you’ll be required to take a selfie or upload a picture to complete face verification.

Know your customer or KYC standards are also being beefed up in response to growing pressure from financial regulators globally. Now, fill up the simple form, which includes basically your email address and password. Admittedly, the screen interface that you’ll be redirected to might appear a bit intimidating at first.

What’s the best way to buy BNB?

To do this, click on the “Profile” button on the top right-hand corner of the page and select “Identity Verification.” Whether Binance is a good investment will depend on your investing goals and a few other factors, such as timing. You have to consider if you wish to actively trade BNB or buy and hold for the long term. The answer to these questions will determine the strategy to use, and by extension, it is worth investing in BNB in the first place. On this screen, there are two [Buy] buttons you can use to purchase BNB. One at the top and one towards the lower section of the screen.

If you are buying BNB to speculate on its price in the short term, you might want to buy it on an exchange like eToro or KuCoin, a platform that custodies the asset for you. If you want to buy BNB, start by comparing a range of crypto brokers and exchanges available in the US. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you.

The best way to buy Binance Coin is to choose a crypto broker or exchange with the highest level of security, lowest fees, and most user-friendly interface. You can sign up with one of our top recommended platforms we have picked out for you below. The main purpose of Binance Coin is to support Binance’s broader operations. Apart from being used to pay for trading fees, users can opt for this coin to cover listing fees, exchange fees and any other fees levied by the organization.

Fund your eToro account

He takes pride in boiling down complex topics into language his parents can understand. He is a regular contributor to Nasdaq, The Street and is frequently called upon for market commentary in Australia and abroad. BNB interacts with and allows developers to build https://cryptominer.services/white-label-payment-service-provider-psp/ on the layer-1 blockchain known as the BNB Smart Chain. The Binance exchange also uses it to promote discounted trading fees as an incentive to holders. Binance Coin (BNB) is a utility coin created by the world’s largest trading-volume crypto exchange, Binance.

Next, select the fiat currency supported by your preferred payment method. Click the fiat symbol within the [Spend] tab to open up the available options of supported national currencies. FTX is something of a cryptocurrency trader’s paradise, incorporating many of the financial tools that are available on mainstream brokerage platforms. It operates more than 250 quarterly and perpetual futures and allows users to buy leveraged tokens to increase their exposure to certain markets. And finally, users can turn to the KuCoin news service that keeps them up to date on the latest developments in the world of crypto. KuCoin is widely praised for the number of coins that it offers as trading options, including BNB.

How to buy BNB

After funding the account with fiat currency, it will be stored as your cash balance on the Binance account. Using the deposited fiat currency, you can now buy crypto using the buy crypto with Cash Balance tool. The above screenshot shows an example of placing a limit order to buy Binance using BNB.

This can potentially save a trader depending on what price they purchased BNB at, but they will save regardless as there is a discounted rate when choosing to pay the fees in this way. Binance-Coin can be purchased on crypto exchanges by using fiat currencies. These allow you to buy coins with euros, pounds, dollars, etc. You can buy Binance-Coin via Credit/Debit card or Bank Transfer directly on the exchange. To buy Binance-Coin on exchanges, you’ll first need to create and validate your account by giving some personal information data. Once approved by the exchange, you’ll be able to start buying Binance-Coin.

Step 2: Fill up your email and a designated password

Locate or search, using the search field, for your currency, which you want to deposit and then press the corresponding button named ‘Deposit,’ which is present on the same raw. By no doubt, Binance had become the leading exchange in matters of cryptocurrency trading. The exchange that https://bitcoin-mining.biz/chinese-bitcoin-mining-outfit-builds-huge-data-centre-2020/ is based in Malta was founded in the middle of 2017. Now, there are different benefits to choosing either of these methods. Most of them have to do with fees and transaction speed – depending on the price of BTC, buying Bitcoin on Binance via Simplex might be the smart thing to do.

It has high liquidity and offers discounts to users who pay in BNB—the exchange’s native cryptocurrency token. Otherwise, many crypto exchanges also offer an “instant buy” feature using a credit card. However, be warned that this comes with higher fees and other added risks. Use our table to look for a platform that offers credit card deposits to get started. Not all crypto exchanges offer BNB trading, so do some homework to find a cryptocurrency exchange that does. If you want to trade your digital assets, the cheapest way to buy BNB coins is to use eToro.

If you want to stake your Binance to get yield, check out our guide on the best staking platforms for Binance in 2023. The most significant benefit of using Trust Wallet is that it is available to anyone worldwide, even in jurisdictions where Binance is restricted or banned. Plus, users get to custody their assets as opposed to trusting a centralized platform that is vulnerable to hacks.

Today, there are several platforms, including Binance, that allow you to purchase the currency. This reduction in trading fees encouraged traders to use BNB rather than other currencies. KuCoin is a much smaller platform than Binance, with a trading volume of just over $2 billion. However, it still operates a trusted service with more than 10 million global investors and covers 200 counties.