Binance cryptocurrency - now more commonly referred to as BNB, is one of the largest digital currencies in this space in terms of market capitalization. Backed by the Binance exchange, BNB has since become a popular choice for cryptocurrency asset investors.
In this beginner's guide, we'll walk you through the process, how to buy Binance Coin via a regulated cryptocurrency platform.
Where to buy Binance BNB cryptocurrency
If you are wondering where to buy Binance Coin, this popular digital currency is supported by more than 100+ brokers and exchanges.
Read the reviews below to decide where to buy Binance BNB today.
1. eToro - Overall the best place to buy Binance BNB cryptocurrency.
eToro is a popular online broker and trading platform that is home to thousands of assets, ETFs, forex, metals, energy and of course - cryptocurrencies such as Binance Coin. It takes a few minutes to open an account with eToro, and you don't have to worry about the safety of your funds. After all, eToro is authorized and licensed by several tier-one regulators - including the FCA.
As for fees, deposits are charged at just 0.5% - which is one of the lowest pricing structures on the cryptocurrency market. This low deposit fee covers all supported deposit and withdrawal methods - such as PayPal, Skrill, debit/credit cards, bank transfers and others. In addition to the latter, all other payment types are processed immediately. When placing an order to buy cryptocurrencies, such as Binance BNB, eToro only charges a spread.
When buying cryptocurrencies, this starts at just 0.75% per order. As for account minimums, both deposits and investments in cryptocurrencies can be made from as little as $10 . This means that you can diversify into many different tokens with little capital. This low minimum also extends to stocks and ETFs - both can be bought and sold at 0% commission. Another popular aspect of the eToro site is that it allows you to "copy" experienced traders.
It is worth mentioning that eToro currently supports 50 cryptocurrencies and is constantly adding new cryptocurrencies to its portfolio. This means you can buy Solana, Dogecoin, Shiba Inu, Polkadot, XRP, Axie Infinity and more with low spreads through a secure trading ecosystem.
2. Crypto.com - User-friendly app for buying Binance BNB cryptocurrency
Crypto.com is a great way to buy BNB and other cryptocurrencies through your phone, thanks to a super user-friendly app for iOS and Android. It is one of the fastest growing and best cryptocurrency exchanges in the world and allows you to buy other 150 different cryptocurrencies at competitive fees of just 0.4% per trade.
This cryptocurrency exchange has some unique features that help it stand out from the crowd. For example, you can reduce your fees by 10% if you pay them in the platform's native token, CRO. You can even get VISA Crypto.com card and receive cash back in the form of a CRO.
We also like the fact that you can complete "Missions" in the Crypto.com app and get rewarded with diamonds that can be exchanged for Mystery Boxes containing various amounts of CRO. It even offers a loan system where you can get a loan without a credit check when you make cryptocurrency deposits.
3. Binance - buy Binance BNB directly from Binance
Binance Coin is backed by the cryptocurrency of the same name. And needless to say, this popular platform allows you to purchase Binance Coin. With that said, if you are looking to invest using a debit or credit card, you may be required to pay fees of up to 10%. This is because Binance no longer has the legal authority to accept card payments directly.
If you have had any experience with Binance, you will know that this leading cryptocurrency exchange also provides access to its proprietary NFT marketplace. However, if you want to buy NFT , you will have to buy Ethereum first - which Binance allows you to do with ease. All you need to do is head to the Express P2P section of the cryptocurrency exchange, choose how many ETH tokens you want to buy and click "Buy." Once you place your P2P order, the corresponding cryptocurrency will be escrowed through Binance P2P.
Instead, the exchange has since partnered with several third parties that process payments on behalf of Binance. Previously, Binance also allowed funds to be transferred from a bank account via Faster Payments, which was free of charge. However, this too has since been suspended. Another option you have is to deposit cryptocurrency into Binance. This will actually come out much cheaper than using a debit or credit card, as you only have to cover the blockchain fee.
In addition, if you have the funds to deposit the cryptocurrency and exchange it on Binance Coin, you will only be charged 0.10%. This fee can be further reduced if you trade larger amounts. Payment issues aside, Binance is also a good option if you are looking to trade a wide range of tokens. You'll find more than 1,000 markets on this platform - which includes both cryptocurrencies and fiat-to-crypto pairs. Binance also offers a mobile trading app and a decentralized cryptocurrency wallet.
For a more detailed analysis of all the key metrics associated with this leading cryptocurrency exchange, check out our review of Binance.
What is Binance Coin?
What is Binance Coin? As the name suggests, Binance Coin is a native cryptocurrency asset backed by the Binance exchange. Launched in 2017, the main purpose of the token was to allow Binance users to benefit from reduced trading commissions. At the time, holding a minimum allocation of Binance Coin offered a 50% reduction in commissions.
This has since been reduced to a reduction of 25%. As a result, the Binance Coin use case has since been expanded to include many other products and services. This includes everything from buying goods through the Binance Pay platform and booking flights on Travali to being able to provide liquidity and even earn interest through staking rewards.
But perhaps the most dominant use case for BNB is that the token is the primary currency of both the Binance Chain and the Binance Smart Chain. These two independent blockchain networks currently handle thousands of cryptocurrencies and billions of dollars in trading volume each day. And as such, transaction fees are paid through Binance Coin - giving the token real-world value.
Is Binance Coin a good investment?
If you are still not sure if Binance Coin is the right cryptocurrency for your investment portfolio - take a step back and do some self-analysis.
To point you in the right direction, below we discuss some of the main reasons why you might decide to buy Binance Coin - in addition to some of the potential risks to consider.
The highest traded cryptocurrency
The first thing to note about Binance Coin is that this digital currency is one of the best performing assets - not just in the cryptocurrency space, but globally. When the token first appeared on public exchanges in 2017, you could buy a single Binance Coin from as little as $0.11.
This means that an investment of $1,000 back in 2017 would have resulted in a total allocation of more than 9,000 BNB. Since then, Binance Coin has hit a high of $690 per token, which it reached in 2021. To put this growth into perspective, this means that between its launch in 2017 and its peak in 2021, Binance Coin rose by more than 620,000%.
Binance cryptocurrency price prediction
According to our example above, this means that your $1,000 investment - which got 9,000 tokens - would be worth more than $6 million. Not bad for less than four years of trading. It's also important to note that the Binance cryptocurrency has outperformed many large-cap cryptocurrencies over the past 12 months.
For example, in the year before this guide was written, Binance Coin rose in value by almost 220%. By comparison, Bitcoin - which is the world's largest cryptocurrency in terms of market capitalization - rose by slightly less than 4% over the same period. Then you have another large capitalization project Cardano, which has risen by 84% over the past 12 months.
Binance Smart Chain
Binance has since created its own blockchain network - namely the Binance Smart Chain. This network is now the destination for new cryptocurrency tokens to enter the market.
As mentioned earlier, the Binance Smart Chain facilitates billions of dollars worth of trading every day, for thousands of tokens.
Most importantly, when users buy or sell cryptocurrency assets through Binance Smart Chain, transaction fees are charged at BNB.
And as such, it creates a constant demand for the token because people need to buy Binance cryptocurrencies, to access the chain.
There is no reason to believe that demand and volume on Binance Smart Chain will die anytime soon - so this is great news for BNB investors.
Binance combustion program
Another reason you might consider buying Binance BNB is that the exchange has an ongoing burn program - something it has been doing since 2017.
In short, when you burn a certain number of cryptocurrency tokens, it means that the digital assets are sent to a dead wallet that cannot be recovered.
As a result, the corresponding tokens are no longer in circulation, and thus - the overall supply of cryptocurrency is reduced.
Since the project's inception, Binance has burned more than 100 million BNB tokens. At today's value, this represents more than $420 million.
Binance ecosystem
We mentioned earlier some of the primary use cases for Binance cryptocurrency - which include its Smart Chain network, reducing exchange commissions and paying for goods and services.
With that said, the Binance ecosystem is by far the largest in the cryptocurrency space - with the exchange constantly innovating in new areas.
For example, Binance now offers cryptocurrency savings accounts, through which you can deposit digital tokens and receive interest. Then you have the Binance debit card, which allows you to spend your cryptocurrencies online, in-store and at ATMs.
In some way, shape or form - BNB sits at the heart of the Binance ecosystem - which again, continues to give the token value in the real world.
Easy to buy and sell
Of the 17,000+ cryptocurrencies listed on the CoinMarketCap, many have small market capitalization. And as such, getting in and out of the market is not always easy.
This may be due to the fact that very few exchanges list the token or there is simply not enough demand in the market to provide sufficient liquidity. In particular, this can cause huge problems when it comes to monetizing investments.
However, in the case of Binance Coin, this cryptocurrency is one of the largest globally in terms of valuation. At the time of writing, the project carries a market capitalization of nearly $70 billion and is listed on 100+ exchanges.
What this means from an investment perspective is that you can buy Binance cryptocurrency in a simple and inexpensive way. Perhaps more importantly, you will never have any trouble converting your Binance Coin investment back to cash.
Binance BNB price forecast
Simply put, we strongly suggest that you avoid searching for Binance Coin price prediction. Sure, you will be inundated with so-called market research on the potential future direction of BNB.
However, making price predictions in the cryptocurrency space is rarely worth doing. This is perhaps the case, with the exception of Bitcoin - due to its dominance in the market.
With this in mind, instead of focusing on Binance Cryptocurrency price predictions, it's best to focus on the basics. For example, stay on top of any key developers regarding the Binance ecosystem - such as new products or services.
In addition, you can focus on regulatory changes that may affect Binance Coin's performance.
Ways to buy Binance BNB cryptocurrency
The best way to buy Binance BNB in terms of payment methods is discussed in the section below.
Buy Binance BNB with a credit or debit card
Most people will look to buy Binance Coin using a debit or credit card. The reason for this is that with the right broker - your purchase will be processed immediately.
As a result, cryptocurrency brokers are known for charging high fees for debit/credit card payments. The industry average is 3-5%. For example, Crypto.com charges 2-3% depending on the card issuer, and on Binance it can cost as much as 10%.
W eToro However, you will only have to pay a small PLN/USD conversion fee at the point of deposit - which is only 0.5% of the transaction value. For example, for every $100 credited, you will pay only $0.50.
Buy Binance BNB with Paypal
Some online brokers also allow the use of e-wallets, such as Paypal. If you are looking for a cheap way to buy Binance Coin using Paypal, eToro It will take just 0.5% from you.
The broker will process your payment immediately and there is no need to enter your Visa/MasterCard details into the platform - as they will already be stored in your Paypal account.
Choosing a wallet for Binance cryptocurrency
Learning how to buy Binance cryptocurrency, you not only need to understand the investment process itself - but how you are going to store your BNB tokens. In this sense, you have several options.
First of all, if you decide to invest in Binance Coin through an online broker such as eToro, you can actually leave your tokens in the provider's in-house wallet.
This means that eToro - which is regulated by the FCA, will be responsible for ensuring that your digital assets are kept safe. And what's more, when you finally decide that you want to sell your Binance Cryptocurrency tokens, you can do so immediately through your wallet.
Another option is to purchase Binance Coin on a cryptocurrency exchange, and then withdraw the tokens to a private wallet once the purchase is complete.
While this will give you more control over your BNB tokens, you need to have a solid understanding of how wallet security works. As such, if you're a beginner, it's best to simply let a regulated broker like eToro hold your tokens for you.
When to buy Binance BNB cryptocurrency
If you are new to the world of cryptocurrency trading, there is no value in trying to time the market. As with buying Bitcoin, it's best to simply buy Binance Coin in slow and steady increments.
With that said, some market commentators will suggest "buying the dip," which means investing in Binance Coin when its price falls from a previous peak.
For example:
- We mentioned earlier that Binance Coin recorded highs of $690 in 2021.
- Since then, the cryptocurrency token has fallen to low levels of $350.
- In simple terms, this means that when you buy a BNB at $350 - as opposed to $690, you get yourself a discount of more than 50%.
- This is crucial because this reduced entry price is being offered even though BNB's fundamentals have not changed.
Another strategy you can take to avoid the need for time in the market is to invest a certain amount in Binance cryptocurrencies at the end of each month.
This strategy-which is known as dollar cost averaging - allows you to buy Binance BNB for a long period of time, so you can stop paying attention to short-term price trends.
How to buy Binance BNB cryptocurrency - a guide
If you are ready to learn, How to invest in Binance cryptocurrency right now - a step-by-step guide will show you how to complete the process using eToro.
As we mentioned in our review earlier, eToro allows you to buy BNB from as little as $ 10 and at very competitive fees.
Step 1: Open an eToro cryptocurrency account
Visit the website eToro, to go through the account registration process. From start to finish, it rarely takes more than a few minutes. You will need to enter some basic information about yourself - such as your name, home address.
You must also provide your email address and cell phone number.
Step 2: Identity verification
Since you are using a trading platform regulated by the FCA, eToro will ask you to verify your identity. You can do this immediately by sending a copy of your passport. A full driver's license is also supported.
If you want to skip this step for later, you can do so as long as you don't buy more than 2,000 euros worth of Binance cryptocurrencies.
Step 3: Deposit funds
You can deposit any amount from 10$ upwards into your newly created eToro account. Supported payment methods available on eToro include everything from bank transfer and Skrill to Visa and MasterCard.
As mentioned earlier, all supported deposit methods carry a small fee of 0.5%.
Step 4: Search for Binance cryptocurrency
Type "BNB" in the search bar at the top of the page.
Then click on 'Trade' to proceed to the last step.
Step 5: Buy Binance cryptocurrency
Now you will see the order field - which eToro requires you to fill out so it knows how much you want to invest.
Again, this can be any amount from $10 upwards. Click on the "Open Trade" button to confirm.
How to sell Binance cryptocurrencies
If you have invested in Binance Coin on eToro, follow the steps below to learn how to monetize your tokens:
- Log back into your eToro account
- On the left side of the dashboard, click on "Portfolio
- When you see Binance Cryptocurrencies from the list of investments, click the settings button
- Then click on "Close" and confirm the sales order
The funds from your Binance Coin sales order will then be added to your balance for withdrawal.
Summary
This beginner's guide explained the simple process of how to buy Binance BNB.
We have presented a number of brokers , which you can use to invest in BNB in a safe and cheap way, although eToro stands out as the best option on the market.
At eToro, you can open an account and buy Binance cryptocurrencies in less than five minutes using a debit/credit card or e-wallet and pay only the spread. In addition, and most importantly, eToro is regulated by the FCA.
FAQ - When buying Binance BNB cryptocurrency
The Binance cryptocurrency has several use cases - such as allowing traders to get cheaper commissions. It is also the primary Binance Smart Chain token, so all fees are paid in BNB.
You can buy Binance Coin in less than five minutes by opening an account on the online exchange, depositing some funds and placing an order to buy BNB.
Binance Coin has been one of the best performing digital currencies in recent years. If you had invested just $1,000 when the token was first launched in 2017, you'd be a millionaire now. However, there is no guarantee that BNB's value will continue to rise, so make sure you do your own research.
The maximum supply of Binance cryptocurrency will be limited to 200 million BNB.
The views and opinions expressed here are solely those of the author and should not be taken as financial advice either. Every investment and transactional activity involves risk, so you are advised to do your own research when making any trading, investment or financial decisions.
