How to Buy Binance Coin (BNB)

Want to jump straight to how to buy Binance Coin? You can buy BNB on Binance!

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BNB

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Binance Coin (BNB) is the native cryptocurrency of the Binance exchange, initially created for discounted trading fees. Since its launch in 2017, BNB's use has expanded to include transactions in the Binance ecosystem, purchasing goods and participating in token sales. BNB powers the Binance Smart Chain, enabling decentralized applications (dApps) and smart contracts. Its value has fluctuated due to rising adoption and periodic token burns by Binance to decrease supply. As of writing, BNB is the 4th largest cryptocurrency in terms of market capitalization at $73 billion.

Looking to purchase Binance Coin (BNB)? Our beginner-friendly guide outlines everything you need to know to buy BNB confidently and start your cryptocurrency journey.

How to Buy Binance Coin (BNB)

Let's dive into the essential steps to successfully purchase Binance Coin (BNB).

1. Open an Online Account

You can purchase the BNB token from, you guessed it, Binance! If you’re a U.S. resident, however, you will have to sign up for a Binance.us account and comply with know your customer (KYC) standards. This is standard for all U.S. exchanges and means uploading your Social Security number, driver’s license and some biometric information to confirm your identity. 

2. Fund Your Account

Once you’ve set up your Binance or Binance.us account, funding it is a straightforward process, as the cryptocurrency exchange accepts various fiat deposit methods. You can start by linking your bank account to initiate a bank transfer, which typically takes a few business days to process. Alternatively, you can fund your account instantly using a credit card or debit card, allowing for immediate trading capabilities. Additionally, Binance offers the option to utilize third-party payment providers, which can also facilitate quick deposits. It’s essential to ensure that you follow the specific instructions provided by the platform for each deposit method to avoid any delays. Once your funds are available, you can begin trading cryptocurrencies according to your investment strategy.

3. Purchase Binance Coin (BNB)

Now that you’ve gotten your account set up and funded, it’s time to make your purchase. There are a few options when it comes to placing an order on Binance for BNB and other tokens alike. You can either place a market order, which will scoop up your desired number of BNB for the going rate, or you can place a limit order, which will wait until the price reaches a certain limit to execute the trade. Once you've chosen an order type, enter your desired purchase amount, and execute the trade. It may be beneficial to use various trading orders based on your overall strategy.

What is Binance Coin?

The BNB token is the native token of the Binance Smart Chain (BSC) and the unit of payment required for on-chain activities such as using the Binance DEX or making a transaction. Binance also discounts trading fees by 25% when paid in BNB. 

The Binance Smart Chain uses a proof of staked authority (PoSA) consensus mechanism wherein the top 21 users with the largest amount of staked BNB are selected every 24 hours to validate blocks onto the chain for one day. 

Theoretically, anyone is capable of becoming a validator — as long as they meet the hardware requirements — and have a minimum of 10,000 BNB staked. The network also allows for delegators, making it possible for investors to delegate their BNB tokens to a validator, even if they don’t own 8-figures worth of BNB. This way, everyone can get a piece of the network reward system. 

Brief History of Binance Coin

Binance is the leading global cryptocurrency exchange, known for its wide range of services, low fees and user-friendly interface. Founded by Changpeng Zhao, it provides advanced trading options and a variety of cryptocurrencies. However, Binance's U.S. counterpart, Binance.us, struggles with strict regulations that limit its features and products, resulting in a more cautious approach that hinders its competitiveness in the U.S. market.

Its native token, BNB, had its initial coin offering (ICO) on the Ethereum blockchain in 2017 but pivoted to become the native asset of Binance’s own blockchain network, the Binance Smart Chain, which launched Sept. 1, 2020. Binance Smart Chain is essentially a copy of the Ethereum network but with a few major tweaks like its consensus mechanism (PoSA).

As of writing, 1 BNB trades hands for a little over $504, making it the 4th largest cryptocurrency by market capitalization. 

Where to Buy Binance Coin (BNB)

How to Store Binance Coin (BNB) Safely

Now that you can buy Binance Coin you need to learn how to store it and other cryptos safely. If you’re a frequent user of Binance and transact in BNB frequently, then it makes sense to store some of your position on your BNB exchange wallet. However, the best practice is to move any large sums of money to a cryptocurrency wallet that you manage the private key for. You can choose a hardware wallet or a software wallet.

Here are a few crypto wallet options for your BNB coins.

• Best hardware wallet: Ledger offers hardware wallets that keep your crypto safe and secure offline, providing a simple and smooth user experience for all levels of investors. 

• Best software wallet: MetaMask is a popular wallet used in the crypto space, available as a mobile app and browser extension for easy access to various tokens, primarily Ethereum-based ones. It can also be connected to the Binance Smart Chain to store BNB.

You’ll have to add the Binance network to your MetaMask by following the instructions on Binance’s forum post about the topic.

Trade, Sell or Convert Your Binance Coin

You can trade BNB on Binance’s exchange or stake it on the BSC network to earn interest. But, the options don’t end here. Binance also has its own decentralized exchange, the Binance DEX where you can trade for a network fee. 

You can also convert or swap your BNB for other BSC-based tokens, and even tokens from other chains (primarily Ethereum) through PancakeSwap. 

Current Crypto Prices

Over the last 30 days, BNB saw a decline of around 1.70%. The token has been resilient compared to many of its competitors - protecting its market capitalization rank behind Bitcoin, Ethereum and Tether.

Is Binance Coin a Good Investment?

Binance is the largest exchange in the world, and that probably won’t change anytime soon thanks to real advantages over U.S.-based exchanges afforded by lax crypto regulations in the Seychelles. 

The Binance Smart Chain, launched in 2020, expands the use cases for the BNB token and supports its own DeFi system. However, it relies on 21 daily stakers for validation, raising concerns about centralization. Users seeking more decentralization may prefer Ethereum.

Barring some extreme external influence, BNB appears to be primed for steady growth through the rest of this market cycle. If you are bullish on the future of Binance as a cryptocurrency exchange and blockchain provider, then BNB may be a good investment for you. Just remember that all investments in cryptocurrencies are subject to some massive volatility, so don’t buy Binance Coin with any money you can’t live without.