Binance is one of the best-known names in the cryptocurrency world. It's the name of the world's largest crypto exchange by trading volume, processing close to one and a half million transactions every second, meaning that they have processed over two million transactions since you started reading this article.
In 2017, Binance launched their own cryptocurrency, the Binance Coin (BNB). At first, BNB's main use was paying transaction fees within Binance itself, but it has expanded into a more fully-fledged cryptocurrency, and users have been noticing. If you're among the people who are interested in BNB and want to get your hands on some, read on for a step-by-step guide on how to buy Binance Coin
Quick Guide: How to Buy Binance Coin
Where to Buy Binance Coin (BNB) – Top 5 Exchanges
Whenever you want to buy something, you need to know where to go. After all, you don’t want to go to a pet shop if you want to buy an electric car. BNB is a cryptocurrency created by a crypto exchange, so going to Binance is a no-brainer and Binance was, at one time, the only place you could buy their token. But as interest in the coin has grown, it’s been listed on other exchanges. Let’s have a look.
Go over to www.coinmarketcap.com and type “BNB” in the search box at the top right.
This page shows the current price of BNB as well as a price chart and other general information. But we want to know where and how to buy BNB. So click on the “Market” tab.
The chart above might look a little confusing at first because you’ll see some exchanges listed more than once. The key is to understand that the chart is showing not exchanges per se but trading pairs ordered from highest to lowest trading volume. So the three highest-volume trading pairs are all on Binance. No surprises there. But let's have a look at the next highest placed exchanges:
Step-by-Step Guide on How to Buy Binance Coin
Now that we know where to go, it's time to actually purchase our tokens. Although there are other options available, Binance is still the prime place to go for buying BNB and is also the exchange with the most trading pairs. The chart above shows that the number one trading pair is BNB/USDT, so we'll use that as an example in this guide.
Let’s suppose you want to buy 100 USDT worth of Binance Coin. Here’s how to do it:
Step 1: Create an Account on Binance
If you’ve already registered on Binance, skip to Step 2. If not, continue reading here.
Head over to the Binance website at www.binance.com and click on the yellow “Register” button in the top banner.
There are options for creating your account with your email address or mobile number. Most users use the more traditional e-mail registration, so we’ll do that too. Type in your e-mail address, create a secure password (Not “password”!), then click on “Create account” and follow all the steps until your account is active and verified.
Extra security is always a good idea when using crypto exchanges, so you may as well set up Two-factor authentication (2FA) right now.
Step 2: Deposit Your Funds
With your Binance account all set up and ready, the next step is getting your USDT in there so you can buy BNB. To do that, you have to transfer USDT tokens from your personal wallet (where I’m sure you have them safely stored) to your Binance USDT wallet.
First, log in to your Binance account. In the top ribbon, there's a “Wallet” button. Click it, and you'll see a drop-down menu where you will now click on “Fiat and Spot.”
On this page, you can see your general balance. In other words, the sum of the value in all your wallets. Click on the “Deposit” button along the top.
In this example, we’re depositing USDT, so you need to click on the “Crypto” tab.
Now you have to select the cryptocurrency you want to deposit from the drop-down menu. In this case, we’ll be depositing USDT. On the right-hand side of the screen, you can see your USDT wallet address under the QR code. You can either scan the code or copy your wallet address to your clipboard.
You will now go to your personal wallet and transfer the amount of USDT you want to the address you just got above. In a few minutes, after all the network confirmations have been completed, your USDT will be in Binance, ready for you to buy your BNB.
Step 3: Buying BNB
So far, we’ve managed to move funds between your wallets. We haven’t actually bought anything yet but it’s time to do so. You'll need to head over to Binance’s cryptocurrency market. Click on “Markets” in the top ribbon.
If you want to see all the trading pairs available for BNB, click on the “All” tab and type “BNB” in the search box on the right.
Since we’re buying with USDT, click on the BNB/USDT trading pair. A pop-up will appear, offering you the choice of using either the advanced or the classic trading interface. Classic will do just fine.
This is the market page for the BNB/USDT trading pair. The first part will show some pricing information and the price chart. The part you need to make the purchase is at the bottom. That’s where we make the actual purchase, so scroll down.
The right-hand column is for selling BNB for USDT, so we need to look at the left-hand column. In the “Total” box, fill in how much USDT you want to spend. In this example, we’re buying 100 USDT worth of BNB. After typing “100” in the “Total” box we can see here that we'll get 0.820 Binance Coins.
After everything is filled in, click on the green “Buy BNB” button to complete the process. In a few minutes, your BNB tokens will be in your Binance wallet.
You are now the owner of 0.820 Binance Coins. It’s a pretty simple and straightforward process and I’m sure it won’t be long until you master it.
Best Wallets to Hold BNB
Now you know how to buy Binance Coin, and that's great! But the BNB you just bought is still in your exchange wallet. You can keep them there for now if all you want to do with it is quick, day-to-day trading. But if you’re buying as an investment and planning to hold your BNB for the long-term, you should transfer them to a personal wallet as soon as possible.
There is a good amount of interest in BNB, so there are plenty of wallets available to choose from. You can choose between hardware wallets and software wallets. Software wallets can be desktop-only, mobile-only, web-only, or any mix of these. Some support only a few cryptocurrencies, others can support thousands of them.
Here are some of the best Binance Coin wallets:
|Enjin Wallet||Rating: |
|Ledger Nano S||Rating: |
|Exodus Wallet||Rating: |
|Atomic Wallet||Rating: |
More Information About Binance Coin [FAQs]
What is Binance Coin?
Binance Coin, or BNB, is a cryptocurrency created in 2017 by Binance, the world's largest cryptocurrency exchange. It was initially an ERC-20 token running on the Ethereum blockchain but is now the native token of the Binance blockchain. In the beginning, it was used by traders on Binance as the exchange offered discounts to users who paid using BNB. Nowadays, BNB's use has expanded and can be used for purchases not related to crypto trading.
What else can BNB be used for?
The use of BNB outside crypto exchanges has been growing steadily as interest in cryptocurrencies has made Binance and its products more relevant to more users. At the time of writing this article, you can use BNB for:
- Payments: owners of BNB can use their tokens for payments in stores that have an XPOS device from Pundi X. Holders of Crypto.com credit cards can pay their fees with BNB. Some platforms let people receive payments in BNB.
- Travel: Travelbybit.com allows users to pay for airline tickets and hotel rooms with BNB, and they even get a discount for using crypto instead of a credit card. Websites like Trip.io and Travala.com let users rent hotel rooms and other accommodations using BNB.
- Entertainment: BNB is used as currency in various games. You can also buy virtual gifts and buy music copyright tokens. Adamant Messenger allows users to send BNB tokens to each other. BNB-Lotto lets people use BNB tokens for gambling.
- Services: BNB can be used to buy mobile data on DENT. Canya is a freelancer service with payments in BNB.
- Finance: on NAG,A, you can use your BNB tokens to invest in stocks and ETFs and some services let you take out a loan using your BNB as collateral.
Is Binance Coin a Good Investment?
After keeping its prices in the 25 – 35 USD range during the second half of 2020, BNB’s price shot up in late December and has kept going up. On February 1st, 2021, the price was around 44 USD and rose dramatically to reach a new all-time high on February 10th at 147.4 USD. There's been a 234% increase in value in just one month. And the future looks good for Binance Coin. Binance has signed new partnerships, and some DeFi (Decentralized Finance) services have migrated from Ethereum to the Binance blockchain, and that adds even more value to BNB. Many experts believe BNB has great investment potential.
How to Buy Binance Coin – Conclusion
Binance isn’t in any way the only cryptocurrency exchange to launch their own coin. But being the largest exchange, with the highest number of daily transactions, means that people will be more interested in their token.
As Binance increases its relevance with new partnerships and listing new blockchain projects, so does BNB’s value increase. All this has led to BNB setting a new all-time high just yesterday, and it still has a lot of potentials to grow.
In this article, we’ve provided a step-by-step guide on how to buy BNB, so if you decide to buy some tokens, you can. But what do you believe? Do you think BNB really has a lot more room to grow? Are you planning on investing in Binance Coin? Let us know in the comments.