This article will cover how to buy Binance Coin (BNB). BNB (Binance Coin) has consistently been among the top cryptocurrencies by market cap. In 2021, its value increased by more than 1000 percent. Although, following the crypto market crash in May 2022, Binance was also affected and lost much of its value. However, it is still among the most highly sought-after cryptocurrencies.
BNB has a lot of use cases and can be used in paying transaction fees and related expenses on the Binance chain. The growth of Binance cryptocurrency can be attributed to its Smart chain Blockchain network. On its blockchain, users develop digital assets and decentralized apps.
Buying BNB is a pretty easy, straightforward process.
Where Can You Buy Binance Coin (BNB)?
Anyone who owns a Binance or Binance.US account can easily buy BNB. We recommend purchasing BNB from Binance or Binance.US. If you use any of our partner links to sign up, you’ll get a sign-up bonus.
General Steps to Buy Binance Coin (BNB)
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- Pick an exchange: You can purchase BNB on one of the numerous exchanges that offer Binance cryptocurrency. However, it is advisable to only purchase from an exchange with a relatively high number of users, good security, and a straightforward process, such as Binance or Binance.US. Depending on the exchange, the funding process may be different. However, typically you purchase BNB by funding your exchange account with a fiat currency in exchange for the value of BNB you want.
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- Fund your account: It is typically always a straightforward process to fund your account. Simply connect a debit/credit card or bank account and purchase BNB.
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- Place an order: After funding your account, you place an order for BNB.
Steps to Buy BNB on Binance.US Exchange
Purchasing BNB on the cryptocurrency’s native platform is the most popular method. It takes just a few steps:
If you are using the Binance.US mobile app, the process takes just a few simple steps.
Create a Binance.US account (desktop or app): The first step requires you to sign up on the platform’s homepage, where you will be required to verify your identity. On the mobile app, click the yellow circle at the bottom middle of the screen and press “Buy Crypto.”
Find BNB: Pick BNB from the displayed cryptocurrencies. Afterward, specify the amount you intend to purchase.
Make payment: You need to link your card or bank with your Binance.US account if it’s your first time buying BNB from the platform. The linkage process is easy and only requires you to add and confirm your card or bank details.
Confirm transaction: Once your card or bank has been added to your payment options, continue to the confirmation page. This page displays your transaction details. Check to confirm it’s correct before clicking OK.
Side note: Create a two-factor authentication for your account to reduce the chances of hackers gaining access.
Once you confirm the transaction, BNB will be deposited in your wallet automatically.
Where Can You Store Your BNB?
You can keep your BNB using different methods, which differ primarily based on the purpose of your BNB: Do you want to hold it as a long-term investment or actively trade it?
You can either move your BNB to an external wallet like Ledger or keep it on the Binance Exchange platform. If you want to hold BNB long-term, moving it to an external hardware wallet, such as Ledger, is best. You can keep it on the exchange if you plan to actively trade it.
What Can You Use BNB For?
BNB has a variety of use cases, primarily due to its status as the primary cryptocurrency of the Binance Smart chain. When you buy Binance coin, you can use it for any of these purposes:
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- Accepting and making payments on the Binance Pay service
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- Earning staking rewards through staking on the BSC Blockchain
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- Paying for goods and services through the Binance Pay service
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- Claiming discounts for transaction fees on spot, margin, and futures market trade
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- Farming liquidity on the Binance Launchpool
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- Collateral for crypto loans on the Binance lending and loans platform
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- Paying transaction fees on the Binance Exchange and Binance Decentralized Exchange.
BNB Benefits
Every investment comes with its pros and cons. The crypto market is very volatile and goes through market cycles and investing in any digital currency requires a healthy risk appetite and education on the structure of the market.
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- BNB is widely supported across different crypto wallets
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- BNB holders can claim as high as 25 percent discounts on the spot market
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- BNB is projected to rise in the long term due to its nature as a deflationary asset
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- Binance coin is built on the BSC Blockchain, which emphasizes energy efficiency. Thus, BNB is eco-friendly
BNB Disadvantages
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- The Binance coin supply is limited outside the Binance ecosystem
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- The supply and distribution of BNB are dependent on the Binance exchange; it is highly centralized on the exchange platform
Is Buying BNB a Good Investment?
Whether or not buying BNB is a good investment depends on the purpose and time of the investment. You can trade BNB or actively hold it in the long term. This will determine the investment strategies you should deploy and whether or not buying BNB is a worthy investment.
Conclusion
BNB is a highly supported cryptocurrency that is eco-friendly. Although it lags behind and Ethereum in market cap and investment viability, BNB could make a good investment in the long run. However, due to the volatility of cryptocurrency, it is advisable only to invest as much as you can stand to lose.
You can hold your BNB on any of these wallets: Exodus, Trezor Model T, and Ledger Nano X. Depending on the one you pick, some are free but require you to pay transaction fees, while others only offer paid services. Due to the use cases of BNB, it is considered a solid cryptocurrency with good potential.