Contrary to many other alt L1s, BNB actually has a robust ecosystem. This includes decentralized exchanges, yield farms, NFTs, and more. BNB is popular, largely due to the weight that the name Binance carries in the industry. However, the blockchain also offers low gas fees compared to Ethereum, which is attractive for developers and decentralized application (DApp) users. This guide selected platforms such as Coinbase, Kraken, OKX, KuCoin, YouHodler, and Bybit as the best options to buy BNB. The platforms were chosen thanks to their varied services and solid security offerings and tested over a period of six months.
Buy Binance-Coin and store them with the leader in crypto security
BNB ranks among the top five cryptocurrencies in market capitalization — sitting below tether but above XRP. The abbreviation “Build N’ Build” symbolizes the network’s evolving commitment to collaboration, participation, and open-source development. The next best way to buy BNB is to use the official Binance cryptocurrency exchange.
Enjoy peace of mind knowing that your Binance-Coin are safe
Binance Coin (BNB) is among the largest cryptocurrencies by market cap, and it’s the platform token for the popular crypto exchange – Binance. In this guide, you will learn how to use BNB, why it’s a popular asset amongst blockchain investors, and discover a step-by-step guide to buying it. That said, some cryptocurrency exchanges do not trade their competitors’ utility tokens. The coin also works with a number of decentralized finance platforms and is accepted by various merchants. Binance-Coin can be purchased on crypto exchanges by using fiat currencies. Once approved by the exchange, you’ll be able to start buying Binance-Coin.
Step 2 – Navigate to the crypto purchase page.
During the ICO, 100 million tokens were sold at an initial price of $0.11 each, representing 50% of the total supply. However, depending on how you want to use the Binance Coins, you may find that keeping them on the Binance exchange is the best option. If you have to use an external wallet, Trust Wallet is a solid alternative operated and maintained by Binance. It’s worth noting that despite BNB tokens existing in various versions, the total token supply is maintained across these platforms. Any transfers between the Binance Chain and the BSC cause a redemption and subsequent burning of an equal number of tokens.
Select a Crypto Exchange
Although BNB is popular, think carefully before investing your money in the token—or any cryptocurrency. Cryptocurrencies can be volatile, with steep price increases and decreases. Set an investing budget for yourself and only risk money you don’t need for essential expenses. On Nov. 21 (UTC), the crypto world was shaken up by some major news — Changpeng Zhao, better known as CZ, stepped down from his CEO role at Binance. Now this was no small move, given that Binance is the biggest crypto exchange globally by trading volume. The departure was part of a $4.3 billion settlement deal with the SEC after Binance admitted to letting some sketchy Hamas-linked payments flow through the exchange.
Binance intends to continue coin burns until 100 million BNB crypto is destroyed — 50% of the total BNB supply. The BNB Chain blends elements of PoS and PoA to maintain the network. Users must stake at least 10,000 BNB to be selected as a validator. This setup aims to prevent bad actors from becoming validators by sacrificing some decentralization in the validation process. After you have filled out this dialog box, click ´Continue´ to proceed to the payment step. By clicking on the ‘Credit/Debit card’ link from the previous step, you will land on the page below on which you will provide your order or transaction details.
Binance introduced the Binance Launchpad in 2018, allowing users to participate in new token sales with BNB, driving up demand and value. Binance coin (BNB) emerged in July 2017 as part of Binance’s mission to revolutionize digital asset trading. The coin initially raised $15 million through an Initial Coin Offering (ICO). Binance Coin is one of the most successful utility tokens with a growing use case list. Not to mention that it has seen a meteoric rise in its value since its launch in July 2017. Your BNB tokens will be deposited to your Binance ‘Fiat & Spot’ wallet as soon as the transaction is processed.
Binance Coin (BNB) has been one of the most profitable investments of the last 4 years in the cryptocurrency market, registering returns of over 450,000%. An investment of $1,000 during its Initial Coin Offering (ICO) in July 2017 would have multiplied to a massive $4.5 million as of May 2021, when the coin reached its current all-time high. To buy cryptocurrency, you first need an account with a cryptocurrency exchange—a platform that facilitates crypto trades.
Given the volatility of cryptocurrencies like BNB, there are some factors to consider before making an investment. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. Simply send your Binance-Coin from the exchange to your Binance-Coin address by using a compatible third party wallet. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
- If you are keen to buy BNB, choose a reputable exchange, practice good crypto wallet security, and never invest more than you can afford to lose.
- This includes decentralized exchanges, yield farms, NFTs, and more.
- Binance Coin is one of the most successful utility tokens with a growing use case list.
- Binance Coin holders can use the tokens to receive discounts on Binance crypto exchange transaction fees.
- The second button will not be shown if you already have some BNB in your wallet.
This guide demonstrates https://cryptolisting.org/ and everything else you need to know. This guide was all about BNB and how to acquire this highly versatile asset. We highlighted two easy ways to buy it, which are using the Binance exchange or using a mobile wallet such as Trust Wallet.
In addition, the team devised a discount plan for token holders and early platform users in order to encourage participation in the ICO. The plan represented a graduated scale with a larger discount offered in the first examples of profitability ratios year of operation and less in the fourth year. Binance.US users also receive a 25% discount on trading costs when using BNB to pay fees. Despite Binance’s popularity, Binance Coin is not available on all exchanges.
Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. We found buying BNB on Binance to be an easy and hassle-free experience, mainly due to its intuitive interface and unmatched liquidity. We particularly appreciated the flexibility and breadth of options available on Binance, making it a one-stop shop for our BNB-related activities. Because the coin runs on a popular blockchain, BNB is widely supported by many wallets. Just as Binance (global) is different from Binance U.S., Binance Smart Chain (BSC) is also a separate blockchain that was launched in September 2020. It was created to support smart contracts and decentralized applications (DApps).
Trust Wallet probably has the most amount of features adopted from Binance exchange, making it a solid choice for holding your BNB outside the parent trading platform. Binance coin (BNB) is used for various activities within the Binance ecosystem, including trading, token sales via the Binance Launchpad and staking. BNB holders also benefit from reduced transaction fees and can access special features on the Binance CEX. Its primary use is to cover exchange transaction fees and enable participation in crypto sales and various other exchange features.
Our experience with YouHodler while buying (and trading) BNB was relatively flawless. The platform not only allowed us to purchase BNB within the metaphorical blink of an eye, but it also offered an attractive interest rate of up to 5.5% on our holdings. These crypto loan facilities and interest-earning opportunities added significant value to our investment strategy, enabling us to leverage our assets effectively.