With the world shifting towards digital money and all investors taking a keen interest in
cryptocurrencies, Binance is becoming more popular than ever.
Binance is the largest Cryptocurrency exchange in the world, and it has its own utility token to pay the fees on the
If you plan to enter Cryptocurrency trading, Binance exchange is one place you will look into. If
you plan to invest in cryptocurrencies through this exchange, you need to buy BNB.
What is BNB
BNB is the utility tokens you need to use for payments on the Binance exchange. It also powers
the decentralized exchange of Binance – Binance DEX. BNB was initially a part of Ethereum
and now has the Binance chain – a chain exclusive to Binance. The BNB has appreciated in
value by an impressive 44% since its launch in 2017.
How To Buy BNB
The best place to buy some BNB is on its own platform – Binance. If you want more options,
you can check Bithump, KuCoin, or FTX. There are other competitors as well, but they have not
listed BNB on their platforms.
It is very easy to buy BNB. You just need to open an account on Binance by giving your basic
details. If you want to trade in large amounts, you need to go through a thorough verification
process. The verification process does not take more than 2 days, after which you can start
Follow these steps to buy BNB in no time:
Get A Wallet
Get yourself a Binance coin wallet. You can choose from:
Hardware Wallets – Many platforms support BNB. However, it is advisable to use a
hardware wallet to store your BNB safely. A hardware wallet is a physical device where
you can store your private key, and your coins will be offline. It reduces your risks to a
great extent. You have multiple options when you are looking for these hardware wallets.
Software Wallets – If you are more of the carry the world around in your hand type of a
person and want to store all your BNB online, you can opt for a software wallet.
Depending on which wallet you choose, you can use these wallets on your mobile or even
Web Wallet – if you want to save on your fees and reduce transaction costs, you can
leave your BNB on the exchange itself. For this, you can use the web wallet, and Binance
will have full control over your coins.
Once you have decided and invested in a wallet for your BNB coins, you can find your BNB
Find An Exchange
Next, you need to find an exchange. You can buy BNB through Binance, eToro.
You can buy these coins using your credit card by entering the required details on the Binance
website. However, there is a catch here. If you want to buy BNB using your credit card, debit
card, or even your Paypal account, you need to enter into trading first.
You can use these modes of payment and buy cryptocurrencies on the Binance Exchange first.
You can then surrender those Bitcoins for Binance coins or BNB on the same exchange or other
Buying BNB has a number of benefits. You can get funding for your own projects in BNB on the
Binance launch pad; you can make payments and get discounts on Binance, and your trades on
Binance exchange can be super fast when you use BNB. However, you need to invest in Bitcoins
first before getting your hands on BNB.