How To Buy Binance Coin (BNB)?
A common question you often see on social media from crypto beginners is “Where can I buy Binance Coin?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports Binance Coin (BNB)
First, you will need to open an account on a cryptocurrency exchange that supports Binance Coin (BNB).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Binance Coin (BNB) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Binance Coin (BNB)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Binance Coin (BNB) or Binance Coin (BNB) trading pairs. Look for the section that will allow you to buy Binance Coin (BNB), and enter the amount of the cryptocurrency that you want to spend for Binance Coin (BNB) or the amount of fiat currency that you want to spend towards buying Binance Coin (BNB). The exchange will then calculate the equivalent amount of Binance Coin (BNB) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Binance Coin (BNB) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is Binance Coin (BNB)?
Binance Coin (BNB) powers the Binance Ecosystem and is the native coin of the Binance Chain and the Binance Smart Chain. BNB has several use cases:
Pay for trading fees on Binance DEX (Decentralized Exchange);
Pay for transaction fees on the Binance Chain;
Pay for transaction fees on the Binance Smart Chain;
Pay for goods and services for both online and in-store purchases (e.g., using Binance Card or Binance Pay);
Book hotels, flights and more at Travala.com;
Community utility token on the Binance Smart Chain ecosystem (such as games and DApps);
Participate in token sales hosted on the Binance Launchpad;
Donate on Binance Charity;
Provide liquidity on Binance Liquid Swap.
BNB BEP-2 on the Binance Chain.
BNB BEP-20 on the Binance Smart Chain.
BNB ERC-20 on the Ethereum network.
Who Are the Founders of Binance Coin?
Changpeng Zhao is the founder and CEO of Binance. In 2001, Zhao joined Bloomberg as head of tradebook futures development. He spent four years with the company and later joined Fusion Systems as a partner.
Since 2013, Changpeng Zhao has been actively involved with blockchain technology and cryptocurrencies. He became head of development at Blockchain.com, and in 2015 he founded BijieTech. In 2017, Zhao officially launched Binance, and he has been the CEO of the company ever since.
Official website: https://www.binance.com/
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