Tutorial How to Buy Binance Coin (BNB)
Binance, the largest crypto exchange in the world, also has its own coin, this is called Binance Coin or BNB for short. We tell you here where you can buy BNB and what you have to pay attention to.
Binance only went live in 2017. Nevertheless, the crypto exchange managed to become the largest crypto exchange in the world within a few months, even though only crypto currencies can be traded at Binance against other crypto currencies (e.g. BTC or ETH). In order to finance the project, Binance carried out an Initial Coin Offering (ICO) at the time. The Binance Coin (BNB) was issued to the investors. Numerous applications now ensure that the BNB’s share price rises continuously.
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For the ICO in 2017, BNB 200 million was generated. These were initially based on the Ethereum block chain as so-called ERC-20 tokens. In the meantime, Binance and thus BNB has moved to its own blockchain. The BNB’s inventory is being continuously reduced. This is due to the fact that Binance has already announced in the whitepaper that it will use 20% of the quarterly profit to buy back and burn BNB. They have done this every quarter since then. The process will continue until only 100 million BNB are left. BNB is thus one of the few coins with a declining stock, which has a positive effect on the price development.
BNB also has numerous applications. For example, the cryptocurrency can be used to pay trading fees on Binance. If investors take advantage of this option, there is also a discount on the trading fees. Furthermore, many tokens are now traded on Binance against BNB and with the Binance DEX there is currently a decentralized exchange based entirely on the BNB blockchain. Finally, there are of course more and more traders who accept BNB as a means of payment.
Buy Binance Coin - Summary
- 2. Verify yourself on the platform
- 3. Deposit (Dollar, USD, Euro etc.)
- 4. Now you can already buy the Binance Coin (BNB)
BNB Buy Guide and the Best Crypto Exchanges
Where can you buy Binance Coin ( BNB )?
As you have already correctly guessed, the vast majority of BNB is traded at Binance itself. However, there is the disadvantage that you can only buy BNB from Binance against other crypto currencies (e.g. Bitcoin or Ethereum). You would therefore first have to buy Bitcoins from another exchange (e.g. Coinbase) and then send them to Binance. Currently the only way to buy BNB against Euro is at eToro. There you can simply pay in euros (e.g. by bank transfer, credit card or PayPal) and then buy BNB there.
Accordingly we only have 2 exchanges in our exchange comparison where you can buy BNB. There are still a few smaller exchanges where you can buy BNB but they are often not very serious and therefore not a real alternative.
Comparison and Experiences of Crypto Exchanges for Binance Coin Trading
Buy Binance Coin (BNB), but where?
As the name suggests, you can of course buy BNB from Binance, the largest crypto exchange in the world. However, there is the disadvantage that BNB and all other crypto currencies are only traded against other crypto currencies (e.g. Bitcoin or Ethereum). You must therefore first send Bitcoins or Ethereum from another crypto exchange (e.g. Coinbase) to Binance.
- Biggest Exchange in the World
- Good Liquidity
- No KYC (verification) necessary
- 100+ Cryptos
- High Fees for FiatCcurrencies
- Cryptos are a high risk Investment
Although Binance is the largest crypto exchange in the world, operating the exchange requires some expertise.
Buy BNB on Binance in 2 Steps
Registration with Binance is very simple. All you have to do is enter your email address and choose a password. Then click on registration and confirm your email address.
Verification with Binance is only necessary if you wish to withdraw more than 2 BTC per day. You do not necessarily need to verify your identity under this. However, we would recommend that you activate 2-factor authentication for your account.
Buy with Binance BNB
Once you have registered, you will need to send credit to Binance (e.g. Bitcoin or Ethereum). As soon as the credits have been credited to your account you can already buy BNB. You can do this in the menu item Exchange.
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Buy Binance Coin (BNB), but where?
The easiest way to buy BNB is to buy it from eToro. There you can choose between different payment methods (PayPal, credit card and instant bank transfer), as well as an easy to use platform with German support. At eToro you can buy real crypto currencies.
- Regulated Platform
- International Support
- Minimum Deposit 200 Euros
- More than 13 Cryptos to Trade
- PayPal and Credit Card Payment Option
- App available
- eToro Wallet App for depositing and withdrawing Cryptos
- Crypto is still a risky Investment
eToro is undoubtedly one of the easiest ways to enter the coin trading world with its user-friendly design. It provides a platform of particular value for all traders who want to buy or sell BNBs.
Buy BNB in 3 Steps on eToro
To trade on eToro you first need to log in to the platform. But this can be done without any problems. All you need to do is enter your name, email address and a password. After that you will get access to the eToro dashboard.
As eToro crypto currencies are traded against Euro, US dollar and other Fiat currencies you also need to verify your identity on the platform.
After opening an account you will also need to verify your identity with eToro. You will need to leave your personal details and upload a photo of your ID or passport. This process is required by European law for all platforms trading crypto currencies against Euro.
If you have provided all the information, the verification may still take a few days. It is recommended that you make your deposit during this time, as this will give you priority in the verification process. But don’t worry, if something goes wrong with the verification, you will get your money back. It is a legal requirement that it must happen within 14 days. But we have never experienced this kind of problem before.
As soon as the verification is completed you will be notified by email. If you have already made a deposit at this point, you can start trading immediately.
Buy from eToro BNB
Buying and selling Binance Coin on eToro is then quite simple. All you need to do is select BNB and click “Trade”.
A window will appear where you can buy BNB. All you have to do is indicate how many Euros or US Dollars you want to invest in BNB. You can also set a stop loss, trade with a lever or enter a profit target.
With a Stop Loss, you can choose the loss at which your BNB will be sold automatically, thus reducing further losses if the price falls sharply. We would not recommend trading with a leverage as this is very risky. Therefore, the lever should always be X1, then you buy real BNB. You don’t need to specify the profit target either, because you can always close the trade again manually if you have made enough profit.
When you have entered everything you need to click on “Buy”. The trade will be executed immediately and you will see your new BNB in your portfolio.
Withdraw cryptocurrencies with the eToro Wallet
In 2018 eToro introduced the so-called eToro Wallet. This is available for both Android and iOS. Now you can also use it to withdraw your crypto credits from eToro. All you have to do is install the wallet on your smartphone. You can then login to the wallet with your normal eToro login.
The wallet allows you to both receive and send cryptocurrencies.
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What Payment Methods are Available to Buy BNB?
Buy Binance Coin - The Most Important Payment Methods
Buy Binance Coin (BNB) with Credit Card
Credit cards are convenient and payment is available immediately!
Many people like to buy crypto currencies by credit card. This is usually due to the fact that credit card payments are immediately available and the buyers do not have to wait until the deposit is there.
Unfortunately, not all exchanges support credit card purchases or charge very high fees. This is different with eToro. You can simply top up your credit card balance and start trading immediately. So you can also buy BNB there immediately with your credit card.
Buy BNB with Paypal
Paypal has the advantage that the credits are credited to you immediately and you have the buyer protection.
Only very few crypto exchanges allow you to buy crypto currencies via PayPal. With PayPal you profit especially from the buyer protection. One wallet which I allow you to buy via PayPal is eToro.
You can simply top up your eToro account via PayPal and then you can start trading and buy Binance Coin (BNB). This makes eToro the big exception compared to other crypto exchanges.
Buy Binance Coin and Paypal fees
Basically the use of PayPal is free for you. So you do not pay any fees for using PayPal. Also eToro does not charge you any fees for using PayPal. So if you pay 1,000 Euro to eToro via PayPal, eToro will also receive 1,000 Euro which you can invest there completely. So it’s worth thinking about using PayPal for the deposit, especially since you’ll get the credit immediately.
Should I Buy BNB now?
Nobody can predict when the right time to buy Binance Coin is right. The fact is, however, that since the stock market went live in the second half of 2017, Binance has performed outstandingly.
Furthermore, the Binance Coin has moved to its own block chain and more and more crypto currencies are changing from the ethereum platform to Binance. With the Binance Dex, there is even a decentralized exchange of Binance, in which the BNB plays a central role.
So let us not only keep in mind that Binance is developing excellently, but also that the use cases for BNB are continuously increasing. BNB is now an essential part of the Binance ecosystem.
Pros and Cons BNB Investment
- BNB is still at the beginning of its development
- Technologically advanced
- Already real use cases
- Important part of the Binance ecosystem
- Decreasing number of coins until only 100 million are left
- Investments in cryptocurrencies are highly speculative
Is the Technology the Purchase Argument for Binance Coin
The fact is that Ethereum’s own blockchain technology is currently ahead of the game in many respects. While Ethereum only finds a new block every 15 seconds, the Binance Chain creates a new block every second. In addition, the Binance Chain does not use energy-intensive mining (Ethereum also wants to switch from proof-of-work to proof-of-stake). Finally, more and more token projects are moving from the Ethereum platform to the Binance Chain. So there are enough reasons to believe that BNB will continue to develop excellently in the coming months and years.
Invest in BNB or Not?
BNB was the first coin to break its all-time high after the cryptorally in 2017. At present, BNB is supported by all the development taking place around the block chain and around Binance, and by the fact that BNB is the only major cryptocurrency in decline. Because every quarter, Binance uses 20% of corporate profits to buy back BNB. This will continue until only 100 million BNB of the previously generated 200 million BNB is left.
Potential to Change the Crypto World Permanently
BNB plays a central role not only on the Binance platform, but also outside of Binance, more and more companies and platforms use BNB or the technology behind it. We have put together a few examples for you here.
Store Binance Coin (BNB) in a Separate Wallet
When you buy Binance Coin (BNB) you can either leave it at the crypto exchange (eToro, Binance etc.) or you can store it on your own wallet. There are basically 3 types of wallet that you can use to store your Binance Coin (BNB). These are hardware wallets, paper wallets and software wallets.
With the so-called Paper Wallets, you simply write your private key on a piece of paper. You can then use this private key to access your credit balance. If you lose the sheet of paper or it is stolen, your credit will be lost. Paper Wallets are not really practical for normal investors.
The Software Wallets are much better. You can install it on your desktop computer or smartphone and use it to manage your balances. With a so-called recovery phrase (usually consisting of 24 words) you can restore your credit if you lose the device. If you want to use a software wallet, we recommend the Trust Wallet for the Smartphone. It is available for iOS as well as Android and supports Binance Coin. The project has now been taken over by Binance.
However, the safest way to store your BNB is a Hardware Wallet. The market leader for hardware wallets is the French company Ledger. We therefore recommend you to use either the Ledger Nano S or the Ledger Nano X. Your private keys always remain on the wallet and cannot be stolen. Even if you lose the hardware wallet, you can still recover the credit via the recovery phrase. The ledger also supports the storage of BNB.
Conclusion
There is currently much to suggest that BNB will continue to develop very well in the future. After all, it is not only Binance that continues to grow, but also the BNB’s areas of application. In addition, with the Binance buyback programme, there will gradually be fewer BNBs. This is because all repurchased BNBs will be burned. At some point in time, the stock will have been reduced to 100 million BNBs.
So it is certainly not a bad investment that you are making with BNB. Moreover, BNB already has real use cases, which is not the case with the majority of all available cryptocurrencies.
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Buy Binance Coin - FAQs
For beginners the easiest way to invest in Binance Coin (BNB) is to open an account with eToro and buy BNB there. The whole process takes a few minutes and the platform is easy to understand for newcomers.
Yes, providers like eToro allow you to deposit funds by credit card and then use them to buy BNB and other cryptocurrencies.
Yes, that is also possible. You can simply deposit funds into eToro via PayPal and then use them to buy BNB, Bitcoin and other cryptocurrencies.
I’m sure no one can tell you that. However, Binance is doing very well and the declining number of BNBs is also having a positive impact.
Depends on where you buy your BNB. If you buy it from eToro you don’t necessarily need your own wallet. But if you prefer to keep your BNB in your own wallet, you can of course send it to your own wallet from platforms like Binance. We recommend the Hardware Wallet Ledger Nano X.
Binance Coin (BNB) Price and Price Development
Here you can find the current BNB price and see how the course has developed.
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