We are not discouraging or generalizing when we say unofficial sources of BNB are bad places to get the tokens, but we encourage you to research before choosing which platform to use. Consider the cost, convenience, and security of each platform. This guide takes a deep dive into the world of Binance Coin (BNB), the native digital asset of the world’s leading cryptocurrency exchange Binance. We discuss its history, benefits, uses, how to buy and how to store the coin. All of the information that a crypto investor would need before buying their first BNB coins. Now, if you’re trying to find out how to buy on Binance because you’ve heard that it’s a complex process, rest assured – doing so with a credit/debit card is very straightforward.
Next, you’ll be able to choose from a variety of cryptocurrencies. However, there are thousands of different cryptocurrencies (altcoins) out there. Some altcoins have their own blockchain, while others use a pre-existing network (such as erc20 vs erc721 BNB Smart Chain or Ethereum). Every project has a different proposal, each with its own potential risks and benefits.
How to Buy BNB (Binance Coin) Step-by-Step
Binance supports a wide variety of cryptocurrencies, how to buy prl and Bitcoin is just one of them. Having said that, to this day, it is the most popular coin that people buy and trade on Binance. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. As you’ve probably noticed throughout this guide, Binance really isn’t all that intimidating, even if you’re just starting out.
Again, the decision is yours, but you should never invest or trade with funds that you cannot afford to lose. An informed investment decision involves careful research and analysis. Ideally, you should have a strategy based on your risk profile, and you should never invest more than you can afford to lose. The most significant benefit of using Trust Wallet can you use chromebook for programming yes you can is that it is available to anyone worldwide, even in jurisdictions where Binance is restricted or banned. Plus, users get to custody their assets as opposed to trusting a centralized platform that is vulnerable to hacks.
Today, in this tutorial, we’ll talk about how to buy on Binance, on top of some other things. Once your account is funded, enter the exchange’s trading platform. Enter Binance Coin’s ticker symbol—BNB—and the amount you want to invest, such as $50. Most exchanges allow you to choose between market and limit orders at the time of the transaction. Binance Coin is the cryptocurrency coin that powers the Binance ecosystem.
Step 2 – Open Trust Wallet.
- To be frank, the P2P trading option might be one of the most suitable choices for those who want to keep things simple, and utilize some specific, niche payment method.
- Fill in your card details to finalize the purchase and wait for the crypto to be credited to your account.
- These are just some of the few ways you can make use of your BNB tokens.
With all this in mind, you’ll be ready to start investing or trading on Binance. In the next screen, Trust Wallet will prompt you to input the amount of BNB tokens you wish to purchase denominated in your preferred fiat currency. However, you will be required to sign up for a third-party service through which the credit card payment will be processed.
Step 4 – Make payment.
Purchasing the coins from the platform, you’ll encounter yet another major benefit of Binance – it can be done with a credit-debit card. With many other crypto exchanges out there, you’ll struggle to find such features – the closest you might get are bank transfers, but even those are less-conveniant than paying with a card. Once you’ve logged into the site, navigate to the upper-right corner of your screen.
What Can You Purchase With BNB?
And borrowing money to invest is risky, particularly when trading cryptocurrency, and you could end up in debt. Not all crypto exchanges offer BNB trading, so do some homework to find a cryptocurrency exchange that does. There are many exchanges, from ones designed for beginners and basic trading features to more advanced ones for seasoned investors looking for more complex options like margin trading or futures. Binance Coin holders can use the tokens to receive discounts on Binance crypto exchange transaction fees.
This allows you to avoid all of the hassle and complex calculations, if you so wish to. Binance.US users also receive a 25% discount on trading costs when using BNB to pay fees. If you opt to keep your crypto in your Binance account, you may consider exploring the many options provided by Binance Earn.
