Buy Binance Coin – Step-by-Step Guide for Buying BNB

Given its rapid rise as a top cryptocurrency, many crypto enthusiasts are eager to find an easy way to buy Binance Coin (BNB).

This guide covers buying BNB coins, the best exchanges to buy BNB, and if it’s a good investment.

Let’s get started!

Scroll down to read our comprehensive and detailed walkthrough on how to buy Binance Coin.

Where to Buy Binance Coin 

Binance Coin is supported by more than 100+ brokers and exchanges.

Read the following reviews to determine the best place to buy BNB today.

1. Crypto.com – User-Friendly App to Buy Binance Coin

Crypto.com is an excellent option for purchasing BNB and other cryptocurrencies on your phone, thanks to its very easy-to-use app for iOS and Android. It is one of the fastest-growing and top crypto exchanges globally, enabling you to buy 150 different cryptocurrencies at low fees of just 0.4% per trade.

This exchange offers unique features such as 10% fee reduction if paid in CRO, and a Crypto.com VISA card that gives users cash back in CRO.

We also like that you can complete ‘Missions’ on the Crypto.com app and get rewarded in Diamonds, which can be exchanged for Mystery Boxes containing various amounts of CRO. It even offers a loan system where you can get a credit check-free loan when you make crypto deposits.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

2. Binance – Buy BNB Directly From Binance

You can purchase BNB coins on the Binance crypto platform. If you’re looking to invest with your debit or credit card, you might be required to pay fees of up to 10%, as Binance no longer has the legal remit to accept card payments directly.

Binance offers its own NFT marketplace. To buy NFTs, you first need to buy Ethereum. Binance makes it easy to purchase ETH tokens through its Express P2P section. Just choose the amount you want, click ‘Buy’, and Binance P2P will hold the corresponding crypto in escrow.

Instead, the exchange has teamed up with several third parties to handle payments for Binance. In the past, Binance also let you transfer money from a bank account using Faster Payments, which was free. Another option is to deposit crypto into Binance, which will be much cheaper than using a debit or credit card since you only have to pay the blockchain fee.

If you can deposit and swap crypto for Binance Coin, you’ll only be charged 0.10%. The fee can be reduced for larger trades. Binance has 1,000+ markets for various digital tokens. Binance also offers a mobile trading app and a decentralized crypto wallet.

For a more thorough analysis of all the key metrics associated with this leading cryptocurrency exchange, check out our Binance review today.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

What is Binance Coin?

Binance Coin was launched in 2017 to help Binance users save money on trading fees. Users who held a minimum amount of Binance Coin received a discount on trading fees, which was later reduced from 50% to 25%. Since then, Binance Coin has expanded to other uses, such as buying goods on Binance Pay, booking flights on Travala, and earning interest through staking rewards.

However, perhaps the most dominant use case for BNB is that the token is the primary currency of both the Binance Chain and the Binance Smart Chain. These two independent blockchain networks now support thousands of cryptocurrencies and billions of dollars in daily trading volume. As such, transaction fees are paid via Binance Coin – which gives the token real-world value.

Is Binance Coin a Good Investment?

If you’re still not sure whether Binance Coin is the right crypto for your investment portfolio – take a step back and do some independent research.

Below we discuss some of the main reasons you might decide to buy Binance Coin  – alongside some potential risks to consider.

Top-Performing Cryptocurrency

The first thing to note about Binance Coin is that this digital currency is one of the best-performing assets – not only in the crypto space but globally. When the token launched on public exchanges in 2017, you could have bought a single Binance Coin for just $0.11.

Since then, Binance Coin has hit highs of $690 per token, which it achieved in 2021. To put this growth into perspective, this means that between its launch in 2017 and its 2021 peak, Binance Coin increased by over 620,000%.

It is important to note that Binance Coin has outperformed many large-cap cryptocurrencies over the past 12 months.

For instance, in the year before writing this guide, Binance Coin has increased in value by almost 220%. In comparison, Bitcoin – the world’s largest cryptocurrency for market capitalization, has grown by just under 4% over the same period. Then you have fellow large-cap project Cardano, which, over the past 12 months, has grown by 84%.

Binance Smart Chain

Binance has since created its blockchain network – namely, the Binance Smart Chain. This network is now the go-to place for new cryptocurrency tokens to enter the market.

• As noted earlier, the Binance Smart Chain facilitates billions of dollars worth of daily trading volume across thousands of tokens.
• Crucially, when users buy or sell crypto assets via the Binance Smart Chain, transaction fees are charged in BNB.
• And as such, this creates ongoing demand for the token, as people must buy Binance Coin to access the chain.

There is no reason to believe that demand and volume on the Binance Smart Chain will die down soon – so this is great for BNB investors.

Burning Program

Another reason why you might consider buying Binance Coin is because the exchange operates an ongoing burning program – which it has done since 2017.

• When you burn many cryptocurrency tokens, the digital assets are sent to a dead wallet that cannot be retrieved.
• Therefore, the respective tokens are no longer in circulation, and thus – the overall supply of the cryptocurrency is reduced.
• This is not too dissimilar to a share buyback program executed by traditional companies.

Since its the project’s inception, Binance has burned more than 100 million BNB tokens. At today’s value, this represents more than $420 million.

Binance Ecosystem

We mentioned some of the core use cases for Binance Coin, including its Smart Chain network, a reduction in exchange commissions, and paying for goods and services.

With that said, the Binance ecosystem is by far the largest cryptocurrency space – with the exchange continuously innovating into new areas.

For example, Binance now offers crypto savings accounts whereby you can deposit digital tokens and receive interest. You then have the Binance debit card, allowing you to spend your crypto holdings online, in-store, and ATMs.

In some way, shape, or form – BNB sits at the heart of the Binance ecosystem – which, again, continues to give the token real-world value.

Easy to Buy and Sell

Of the 17,000+ cryptocurrencies on CoinMarketCap, many have small market caps, making it hard to enter/exit the market. Few exchanges list these tokens and demand is often too low for sufficient liquidity, leading to issues when cashing out.

However, in the case of Binance Coin, this cryptocurrency is one of the largest globally in terms of valuation. As of writing, the project is carrying a market capitalization of almost $70 billion and is listed on more than 100+ exchanges.

From an investment perspective, this means that you can buy Binance Coin in a simple and low-cost way. Perhaps, even more importantly, you will never have issues converting your Binance Coin investment back to cash.

Another similarly strong-performing asset with the same utility is the native coin of FTX exchange – FTT. See our guide to buying FTX token.

Binance Coin Price

Like all cryptocurrency markets, Binance Coin is quoted and traded in US dollars. The specific market price per token is determined by demand and supply.

For instance, we mentioned earlier that Binance Coin has increased by over 620,000% since its launch in 2017. This translates into an all-time high peak of $690 per token. This is because the number of people looking to buy Binance far outweighs those wishing to sell. This is a classic example of market forces.

With that said, you might find that the price of Binance Coin on one exchange or broker differs. Binance Coin – like all digital tokens, is not traded on a centralized exchange like stocks. Instead, the price on each exchange or broker is based on the trading activity of the respective exchange.

However, these Binance Coin price differences are minute nonetheless. At the time of writing, the BNB price today is $228.52.

Binance Coin Price Prediction 

See our updated BNB price prediction written after the collapse of the FTX exchange – Binance now has a greater market share, which could be bullish for its native token.

Digital asset trading is highly risky and volatile. Cryptocurrency price changes can be rapid and unpredictable, and forecasting is difficult.

Instead of focusing on Binance Coin price predictions, some investors prefer to focus on the fundamentals. For example, keep up to date with any key developers concerning the Binance ecosystem – such as new products or services.

Moreover, you can focus on regulatory changes that might affect the performance of Binance Coin.

Ways of Buying Binance Coin

The best way to buy Binance Coin, regarding payment methods, is discussed in the section below.

1. Buy Binance Coin With Credit Card or Debit Card

Most people will look to buy Binance Coin with a debit or credit card. This is because when using the right broker, your purchase will be processed instantly.

With that said, cryptocurrency brokers are known to charge high fees on debit/credit card payments. with the industry average standing at 3-5%. For example, Huobi charges between 2-3% depending on the card issuer, and at Binance, this can cost up to 10%.

2. Buy Binance Coin With PayPal

Some online brokers also allow you to use e-wallets like PayPal.

When to Buy Binance Coin

If you’re new to cryptocurrency trading, there is no value in trying to time the market. Just like when you buy Bitcoin, buying Binance Coin in slow and steady increments is best.

With that said, some market commentators will suggest ‘buying the dip’, which means investing in Binance Coin when its price drops from a previous peak.

As we previously mentioned, Binance Coin reached a peak of $690 in 2021. However, since then, the value of this cryptocurrency has decreased significantly, and it is now being traded at around $350. In other words, buying BNB at its current price means you would be paying a discount of more than 50% compared to its peak price. This is a great opportunity to invest in Binance Coin at a lower price, without compromising its underlying value.

Another strategy that you might take to avoid needing to time the market is to invest a certain amount into Binance Coin at the end of each month.

This strategy – dollar-cost averaging, allows you to buy Binance Coin over a long period, so you can stop paying attention to short-term pricing trends.

Conclusion

As we explained in our guide, to buy Binance Coin (BNB), it is important to compare different crypto exchanges and brokers. Look for factors such as their features, fees, security, and reputation.

Keep in mind that investing in BNB is not risk-free. So, it is advisable to consult a financial advisor. After buying BNB, set short or long-term goals to make the best use of your asset.

Frequently Asked Questions