In this coming guide, I’m going to show you how to buy BNB using two simple methods that won’t leave you confused and frustrated.
But first, let’s quickly summarise how trying to buy a cryptocurrency for the first time usually goes…
Step 1: You type “buy BNB” into Google
Step 2: The panic starts to set in as you’re greeted with titles such as “buy BNB with credit card”
Step 3: You tentatively click on one of the titles not knowing if it’s safe or not
Step 4: You land on a page that looks like something a financial trader should be using
Step 5: You close the browser in frustration and miss out on the next 1000% gain!
Does this scene feel familiar?
If it does then you’re in luck as in this guide you’ll learn why you should be buying BNB and the trusted and safe methods to buy BNB and hold it securely.
Why Should You Buy BNB?
BNB is the native coin for the global behemoth cryptocurrency exchange Binance, which regularly has a trading volume of over $10 billion per day.
It was first introduced through an Initial Coin Offering (ICO) and since then it has enjoyed meteoric growth with a market cap of over $48bn (as of 10/07/21).
Let’s dig deeper into the coin:
- Binance recently released Binance Smart Chain (BSC) and you’re going to need BNB to make coin swaps and other activities.
- If you hold BNB in your Binance Exchange account you will receive a 25% discount on all trading fees.
- Binance used the profits made from fees to buy back up to 100 million tokens and proceed to burn them
There are only 200 million BNB tokens in existence. Binance’s plan to buy back up to 100 million of them and take them out of circulation will decrease supply as demand grows exponentially.
So, how do you get hold of BNB? Which sources should you trust and why?
How To Buy BNB? The Tried and Tested Method
Buying BNB doesn’t have to be stressful. You should make sure you have the following on hand:
- Your notes app on your computer or laptop
- A physical notebook and pen
- An internet connection
- A government ID
I’ll walk you through the exact method to buy BNB and hold it securely in a crypto wallet.
Let’s get right to it.
The Steps to Buying BNB Safely and Securely?
The first point to understand is – “why do you want a crypto wallet?” With a crypto wallet, you’ll have 100% control over the coins you transfer into there.
Step 1: Get A Wallet That Supports BNB
There are loads of different types of crypto wallets that support BNB. It’s recommended to buy a hardware wallet as they are the ‘safest’, but for short-term holdings, web wallets are a solid alternative.
Here are 4 popular options:
|Wallet Name||Type of Wallet||URL|
|Binance Wallet||Web Wallet||https://www.binance.com/|
Tip: Make sure that you write down your secure passphrase in private locations. Do NOT give this out to any person or site that asks for it.
Step 2: Find A Crypto Exchange to Buy BNB
The obvious option for buying BNB is through the Binance exchange itself.
This is the best and most secure method to buying BNB, and results in the lowest fees as well as being relatively hassle-free.
The one thing to bear in mind is that some exchanges are not open to U.S. citizens and if they are they may have limited crypto assets supported.
Here’s a list of popular American crypto exchanges to buy BNB:
Tip: If you’re based in the US then you’ll have to KYC to activate your account. This is an anti-money laundering measure put in by US authorities to protect consumers.
Mini-Guide To Buying on Binance Exchange with USD, GBP, and more
- Step 1: Create an account on Binance. As you’re dealing with ‘fiat’ money (that’s USD and GBP to us beginners) you’ll need to go through verification and KYC measures. Once completed head to Step 2.
- Step 2: Navigate to ‘Buy Crypto’ and then ‘Credit/Debit Card’. You’ll be directed to a screen with a simple interface.
- Step 3: Click on the drop-down list of currencies and pick the supported fiat currency you are buying BNB with.
- Step 4: Enter the amount you wish to purchase and click ‘Continue’
- Step 5: Review the order you are placing. If everything looks good then click ‘Continue’
Tip: If you’re based in the UK please ensure that your banks accept deposits and withdrawals from crypto exchanges.
Step 3: Withdraw your BNB to your crypto wallet
You’ll remember earlier that I mentioned that the crypto wallet has to be able to accept BNB. Well, what does this mean?
BNB is a BEP20 token on the Binance Smart Chain, which simply means the wallet has to accept BEP20 tokens.
Tip: Always double and triple-check that the wallet accepts BEP20 tokens
If you’re looking to trade on Binance specifically then I would leave a small amount of BNB in the exchange to benefit from the lower fees.
However, if you’ve purchased BNB through any of the other exchanges I would recommend transferring it directly out to your newly set-up crypto wallet.
Wrapping Up Your Binance Coin (BNB) Purchase
Once you have successfully purchased BNB and transferred it out to your wallet you’re all finished. Well done for completing your first purchase of BNB!
If you’re planning to use Binance Smart Chain you can transfer some of the BNB to your web wallets such as MetaMask, TrustWallet, or Binance Smart Chain Wallet. You’ll be able to use PancakeSwap and trade within the DeFi arena.
Or, if you prefer to hodl for the long term then store your password and keys safely in secure locations. Always keep a physical copy!
Frequently Asked Questions when buying BNB
How can I buy BNB without Binance?
There are a couple of other ways to buy BNB without Binance. One of the most accessible platforms to buy BNB would be eToro.
You can also purchase BNB through TrustWallet directly with your credit and debit card.
Tip: eToro doesn’t like it when their users (aka you) try to withdraw the tokens out of eToro. Please bear this in mind when making your purchase.
Can you buy BNB on MetaMask?
Unfortunately, there is no way to purchase BNB directly through a MetaMask wallet. You’ll have more success using a crypto exchange such as:
Or, you can also purchase BNB directly through TrustWallet.
What is the all-time high of BNB?
Binance Coin (BNB) all-time high was $676.60 (May 10th, 2021) .
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