How To Buy Bnb With Eth

How to buy Binance Coin (BNB) – A Beginner’due south Guide

Past: Ofir Beigel | Terminal updated: 12/24/22

Ever since its ICO, Binance has shown meteoric growth. As a result, Binance Coin (BNB) – its token, appreciated in value as well. In this post, I’ll give a brief overview of what BNB is and where you can buy it online.

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How to Buy Binance Money Summary

  1. Become a Binance money wallet (Ledger, Coinomi).
  2. Locate your BNB accost.
  3. Sign up to Binance.
  4. Buy BNB with another crypto or a credit carte.
  5. Withdraw your coins (or leave them on Binance if you program on using them)

For investment purposes merely yous can use eToro and skip all three steps.

That’southward how to buy Binance Coin in a nutshell. If you desire a more than detailed review of Binance Coin and how to buy it, keep on reading. Here’southward what I’ll comprehend:

  1. What is Binance Coin?
    • What is Binance Coin Used For?
  2. Buying Binance Coin in iii Steps
    • Get a BNB Wallet
    • Notice a BNB Commutation
    • Withdraw your BNB
  3. Conclusion

1. What is Binance Coin?

In July 2017, Binance conducted an ICO in society to raise funds for its cryptocurrency exchange operation. The token issued as part of the ICO was called Binance Coin (BNB) and it was priced at $0.i per 1 BNB.

Since then, BNB has greatly appreciated in price and Binance’s ICO was considered one of the more successful ICOs around.

What is Binance Coin Used For?

BNB is basically an ERC-20 token (i.e. a token on the Ethereum network) that is accustomed every bit payment on Binance for trading fees. By using BNB you besides get a discount on the fees themselves (up until 2021).

In that location’south a full of 200 million BNB tokens with the distribution every bit follows;

  • 100 million tokens (50%) were assigned for ICO investors.
  • 80 meg (xl%) belong to the founding team.
  • xx million (10%) were reserved for private affections investors.

In order to maintain the token’s value and make it somewhat deflationary, Binance plans to use 20% of the company’s profit each quarter to purchase back BNB tokens until only 100 1000000 BNB volition remain on the market place. It volition and then destroy the 100 million BNB they purchased.

In the future, Binance will build a decentralized exchange, where BNB will exist used as ane of the fundamental assets, and every bit gas to be spent (more on Gas here).

2. How to buy Binance Coin?

Stride 1: Get a Binance Coin wallet

Bold you’re looking to buy and hold BNB, information technology’s important you accept a wallet to store it in. Since Binance Coin is basically an Ethereum token, many wallets support it.

Binance Coin Hardware Wallets

The safest way to shop BNB would exist on a hardware wallet. A hardware wallet is a physical device that stores the individual key to your coins offline. This way, every bit long every bit the device remains in your possession, no one tin gain remote access to your coins.

Ledger hardware wallets – Allow you to safely store BNB too as a variety of other altcoins. There are two models to cull from – the Nano S and Nano Ten. The Nano X is the newer model with the ability to control the wallet from your mobile phone too as from your desktop.

You lot tin read my Ledger Nano X review here.

TREZOR hardware wallets – Like to Ledger wallets, TREZOR wallets permit you lot to store coins offline on a hardware device. The 2 main wallets offered are the TREZOR Ane and the TREZOR Model T. The Model T is the newer, more avant-garde wallet with a built in touch screen.

Nevertheless, both wallets are extremely good. Here’s my TREZOR Model T review.

Binance Coin Software Wallets

Coinomi – If yous’re looking for a free software solution Coinomi is an established cryptocurrency wallet that will allow y’all to concord BNB. There’due south an Android and iOS version bachelor, as well as a desktop version.

Atomic Wallet – Allows you to Manage your Bitcoin, Ethereum, XRP, Litecoin, XLM and over 300 other coins and tokens in a single interface. The wallet also has a built in atomic swap substitution. Diminutive Wallet is available for desktop and mobile.

Exodus – A beautifully designed wallet for Blockchain assets with over 4 million downloads that supports Binance Coin, Bitcoin and over 100 other crypto assets. The wallet as well has an exchange for users who desire to swap BNB for other cryptos and vice versa.

Binance Money Web Wallet

Binance’south exchange – Normally I advise against keeping coins on an substitution. Even so, if you lot’re planning to use BNB to save on Binance fees and you don’t own a large amount, it might exist most toll efficient to just continue it on the exchange.

Go along in mind that if this is the case, you’re giving away control over your coins to Binance.

Locate Your BNB Accost

Once yous accept your wallet you will demand to locate your Binance Coin address. Since BNB is an Ethereum token, its accost will await like an Ethereum address i.e. a long string of letters and numbers starting with 0x. Here’due south an example:

0x6ace7e0abcf0da3097fa7155149dccd51e20ef82


Step 2: Find a BNB exchange

Purchase Binance Money through Binance

Binance is the obvious choice for buying BNB. You can buy Binance Coin with every asset that Binance supports (which is a lot), or you tin pay with a credit bill of fare – for a college fee. You lot can read my complete Binance review here.

Purchase Binance Coin through eToro

eToro allows you lot to invest in Binance Coin with a diverseness of traditional payment methods and low fees. It is recommended to apply eToro for speculative purposes and not if you need the actual utility from BNB, since withdrawing coins from eToro is a complicated process. You can read my complete eToro review hither.

Be advised – cryptocurrencies tin can widely fluctuate in prices and are not advisable for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Keep in mind that your capital is at risk.

eToro disclaimer:
This ad promotes virtual cryptocurrency investing inside the European union (by eToro Europe Ltd.), Britain (eToro UK Ltd.) & USA (by eToro Usa LLC); which is highly volatile, unregulated in some EU countries and the Great britain, no Eu or Great britain consumer protections & not supervised by the EU or UK regulatory framework. eToro Usa LLC; Investments are subject to market risk, including the loss of primary.

79% of retail investor accounts lose money when trading CFDs with this provider.

Y’all should consider whether you lot tin afford to take the high risk of losing your money.

CFDs are non available to United states of america customers.


Step three: Withdrawing your BNB coins

Commonly I suggest withdrawing the coins yous just bought into your own wallet. However, if you plan on using your coins to save on Binance fees, it’s probably all-time to go out some on the exchange itself.

If y’all own a large amount or bought the coins for investment purposes only, move the coin off the exchange and into the wallet y’all chose on step 1, and then that y’all will accept full control over them.


3. Conclusion

As Binance grows in popularity, BNB will probably appreciate too. Dissimilar well-nigh other “utility tokens” out in that location, BNB gives real value to Binance users in the form of saving on trading fees.

Even if you don’t think BNB has a brilliant future ahead of information technology, you might still find some value in it through the discounted fees it offers.

If Binance truly comes through with its plans for building a decentralized commutation, BNB might see renewed involvement and an additional surge in its value.

What’s your opinion of Binance Coin? Let me know in the comments section beneath.

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Source: https://99bitcoins.com/buy-binance-coin-bnb/

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