How to Buy BNB: Top 4 Exchanges for 2024

Binance is the world’s largest cryptocurrency exchange, and the platform has been moving quickly to grow its own currency. Binance Smart Chain is essentially a copy of the Ethereum network but with a few major tweaks like its consensus mechanism cryptoassets from a consumer protection perspective (PoSA). Binance Coin (BNB) is the native cryptocurrency of cryptocurrency exchange behemoth, Binance, which currently runs on its Binance Chain blockchain. Issued during Binance’s July 2017 ICO for BNB, the coin serves multiple utility purposes on the Binance exchange and was initially established with a total supply of 200 million. Being a crypto investor requires taking security seriously and owning your private keys gives you much more power and control.

The main principle behind hardware wallets is to provide full isolation between the private keys and your easy-to-hack computer or smartphone. The only people you can trust for storing your crypto assets is yourself. When you own cryptocurrencies, what the role of the information commissioner’s office you really own is a private key, a critical piece of information used to authorize outgoing transactions on the blockchain network. Holding the private keys gives you access to your crypto, like holding a pin code to your debit card; in short it gives you access to your funds.

Where to store BNB

The new options for customers proved to be a massive success, with BNB actually overtaking Ethereum’s daily transaction volume by up to 1,000% over the following months. With the launch of the Binance Chain in 2019 and the Binance Smart Chain in 2020, the intrinsic value of the Binance Coin changed, leading to an increase in the BNB coin price. BNB became a native asset on two interlinked blockchains, similar to Ether and Ethereum, and must now be spent in every transaction. If you are bullish on the future of Binance as an exchange and blockchain provider, then BNB may be a good investment for you. Just remember that all investments in cryptocurrencies are subject to some massive volatility, so don’t buy Binance Coin with any money you can’t live without.

According to the Binance whitepaper, exactly half of the maximum supply of BNB how to buy tzero stock coins was allocated towards the initial coin offering (ICO) and public sale of the coin. The ICO was held in July 2017 shortly after the exchange launched, and saw Binance raise $15 million in funding, with BNB price at $0.10 during the ICO. Taking BNB price today, that represents an almost 4200X return on investment (ROI). Another 40% of the total supply, or around 80,000,000 BNB coins, was distributed among the founding members and team.

1. BNB is an integral part of the successful functioning of many of the Binance sub-projects.
2. The platform supports a variety of payment methods via its “Fast Trade” feature.
3. You can also convert or swap your BNB for other BSC-based tokens, and even tokens from other chains (primarily Ethereum) through PancakeSwap.
4. It’d be amiss if, in the tutorial on how to buy BNB, I didn’t include one more method of obtaining crypto – spot trading.
5. “Top picks” are those we’ve evaluated to be best for certain product features or categories – you can read our full methodology here.
6. You’ll be offered a quote by the platform, and if the price is acceptable, you can execute the trade.

Introducing Price Alerts

This might explain why they list a competing platform’s native token. As the dedicated utility token of the Binance exchange, the most straightforward way to acquire BNB coins would be to purchase them through Binance. The original exchange supports the largest variety of trading pairs with BNB, and it also has the best trading rates for the coin. Since the launch of Play2Earn games, interest in the BNB to PHP price has increased substantially.

Otherwise, many crypto exchanges also offer an “instant buy” feature using a credit card. However, be warned that this comes with higher fees and other added risks. Use our table to look for a platform that offers credit card deposits to get started. Despite competition from Coinbase and others, it is the biggest by market capitalization.

Once the seller confirms they received the money, they will release the crypto. This essentially completes the P2P transaction, and you can go to your balance to check the available assets. After the transfer is confirmed, depending on the chosen payment method, it might take from 0-3 work days for the money to appear in your wallet. To buy BNB on Binance, create a Binance account, then navigate to the platform’s instant buy or spot market section to make your purchase or convert another crypto to BNB. If you are buying BNB to hold it for the long term, consider buying it on an exchange and transferring it to a hardware wallet to keep the private keys safely offline. You can quickly purchase BNB on trading platforms such as Paybis or .

Plus, if you plan to use BNB on Binance, but buy it on another exchange, you’ll have to transfer it to Binance, which will incur additional costs. If you want to buy from this person, type in the amount of BNB you want to buy or the fiat you want to spend. Most sellers have minimum and maximum amount requirements on their transactions, so keep an eye out for that too. I’ll go through each one to give you an extensive overview of buying Binance Coin and help you decide which method is right for you. Since BNB is the native coin to all things Binance, it’s obvious that the first answer to where and how to buy BNB would be, well… Yes, you can buy BNB from Binance.US – Binance’s US subsidiary – as well as through any of the other platforms listed in our table.

To generalize, this method utilizes the rule of three – a connection between a buyer, a seller and an order book. Buyers place orders for the crypto they want to obtain; sellers, in turn, place orders at the price they want to sell the crypto. The orders are fulfilled when selling and buying inquiries match up based on their requirements. Another thing to note is the waiting period – once you pay, the crypto should be transferred to you within 15 minutes. If not, you should contact customer support through the appeal option.

This is also affected by limited work days and region-specific restrictions. After you confirm your purchase, BNB will be readily available in your Binance wallet. If you need to double-check something, the transaction will also be recorded in your transaction history list. BNB us a hybrid consensus mechanism known as proof-of-stake authority (PoSA). Holders must stake a minimum of 10,000 BNB to be selected as validators. The PoSA consensus uses significantly fewer validators than the Ethereum blockchain, which has led to concerns about the decentralization of the BNB network.

Popular Tokens on the BNB Smart Chain (BEP Chain

Before we continue, it’s worth noting that Trust Wallet lists both versions of BNB here with different titles to differentiate them. The token named BNB is the BEP-2 version on the Binance Chain (BC) network while the other one named Smart Chain is the BEP-20 token on the BSC network. If you wish to set this feature up, start by enabling the toggle button.

You can buy Binance-Coin with a credit or debit card on a crypto exchange like Coinbase or Coinmama. You’ll need to create a Binance-Coin wallet (an account) and get it approved before being able to buy. BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place.

Best Exchanges for Buying BNB in 2024

By staking your BNB tokens, you can participate in decentralized governance decisions, such as proposing and voting on network upgrades and changes. It’s like being part of a digital democracy, where every voice counts. With all the talk about how and where to buy Binance Coin, perhaps it’s time for a refresher on what BNB is. BNB isn’t just any digital currency; it’s the heartbeat of the Binance ecosystem, a bustling hub of cryptocurrency activity.

How to Buy BNB (Binance Coin) Step-by-Step

The benefits of buying BNB through Trust Wallet are that it’s fast and more convenient. Typically, if you buy crypto from an exchange, you will need to move it to a wallet, but if you buy BNB on Trust Wallet, you do not have to send it anywhere else. Trust Wallet is a mobile crypto wallet application available for iOS and Android devices. It is the simplest way to buy BNB without creating an account with any centralized exchange.