Fastest Way to Buy BNB Binance Coin Step-by-Step

All of the information that a crypto investor would need before buying their first BNB coins. On the other hand, the BNB Beacon Chain primarily focuses on managing BNB’s staking and governance aspects. This chain does not support smart contracts, but it plays a vital role in ensuring the security and governance of the BNB ecosystem. It allows users to stake BNB tokens to participate in network governance and earn staking rewards.

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The information provided here is general advice only and does not take into account your personal financial situation or needs. We do this by providing a free comparison service as well as product reviews from our editorial staff. This usually means presenting an acceptable form of government-issued photo ID. The verification process takes a few minutes, but once your identity has been confirmed, you’ll be able to begin trading. Learn more about BNB Chain and other cryptoassets on the eToro Academy. You can find out more about BNB Chain and its native token with our “What is BNB Chain (BNB)?

Step 1 – Create a Binance account.

There is an initial maximum supply of 200,000,000 BNB coins, of which 168,137,036 are currently in circulation as of September 2021. Measures like BEP-95 have upgraded the already deflationary tokenomics to make BNB even more deflationary. Following the proposal, gas fees on Binance Smart Chain have become even lower, as the network burns a part of the fees to decentralize further.

Changelly offers a fast and easy way to buy BNB (BNB) with a credit or debit card, bank transfer, Apple Pay, Google Pay, and more. You can quickly purchase BNB on trading platforms dedicated software development teams such as eToro or Paybis. If you already have a funded account with one of these exchanges, then you can buy BNB instantly. Our hardware wallets are compatible with more than 1500+ different assets, including Bitcoin, Ethereum, Ripple and many more. Binance originally launched BNB on its exchange as a way to offer users discounts on trading fees when paying with these coins.

Borderless Transactions

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. BNB on the Smart Chain will enable you to interact with decentralized apps (dApps) on the BSC network, while the other BNB token is the preferred native token of the Binance DEX platform. Start by selecting the cryptocurrency you want to purchase in the transaction form. If this is your first time using Binance, you will need to create a user account by visiting the Binance homepage and cryptocurrencies archives signing up. You will also have to verify your identity before proceeding with the follow-up steps (see our detailed Binance KYC guide).

• If you are buying BNB to speculate on its price in the short term, you might want to buy it on an exchange like eToro or Paybis, a platform that custodies the asset for you.
• SocialFi is Web3’s answer to Web2’s social media problems by enabling users to have control over their content and allow them to directly monetize it.
• Binance aims to bring cryptocurrency exchanges to the forefront of financial activity globally.
• 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.
• Binance Coin (BNB) is among the largest cryptocurrencies by market cap, and it’s the platform token for the popular crypto exchange – Binance.

BNB is easily accessible for anyone with a Binance or Binance.US account. Binance.US is the Us-based Binance affiliate regulated by the US Financial Crimes Enforcement Network (FinCEN). As a platform token, it only makes sense that the best place to acquire it is on its native platform, Binance, and affiliated entities.

Once you select the corresponding assets, fill in the amount you want to transact. Click the crypto icon in the Receive tab to open a selection window. It’s vital to distinguish between the two tokens since they’re often confused. Whenever you transfer BNB into or out of the Binance Exchange, you will be prompted to select between the two versions. They are almost identical tokens, so knowing how to tell them apart is essential to avoiding costly mistakes.

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A spot Ethereum ETF is an ETF that tracks the price of Ethereum and is traded on traditional stock exchanges rather than cryptocurrency exchanges. When you own cryptocurrencies, what 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. A Binance-Coin wallet helps you protect your private key, not just storing your Binance-Coin.

Originally, the discount was 50%, though it has since been reduced to a more modest 25%. BNB is available to buy through a variety of third-party decentralized exchanges or DEXs that run on the Binance Smart Chain. Popular options include 1inch, SushiSwap, BakerySwap, and PancakeSwap, though there are others. Many of these platforms allow you to trade anything you like, with no registration or hassle, connecting directly to your wallet. In this post, we’ll tell you how to buy BNB and name a few crypto exchange platforms that offer the currency as a trading option.

You can purchase BNB on cryptocurrency exchanges that support Binance Coin, such as Binance itself or other reputable exchanges like BYDFi. The live BNB price today is $622.88 USD with a 24-hour trading volume of $2,404,536,231 USD. The current CoinMarketCap ranking is #5, with a live market cap of $89,700,789,033 USD. 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, xrp halt trading interest in the BNB to PHP price has increased substantially.