BNB is the native token of Binance Smart Chain and Binance Chain. BNB is a utility coin created on Ethereum in July 2017 that allows holders to pay lower trading costs on Binance’s exchange. BNB does not offer users a share of Binance’s profits, does not represent an investment in Binance, and does not provide any compensation.
All Binance Smart Chain and Binance Chain transactions are paid in either BEP-20 or BEP-2 BNB. Binance burns BNB on a quarterly basis as a deflationary mechanism, owing to the coin’s restricted supply of 200 million. The burning occurrences will continue until the entire stock is reduced to 100 million.
In addition to trading fee reductions and transaction facilitation, BNB may be utilized for travel expenses and is spendable on commodities and services using the Binance Visa card. Holders of the Binance Charity Foundation (BCF) scheme can donate BNB to charity.
Where to Buy Binance Coins? (BNB)
You can buy BNB crypto on a good exchange like Changelly, of course! Many exchange platforms throughout the world are eager to provide you with access to Binance. However, the best way to buy Binance Coin (BNB) is on its own platform, Binance, though other exchanges would suffice.
Please keep in mind that certain rivals’ platforms do not support the coin. So take your time and carefully consider your options. And, in order to select the one that’s ideal for you, you’ll need to figure out which features are most important to you.
How Do I Acquire Binance Coins? (BNB)
Step 1: Create an Account With a Cryptocurrency Exchange That Offers the Purchase of BNB
The first step is locating or selecting a BNB-accepting exchange. After selecting an appropriate exchange, use your email address to establish an account and complete the registration process.
This is all that is required to begin trading on some sites. Many exchanges require additional information, such as your full name, contact information, and a valid form of picture identification, to meet with KYC (know your customer) regulations.
You’ll need to provide those before you can purchase any Binance Coin, and it’s also a good idea to enable two-factor authentication on your account for further security.
Step 2: Fund Your Account
BNB is widely available on exchanges, which enables you to acquire it using USD. Look for an exchange that accepts your desired payment method, such as bank transfer, credit, or debit card.
To trade Binance Coins, you must first fund your account using a cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) (ETH).
Step 3: Invest in a BNB
Navigate to your exchange’s markets section and browse for the currency pair you’re looking for, for example, INR/BNB.
Before submitting your order, double-check that you’ve seen all the details and the total cost.
Mistakes People Make While Buying BNB
Not Understanding Binance Coin
Like any investment, you should do your research first to ensure you’re making the right choice. Don’t buy something merely because others like it or because the price is lower now than two months ago.
Timing the Market
It’s impossible to time the market whether buying stocks or crypto. That’s particularly true with cryptocurrencies due to their volatility. Remember that you choose Binance Coin as an investment. You don’t need to worry about getting the best deal because you know the price will eventually rise.
Buying It in the Wrong Place
With so many cryptocurrency frauds out there, buying from a trusted exchange is critical. This is because many cryptocurrency exchanges and apps do not support Binance Coin. The most common way to buy is on Binance.
Binance has two distinct versions: the original international edition and the US-only version. The US version has Binance Coin, but not nearly as many other cryptocurrencies.
Expensive Payment Methods
Most crypto exchanges accept different payments. Transferring money from a bank account is usually the cheapest option. Using a debit card or a money wire tends to be more expensive. Notice that bank transfers sometimes take several days to complete. You must first receive funds in your exchange account before making a purchase.
Wasting Money You Couldn’t Afford
One principle of crypto investing is only to spend what you can afford to lose. Don’t invest your entire savings in Binance Coin alone. It’s tempting to go all-in after hearing about crypto millionaires and billionaires. But they are rare. So invest wisely.
Due to the low number of BNB minted, they will be more difficult to acquire. For this reason, it is important to know where you will be able to purchase them. When it is time for you to invest, you can now get them in a safe and secured manner instead of taking the help of a broker.