Binance Coin Crypto: BNB Price Analysis and Review
Crypto converter Binance Coin (BNB)
BNBBNB
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TRYTurkish LiraDigital currency Binance Coin is issued by the world’s largest cryptocurrency exchange — Binance, that actively promotes its own coin.
In this article, we will tell you how to buy BNB and on which platforms this coin is traded.
What is BNB
Binance Coin (BNB) was originally created as a utility token on the Ethereum blockchain to pay transaction fees in the Binance ecosystem. Then it became the native token of Binance Chain (BEP-2) and Binance Smart Chain (BEP-20).
Binance Coin Applications:
- Pay transaction fees and get discounts on the exchange Binance and the Binance Decentralized Exchange (DEX);
- Receiving rewards for staking on the BSC blockchain;
- Pay for goods and services with Binance Card;
- Accepting and making payments in the Binance Pay service;
- Rebates on transaction fees on spot, margin and futures markets;
- Eligibility to participate in exclusive Binance Launchpad events for token holders;
- Charity donations through the Binance Charity Fund (BCF);
- Use as a pledge for crypto loans on the Binance Lending and Loans platform;
- and others
Where to buy BNB
BNB can be bought on a p2p platform (without intermediaries), on telegram bots and crypto exchanges. The best choice from this list is centralized exchange. Buying tokens on the exchange has a number of advantages:
- The best exchange rate;
- Reliability;
- Regulation;
- Liquidity and a wide range of payment options (bank transfer, card, p2p, etc.);
- The ability to buy tokens for fiat money: USD, EUR, etc.
Instructions for buying BNB
The step-by-step instruction for buying BNB consists of several steps:
- Determining the level of risk;
- Crypto exchange selection;
- Registering an account;
- Account replenishment;
- Buying BNB.
Decide on the level of risk
The cryptocurrency market is subject to fluctuations. Crypto asset prices can change in seconds. Therefore, before investing, you need to decide on the risk level: invest in cryptocurrency only the amount of money that you can afford to lose, apply fundamental and technical analysis, use stop loss (SL) and take-profit (TP) when placing orders, etc.
Choose a crypto exchange
Apart from Binance, BNB is available on other cryptocurrency exchanges, although their number is relatively small. When choosing a trading platform for buying cryptocurrency, you need to consider of maker and taker fees, fees for depositing and withdrawing fiat currencies, reviews and other parameters.
Since asset security is of paramount importance, it is advisable to look at features such as 2FA account protection and cold storage for cryptoassets.
Register an account
To buy BNB, you can choose any exchange where this coin is traded. We will consider the registration of a new account using the example of the world’s largest exchange Binance. To create a user account, you need to:
- Click Register on the main page of Binance;
Binance homepage - Select the registration method (email, phone);
Selecting a registration method - Select country, press Confirm;
Country selection - Familiarize yourself with the rules for creating an account and click Create Personal Account;
Start registration - Enter email, password, referral code (if have one). Then you need to verify email. The same procedure should be done with phone number.
Entering your account details
After registration is completed you need to pass mandatory verification. In order to complete the KYC procedure, you will need to submit scans of ID and a photo of your face.
Top up your account
For further actions on the exchange (buying, selling, participation in investment programs, etc.), you need to replenish your account. On Binance, you can make a deposit by fiat from a plastic card or using cryptocurrency.
To replenish an account in fiat currency, for example, in euros, you need to:
- Select Wallet → Fiat and Spot in the exchange’s menu;
- Specify EUR as replenishment currency;
- Select payment method, e.g. Visa/MC card → click Continue;
- Fill in card information and transfer EUR to the exchange.
Buy BNB (BNB)
In order to buy BNB on the exchange for fiat, you need to:
- Log into personal account on Binance;
- Open tab Trade → Spot;
Binance Spot Market selection - Select trading pair, e.g. BNB/EUR;
- Specify order type, for example, Market;
- Enter amount to buy BNB;
- Click Buy BNB.
How to sell BNB
When selling BNB, you need to do all the same steps. Only after selecting the order type, you should specify the selling amount and click Sell BNB on the right side of the screen.
Where to store BNB
Cold wallet Ledger keeps private keys offline, which provides strong asset protection. Wallets of this type are recommended for long-term storage of coins if they are not used for active trading on the exchange.
Trust Wallet allows you to receive, send, store and exchange cryptocurrency by mobile applications for iOS and Android.
Freewallet provides reliable protection for crypto assets. The team regularly adds new security features to avoid any possibility of unauthorized access to the mobile wallet. There are apps for iOS and Android too.
Exodus allows you to instantly exchange Binance Coin for other cryptocurrencies, such as Ethereum, Monero, Litecoin and so on. Registration is not required. You can use the desktop version or the mobile app for iOS and Android.
How to withdraw BNB to my wallet?
To withdraw BNB to a crypto wallet from the Binance exchange, you need to:
- Log into your exchange account → open the Wallet tab → click on Fiat and Spot;
- Press Withdraw Crypto;
exchange wallet - Select BNB and click Withdraw;
Selecting a coin to withdraw - Specify recipient wallet address for BNB withdrawal (will be copied from Trust Wallet in the next step);
- Select a network, for example, BSC BNB Smart Chain (BEP20);
BNB withdrawal - Open Trust Wallet on your smartphone and click Receive;
- Select BNB from the list of coins, after that the system will return the address and QR-code of the recipient;
- Copy the received address and paste it into the address field on the exchange or scan the QR-code;
- Complete withdrawal.
Copy BNB wallet address to Trust Wallet
FAQ
- Choose a reliable crypto exchange;
- Register an account and pass verification on the official website of the exchange;
- Top up account;
- Buy BNB.
For more information on buying BNB, see BNB Buying Instructions section.
Despite this, you need to take a balanced approach to investing in cryptocurrencies and understand that it has high risk and you can lose more than you gain.
