Cryptocurrencies can be volatile, with steep price increases and decreases. Set an investing budget for yourself and only risk money you don’t need for essential expenses. Due to integration within the platform itself, there are more ways to buy BNB on Binance compared to other exchanges, so you should be able to get your hands on the coin without much trouble. The ways of acquiring it range from directly purchasing the asset to trading it with other people. For instance, you can use BNB to book flights, hotels, and other travel products on platforms like Travala.com via Binance Pay.
Well, one of BNB’s primary uses is paying transaction fees on the Binance exchange. Whether you’re buying, selling, or trading cryptocurrencies, using BNB to cover those fees can save you a bundle in the long run. When considering how to buy BNB with your preferred currency, you will be presented with a list of available payment options.
Purchasing the coins from the platform, you’ll encounter yet another major benefit of Binance – it can be done with a credit-debit card. With many other crypto exchanges out there, you’ll struggle to find such features – the closest you might get are bank transfers, but even those are less-conveniant than paying with a card. Once you’ve logged into the site, navigate to the upper-right corner of your screen. There, find the “Buy Crypto” button, and place your mouse over it.
Even though they are both issued by the Binance crypto exchange, they are fundamentally distinct and serve different functions. On the top field, you are to enter the cryptocurrency which you are exchanging and then input the amount you want to trade. Once the trade is executed, the trading fees will be deducted as well. A major draw for Binance users is the ease and speed with which you can trade cryptocurrencies in real-time.
Now, there are different benefits to choosing either of these methods. Most of them have to do with fees and transaction speed – depending on the price of BTC, buying Bitcoin on Binance via Simplex might be the smart thing to do. how to buy ethereum on etoro in a few simple steps 2020 For starters, most people who are looking at how to buy coins on Binance are doing so because this platform supports a significant number of cryptocurrencies. As of writing this guide, you’ll find over 150 different cryptos and altcoins available to be traded on the site. Although BNB is popular, think carefully before investing your money in the token—or any cryptocurrency.
How to buy BNB?
- And borrowing money to invest is risky, particularly when trading cryptocurrency, and you could end up in debt.
- Then, you can look over the available offers and pick the one you like.
- And if you’re into e-commerce, some merchants accept BNB as payment, giving you more options to shop with crypto.
- From there, the steps will be pretty much the same as on the browser.
- If you don’t want to proceed with the order, though, make sure to click [Cancel Order].
Feel free to contact us if you believe that content is outdated, incomplete, or questionable. Here, Binance acts as an escrow service – this way, you can be sure that the trades are going to be legitimate, and that you won’t get scammed out of all of your money. From the homepage of the website (or your dashboard, if you’re logged in), navigate to the upper part of the window, and hover over the “Trade” button. Kat has expertise in insurance and student loans, and she holds certifications in student loan and financial education counseling.
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You can specify the amount you want to buy in either USD or BNB. 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.
Having said that, to this day, it is the most popular coin that people buy and trade on Binance. You can choose the “Limit”, “Market”, or “Stop-limit” trading options. “Limit” and “Stop-limit” may prove to be a bit complex if you’re just how to stake matic starting to figure out how to buy on Binance – instead, point your attention to the “Market” tab.
Binance Fees Explained
It’s worth noting that despite BNB tokens existing in various versions, the total token supply is maintained across these platforms. Any transfers between the Binance Chain and the BSC cause a redemption and subsequent burning of an equal number of tokens. In addition, the team devised a discount plan for token holders and early platform users in order to encourage participation in the ICO. The plan represented a graduated scale with a larger discount offered in the first year of operation and less in the fourth year. The most significant benefit of using Trust Wallet is that it is available to anyone worldwide, even in jurisdictions where Binance is restricted or banned. Plus, users get to custody their assets as opposed to trusting a centralized platform that is vulnerable to hacks.
Not just that but methods such as using third-party brokers that accept credit and debit cards can be extremely pricey. We are not discouraging or generalizing when we say unofficial sources of BNB are bad places to get the tokens, but we encourage you to research before choosing which platform to use. If you’re looking at how to buy on Binance, you’ve probably already decided that this particular cryptocurrency exchange platform is the best option for you. If, however, you’re still not 100% certain, let’s quickly run down through some of the most prominent features of the platform. Binance is one of the most popular crypto exchange platforms on the market. As you probably already know, it offers users a wide variety of benefits, and is considered to be at the top, as far as reputability and trustworthiness are concerned.
So, if you’re looking to dive into the world of digital finance, BNB might just be your ticket to ride. Holding BNB isn’t just about passive investment; it’s about having a say in the future direction of the Binance ecosystem. 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. You can also use this to convert any crypto asset you have for BNB. After you confirm your purchase, BNB will be readily available in your Binance wallet.
For most cryptocurrencies, you will be better off holding the assets in an external wallet where you are guaranteed better safety. However, BNB has more utility within the Binance ecosystem, and you may find that holding your tokens can i accept bitcoin should i accept bitcoin in your exchange account is the best option. The rest of the methods are actually quite self-explanatory, and will follow a similar pattern to that when you’d purchase cryptos on the platform via a credit or debit card.