How to Buy and Invest in Binance Coin [BNB] in 2020 – Top 5 Methods

Binance is one of the world’s largest exchanges at the moment, and generates billions of dollars in volume per day.

The exchange is up to date with a variety of new projects and cryptocurrencies that are released frequently.

The BNB token runs off of a decentralized manner where users are incentivized by the performance of Binance. From a very general and speculative perspective, the movement of Binance Coin price can be thought of normatively as such: the more that Binance and the entirety of the cryptocurrency ecosystem thrive, the better Binance Coin performs.

By holding Binance Coin (BNB) in your Binance Coin wallet, dependent on the volume of Binance Coin you hold, your fees are reduced fairly drastically.

Binance Coin runs on the Ethereum blockchain, and although the exchange has announced plans of launching a furthered decentralized exchange in the near future, there are no confirmed plans for its own Binance-based blockchain.

Additionally, Binance Coin is symbolic now as a staple for the presence that Binance has portrayed in the cryptocurrency and blockchain ecosystem.

The token has emerged as one of the prime forces behind how Binance functions in the blockchain atmosphere and its subsequent price has been fairly representative of just that. 

Transaction fees on the platform can be paid for using BNB tokens as well;  At the moment, it seems Binance is confident in both Tron and Ethereum’s capability as the site’s CEO “CZ” has publicly approved of both of their efforts. Binance has also announced a “buyback” plan where Binance Coins are to be repurchased by the firm in the coming years based on an incremental percentage basis. The exact details for that buyback can be found here.

How to create a BNB Wallet

Binance is the issuer of the Binance Coin, so therefore in the realm of Binance Coin, there would theoretically no safer place to purchase BNB than Binance; however, due to the fact that Binance has been the largest target of phishing sites, attempts, and much more over the past few months, it isn’t necessarily the easiest option. Nonetheless, the exchange has proven itself as one of if not the main contender of exclusively only cryptocurrency exchange provisions.

You can create an account on Binance very quickly. To start the process, you’ll need to head to the Binance homepage and then click either login or register, depending on whether you already have an account.

Step 1: Registration

The sign up button can be found on Binance’s homepage or exchange page at the top right of the page on the navigation bar. To actually sign up for the platform, you’ll only need an email, username, and password. Enter all of the aforementioned in, and you’re set. All that’s required is a verified email address which you can do easily by going to your email provider and clicking the link Binance’s support team has sent you. 

The good thing aboutu using Binance is that it’s very quick and painless to sign up; you don’t need to provide lengthy verification documents in order to get started trading or buying Binance Coin. However, if you’re looking to utilize institutional amounts of cryptocurrency, or simply want to enable higher levels of security/safety on the platform, it’d be wise to complete their optional account verification process.

Step 2: Deposit Funds

Binance has enabled a variety of different funding methods for their exchange, putting it in the top tier in regards to usability in this regard. On Binance, you have a choice of making a deposit to the platform through a number of ways; primarily, either through cryptocurrency of your choice (95% of the assets on Binance support cryptocurrency deposit) which can typically be Bitcoin or Ethereum, or by credit card. Through using a credit card, funds are deposited in fiat to the platform where you can then purchase a backed-asset at the fair market value.

Through this process, you’ll need to first deposit Fiat –> Then buy an underlying asset –> Finally, purchase Binance Coin using the underlying asset.

For this example, we’ll use the easiest option which is arguably to deposit Bitcoin to the platform through the generated exchange wallets that Binance delivers to you. You can follow an individual guide depending on your method of deposit, which can be found here. Or you can follow this tutorial to deposit Bitcoin.

To do this, navigate to your account profile at the top right of the page and hover over ” Funds”. Upon doing so, you should see that a drop down of options now appears; of those, select “Deposits & Withdrawals”. On this new page, navigate downward a bit and find the search bar for which you’ll then type in “Bitcoin” (Or replace Bitcoin with any asset you want to deposit to Binance). Click the deposit button and you should see a new address that’s generated. This is your Binance wallet for Bitcoin which can be used to purchase other assets on Binance’s platform.

Upon confirmation of the sent funds, you should see your account value has updated to reflect the amount of Bitcoin you deposited to your account. If done correctly, you’re now able to purchase Binance Coin on Binance on the exchange.

Step 3: Buying Binance Coin

After successfully depositing Bitcoin to Binance’s platform (Or depositing to the platform via any other funding method), navigate to the exchange which is on the top-left of the navigation bar. Use the market search bar on the exchange and look for the assets that are under the BTC markets (Or, if you used a credit card or wanted to use a different pair for transactions, use that underlying pair instead). Click on “BNB/BTC” under the BTC markets, and you should be prompted with a new screen representative of the price of Binance Coin relative to Bitcoin.

Once you’ve enabled the new exchange page, you’re going to need to place an order for Binance Coin. This can be done either through a market or limit order; market orders are executed at the next possible best price while limit orders only execute if the price of Binance Coin surpasses a certain level. For this tutorial because of simplicity, we’ll create a market order; in this order, you’ll only need to specify how much BTT you’d like to purchase in your market order. In the following image, 99.1 BNB is being purchased through a market order.

If you go to your funds and balances section on your Binance account, you should see now that your balance of Binance Coin should now be updated to reflect your purchase.

Visit Binance

At the moment, Binance Coin is not a supported asset on the Coinbase exchange.

There is no solidified or explicit indication of whether or not Coinbase has plans to add BNB as a supported asset, however, there is definitely a possibility as the cryptocurrency generates pretty significant volume as well as great traction from the overall cryptocurrency community.

Although Coinbase does not support Binance Coin trading at the moment, they do enable Binance Coin price analysis and overview which can be found here.

Only time will tell whether or not Coinbase makes the ultimate decision to support Binance Coin as a purchaseble asset/currency.

Visit Coinbase