By 2019, BNB powered the Binance Chain (now the BNB Beacon Chain), and by 2020, it had found broader use with the BSC network. 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. Although some investors have made a lot of money in cryptocurrency, others have lost significant amounts, since the price of a coin or token can fluctuate suddenly.

The 2023 HTX exchange hack led to $30 million in losses, causing more than $250 million in outflows. As another possibility, the exchange itself could suspend withdrawals, similar to the beginning of the FTX exchange collapse. Despite BNB’s success, the token can be difficult to find. Binance is an obvious source because the exchange is still closely linked with the project. If you’re wondering where to buy BNB besides Binance, we review two other options below in addition to Binance. If everything looks correct, use the “Set order” button (limit order) or “Open trade” button (market order) to place your order to buy BNB.

A confirmation message will appear for you to confirm your request, after which your transaction will be processed and your money will be transferred to your fiat wallet. This method allows you to look through a list of thousands of merchants on Binance and select your preferred vendor with the most suitable payment what to look for in a white-label payment processor stax option. You can also trade BNB on decentralized exchanges, such as Binance DEX, which facilitate peer-to-peer transactions. That option can help you save on costs, but these exchanges are typically more complicated to navigate. We believe everyone should be able to make financial decisions with confidence.

However, eToro also uses a spread, which varies by asset according to market conditions. You’ll find the current spread in dollars on the trade setup box. The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Our partners cannot pay us to guarantee favorable reviews of their products or services.

  1. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges.
  2. You can stake your BNB to earn yields of up to 3.5%, which are paid in BNB and automatically compounded.
  3. This connects you to third-party providers from which you can buy BNB and have the crypto sent directly to your MetaMask wallet.

All of these relate to a specific type of trading that you can perform. So – that’s how to buy on Binance while using a credit or debit card. That said, there’s another way of going about it, too – trading with another crypto holder. 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.

Crypto Guides

To be frank, the P2P trading option might be one of the most suitable choices for those who want to keep things simple, and utilize some specific, niche payment method. On top of that, it may also prove to be a great alternative for those traders who are trying to get the most BTC (or some other crypto coin, such as ETH, EOS, or else) for their money. Earlier I’ve mentioned that there are up to 5 different ways of how to buy coins on Binance. No matter which method it is that you choose, you’ll still end up purchasing the cryptos with your credit or debit card. Note, however, that if you choose the Simplex route, you’ll have to pass the verification on that platform, as well.

Because the exchange is a third party, you’ll need to assess whether their security protocols and business practices are up to snuff. Centralized crypto exchanges have been popular targets for hackers, given the large amounts of money they store on their platforms. BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place.

Other platforms work similarly; verification can take 5 minutes to 48 hours. Please note that buying crypto on Binance with fiat currency is not supported or allowed in some countries. Please make sure you follow your country’s laws when interacting with Binance. You can use an ID, a passport, or a driver’s license, depending on the country.

Because BNB is already linked to an exchange, it may not be as readily available as other popular cryptocurrencies on non-Binance platforms. However, several centralized exchanges — one of the easier methods to trade crypto — allow you to buy BNB. Once you’ve verified your account, you will then have to confirm ecn broker overview characteristics and advantages your payment details. Let’s begin with the more-popular one, and check out how to buy on Binance by using a credit or debit card. The BNB token was created by Binance as an ERC-20 token on the Ethereum blockchain in 2017 and saw its initial use as a token with which to pay trading fees on the Binance exchange.

Staking BNB

After this, you’ll be required to take a selfie or upload a picture to complete face verification. Advanced verification will require you to upload proof of address either from your bank statement or a recent utility bill. Given the volatility of cryptocurrencies like BNB, there are some factors to consider before making an investment.

The Seychelles-based OKX exchange offers a wide range of cryptocurrencies and several tools for advanced traders. Similar to eToro, OKX provides a demo account to test your strategies. However, OKX offers more functionality, including the ability to use your demo account to trade (virtual) futures against real-world assets. The platform also provides trading bots, allowing traders to use off-the-shelf automated traders or customize their own trading bots that trade 24-7. For this walkthrough on how to buy BNB, we’ll use eToro because the platform is easy to use and offers additional newbie-friendly features. These include copy trading (following the moves of successful traders) and a $100,000 demo account to practice trading.

One of these, the BSC chain, is now the third-largest blockchain by total value locked (TVL), a measurement of smart contract usage on blockchains. Let’s explore how BNB works, how to buy BNB, and how to store your BNB securely. You’ll want to make sure that any wallet you choose is compatible with BNB. Morgan Self-Directed Investing account with qualifying new money. Many or all of the products featured here are from our partners who compensate us.

Binance also offers a simple trading interface, albeit with slightly higher fees compared to Advanced Trade. With simple trades, you’ll pay about 0.5% plus a spread (markup) to buy or sell BNB and other crypto assets. One is eToro, which provides a way to get price exposure to BNB and offers several tools to make trading easier for new traders. The other, OKX, targets advanced traders but also offers ways for new traders to learn the ropes through the platform’s full-featured demo account. Now, if you’re trying to find out how to buy on Binance because you’ve heard that it’s a complex process, rest assured – doing so with a credit/debit card is very straightforward.

Decide whether to invest in BNB

It is helpful to maintain a balanced investment portfolio that isn’t heavily weighted toward a single asset class, especially a high-risk one like cryptocurrencies. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market. Naturally, this requires a lot of market analysis, and you’ll have to constantly be on the look-out for some price fluctuations, crypto news, major changes, and so on. Still, it can prove to be quite profitable – that’s why it’s an important factor to keep in mind when trying to learn how to buy on Binance.

How To Use Binance In The US

You have the option of keeping your coins in the custody of the exchange where you purchased them, or you can move them into your own digital wallet. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. Yes, you can purchase Bitcoin on Binance, as well as trade over 150 other cryptos and 10 software architecture patterns in enterprise software development by jin interviewnoodle altcoins. Binance supports a wide variety of cryptocurrencies, and Bitcoin is just one of them. Having said that, to this day, it is the most popular coin that people buy and trade on Binance. As you’ve probably noticed throughout this guide, Binance really isn’t all that intimidating, even if you’re just starting out.

OKX and Binance are among the cheapest platforms to buy BNB. OKX charges 0.08% or lower for limit orders, whereas Binance charges 0.1% for limit orders. However, Binance offers a 25% discount for paying trading fees with BNB. On Binance, you can use BNB to pay trading fees, saving as much as 25%, depending on the current promotion. The platform also offers a feature to convert small holdings of other crypto assets to BNB without trading fees.