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How to Buy BNB (Binance Coin), and What is it for ?

Binance Coin (BNB) has witnessed meteoric growth since its ICO, when Binance allowed for the first time to buy BNB. It was in July 2017, when Binance started raising funds for the operations of its cryptocurrency exchange. As part of the ICO, a token called Binance Coin (BNB) was launched and can be trade on different trading platforms. At that time the price was set at US$0.1 per BNB. The price of the coin increased considerably since then, making it one of the most successful ICOs of all time.

What is a Binance Coin (BNB)?

BNB is basically an ERC-20 token. It means that it is a token on the Ethereum network. This coin is accepted as payment on Binance for trading fees. A discount on fees is available when you use the BNB token. Binance Coin can also be used for running smart contracts on
Binance Smart Chain BSC.

How is it Distributed?

200 million BNB tokens are there in total. While 100 million tokens are distributed for the investors of ICO, 80 million (accounting for 40%) tokens for the founding team, the rest 20 million (accounting for 10%) for the private angel investors.

To maintain the value of the token and also make it somewhat deflationary, Binance has planned to use 20% of the company’s profits in buying back BNB coins until the supply available in the market is capped at just 100 million. Binance will destroy the purchased 100 million BNBs in the future.

A decentralized exchange will be built by Binance in the future where BNB tokens will be used as one of the main assets as well as gas for spending.

How to buy BNB (Binance Coin)?

Here is a step-wise guide for you to buy BNB (Binance Coin).

Step 1: Get a Binance Coin Wallet

Here are 4 wallets that you can buy from:

  1. Ledger: Hardware wallet
  2. Trezor: Hardware wallet
  3. Coinomi: Mobile wallet
  4. Binance: Web wallet
  5. Atomic Wallet: Desktop and Mobile wallet
  6. Exodus: Desktop and Mobile wallet

If you have plans of holding BNB tokens for a longer time period, you should choose from the hardware wallets because they give your cryptos the best security.

Step 2: Find a BNB Exchange

Binance exchange is the best broker where you can trade BNB. You can purchase a BNB token with all the assets supported by Binance. You can also make payment with a credit card if you wish. However, it will come with a higher fee.

However, there are other cryptocurrency exchanges too from where you can buy Binance Coins. Some of the best ones besides Binance are:

  • eToro
  • KuCoin
  • CoinSwitch

Step 3: Open an Account with an Exchange to Buy BNB and Sell them

Once a brokerage/exchange is selected, open an account. It would ask for certain personal information while opening an account. Most exchanges ask for the following information about the user:

  • Full Legal Name
  • Address
  • Phone Number
  • Email Address
  • Government-issued photo ID’s copy (such as passport, driver’s license, or military ID)

It takes just a few minutes to open an account. However, verification of the user identity may take a longer time in some cases.

Step 4: Fund Your Account

Once an account is opened, you have to link a funding or payment method so that you can transfer the money from your source of payment to the concerned brokerage account. Most brokers provide direct bank transfers and credit car or debit card as payment methods. Depending upon the broker or payment method, it may take anywhere from a few hours to a few days for linking the payment source with the account.

Step 5: Buy BNB (Binance Coin)

You can place orders to buy BNB (Binance Coin) through your account with the exchange. Check the current price and place an order. Binance Coin is the third-largest crypto in terms of market capitalization. It is currently (as of April 28, 2021) trading at a price of US$558.45 per BNB. In the last 30-days, its price has increased by over 100%. In the last 4-months of 2021, Binance Coin’s price has jumped by 1,387.28%.

Step 6: Transfer Your BNB Tokens to a Wallet

Once an order is fulfilled, the  Binance Coins are transferred to your account. If you want to hold it, you can secure the coins in a wallet by using your private keys. For long-term holding, storing ADA on a hardware wallet is recommended.

Buy BNB Binance Coin Now

If you are ready to invest in Binance Coin BNB or buy Bitcoin through online brokerage accounts, you can do so in a legit way by investing through a cryptocurrency app. You have to open an account with such an exchange, verify details (including basic personal information), and then fund your cryptocurrency trading account.

You can fund your crypto exchange account to buy cryptocurrencies by connecting your bank account (savings accounts or checking accounts), transferring fiat currency money online through bank transfer, credit cards, debit cards, and other payment options. If you need further assistance, you may consider taking help from the vibrant and helpful Ethereum community. You can trade BNB with credit cards, debit cards, or other payment options through reliable crypto trading platforms.

In case you are bullish on the future prospects of Binance Coin, Cardano, Ripple, Bitcoin, and other digital currency, you can buy BNB (Binance Coin), Ripple XR, Basic Attention Token BAT, Bitcoin Cash BCH, Stellar Lumens XLM, Bitcoin BTC, Tron TRX, Tezor XTZ, Cosmos ATOM, DASH DASH, and Ethereum with USD and transfer them to hot wallets (including mobile app wallets and software wallets) or cold wallets (including most secure hardware wallets) and hold them for a longer time period for a significant price appreciation. Keep your XRP safe with Ledger Nano S, Trezor One, other Ledger and Trezor models, or other popular ones.

This will help you get a higher return in the long run, much more than investing in stocks, mutual funds, index funds, real estates, yield savings accounts, real estate investment trusts, fiat currency trading (forex trading), and others. In fact, many retirement funds or IRA accounts such as Roth IRA are allowing investors of purchasing XRP, Bitcoin, and other digital assets of investment in the portfolio so that the prospects of these funds increase due to the higher returns of XRP cryptocurrency, BTC, ETH, Ethereum Classic ETC, and other cryptos. Therefore, it can be concluded that holding Bitcoin and other cryptos can help you to build real wealth and multiply your net worth.

You can learn investing basics to buy cryptocurrency and other digital assets to make more gains. You can start going through Wall Street Journal and other investing magazines on cryptos to learn more about investing in cryptocurrencies and make better financial decisions. You can learn about valuation calculation to true bitcoin value and assess the overpriced or underpriced situations instantly. As a beginners guide, you may also check out the trading basics provided by various cryptocurrency exchanges such as Coinbase, Binance, Kraken, and others to buy Ripple with Bitcoin and other cryptocurrencies.

Defi tokens and NFTs (Non Fungible Tokens) are the next generation of crypto coins. These decentralized coins have started to become very popular. You can buy or sell them through cryptocurrency trading platforms too. Whether you buy Ethereum ETH or buy Dogecoin, you should also invest in Binance Coin, Cardano ADA, Polkadot DOT, Dogecoin DOGE, and Litecoin LTC for better diversification of coins. To diversify your portfolio, you may also buy stocks through stock brokers.

Get better guidance on improving your personal finance, retirement planning, management of cash flows or capital gains, and investment ideas from financial advisors and wealth managers, especially the ones who are not averse to Bitcoin and other cryptocurrencies.

While day trading, you should always try to invest only that much which you can afford to lose money. When you do margin trading, be very careful. Financial protection must be there in your mind always while you make cryptocurrency trades. While investing in cryptos, try to buy BNB through centralized or decentralized exchanges and reliable online brokers.

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How does NapBots help you to Make Money?

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Related Resources:

If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: