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Demand for the native currency of Binance’s blockchain, BNB (Binance Coin), has soared since its launch. But how can you buy BNB?
In this guide, we take you through the steps. Here’s everything you need to know about how and where to buy BNB.
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In this guide:
- What is BNB?
- How to buy BNB
- Where to buy BNB?
- What’s the best way to buy BNB?
- Frequently asked questions
What is BNB?
Binance Coin, or BNB, is the native coin of the popular crypto exchange Binance. BNB was originally built on the Ethereum blockchain but is now based on the BNB Smart Chain, a blockchain created by the Binance exchange. BNB Smart Chain powers many decentralized apps (DApps) and is a consistent innovator in the crypto world.
Binance Coin was created in 2017 as a utility token to reduce trading fees on Binance for holders. Since moving to the BSB Smart Chain, the use cases for BNB coins have expanded. BNB can be used as payment on many different sites for online services, accommodation, or entertainment. It can also be used to invest in new coins released through Binance’s Launchpad program.
How to buy BNB
This guide will show you one of the easiest ways to buy BNB coins. For this example, we will use eToro, a leading trading platform.
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Here are all the steps you need to follow to buy BNB coins on eToro.
2. Fund your eToro account
After logging in to your eToro account, you must fund your account before buying BNB coins. The platform will ask you to put in your card details to make your first deposit.
On eToro, the first deposit must be made via credit/debit card or bank transfer. However, after you’ve made your first deposit, you will be able to deposit funds using PayPal, Skrill, or Neteller.
After you enter all the details for your card, click on “Deposit.” You will receive the following message if the deposit is successful.
3. Search for BNB coin
To buy BNB coins or any other asset, go to “Discover,” select the “Crypto” tab and then search for BNB.
When you click on the asset’s name, you will see this specific page of the BNB coin, which offers many details such as statistics, charts, analysis, and news regarding the asset. To buy BNB, click on “Invest.”
You can also find any assets if you go to your “Portfolio.” You will find it on the left-hand side of the dashboard. Here, you can search for the desired asset. In this case, since we want to buy BNB coins, we will search for BNB.
The first result is the BNB marketplace, highlighted with a blue background. Click on “Trade” to open the corresponding trading window.
If this is your first time opening a crypto trading page, you will receive the following message from eToro.
Other assets eToro offers are traded as CFDs (contract for differences). But with crypto, eToro offers direct ownership of the asset. This means that you will own the BNB coins, but eToro will store them for you.
4. Create an order or buy BNB at the current price
In the trading window, you will see the current price of the BNB coin.
In general, eToro doesn’t have trading fees. eToro offers assets with a spread to cover fees charged by other platforms. However, eToro has a 1% trading fee for crypto assets, which is included in the spread.
To buy BNB, you can choose to place an order by opening the “Order” menu. Or, you can trade at the current price by selecting the “Trade” menu. By default, the trading window will show you the “Trade” option; you just have to enter the amount to buy.
When placing an order, you can set the “Rate.” This is the price at which you are willing to purchase the asset. You also have to enter the “Amount,” meaning the quantity you want to purchase.
Remember that digital currencies are fractional assets, and you may purchase less than one unit. In this case, you can choose to display the amount in either cash value (in USD) or in units. Toggle on the button on the left to switch between “Amount” and “Units.”
Under the select amount/units, you will also see the exact figures for your account:
- The estimated value of your BNB investment in units/USD
- The percentage this BNB investment represents of your total portfolio on eToro
- The total exposure to BNB coin on your eToro account
After setting the details for this BNB purchase, click on “Open Trade” to finalize the BNB trade.
After you click on “Open Trade,” you will receive this message asking if you want to share this trade on your eToro profile. The platform is known for its social trading capabilities, allowing users to see each other’s trading performances.
5. See your open positions
If you have decided to purchase BNB coins on the “Trade” window, your asset will be available immediately in your portfolio. If you placed an order, then it might take a little time for it to appear.
Click on “Portfolio” to see all your assets and their current value. You can always see your profit and loss (P&L) in the form of USD or as a percentage of that specific investment.
If you want to see more options for the BNB trade, simply click on the asset’s name. You will now see the trade window for that specific asset.
You may close your trade or create a new trade/order in this window.
Here’s an example of what a new order would look like:
You can see your already-owned BNB coin as an open position. The order will be shown as pending until it is completed.
Where to buy BNB?
Are you looking for the best place to buy BNB? Here is a list of the top trading platforms you can use to buy Binance’s native coin.
1. eToro
eToro offers a range of features and services, allowing you to buy BNB coins in just a few simple steps. The platform’s user-friendly interface offers a seamless trading experience and allows you to buy BNB for as low as $10. This makes it a good choice for beginners.
eToro offers many other cryptocurrencies (more than 60). It also offers stocks, forex, and ETFs (Exchange-Traded Funds), making it an ideal platform for retail investors who want to diversify their portfolios. The platform’s CopyTrader feature also allows users to copy professional trades. As well as a trading platform, eToro also offers a storage wallet and staking services.
eToro in the USA is registered with FINCEN and is a member of FINRA/SIPC. The FCA regulates the UK platform. This regulation protects your BNB coin as well as other investments.
2. Trust Wallet
Trust Wallet is a non-custodial software crypto wallet. It launched in 2017 as a mobile app wallet for Ethereum-based tokens. Now, Trust Wallet can be used to buy, store and trade on multiple blockchains on desktop browsers and mobile devices. The wallet also supports NFTs.
The mobile DApp browser is Trust Wallet’s most unique feature. This browser allows seamless mobile access across 60+ blockchains to decentralized apps (DApps), DeFi protocol, and NFT marketplaces. If you are looking for a mobile BNB wallet, then Trust Wallet may be a good choice for you.
Trust Wallet also allows you to purchase BNB directly with your credit card. You may choose your payment method from a variety of payment services (MoneyPay, BinanceConnect, Mercury, Simplex, or Transak).
3. MetaMask
MetaMask is a browser plugin and can be used with Chrome, Firefox, or a Chromium-based browser like Brave. The platform was initially launched as a non-custodial Ethereum wallet but now supports major blockchains compatible with the Ethereum Virtual Machine (EVM). These include Ethereum, Avalanche, BNB Smart Chain, and Polygon.
You can connect MetaMask to any decentralized finance (DeFi) apps compatible with the supported blockchains. MetaMask users can trade cryptocurrency and tokens on decentralized exchanges (DEXs).
With MetaMask, BNB can be bought directly with a credit card via payment services such as MoonPay or Transak. However, the browser wallet has been under fire for its decision to collect users’ IP and wallet addresses. If you’re looking for a fully decentralized and anonymous platform with which to buy BNB, MetaMask is not your best option.
What’s the best way to buy BNB?
All the platforms listed in this guide allow you to easily buy BNB (Binance Coin). Even better, all allow you to purchase BNB with your credit or debit card, making transactions straightforward and seamless. If you want to trade BNB further or easily add this Binance Coin to your traditional portfolio, then eToro may be the best choice.
If you prefer to hold BNB long-term, choose a wallet in the form of a mobile app or a browser wallet. Always consider the safety of your crypto. Cold wallets are the safest option for long-term investors, particularly if you are investing sizeable funds.
