BNB was initially what are cryptoassets created to serve as a utility token within the Binance exchange. The ICO was held within three weeks, starting on July 1st and ending on the 21st. According to ICO documents, the BNB tokens were scheduled for sale in three phases, each lasting a week. The first phase happened between the 1st and 7th and saw the sale of BNB tokens at 2,700 tokens to 1 ETH coin. In the second and third phases, that rate was reduced to 2,500 and 2,300, respectively. This was a deliberate plan to create artificial urgency for investors to buy the tokens sooner rather than later.
How to Buy BNB on Binance?
- You’ll be able to see them right next to the amount of crypto you’re set to receive.
- 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.
- Since BNB is the native coin to all things Binance, it’s obvious that the first answer to where and how to buy BNB would be, well…
- Select the fiat currency you plan to use to buy your BNB tokens.
- If you create a new wallet, ensure you backup your recovery phrase by writing it down on a piece of paper and keeping the paper in a safe place.
We discuss its history, benefits, uses, how to buy and how to store the coin. All of the information that a crypto investor would need before buying their first BNB coins. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person.
You want to click on the last one labeled ‘Buy.’ This will open up a new dialog screen to choose the asset you want to buy. In our case, we how to buy kusama are buying BNB, so go ahead and select BNB from the dropdown list. One unique feature that BNB has that most other major cryptocurrencies do not is its finite number of coins, all created at the time of the token sale.
The more common ones are a bank card or your account wallet’s balance. For bank cards, you won’t have to reinvent the wheel – simply fill out the card details and billing address. In the last stage, you will be required to provide the details of your order, including the number of tokens you wish to buy. Once you provide this information, click on the [Next] button at the bottom of the screen to fill in your credit or debit card details. There are several ways to buy BNB, but most of these are unofficial and sometimes risky.
What Can You Purchase With BNB?
Whether Binance is a good investment will depend on your investing goals and a few other factors, such as timing. You have to consider if you wish to actively trade BNB or buy and hold for the long term. The answer to these questions will determine the strategy to use, and by extension, it is worth investing in BNB in the first place. From the Binance home page, hover over the [Buy Crypto] link on the top navigation bar, then select the [Credit/Debit Card] option from the drop-down list.
Step 4 – Make payment.
Now, you’ll see up to 5 different crypto buying options what is github a beginner’s introduction to github – bank deposits, credit-debit cards, P2P trading, cash balance, and third-party payments. Since we’re focusing on (arguably) the simplest way to trade, click on the “Credit/Debit Card” option. Binance Coin (BNB) is among the largest cryptocurrencies by market cap, and it’s the platform token for the popular crypto exchange – Binance. In this guide, you will learn how to use BNB, why it’s a popular asset amongst blockchain investors, and discover a step-by-step guide to buying it.
Ethereum did a similar thing during their 2014 token sale, but the difference is that with Ethereum, more coins are still getting mined (introduced into circulation) even after the token sale. The token was launched in July 2017 to be used as a tool for crowdfunding in the Binance ICO. As a utility token, it would enable its holders to claim trading fee reductions on the exchange once the platform launched. Binance raised about $15 million from the ICO, and over 100 million tokens of BNB were distributed to the public. Despite its humble background, BNB has grown to become more useful within the Binance ecosystem. Few other coins have seen such return on investment (ROI) multiples over their lifetime.
Stop-limit orders combine a stop order, triggered at a specific price, with a limit order, allowing traders to set a price limit after the stop is triggered to control the trade’s execution price. After you’ve transferred the money, click the [Transferred, notify seller] button. If you don’t want to proceed with the order, though, make sure to click [Cancel Order]. P2P, short for peer-to-peer, is a form of trading that involves directly sending crypto and fiat from one person to another. This is another type of crypto trading and an essential part of the industry, as well as a good option when you’re searching where to buy BNB. Bank transfers are also a bit slower than other options because you will have to wait until the funds reach your account.
Binance might be the native platform for the coin and the most convenient option fro purchasing it, but it’s not the only place where to buy BNB. There are other established exchanges that can be used for that. Limit orders allow traders to set a specific price at which they want to buy or sell, ensuring execution at that price or better. So, if you want to buy Binance Coin only when it matches a certain cost, you can create a limit order.
What you’ll have to do then depends on the payment method you’ve chosen. If it’s a third-party payment channel, you’ll be redirected to that channel. If it’s a credit/debit card you’ve linked to your Binance account, most of the action will happen inside Binance. Find out how to buy BNB coins on Binance and several other popular crypto exchanges.
Once the seller confirms they received the money, they will release the crypto. This essentially completes the P2P transaction, and you can go to your balance to check the available assets. Once you have successfully added your card, it will be listed on the payment page as a payment method, and you can select it when purchasing your BNB. You can then click on the ‘Continue’ button after selecting your payment method and make the payment. If this is your first time using Binance to buy crypto, you will be required to add a credit or debit card to your account.
At the end of the token sale, all 100 million BNB tokens were sold off at an average of about $0.15, bringing in around $15 million. There are also other options here, such as receiving or sending BNB. You then have to create a new wallet or recover an already existing wallet using the backup phrase. If you create a new wallet, ensure you backup your recovery phrase by writing it down on a piece of paper and keeping the paper in a safe place. This guide will look at the various ways to buy BNB, but for a detailed analysis of the Binance Coin, we have prepared a comprehensive guide that tackles everything there is to know about BNB.
Is BNB a good investment?
Then, you’ll be taken to the crypto-buying interface, where you just have to pick the currency you want to use to buy BNB and then select the payment method. Binance Coin has more utility within the Binance ecosystem than it does sitting in a wallet. If you are an active trader or investor using the Binance exchange, you want to keep your BNB on the platform. Select the fiat currency you plan to use to buy your BNB tokens. To do that, click on the USD button and select the fiat of your choice from the dropdown list.
Buying BNB using Trust Wallet
Credit card issuers view cryptocurrency trades as cash advances, so you’ll incur higher fees and annual percentage rates (APRs). And borrowing money to invest is risky, particularly when trading cryptocurrency, and you could end up in debt. Binance Coin holders can use the tokens to receive discounts on Binance crypto exchange transaction fees.