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26
May
how to buy BNB

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How To Buy BNB?

Buying BNB is safe and easy on the Binance exchange. Before purchasing BNB, you must verify your identity and deposit euros into your Binance account. The safest way to store BNB tokens is by using a hardware wallet.

BNB is the native token of the BNB Chain and has utility within the Binance.com ecosystem. BNB offers a deflationary monetary policy, several use cases, and a popular smart contract platform, making it one of the most popular investments in the crypto market

How To Buy BNB (BNB): A Quick Guide

Buying BNB is safe and easy on the Binance exchange. BNB is a token created by Binance, and the exchange provides the best liquidity and the most trading pairs for BNB. You can purchase BNB on Binance using various fiat currencies, popular stablecoins, or Bitcoin.

In this guide, we use euros as the fiat currency, but purchasing is conducted similarly to other fiat currencies.

The process of buying BNB on Binance is as follows:

  1. Open an account on Binance using this link.
  2. Complete the KYC process, which involves verifying your personal information.
  3. Deposit euros via debit card or SEPA bank transfer.
  4. Purchase BNB.
  5. Withdraw the BNB tokens to your wallet or keep them stored on Binance.

Below is a screenshot of the Binance exchange homepage.

binance.com

The trading of BNB is heavily concentrated on Binance. Although the popular KuCoin exchange also offers trading pairs for BNB, we strongly recommend purchasing BNB from Binance.

For active traders, it is beneficial to keep a small amount of BNB in the Binance account to pay trading fees. By using BNB to pay trading fees, you receive a 25% discount. The fees drop from the base rate of 0.1% to just 0.075%.

How To Buy BNB: A Detailed Guide

Before purchasing BNB, you must verify your identity and deposit euros into your Binance account. If you require more information about the different features of Binance, we recommend referring to the comprehensive Binance guide we have written. This article is particularly helpful for individuals who are new to buying cryptocurrencies.

Next, we will guide you through buying BNB step by step using the Binance mobile app. You can download it free from Google Play or App Store. Log in to the app using the same credentials as the Binance.com website.

By default, the Binance mobile app is set to Lite Mode, offering a user-friendly interface for beginners. This guide is also designed for Lite Mode users.

Open the trading menu

In the mobile app’s main menu, a yellow button is marked in the image below. Start the buying process by clicking on that icon.

binance trading mobile app

Next, select the Buy option from the menu that appears.

Choose BNB

Now, you will see a list of cryptocurrencies offered by Binance on your screen. Look for BNB in the list or type it in the search field, as shown in the image below.

search bnb binance

Click the row labeled BNB to proceed to the Buy Crypto form. Be careful not to select any wrapped tokens or leverage tokens instead.

Buy BNB (BNB)

Now, you have the Buy Crypto form on your screen, where BNB will be purchased. Enter the desired amount in euros for the purchase. Alternatively, you can click the BNB icon, which is indicated in the image below. This will switch the currency from EUR to BNB. This feature is useful if you want to buy, for example, 2.5 BNB tokens.

buy bnb binance

Finally, confirm your order by clicking the yellow Buy button.

Choose payment method

Lastly, select the payment method you wish to use. If you have deposited a euro into your account, you can pay for the BNB tokens using your Cash Balance. Otherwise, choose one of the alternative payment options.

bnb payment method

Click the Confirm button to finalize the transaction. You will receive the BNB tokens immediately in your account!

Experienced users can also engage in trading on the exchange side. By switching to the Pro version in the app settings, you gain access to advanced trading tools. You can perform various actions on the exchange, such as placing limit orders and utilizing leverage. However, we do not recommend these features for beginners.

What is BNB?

BNB is the native token of the BNB Chain and has utility within the Binance.com ecosystem. BNB was introduced to the market in 2017 under the name Binance Coin. It was initially created as a cryptocurrency by the Binance exchange. The primary use case for BNB was originally for paying trading fees on the Binance exchange.

Today, BNB has become more than just a utility token for the exchange. In 2020, Binance entered the competition of smart contract platforms by launching Binance Smart Chain. It gained significant popularity in the spring of 2021, boosting the’s popularity of BNB.

BNB has two major use cases:

  1. BNB Chain, where all transactions are paid with BNB.
  2. Binance exchange, where BNB can be used to pay for trading fees and participate in activities such as LaunchPad.

BNB is a hybrid token that serves as both an exchange token and a native token for the smart contract platform. It has utility within the Binance exchange while competing with other native tokens of platforms like ETH, SOL, and ADA.

In 2022, a rebranding took place, renaming Binance Coin as BNB and Binance Smart Chain as BNB Chain. Some exchanges and news outlets still refer to it as Binance Coin, but officially, the name of this currency is BNB.

BNB has been one of the largest cryptocurrencies in the market for years. Excluding stablecoins, it is the third-largest cryptocurrency by market capitalization, following Bitcoin and Ethereum. To learn more about the project, its history, and the technology behind BNB Chain, you can refer to our BNB Chain Beginner’s Guide.

BNB as an investment

BNB offers a deflationary monetary policy, several use cases, and a popular smart contract platform, making it one of the most popular investments in the crypto market. Let’s go through some key factors that BNB investors should consider.

  • The success of the Binance exchange
  • The success of the BNB Chain
  • The market capitalization of BNB
  • Support from institutional investors
  • The BNB token burn

Binance’s success significantly impacts the future success of BNB. Historically, it has been observed that BNB’s usage on the Binance exchange is not the primary driver of its price. In addition to generating demand, Binance also influences the profile of BNB as an investment.

Although the name has been changed from Binance Coin to BNB, many cryptocurrency investors still perceive it as “Binance’s cryptocurrency.” Potential regulatory challenges may also alter the status of BNB, unlike its competing cryptocurrencies.

The success of the BNB Chain is likely the biggest individual driver of BNB’s price. It had a tremendous impact on the price of BNB during the 2021 boom. Investors should closely monitor the development of smart contract platforms, the DeFi, and the NFT sectors.

The table below lists the largest smart contract platforms by Total Value Locked (TVL), reflecting DeFi protocols’ liquidity. It demonstrates the strength of the BNB Chain in the market.

PlatformNative tokenTVLMarket share
Ethereum ETH $50.3 billion 57.0%
Tron TRX $9.5 billion 10.7%
BNB Chain BNB $5.7 billion 6.3%
Solana SOL $4.6 billion 5.2%
Arbitrum ARB $3.2 billion 3.6%
Blast BLAST $1.3 billion 1.5%
Avalanche AVAX 1.2 billion 1.4%
Base - 1.2 billion 1.3%

When assessing the investment potential of BNB, its high market capitalization should be considered. Only Ethereum and Bitcoin are ahead of BNB on this list. A high market capitalization means that the potential for BNB’s price to rise significantly is limited compared to cryptocurrencies with a market capitalization below one billion.

Investors should consider whether BNB’s price will rise more than the overall market capitalization of cryptocurrencies. Is BNB a better investment than Ethereum or Bitcoin? While BNB may not be the biggest gainer in the next bull market, it could still be a better option than many others.

BNB also needs more support from institutional investors. This is influenced, in part, by the success of Binance and the controversies associated with it. BNB does not attract many institutions, as significant investment flows primarily go to Bitcoin and Ethereum.

In summary, BNB offers good potential due to its various value drivers. Let’s not forget the BNB token burn, which contributes to deflation! Binance uses some of its quarterly profits to burn BNB tokens, reducing the circulating supply. This makes BNB a deflationary cryptocurrency, a rare feature in the market.

How to store BNB securely?

The safest way to store BNB tokens is by using a hardware wallet. Ledger Nano X is the most popular hardware wallet on the market. It is a device that resembles a USB stick and can be connected to a computer via a USB cable. It can also be managed using a mobile phone and Bluetooth connection.

The Ledger Nano X costs around 150 euros. Click here to securely order the device from the manufacturer’s website.

Novice investors don’t need to purchase a hardware wallet. You can also store your BNB tokens on Binance. However, we recommend that all cryptocurrency investors consider using their wallets for long-term storage.

The best free wallet for BNB is Trust Wallet, a mobile wallet. You can find a more detailed introduction to this wallet in our Trust Wallet guide. It is one of the most popular free wallets in the market, supporting not only BNB but also thousands of other cryptocurrencies.

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