Binance Coin (BNB) is the world’s most popular cryptocurrency exchange token. It was launched on Binance (website: binance.com) in 2017 and has gained a lot of value over time due to the competent study of its purpose. The use of a token is not limited to a discount on commissions, but includes a wide variety of functions. Today the editorial staff of Btcnewsweb.com will tell you how to buy (sell) Binance Coin – a promising asset that is in the top in terms of capitalization.
We recommend reading: 4 ways to buy cryptocurrency.
- 1 What is Binance Coin
- 2 Methods for buying and selling Binance Coin (BNB)
- 3 What wallets can I store Binance Coin in
- 4 Conclusion
What is Binance Coin
BNB is a token that provides a significant share of functionality in the Binance ecosystem. It was launched as an ERC-20 token, subsequently ported to the Binance Chain and Binance Smart Chain blockchains (BEP-2 and BEP-20 standards). Serves for the following purposes:
- partial payment of commission fees;
- fuel for on-chain transactions;
- an asset for passive income (staking, deposits);
- purchase of goods and services from exchange partners.
Binance Coin can also be used as a trading asset. It has been in the top ten coins by market capitalization for quite some time now.
On a quarterly basis, the exchange burns a portion of the BNB to control inflation and maintain value. Tokens are burned in an amount equivalent to 20% of the company’s quarterly profit. At the same time, Binance does not buy tokens on the market, but simply burns them from its own reserves.
Methods for buying and selling Binance Coin (BNB)
Let’s look at the main ways how you can buy or sell Binance Coin (BNB) cryptocurrency.
On cryptocurrency exchanges
The most convenient way is to purchase an asset on its native Binance exchange. To do this, you need to create an account on the exchange and replenish the account, and then make a purchase either using an order through the trading terminal or through the quick purchase section. You can pay with a bank card, but for this you will have to first go through identity verification.
To quickly get to the trading terminal with the desired trading pair, you need to find BNB in your wallet, click on the “Trade” button and select a pair, after which the trading space will immediately open where you can create market or limit orders.
On Binance, BNB is paired with most of the available currencies, giving you plenty of trading space and high liquidity.
Also worth mentioning are decentralized exchanges, namely Binance Dex, which runs on the Binance Chain and supports the assets listed on that chain, including BNB. To work with this site, you do not need to create an account – the user creates a wallet, the key and secret phrase from which are stored by himself.
We recommend looking at: rating of cryptocurrency exchanges for trading.
On the Binance P2P platform
Binance P2P peer-to-peer exchange platform enables verified users to buy or sell BNB for fiat. Using filters, you can choose an ad that suits you, taking into account the buy / sell limits, available fiat currency and convenient payment methods. Transactions occur directly from user to user, Binance acts as a guarantor and provides an escrow account for temporary offline storage of cryptocurrency until payment is confirmed.
We recommend looking at: a list of p2p platforms.
In cryptocurrency exchangers
Not all exchangers support the Binance Coin exchange, but there are some. You can find them using the BestChange service. Here are just a few of them: Prostocash, Xchange, Baksman, Bitality, Coinpaymaster, MChange, ObmenExpert, YChanger.
After choosing an exchanger that suits the exchange rate, reserves and minimum amount, go to it. The principle of operation is the same. You need to enter the details of sending and receiving, transfer funds in the specified amount to the account provided by the exchanger and get the result to the final account. Almost every exchanger has a cumulative discount system, so with frequent exchanges, it is reasonable to create an account on one comfortable service and always use it.
We recommend that you look at: a list of reliable cryptocurrency exchangers.
Through cryptocurrency wallets
Binance Coin can be stored and used with a wide variety of cryptocurrency wallets. Many of them also provide the ability to quickly exchange / buy / sell within the system. For example, the Trust Wallet with official support from Binance provides this opportunity.
You can buy cryptocurrency in the amount of $ 50 to $ 2,000 directly from a bank card, as well as sell it for fiat. In addition, it is possible to connect via Trust Wallet to Binance DEX. The functionality is fully consistent with the official Binance DEX website and makes it possible to buy or sell BNB with funds credited to your wallet.
Through payment system Advcash
For some time now, in the personal account of the Advcash payment system, it has been possible to link the Binance exchange account, and then quickly buy cryptocurrency at the current exchange rates without leaving the Advcash account. The purchased coins will be immediately sent to the appropriate Binance account.
The official website of the Binance exchange https://www.binance.com/ru/bnb also lists the following ways to buy BNB:
✅ CoinFlip ATMs
✅ GenesisBlock ATMs
✅ Brave Browser
✅ Payment system Spend
✅ FDIC Insurance Bank Account
✅ Cash via Dether in selected countries
What wallets can I store Binance Coin in
The safest way to store coins is in wallets officially recommended by its creators. Supported:
- Mobile – Trust Wallet, Coinomi, Infinito, Enjin
- Hardware – Ledger, Coolwallet S
- Desktop – Exodus, Atomic Wallet, Zelcore
- Online – Math
And others, only fifteen options.
Recommended: the main ways to sell cryptocurrency.
As the cryptocurrency market continues to evolve, major crypto exchanges like Binance have the potential to grow. Given the fact that institutional investors are actively entering the cryptocurrency market, there is reason to believe that an increase in demand for Binance Coin from buyers is expected. It cannot be denied that the fate of the coin is closely tied to the performance of Binance as an exchange.
So far, the platform has managed to preserve and increase the value of the coin not only as an asset for obtaining trade discounts. Therefore, it is not surprising that the desire to buy Binance Coin for one purpose or another regularly arises among the site’s clients. The downside is that the potential of the asset is 100% related to the potential of the exchange – if the platform ceases to be in demand, then the coin will lose all value.