There are increasingly less and less people in the world who have not heard about cryptocurrencies, and this is good news since they play an important role in online transactions. There are a variety of cryptocurrencies on the market including one called binance coin (BNB) – the utility token of the Binance exchange platform. What does BNB have to offer and how can you purchase some?
Binance coin has grown quite significantly since its introduction by Binance, the world’s leading cryptocurrency exchange, in 2017. While BNB has many advantages, it also comes with some risks.
What are the benefits of buying BNB?
There are many arguments in favour of this cryptocurrency, for example:
Buying BNB also comes with some disadvantages to consider. Firstly, remember that the cryptocurrency market is still in its infancy, which limits the ability to predict its fluctuations in price. Therefore, take care to capture the best opportunity to invest, as well as when reselling your BNB. Don’t hesitate to think carefully about your investments to avoid any potential costly errors.
There are also risks when making transactions (transferring/converting), if your data is not sufficiently protected, access to your digital wallet can become compromised.
You can buy BNB on Binance, eToro and Swissborg.
To buy Binance Coin on eToro, you must first visit eToro.com and then register by entering your personal information. Once completed, you need to link a payment method to your account. This can either be a credit/debit card or even a PayPal account. After this has been set up, you can search for the cryptocurrency you want to buy and start investing.
Buying BNB on Binance is straightforward. First, you visit its website or download itd app and then open an account. After complete this, verify your identity, which will require certain personal information such as:
Once completed, you can start depositing funds into your Binance account and then proceed with purchasing cryptocurrency. That being said, if you have some bitcoin, you can simply transfer them to your account and exchange them.
In order to buy Binance Coin on Swissborg, just like the previous exchanges, you need to register. Make sure you have all the necessary information (last name, first name, e-mail address, etc.) available.
Once completed, ensure your password cannot be easily guessed. You will then receive a confirmation email to validate your sign up, don’t hesitate to set 2FA.
In addition to the above steps, you will also be required to provide certain documents to prove your identity (passport or driving license). Once this step is completed, you will be able to make a deposit and buy your cryptocurrency. To deposit money onto the account you will need to add funds via a bank transfer or send another cryptocurrency like USDC or BTC to your SwissBorg account.
There are several payment methods to buy BNB. The first of which is buying BNB with bitcoin. If you already own some BTC, just transfer them to your Binance account and then trade with them. If you don’t have BTC, Binance accepts a range of other cryptocurrencies like ETH and XLM.
Other methods for buying BNB include bank transfers or using your credit or debit card.
The best way to buy BNB is to use the Binance platform. It is also possible to benefit from certain advantages that Binance offers regarding, in particular, transaction and referral fees. You can earn up to 40% of your referral’s trading fees if you have 500 BNB on your account. Furthermore, regardless of the number of BNB you buy, you can earn a 25% on trading fees if you choose to pay them in BNB. To turn on this option just click on the silhouette (in the top right corner of your app) and then ‘Fee Discount’, there you can select the 25% discount option on all trading as well as the option for a 5% reduction on margin trading interest.
The other advantage of using Binance is its quick and easy purchasing process. The exchange only requires you to create an account, which will then be verified by email, to access their website. You will be able to buy BNB after making a deposit. In summary, BNB offers many benefits like lower transaction fees on the Binance exchange. However, it should be noted that the cryptocurrency industry is not regulated internationally, which means there are risks when it comes to buying BNB. With all said and done, if you make sure you secure your account, watch for swings in price and don’t panic buy and sell, BNB should be a good investment!
Just your average global millennial embracing, and interested in, the future of money and finance. Excited by blockchain tech as well as fintech but have a special passion for DeFi and Yield Farming, what will this technological disruption bring next?
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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