The cryptocurrency market remains in a bull trend. This can be seen in the demand there is for virtual currencies such as Binance Coin (BNB). However, it is not so clear how to buy BNB crypto coin.
In this guide, we explain to you how to buy BNB, where to buy BNB coin, how to do it and what this digital asset is all about. One of the things that have attracted investors the most is BNB price that massively expanded over the last few years.
What is Binance?
We cannot understand what Binance Coin is without having an idea of what https://usethebitcoin.com/binance-review/Binance is and what it has been doing over the last few years. The first thing you need to know is that Binance is one of the largest cryptocurrency exchanges in the world.
The platform was founded in 2017 by Changpeng Zhao during the bull run that Bitcoin experienced at that time. The platform started as a crypto-to-crypto exchange and then it started to add different fiat currency payment methods.
Nowadays, it became one of the largest virtual currency exchanges in the world with millions of users located in different latitudes and services that go beyond simple trading solutions. For example, advanced traders can easily trade futures contracts and other types of derivatives.
Additionally, Binance is trying to add new services to serve users. For example, the company has added different solutions such as staking, lending and Defi pools, among other things.
Although before we were making reference to a trading platform, Binance is now more than this. It was able to become an entire ecosystem of applications, blockchain technology and services that are serving millions of users.
What is Binance Coin (BNB)?
Binance Coin is the virtual currency used on the Binance ecosystem. Due to this reason, the crypto BNB became one of the largest and most valuable virtual currencies in the world. At the time of writing, Binance Coin is the 3rd largest in the market with a valuation of $88 billion.
The digital asset was firstly used on the Binance platform as a way to pay for fees and make it more efficient for traders that wanted to get access to the market. However, it then was expanded by the team behind Binance to different platforms and use cases.
Nowadays, Binance Coin is competing against Ethereum not only as a blockchain network (Binance Smart Chain (BSC) vs Ethereum), but also as a currency BNB vs ETH. The cryptocurrency is now accepted in different exchanges and platforms and can be used for many things.
The maximum supply of BNB tokens is 170 million and there are currently 153 million BNB in circulation. Thus, almost all the BNB tokens have been released to the market. It is also worth taking into consideration that BNB coins are burned on a regular basis by Binance.
This has also a positive effect on the price of the virtual currency. If you were searching for the answer to “What is BNB Crypto?” now you can have a better idea about it.
Binance Coin Use Cases
There are multiple use cases for this digital currency. The first thing for which BNB coin was used was to pay for fees on the Binance platform. However, this was just one of the basic functions of the BNB digital asset.
Indeed, over time the number of new use cases has been expanded. Binance did an amazing job promoting the use of BNB. For example, the virtual currency is now accepted in dozens of online shops that accept payments in digital currencies. The most popular site is perhaps trvala.com where users can pay for plane tickets and hotels using virtual currencies.
On the Binance platform, users can also hold BNB not only to pay their trading fees and get discounts but also to participate in Initial Exchange Offerings (IEOs). These IEOs are similar to Initial Coin Offerings (ICOs) that are promoted using crypto exchanges.
Another use case of Binance Coin is related to Decentralized Finance (DeFi). The virtual currency is now the base currency of the Binance Smart Chain (BSC). Users are able to use a large number of crypto projects (DeFi) that use BNB as the main currency. This generates a strong buying pressure on BNB.
Furthermore, BNB can be used to stake and earn rewards on it or just simply use it to farm other digital assets on the Binance exchange. There are many use cases for this virtual currency that are pushing people to buy the digital asset.
BNB Coin Price
Binance Coin has experienced a massive price increase over time. The virtual currency was worth just a few dollars and it reached an all-time high of over $635 a few weeks ago.
This shows that there are investors from all over the world that are acquiring this digital asset not only to get access to Binance but also to many of the other solutions that are linked or related to Binance Coin.
Binance Coin could continue growing in the future. Indeed, several analysts consider that the virtual currency could eventually compete against Ethereum (ETH). Nowadays, BNB is working on different DeFi platforms as Ethereum on several other protocols.
How far Binance Coin could continue moving is not clear. However, there are several chances for BNB to remain among the largest virtual currencies in the world. BNB coin price highly depends on the adoption of the Binance ecosystem and how different projects push for larger adoption of BNB.
Decentralized Finance could be one of the main catalysts of BNB mass adoption. This is something similar to what Ethereum experienced a few years ago with the expansion of Initial Coin Offerings, projects and crypto tokens.
Where to buy Binance Coin?
Now that you have the answer to “What is BNB Coin?” we can move forward with how to get access to it. The easiest way to buy BNB is through the Binance cryptocurrency exchange. However, there are many other platforms that we will share with you in the next sections that are supporting the BNB virtual currency.
Binance Cryptocurrency Exchange
Binance is not only the platform that is powered by the BNB digital asset but it is also the company that created the BNB virtual currency. Thus, we consider that this is the best platform not only to buy BNB but also to use it on different initiatives and promotions.
The exchange has also lower trading fees for those users that hold BNB tokens. The platform is also one of the fastest-growing in the cryptocurrency market. Thus, having and holding BNB in this exchange would give you access to many opportunities promoted by the Binance platform.
Binance has currently 0.10% taking and maker fees for users that trade without BNB coin. There are some benefits for users that stake BNB and use it to pay for fees. If you want to buy BNB, this is the platform with the largest number of trading pairs and markets for Binance Coin.
Another positive thing about Binance is that it offers several fiat on-ramp solutions to get access to Binance Coin and other cryptocurrencies, including Bitcoin (BTC). Thus, it is also easier to use this platform.
Thus, you should seriously consider this platform to buy BNB.
KuCoin is another exchange that offers users the possibility to buy BNB. However, this is not a platform that is powered by BNB. This is why you would not have the same benefits as using Binance to buy BNB.
KuCoin is a virtual currency exchange that has been working for several years now and that is focused on offering users trading services without having to share private data (without KYC). Although nowadays it requires users to share their information, it is still considered to be one of those exchanges that care about users’ privacy.
Nowadays, there is one trading pair on the exchange for the BNB cryptocurrency. If you want to buy BNB this could be an option. Nonetheless, you should also consider that this is an exchange that offers limited purchasing options for users compared to Binance.
The trading pairs available on this exchange include BNB/USDT, BNB/BTC and BNB/KCS. Thus, you can see that the Binance Coin is also traded against the currency that powers this exchange.
This platform was once one of the largest in the cryptocurrency market for users that wanted to trade digital assets. However, over the last years and after the bull market of 2017, it lost its position in the market in terms of trading volume.
At the moment, Poloniex offers four different trading pairs with BNB: BNB/USDT, BTC/BNB, BNB/TRX and BNB/BUSD. These are very useful pairs for the BNB cryptocurrency. However, they cannot be compared with the large number of trading pairs available on Binance.
Despite that, we can be sure that the platform is one of the most recognized in the crypto space. It has been operating for several years and it is also supporting dozens of trading pairs. This is why this could also be a very useful platform to trade BNB.
Gate.io is a large virtual currency exchange that was created in 2017 and that does not require users to undergo a KYC process. Users that want to buy and sell virtual currencies through this platform can do so and they are not required to provide information as in other exchanges. Some restrictions might apply for users that handle more than $1k.
The exchange is offering just two trading pairs for Binance Coin: BNB/USDT and BNB/BTC. USDT is the largest stablecoin in the world while Bitcoin is the largest crypto in the market. It is worth taking into consideration that BNB is the third most valuable virtual currency right now after Bitcoin and Ethereum (ETH).
Gate.io has also a wide range of solutions offered to users. That means that the platform would not only let you buy BNB but also other virtual currencies.
FTX is a cryptocurrency exchange that focuses on derivatives solutions for traders. That means that this is not a simple trading platform with spot trading, but a more advanced platform for users that want to get access to crypto derivatives.
Some of the positive things about FTX includes its fiat currency support, leverage of up to 101x on some pairs and extensive customer support. This makes it easier for users to get their funds on the platform to buy and sell virtual currencies. Additionally, this is a platform that has also been built for institutional trading.
The exchange is offering perpetual futures contracts on different digital assets, including Binance Coin. That means that investors that want to have exposure to Binance Coin and do not want to have the coin can purchase perpetual contracts on the platform.
The trading pairs available on this platform include BNB/USD, BNB/USDT and BNB/BTC. Thus, you could even get access to BNB using U.S. dollars.
Decentralized Finance (DeFi) Platforms
There are several decentralized platforms that have been expanding over the last few years. However, the Binance Smart Chain (BSC) has seen a large number of projects being deployed allowing users to swap their currencies (BEP-20 standard).
Now users can start trading their coins on DeFi platforms such as PancakeSwap or ApeSwap. In these platforms, you can deposit any BEP-20 token and exchange it for BNB coins or WBNB tokens (that represent BNB on the Binance Smart Chain).
In just a few clicks and without having to use market or limit orders, investors can exchange their coins for BNB and other tokens. These DeFi platforms are now attracting thousands of users that are searching for new ways to handle their virtual currencies.
While the first platforms to be released were on the Ethereum platform, Binance Smart Chain is becoming increasingly useful due to its low fees and easy-to-use interface. If you are an advanced user and you want to buy BNB you can do so through these platforms.
Nevertheless, you should take into consideration that fiat on-ramp solutions for DeFi platforms are not yet available for most users.