How to Buy Binance Coin BNB Instantly in 2024 A Simple 3-Step Guide

However, the blockchain also offers low gas fees compared to Ethereum, which is attractive for developers and decentralized application (DApp) users. This guide selected platforms such as Coinbase, Kraken, what will a good investment advisor do for me OKX, KuCoin, YouHodler, and Bybit as the best options to buy BNB. The platforms were chosen thanks to their varied services and solid security offerings and tested over a period of six months.

All Crypto Exchanges

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. And BNB does remain depressed, at around $226, dropping 13% in a week as of Nov. 27, 2023. That makes it the second biggest “top loser” on CoinMarketCap’s rankings. Another red flag is that BNB’s Funding Rate cratered from 0.025% to 0.0093%. When funding plunges in this way, it signals investors bracing for trouble ahead. Because the BNB chain is a proof-of-stake blockchain, it is possible to stake BNB.

Is Binance Coin a Good Investment?

The overall approval should be received within 15 minutes, otherwise, read this guide on how long Binance account verification takes. Opening an account on eToro takes no more than a minute, and users can make a crypto order with deposits of as little as $10. Apart from not being the best at customer service, eToro checks out everywhere else when it comes to investing in Binance Coin. Hedge With Crypto is an independent publisher that provides objective and free content.

• Binance Review

Crypto ATM terminals from certain operators also provide for trading Binance coin for local fiat money. You can sell crypto by scanning the QR code of your digital wallet. BNB coins can also be employed for entertainment purposes, such as purchasing virtual gifts, card packs, or lotteries.

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A Binance-Coin wallet helps you protect your private key, not storing your Binance-Coin. If you are fairly new to cryptocurrencies you might still be struggling with the concept of private key and why it’s so important. Perhaps you just get into cryptocurrency by purchasing coins on an exchange platform but didn’t even realize that they hold the private keys to your cryptocurrency. Ali is an experienced writer covering the cryptocurrency markets and the blockchain industry.

If using an ACH bank transfer or a similar service in other parts of the world, expect a wait of one to three business days before you can use the funds for trading. Debit card-sourced funds are generally available immediately but often can only be used for a direct purchase rather than creating a cash trading balance. Is the native token of the BNB blockchain, which is a combination of the BNB Beacon Chain and the BNB Smart Chain (BSC).

  1. Binance Coin is one of the most successful utility tokens with a growing use case list.
  2. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.
  3. These exchanges allow you to trade BNB for major fiat currencies like USD, EUR, or other cryptocurrencies.

If you’re looking to purchase Binance Coin (BNB) with a bank transfer, the process is quite similar to using credit or debit cards. You may need to undergo an identity verification procedure to ensure security and comply with regulatory requirements. Once verified, you will need to provide your bank account details to initiate the bank transfer.

The next step is to tap on ‘Buy’ to open up the Spot trading section. For safekeeping, the BNB tokens can be withdrawn from Binance to an external wallet. Overall, the platform is a good choice to buy BNB with comparable fees and a premier crypto app that is available on Android and iOS. However, the customer service support on the platform can be poor and users have experienced slow and unsatisfied responses as discovered in our full review on Exchange. 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.

In addition to that, you might also have to provide your bank statement, which should not be older than 3 months. Due to the lawsuit, and the change of CEO, Binance is facing some difficulties reentering the crypto market, especially in the UK. Residents of Hawaii, New York, Texas, and Vermont are not allowed to use Binance.US as of June 2023. If safety is your concern and you want to know how to buy Binance Coin safely, then you likely understand the risks of dealing with crypto better than most.

BNB may have been created as an incentive for the token sale, but since its launch in mid-2017, the token has evolved and grown to take up more roles. It has many more uses than just offering discount benefits to its holders. BNB was initially created to serve as a utility token within the Binance exchange. The second reason is incentivizing the founding team to keep working within the company or on the project.

Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues.

Click the fiat symbol within the [Spend] tab to open up the available options of supported national currencies. MetaMask is the go-to wallet for anyone who’s spent time in the crypto space. MetaMask has a mobile app and browser extension that allows you to get quick access to a huge variety of tokens.

Understandably, the crypto community — especially traders — did not take CZ’s exit well. Binance coin, which powers the exchange ecosystem, tanked 10% right away to $240. And data shows over $3 million worth of bullish BNB bets were liquidated within an hour.

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