Where to Buy Binance Coin – Beginner’s Guide

Binance Coin – now more commonly referred to as BNB, is one of the largest digital currencies in this space by market capitalization. Backed by the Binance exchange, BNB has since become a popular choice for crypto asset investors.

In this beginner’s guide, we’ll walk you through the process of how to buy Binance Coin via a regulated trading platform.

Scroll down to read our comprehensive and detailed walkthrough on how to buy Binance Coin.

Where to Buy Binance Coin 

If you’re wondering where to buy Binance Coin, this popular digital currency is supported by more than 100+ brokers and exchanges.

Read the following reviews to determine the best place to buy BNB today.

1. eToro – Overall Best Place to Buy Binance Coin for 2023

eToro is a popular online broker and trading platform that is home to thousands of assets across stocks, ETFs, forex, hard metals, energies, and of course – cryptocurrencies like Binance Coin. Opening an account takes minutes at eToro and you do not need to worry about the safety of your funds. After all, eToro is authorized and licensed by several tier-one regulators – including the FCA.

In terms of fees, GBP deposits are charged at just 0.5% – which is one of the lowest pricing structures in the crypto market. This low deposit fee covers all supported deposit and withdrawal methods – such as PayPal, Skrill, debit/credit cards, bank transfers, and more. Apart from the latter, all other payment types are processed instantly. In placing an order to buy cryptocurrencies like Binance Coin, eToro only charges the spread.

On cryptocurrency purchases, this starts at just 0.75% per order. When it comes to account minimums, both deposits and cryptocurrency investments can be made from just $10 – which is about £7. This means that with a small capital outlay, you could diversify across lots of different tokens. This low minimum also extends to stocks and ETFs – both of which can be purchased and sold at 0% commission. Another popular aspect of the eToro website is that it allows you to ‘copy’ experienced traders.

It’s worth mentioning that eToro currently supports 50 cryptocurrencies and is constantly adding new cryptos to its portfolio. This means you can buy Solana, Dogecoin, Shiba Inu, Polkadot, XRP, Axie Infinity, and more with low spreads via a secure trading ecosystem.

For instance, let’s suppose that you elect to copy a top-rated crypto trader that uses eToro. After investing £1,000, your chosen trader risks 15% of their capital on a Binance Coin buy order. In turn, you will automatically find £150 worth of Binance Coin in your own portfolio. Dozens of Smart Portfolios are also offered by eToro, which are managed on your behalf. Some of the most popular pre-made strategies here include crypto, energy, growth stocks, and dividend shares.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

2. Crypto.com – User-Friendly App to Buy Binance Coin

Crypto.com is a great way to buy BNB and other cryptos on your mobile, due to its super user-friendly app for iOS and Android. This is one of the fastest growing and best crypto exchanges in the world, and allows you to buy other 150 different cryptocurrencies at competitive fees of just 0.4% per trade.

This crypto exchange has some unique features that help it stand out from the crowd. For example, you can reduce fees by 10% if you pay them in the platform’s native token, CRO. You can even get a Crypto.com VISA card and receive cash back in the form of CRO.

We also like that you can complete ‘Missions’ on the Crypto.com app and get rewarded in Diamonds, which can be exchanged for Mystery Boxes containing various amounts of CRO. It even offers a loan system where you can get a credit check-free loan when you make crypto deposits.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

3. Binance – Buy BNB Directly From Binance

Binance Coin is backed by the cryptocurrency of the same name. And as such, it goes without saying that this popular platform allows you to buy Binance Coin with ease. With that said, if you’re looking to invest with your debit or credit card, you might be required to pay fees of up to 10%. This is because Binance no longer has the legal remit to directly accept card payments.

If you’ve had any experience with Binance, you’ll know that this leading crypto exchange also provides access to its proprietary NFT marketplace. However, if you want to buy NFTs (non-fungible tokens) you’ll need to first buy Ethereum – which Binance allows you to do with ease. Simply head over to the Express P2P section of the crypto exchange, choose how many ETH tokens you want to buy and click on ‘Buy’. Once you place your P2P order, the corresponding crypto will be escrowed via Binance P2P.

Instead, the exchange has since partnered with several third parties that process payments on Binance’s behalf. Previously, Binance also allowed you to transfer funds from a bank account via Faster Payments, which was free. However, this is also since been suspended. The other option you have is to deposit crypto into Binance. This will actually work out much cheaper than using a debit or credit card, as you only need to cover the blockchain fee.

Moreover, if you have the means to deposit crypto and swap it for Binance Coin, you will only be charged 0.10%. This fee can be reduced even further if you trade larger amounts. Payment issues aside, Binance is also a good option if you are looking to trade a wide range of digital tokens. On this platform, you will find more than 1,000 markets – which includes both crypto-crosses and fiat-to-crypto pairs. Binance also offers a mobile trading app and a decentralized crypto wallet.

For a more thorough analysis of all the key metrics associated with this leading cryptocurrency exchange, check out our Binance review today.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

What is Binance Coin?

As the name suggests, Binance Coin is the native crypto asset backed by the Binance Exchange. Launched in 2017, the main purpose of the token was to allow users of Binance to benefit from reduced trading commissions. Back then, by holding a minimum allocation of Binance Coin, a commission reduction of 50% was offered.

This has since been reduced to a reduction of 25%. With that said, the use case of Binance Coin has since been extended to a variety of other products and services. This includes everything from buying goods via the Binance Pay platform and booking flights on Travala to being able to provide liquidity and even earn interest via staking rewards.

However, perhaps the most dominant use case for BNB is that the token is the primary currency of both the Binance Chain and the Binance Smart Chain. These two independent blockchain networks now support thousands of cryptocurrencies and billions of dollars in trading volume every day. And as such, transaction fees are paid via Binance Coin – which gives the token real-world value.

Is Binance Coin a Good Investment?

If you’re still not whether Binance Coin is the right crypto for your investment portfolio – take a step back and do some independent research.

To point you in the right direction, below we discuss some of the main reasons why you might decide to buy Binance Coin  – alongside some potential risks to consider.

Top-Performing Cryptocurrency

The first thing to note about Binance Coin is that this digital currency is one of the best-performing assets – not only in the crypto space, but globally. When the token first launched on public exchanges in 2017, you could have bought a single Binance Coin from just $0.11.

This means that an investment of $1,000 back in 2017 would have resulted in a total allocation of over 9,000 BNB. Since then, Binance Coin has hit highs of $690 per token, which it achieved in 2021. To put this growth into perspective, this means that between its launch in 2017 and its 2021 peak, Binance Coin increased by over 620,000%.

As per our example above, this means that your $1,000 investment – which got you 9,000 tokens, would have been worth over $6 million. Not bad for just under four years of trading. It is also important to note that Binance Coin has outperformed many large-capitalization cryptocurrencies over the prior 12 months.

For instance, in the year prior to writing this guide, Binance Coin has increased in value by almost 220%. In comparison, Bitcoin – which is the world’s largest cryptocurrency for market capitalization, has grown by just under 4% over the same period. Then you have fellow large-cap project Cardano, which over the past 12 months, has grown by 84%.

Binance Smart Chain

Binance has since created its own blockchain network – namely the Binance Smart Chain. This network is now the go-to place for new cryptocurrency tokens to enter the market.

• As noted earlier, the Binance Smart Chain facilitates billions of dollars worth of trading volume each and every day, across thousands of tokens.
• Crucially, when users buy or sell crypto assets via the Binance Smart Chain, transaction fees are charged in BNB.
• And as such, this creates ongoing demand for the token, as people must buy Binance Coin in order to access the chain.

There is no reason to believe that demand and volume on the Binance Smart Chain will die down any time soon – so this is great for BNB investors.

Burning Program

Another reason why you might consider buying Binance Coin is that the exchange operates an ongoing burning program – which it has done since 2017.

• In a nutshell, when you burn a number of cryptocurrency tokens, this means that the digital assets are sent to a dead wallet that cannot be retrieved.
• Therefore, the respective tokens are no longer in circulation, and thus – the overall supply of the cryptocurrency is reduced.
• This is not too dissimilar to a share buyback program executed by traditional companies.

Since its the project’s inception, Binance has burned more than 100 million BNB tokens. At today’s value, this represents more than $420 million.

Binance Ecosystem

We mentioned earlier some of the core use cases for Binance Coin – which includes its Smart Chain network, a reduction in exchange commissions, and paying for goods and services.

With that said, the Binance ecosystem is by far the largest in the cryptocurrency space – with the exchange continuously innovating into new areas.

For example, Binance now offers crypto savings accounts, whereby you can deposit digital tokens and receive interest. You then have the Binance debit card, which allows you to spend your crypto holdings online, in-store, and at ATMs.

In some way, shape, or form – BNB sits at the heart of the Binance ecosystem – which again, continues to give the token real-world value.

Easy to Buy and Sell

Of the 17,000+ cryptocurrencies listed on CoinMarketCap, many carry small market capitalizations. And as such, entering and exiting the market is not always easy.

This might be because very few exchanges list the token or there simply isn’t enough demand in the market to provide sufficient levels of liquidity. In particular, this can cause huge problems when it comes to cashing out your investment.

However, in the case of Binance Coin, this cryptocurrency is one of the largest globally in terms of valuation. As of writing, the project is carrying a market capitalization of almost $70 billion and it is listed on more than 100+ exchanges.

What this means from an investment perspective is that you can buy Binance Coin in a simple and low-cost way. Perhaps, even more importantly, you will never have any issues converting your Binance Coin investment back to cash.

Another similarly strong performing asset with the same utility is the native coin of FTX exchange – FTT. See our guide to buying FTX token.

Binance Coin Price

Like the entirety of the cryptocurrency markets, Binance Coin is quoted and traded in US dollars. The specific market price per token is determined by demand and supply.

For instance, we mentioned earlier that Binance Coin has increased by over 620,000% since it was launched in 2017. This translates into an all-time high peak of $690 per token. The reason for this is that the number of people looking to buy Binance far outweighs those wishing to sell. This is a classic example of market forces.

With that said, you might find that the price of Binance Coin on one exchange or broker is different from another. This is because Binance Coin – like all digital tokens, is not traded on a centralized exchange like stocks. Instead, the price on each individual exchange or broker is based on the trading activity of the respective exchange.

However, these Binance Coin price differences are minute nonetheless.

Binance Coin Price Prediction 

See our updated BNB price prediction written after the collapse of FTX exchange – Binance now has a greater market share which could be bullish for its native token.

One could argue making price predictions in the cryptocurrency space is rarely worth doing. This is perhaps, with the exception of Bitcoin – due to its dominance of the market.

Instead of focusing on Binance Coin price predictions, some investors prefer to focus on the fundamentals. For example, keep up to date with any key developers concerning the Binance ecosystem – such as new products or services.

Moreover, you can focus on regulatory changes that might affect the performance of Binance Coin.

Ways of Buying Binance Coin

The best way to buy Binance Coin in terms of payment methods, is discussed in the section below.

Buy Binance Coin With Credit Card or Debit Card

Most people will look to buy Binance Coin with a debit or credit card. The reason for this is that when using the right broker – your purchase will be processed instantly.

With that said, cryptocurrency brokers are known to charge high fees on debit/credit card payments. with the industry average standing at 3-5%. For example, Huobi charges between 2-3% depending on the card issuer, and at Binance, this can cost up to 10%.

At eToro, however, you will only need to pay a small GBP/USD conversion fee at the point of the deposit – which amounts to just 0.5% of the transaction value. For instance, for every £100 funded, you will pay just £0.50.

Buy Binance Coin With Paypal

Some online brokers also allow you to use e-wallets like Paypal. If you’re looking to buy Binance Coin with Paypal in a low-cost way, eToro will charge you just 0.5%.

The broker will process your payment instantly and there is no requirement to enter your Visa/MasterCard details into the platform – as this will already be stored within your Paypal account.

Choosing a Binance Coin Wallet

When learning how to buy Binance Coin, not only do you need to understand the investment process itself- but how you intend on storing your BNB tokens. In this sense, you’ve got a couple of options.

First and foremost, if you decide to invest in Binance Coin through an online broker like eToro, you can actually leave your tokens in the provider’s in-house wallet.

This means that eToro – which is regulated by the FCA, will be responsible for ensuring that your digital assets are kept safe. And moreover, when you eventually decide that you want to sell your Binance Coin tokens, you can do this instantly via your portfolio.

The other option is to buy Binance Coin at a cryptocurrency exchange, and then withdraw the tokens to a private wallet after completing the purchase.

Although this will give you more control over your BNB tokens, you need to have a firm grasp of how wallet security works. As such, if you’re a beginner, it’s best to just let a regulated broker like eToro store your tokens for you.

When to Buy Binance Coin

If you’re are new to the world of cryptocurrency trading, there is no value in trying to time the market. Just like when you buy Bitcoin, it’s best to just buy Binance Coin in slow and steady increments.

With that said, some market commentators will suggest ‘buying the dip’, which means investing in Binance Coin when its price drops from a previous peak.

For example:

• We mentioned earlier that Binance Coin hit highs of $690 in 2021.
• Since then, the crypto token has dropped to lows of $350.
• In simple terms, this means that in buying BNB at $350 – as opposed to $690, you are getting yourself a discount of over 50%.
• This is crucial, as this discounted entry price is on offer even though the fundamentals of BNB haven’t changed.

Another strategy that you might take to avoid needing to time the market is to invest a certain amount into Binance Coin at the end of each month.

This strategy – which is known as dollar-cost averaging, allows you to buy Binance Coin over a long period of time, so you can stop paying attention to short-term pricing trends.

How to Buy Binance Coin Online – Tutorial

If you are ready to learn how to invest in Binance Coin right now – the step-by-step walkthrough will show you how to complete the process with eToro.

As we covered in our review earlier, eToro enables you to purchase BNB from just $10 and at highly competitive fees.

Step 1: Open an eToro Crypto Account 

Visit the eToro website to being the account registration process. From start to finish, this rarely takes more than a few minutes. You will need to enter some basic information about yourself – such as your name, home address, and national insurance number.

You also need to provide your email address and mobile number.  

Step 2: Upload ID

As you are using an FCA-regulated trading platform, eToro will ask you to verify your identity. You can do this instantly by uploading a copy of your passport. Full driver’s license is also supported.

If you want to skip this step to a later date, you can do so on the proviso you are not buying more than €2,000 (about £1,600) worth of Binance Coin.

Step 3: Deposit Funds

You can deposit any amount into your newly created eToro account from $10 or upwards. Supported payment methods available on eToro include everything from a bank transfer and Skrill to Visa and MasterCard.

As noted earlier, all supported deposit methods are charged a small fee of 0.5%.

Step 4: Search for Binance Coin

Type in ‘BNB’ into the search bar at the top of the page.

Then, click on ‘Trade’ to proceed to the final step.

Step 5: Buy Binance Coin 

You will now see an order box – which eToro requires you to fill out so that it knows how much you wish to invest.

Once again, this can be any amount from $10 upwards. Click on the ‘Open Trade’ button to confirm.

How to Sell Binance Coin

If you invested in Binance Coin at eToro, follow the steps below to learn how to cash out your tokens:

• Log back into your eToro account
• From the left-hand side of the dashboard, click on ‘Portfolio’
• When you see Binance Coin from your list of investments, click on the settings button
• Then, click on ‘Close’ and confirm the sell order

The funds from your Binance Coin sell order will then be added to your withdrawable balance.

Conclusion

This beginner’s guide has explained the simple process of how to buy BNB.

We’ve presented a number of online brokers that you can use to complete your BNB investment in a safe and low-cost way, albeit, eToro stands out as the best option in the market.

At eToro, you can open an account and buy Binance Coin in less than five minutes with a debit/credit card or e-wallet, and only pay the spread. Furthermore, and most importantly – eToro is regulated by the FCA.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Frequently Asked Questions