Binance Coin, often shortened to BNB, is the native cryptocurrency of the Binance platform. It was launched in July 2017 and has established itself as one of the most famous cryptocurrencies. 

BNB was initially launched on the Ethereum network as an Initial Coin Offering. But later on, it was incorporated into the Binance blockchain. BNB is meant to be used for trading and paying fees on the Binance exchange.

1

What to Consider When Buying Binance Coins?

Binance Coin is one of the most widely used cryptocurrencies, creating curiosity among people. As a result, many people wish to buy BNBs and use them.

But, you cannot purchase Binance Coins in a rush. There are a lot of things to be considered before you do that, which are listed below:

The cost of buying BNB

Binance is a cryptocurrency, which implies price volatility. It means the price of the token fluctuates wildly. One day the prices might be soaring, and the next day they might come crashing down.

So, keep track of the market. Then, consider what would be the cost of buying BNB. Finally, analyze your financial statements and decide how much you wish to spend on Binance Coins.

Finding a reputable exchange 

Before accepting traditional currency, you always scrutinize it to avoid counterfeit or damaged money. The same should apply to your Binance coins as well.

Since the whole process is digital, there is always the risk of counterfeit BNBs. So, find a reputable exchange to buy your BNBs from. That way, you can be sure of the authenticity of the tokens.

Bonuses at crypto platforms

To encourage using specific cryptocurrencies, many platforms offer bonuses on them. The same goes for Binance Coins. It is one of the most widely used cryptocurrencies, so many platforms provide bonuses when you BNB transactions.

For example, you might get a 10% discount when using BNBs for payment. So look for the bonuses that the different crypto platforms offer.

Is the platform user-friendly?

No one likes complicated things. But, unfortunately, cryptocurrency networks and how they function are already difficult to understand.

You don’t need a platform that is difficult to operate as well. So ensure that you know how Binance Coins work before you buy them.

2

Where to Get Binance Coins?

If you wish to get Binance Coins, you have to know where you can get them. But here is the thing. There is a wide range of platforms to choose from.

The different platforms have been discussed below so that you can choose a platform that caters to your needs:

Cryptocurrency exchanges

These are platforms that allow you to exchange various assets for Binance Coins. You can use fiat money or even other cryptocurrencies to get BNB in exchange.

These platforms are straightforward to use. However, you might refer to them as digital currency stock markets to understand them better.

Trading apps

These are apps where you can trade your cryptocurrency for others. So, you can only acquire BNB tokens from these platforms if you trade other cryptocurrencies.

These transactions are peer-to-peer-based. The cost prices and selling prices are tallied to the users’ orders. The trade takes place only when both the figures match.

Binance Coin ATMs

Binance Coin ATMs are cryptocurrency ATMs that allow you to buy and sell your BNBs for money. You can use your debit card or credit card to purchase tokens and receive traditional money when you sell them. They work similarly to regular ATMs.

Brokerages

Brokerages are third-party individuals or firms who conduct the transactions on behalf of other people. You have to pay a brokerage fee to the broker to conduct your transaction flawlessly.

If you use a brokerage, you don’t have to analyze or study the market on your own. All of that is done by the brokerage.

3

The Steps of Acquiring Binance Coins

Now that you know the various places where you can get Binance coins, it is time to move on to the next thing. You should also know how to acquire the tokens from the platform of your choice. Just follow the steps listed below:

  1. Choose a platform to buy Binance Coins from

The most important thing is to choose a reliable platform to buy Binance coins from. Consider the pros and cons of each platform, and make an informed decision. Platforms like Binance and eToro are trustworthy platforms to secure your BNB tokens.

  1. Decide on a payment option to pay for BNB

Most cryptocurrency platforms offer many payment options to ease users into the process. For example, you can use debit cards or credit cards, other cryptocurrencies, and, sometimes, payment wallet apps to pay for your BNB tokens. So go through the list of payment options available on your platform, and choose the one you are most comfortable using.

  1. Place your order

Finally, place your order. Enter the number of tokens you wish to buy, and make the payment. If the platform requires you to fulfill any other requirement, meet those conditions.

  1. Receive and safely store your BNB

As soon as your order is processed, you will receive the BNB tokens. You need to have a Binance Coin wallet to receive the tokens. Keep them securely in your crypto wallet.

FAQ

When was Binance Coin launched?

Binance Coin was launched in 2017.

What is a trading app?

A trading app is a platform where you can trade one cryptocurrency for another. 

Can I use Kraken to buy Binance Coins?

No, you cannot use Kraken to buy Binance Coins because it does not offer BNB at the moment.

What are some of the platforms which offer Binance Coins?

You can find Binance Coins on platforms like Binance and eToro.

Where do I store Binance Coins?

You should have a crypto wallet that supports BNB to store your tokens safely. 

Are Binance Coins safe to use?

Yes, Binance Coins are safe to use. After all, it is one of the most popular cryptocurrencies in the market.

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