Binance conducted its ICO in 2017 and since then it has shown exponential growth. Along with Binance, its token Binance Coin also caught many people’s eyes, leading to a significant increase in its value. If you are wondering how to buy Binance coin then we suppose you are already aware of its growth in recent years. Let’s expand your knowledge by knowing Binance coin properly and learning how you can buy it in easy steps.
What Is Binance Coin?
Before we jump directly to the how to buy BNB section, let’s get to know Binance a little better. Binance coin or BNB is a token issued on the Ethereum network known as ERC 20 tokens.
It works just like any other cryptocurrency and hence can be traded or used as payment. Up until 2021, Binance users could also get a discount on the exchange’s fees. There are a total of 200 million Binance coins in circulation from which 100 million coins are of ICO investors, 80 million belong to the founders, and the remaining 20 million are reserved for private angel investors.
At the time of ICO, Binance coin was only worth $0.1, and in just a few years its value has increased by 350,000. Anyone can tell from the growth of BNB how much it has been valued since its launch. Also, the Binance ICO is considered one of the most successful ICOs. Currently, Binance coin is listed in the top five cryptocurrency list.
According to Binance, it plans to purchase back the BNB token with 20% of the company’s profit every quarter until only 100 million of the tokens are left in the market. After that, it intends to destroy all the coins bought by the exchange. Binance will create a decentralized exchange in which BNB (Binance coin) will be one of the primary assets and used as a gas to be spent.
How To Buy Binance Coin (BNB) In 3 Steps?
Wondering how to buy BNB easily? Follow the steps mentioned below and learn how to buy Binance coin in three easy steps.
Step 1: Open Your Account On Exchange
Well, the first thing you need to decide is from which exchange you want to buy the Binance coin. Mostly, investors prefer Binance. It is among the top and reliable exchanges as well as you might get some discount on it for buying its own token.
Binance consists of many advanced trading options that might not be easy for beginners to understand. You might need some time to completely learn how to buy crypto from Binance. Once you learn your way around it will eventually get easier and you can also consider using advanced trading tools.
If you are a resident of the U.S. then you can use VPN or just sign up for a Binance US account directly. For a Binance US account, you need to comply with the KYC standards of the exchange and for that, you will need to verify your identity by uploading the driver’s license, social security number, and other biometric information.
Step 2: Choose A Reliable Crypto Wallet
After signing up on Binance, the next step is to choose a reliable cryptocurrency wallet for yourself. Note that you must create your Blockchain wallet before buying the Binance coin (BNB) so that you can transfer them from the exchange to your personal wallet as soon as possible.
If you are going to buy a significant sum of Binance coins, then you should consider getting a hardware wallet for utmost security.
Step 3: Buy Binance Coin From Binance
At last, now that you have your account on Binance exchange and also a crypto wallet ready to use, you can make your purchase. There are a few options available on the exchange for buying Binance coin and other such tokens.
You can select whether you want to place a market order or a limit order. The market order will get you the desired numbers of BNB right away with the current rate . if you place the limit order your order will be completed only when the price reaches your mentioned limit.
Should Your Invest
Is Binance Coin Worth Investing In?
Now that you know how to buy Binance coin, let’s discuss whether you should buy Binance coin or not. Binance is the world’s largest cryptocurrency exchange and that is something that won’t change in the near future. After the release of Binance Smart Chain in 2020, Binance coin has even more use cases and its own Defi system running on its own Smart Chain.
However, the Binance Smart chain is confirmed by 21 stakers every day so it’s not far from being centralized. If you’re not sure about the PoSA network, consider a rather more decentralized blockchain such as Ethereum.
BNB looks to be set for stable expansion for the rest of this market cycle unless there are any severe external influences. If you are optimistic for the Binance future as an exchange as well as the Blockchain supplier, then you can invest in Binance Coin (BNB).
Before you make any investments, just keep in mind that all cryptocurrencies are subject to extreme volatility. Therefore you should only invest as much as you are ready to lose.
To get more on Binance coin and other cryptocurrencies, feel free to contact our Blockchain Support experts. You can also get opinions on your investment from the Blockchain professionals before making any large trade.