Binance is currently the largest cryptocurrency exchange in the world, measured by market capitalization, a position it has maintained for several years. You will, however, require the Binance Coin, the platform’s native cryptocurrency, to make the most of its features and access all of the benefits concealed throughout its ecosystem (BNB).
Binance Coin is one of the most well-known cryptocurrencies, which has helped it achieve the feat of breaking into the top 10 list. Because of the significant increase in its price, it is also an excellent option for financial investments. This article is about how to buy BNB and where to buy Binance Coin.
The Complete Step-by-Step Guide to Purchasing BNB in 2022
Let’s begin with the different places where you can get Binance Coin. Binance, or any other exchange that has it listed, like Coinbase, is where you may get the answer to that question. However, if you are interested in working with a conventional broker, we suggest you sign up for an account with eToro.
- Create an account for yourself. The first step that you need to take is to register for a free account on the eToro trading site.
- User ID for uploading. Before you can begin trading on the platform, you must verify your identity on eToro by submitting a photo ID, driver’s license, or passport.
- Deposit Funds. After that, you will need to deposit the money you intend to utilize for your initial investment.
- Purchase some Binance Coin.
- In the final step, locate Binance Coin on the eToro platform and complete the transaction there.
What does it mean to have Binance Coin (BNB)?
The cryptocurrency exchange known as Binance has its native coin known as Binance Coin. It is a coin that may be used throughout the ecosystem that the exchange is a part of. This entails using not one but two distinct blockchains in addition to a primary trading platform and several subsidiary businesses located in various parts of the world.
In addition, Binance provides its users with a unique launchpad that goes by the name Binance Launchpad. The exchange is going to be launching some new cryptocurrencies, and this is a beautiful spot to invest in them. Binance Coin is undoubtedly the most successful token in the whole cryptocurrency market. One of the numerous cryptocurrencies that exchanges developed to serve as their native tokens is named after the exchange that generated it.
Why Should You Purchase Binance Coin?
There is a plethora of justification for investing in Binance Coin (BNB) and including it in your portfolio. It is a coin with great performance, as indicated in the introduction, which exploded in 2021 from $37 to an ATH of $690 in only five months. In that same year, it started at an ATH of $37. Additionally, the Binance ecosystem is enormous and packed with various services. BNB is the only currency that can be used on this platform; therefore, anyone who wants to participate in it must have some BNB in their possession.
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If you own BNB, you will be eligible for a significant reduction in the transaction fees charged by the platform’s exchange. Furthermore, you will be able to gain access to and buy all of the new tokens being offered for sale on the launchpad of the exchange. Additionally, it is coupled with most other cryptocurrencies listed on the market; hence, it can act as a gateway to access any and all other coins. Binance also conducts buy-back events for its cryptocurrency, Binance Coin, and burning events, which reduce the total amount of coins in circulation and drive up their prices.
What is the Price Range for Purchasing BNB?
If you are interested in acquiring it on platforms such as eToro, this is not the only thing you need to consider when buying your cryptocurrencies. When purchasing your cryptos, you need to remember the following things: When purchasing any asset, you should also not forget that most platforms will charge you either commission or spreads. In particular, eToro allows you to acquire any asset listed on its site, including cryptocurrencies, at no additional cost.
You will still be responsible for paying spreads, which is the difference between the prices of coins. Because the spreads offered by eToro are not too high, you won’t have to spend excessive money purchasing coins. There are often other fees, such as the withdrawal charge, which eToro also has. Keeping all of these types of fees in mind is essential.
How to Make a Purchase with PayPal and BNB
It used to be the case that the only way to purchase cryptocurrencies using PayPal was to use a P2P exchange. These exchanges let you negotiate a price with the buyer, transfer funds straight from your PayPal account to the buyer’s account, and then receive the cryptocurrency. When PayPal eventually caved into the pressure from the cryptocurrency community and listed cryptocurrencies on its platform late last year, that was no longer the only option available.
Because this is still not the case, you will be unable to purchase BNB by simply going to your PayPal account. Individuals from other nations cannot access digital coins since PayPal only made cryptocurrencies available in the United States and the United Kingdom. This is the first reason why people from other countries cannot use digital coins. The second reason is that even if you could access the cryptocurrency portion of PayPal’s website, Binance Coin would not be featured on that page.
A third choice is also available. If you are prepared to utilise brokers that offer PayPal as a payment option, such as eToro, you can deliver your money to the exchange and use it to buy cryptocurrencies there. This is possible since eToro is one of the brokers that supports PayPal.
The Step-by-Step Guide to Buying Binance Coins with Bitcoin
Purchasing Binance Coin using Bitcoin is a significantly less complicated process. Binance is one of the many centralised cryptocurrency exchanges that offer Bitcoin trading. Bitcoin was the first cryptocurrency ever created and remains the largest and most popular cryptocurrency in circulation today. Therefore, if you have Bitcoins, you can buy Binance Coin (BNB) on any cryptocurrency exchange that also lists Binance Coin and has the two coins matched against one another.
Purchasing BNB Without Risk
Suppose you are concerned about safety and want to learn how to acquire Binance Coin securely. In that case, you probably have a better understanding of the risks involved in dealing with cryptocurrencies than most people do. If you are aware of the appropriate locations, carrying it out will not be difficult at all.
The question now is, where exactly can you purchase Binance Coin without putting yourself in needless danger? The solution is simple forward: controlled platforms. One example of such a platform is eToro, which was subject to the oversight of some of the most prominent regulatory organizations in the world. This includes the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and a significant number of other regulatory bodies, so you can be confident that this platform has the highest possible level of security.
The Dangers Involved in Purchasing Binance Coin
When you get engaged in any aspect of the cryptocurrency sector, you must be aware that you will be subject to a number of hazards. This is a given. Binance Coin is not an illegal cryptocurrency, nor a contentious or shady coin. Binance Coin is simply a legitimate digital asset. However, although it is genuine, it is still subject to the same degree of cryptographic volatility as any other now-available coin. It is possible that the price could drop unexpectedly at the worst possible time, causing you to suffer financial losses.
Therefore, even if you choose only licensed platforms to trade on to avoid unregulated and fraudulent ones, you will still need to be concerned about price volatility.
Trading Binance Coins (BNB)
If you already own Binance Coin but want to sell it for several reasons — including realizing profits, investing in another cryptocurrency, or spending the money on anything else — you may simply do so using crypto exchanges or brokers like eToro. eToro, on the other hand, helps withdraw funds; it does not facilitate trading one cryptocurrency for another. This is something that needs to be brought to your attention. A legal cryptocurrency exchange should still be used for transactions of this nature.
Price Predictions for Binance Coin
On the other hand, now that we are in the year 2022, it is anticipated that the minimum, the average, and the maximum price will each witness an increase as the year progresses and that this trend will continue in the years to come as well. Naturally, this is not a sure thing, and traders and investors should not take it as a given that it will happen. The cryptocurrency sector is quite unpredictable, and the current position may quickly change for the better or become either more positive or quite unfavorable.
eToro: the most recommended online broker for purchasing BNB.
It has been determined that eToro is the finest online broker for purchasing cryptocurrency for several reasons. Because several different regulatory agencies govern it, it is technically risk-free, and you can be confident that it will not attempt to cheat you out of your money. In addition, it is accessible worldwide and currently operates in more than 140 countries, serving more than 20 million customers. Because it was created with novice traders in mind rather than seasoned pros, eToro offers exceptional user-friendliness. Only $50 is required to open an account, but only $25 is required to invest. If you want to diversify your portfolio, this platform allows you to trade various assets, including cryptocurrencies, equities, CFDs, ETFs, and currency.
The eToro Tutorial Is the Best Way to Purchase Binance Coin.
According to the findings of our investigation, the most efficient method for purchasing Binance Coin would be to use the online brokerage platform provided by eToro. This path will require you to complete the following steps to succeed.
First, you’ll need to create an account.
The initial step is to get on your computer and head to the eToro website to set up an account. Do not be concerned; it is not difficult in any way. You only need an email address and password to finish this step. You don’t have to do that if you don’t want to.
Step 2: Enter ID and Submit
Verifying your identity is the focus of the second phase, which necessitates a little bit more effort on your part. In essence, eToro is required to ask you to fill out a form with your personal information and then produce a document with that information, along with a photo of yourself. This might be anything from your identification card to your passport to your driver’s license; it just needs to be an official document the government issued. In addition, you may also be required to present a bank statement no more than three months old.
Step 3: Deposit Funds
However, after your identity has been confirmed, you are free to proceed, and the following stage will be for you to deposit some dollars. Clicking on the “Deposit Funds” button, which is located in the bottom-left corner of your dashboard, is all you require to complete this simple and uncomplicated task. A new window will pop up, and when it does, all you need to do to make a deposit is input the necessary information, such as the amount, choose a payment method and then click the Deposit button.
The fourth step is to buy Binance Coin
Look up Binance Coin using the search function on eToro, and then click the Trade button next to it. This is the very last step in the process. After you have finished your work, a new window will pop up where you can input the specifics of your trade, and you can purchase your BNB by clicking the Trade button.
You will need to know how to buy Binance Coin and, more crucially, where to buy Binance Coin to gain BNB, a desirable cryptocurrency to own due to its widespread use and high level of utility. This guide has given you a comprehensive response that addresses your problems and offers you several potential solutions. If we were forced to choose just one, however, we would advise you to go with eToro due to its numerous advantages and the fact that it has so many features.
