Buy Binance Coin (BNB)
How to buy Binance Coin (BNB)
Cryptocurrency investing is a flourishing market for traders of all varieties.
This popular digital currency operates without a governing body and as such is considered decentralised. This is unlike regular fiat currencies that operate through a government and reserve bank that control the amount available at any one time.
Binance Coin (BNB) is a unique currency even within the crypto world. It is an Ethereum-based (ERC-20) crypto that was created to help facilitate the trading of cryptocurrencies through the Binance exchange, one of the most popular crypto exchanges in the world. This exchange was first developed in 2017 through the company Beijie Technology, which owns and operates the Binance exchange. The founder is ChangPeng Zhao.
How to invest in Binance Coin (BNB)
Like with other cryptocurrencies, there are multiple ways to go about investing in these securities.
To buy Binance Coin, the most popular way of acquiring it is through the Binance exchange. Here, you can exchange any of your cryptocurrencies for an equivalent value of another one. BNB serves as a great intermediary, helping to make exchanging these digital currencies even easier.
One of the primary uses for this crypto currently is to cover trade fees on the Binance exchange. Whenever you trade one currency for another, there is a nominal exchange fee, which can be further cushioned using the Binance Coins.
You can also cover withdrawal costs on the Binance exchange with this crypto.
Binance Coin (BNB) trading platform
The Binance exchange is easily one of the biggest crypto markets in the world.
You can trade your digital currencies for Binance Coins, use the coins to cover additional charges, and hold the coins as a means of accruing capital gain from the relatively stable Binance coin price.
There are other exchanges that also allow you to invest in Binance Coin in South Africa, but their home exchange is by far the most popular.
How to start investing in Binance Coin (BNB)
The best way to buy BNB is by exchanging your other cryptocurrencies or even fiat currencies for this currency.
This means visiting an exchange where they permit this specific token. The most visited exchange for this purpose is the Binance exchange itself. Unfortunately, unlike certain brokers, exchanges do not offer leverage to their clients, so you must have the capital to invest available.
How to register
Registering an account on a Binance exchange works much the same way as a standard broker. Simply navigate to the homepage of the exchange you wish to use and enter your email address and a good password.
At Binance exchange, you can even download their crypto trading app and sign up through that.
How to open a demo account
While many brokers have started using demo accounts to allow their clients a free trading experience, this is much less common on exchanges. The Binance exchange for instance, does not offer a free demo to try trading for free. Instead, users must make a deposit of real money to start investing.
How to open a real account
There is only the real account across most Binance Coin exchanges.
This means you will be required to make an initial deposit, whether in fiat or cryptocurrency. This will be used to exchange for other currencies online or to even buy Binance Coin in South Africa directly.
How to fund a deposit
Funding your deposits requires an assessment of your personal finance. You must figure out how much are you willing to invest in Binance Coin and any other crypto options available on the exchange.
This is a good practice to perform before any form of investing.
Minimum deposit amount
Unlike most brokers, there is rarely a deposit minimum with exchanges.
On the Binance exchange, there is no deposit minimum but there are transaction fees when you trade. These can be paid with BNB tokens at a discounted rate, making the investment in this crypto even more worthwhile on this exchange.
How to withdraw money
Withdrawing money on any of the BNB exchanges is also a straightforward process. There are certain restrictions for each of the different cryptocurrencies and fiat currencies, each with their own withdrawal fees as well.
Understanding these restrictions around the currencies you want to use is an important part of integrating with your chosen exchange.
Security of Binance Coin (BNB) investments
One of the most appealing sides of Binance Coin investment is the relative stability of it.
As cryptocurrencies go, this is easily one of the least volatile. Since crypto is decentralised and not based on a physical value, they often see rapid movements in the market. Since Binance is intrinsically linked to its exchange and provides value within it, the overall value of the currency is more durable to changes.
How safe is it to invest in Binance Coin (BNB)
Safety is of utmost importance when trading.
Top exchanges will prioritise this for their clients and make it abundantly clear that they are trading in a secure environment. Binance exchange for example, used much of the revenue from their initial coin offering to boost their security.
Is it safe to invest in Binance Coin online
As one of the most prevalent cryptos by volume traded, Binance Coin is considered by many to be a safe investment. While there are obviously still risks around cryptocurrency and online investing in general, this is one of the more appealing options because of its relative safety.
How to safely invest in Binance Coin online
When it comes to safely investing online, practicing vigilance and caution will always help. Make sure you are using reputable exchange services, payment services to transfer money between your accounts, and generally practicing safe use of the internet.
Follow these rules and you will be able to safely invest in Binance Coin without constantly having to look over your shoulder.
Can you buy Binance Coin?
You can buy Binance coin through one of the exchanges it is available on. The most popular is its home exchange, Binance. This will allow you to buy coins directly with fiat currency, buy them with cryptocurrencies, or exchange them in a P2P system where you trade with other investors in real time.
Is Binance Coin a good buy?
Due to its relative stability and the value that it generates on the Binance exchange for reducing trading fees, this is one of the more durable crypto investments at the moment. On top of this, it is one of the most traded coins by sheer volume, meaning that there is significant interest from investors around the world.
Is Binance Coin a good long term investment?
Like with any security that is capable of holding its value over a period of time, Binance Coin is able to preserve much of its volatility and hold a good amount of its value. This makes it a great avenue for capital gains earned over the long term and hedging against factors like inflation.
Where can I buy Binance Coin?
The best place to buy Binance Coin is directly from the Binance exchange. Not only can you use a variety of different currencies and systems to buy this coin here, but you can use it to reduce the costs of trading other currencies on the exchange.
How do I buy Binance Coin with a credit card?
Like with buying it with crypto, Binance Coin can be obtained through debit or credit card with fiat currencies. This is an intuitive process, simply head over to the BInance exchange and select the amount you want to invest, the currency it is in, and the specific coin you want. Then select a credit or debit card and follow the process through to completion.
How to buy Binance Coin in South Africa?
Just recently, Binance exchange has launched a fiat gateway for the South African Rand. This allows users from South Africa to use their Rands directly in the purchase or exchange of currencies on this platform. This exchange does have some requirements for those looking to use ZAR, requiring a more extensive number of details from you for their ‘know your customer’ (KYC) compliance.
What happened with Binance Coin (BNB)?
BNB was created to help with trading crypto across the Binance exchange. In order to promote its use, the platform has enabled discounts on trading fees when you use BNB to pay for it. This adds an inherent value to the currency that many digital assets lack. As one of the highest volume traded cryptocurrencies, this coin is in a good position for investment, though technical analysis is always recommended.
Why did Binance Coin (BNB) drop?
BNB price is intrinsically linked to the Binance exchange since it gets the majority of its value from the platform and the benefits it provides users therein. When the exchange experiences a hit, so too does the coin itself in most cases. This was seen back in May when the platform saw a security breach and the value of BNB dropped as a result.
Why did Binance Coin (BNB) rise?
Much like the drop in May, the growth visible within the BNB price chart can often be attributed to a comparable growth in the Binance exchange and the system they employ. As one of the most popular crypto exchanges in the entire world, this growth is expected to keep occurring across the long term.