How to Buy BNB

Updated: March 24, 2022

Binance is the world’s largest cryptocurrency exchange by market cap – a position that it held for years, now. However, in order to use it to the best of your ability and unlock all hidden perks of its entire ecosystem, you need its native cryptocurrency, the Binance Coin (BNB).

Binance Coin has been very popular crypto for a long time, which even allowed it to climb all the way up to the top 10 list. Its price also surged considerably, making it a great choice for investing, too. If you wish to know how to buy BNB, or if you were wondering where can you buy Binance Coin, then this is the guide for you.

How to Buy BNB – Step by Step Guide 2023

Let’s start with where you can buy Binance Coin. The answer is, of course, on Binance, or any other exchange that has it listed, such as Coinbase. However, if you wish to use a traditional broker, we recommend turning to eToro.

Open an account. The first thing that you need to do is open a free account on eToro’s platform.
Upload ID. In order to trade on eToro, you need to verify your account by uploading an ID, driver’s license, or passport.
Deposit Funds. Next, deposit the funds that you plan to use for your initial investment.
Buy Binance Coin. Finally, look up Binance Coin on eToro’s platform and make your purchase.

What is Binance Coin (BNB)?

Binance Coin is a native cryptocurrency of the Binance crypto exchange. It is a coin that can be used throughout the exchange’s ecosystem. That means two different blockchains, the main exchange platform, as well as multiple subsidiaries that are scattered around the world.

Binance also features a special launchpad, called Binance Launchpad. This is a great place to invest in new cryptocurrencies that the exchange is launching.

Binance Coin is one of the many cryptocurrencies that the exchanges created to serve as their native tokens, and it is by far the most successful token of this kind in the entire cryptocurrency industry.

Why Buy Binance Coin?

There are numerous reasons to buy Binance Coin (BNB) and add it to your portfolio. For one, it is a coin with excellent performance, as mentioned previously, which skyrocketed in 2021 from $37 to an ATH of $690 in only 5 months. Also, Binance’s ecosystem is massive and filled with features. However, it only accepts BNB as a currency, which is why anyone who wishes to participate in it needs to own some.

Having BNB means getting a major discount on transaction fees on the platform’s exchange, and the ability to access and purchase all the new tokens that are being sold on the exchange’s launchpad. It is also paired with most other cryptocurrencies listed on the exchange, so it can serve as a gateway to accessing all other coins. And, finally, Binance also holds Binance Coin buy-back events and burning events, which keep reducing the circulating supply and making coin more valuable.

How Much Does It Cost to Buy BNB?

At the time of writing (November 26, 2021), Binance Coin’s price sits at $585.95. However, if you are interested in purchasing it on platforms like eToro, this is not the only thing that you need to have in mind when buying your cryptos. You also need to remember that most platforms will charge you either commission or spreads when purchasing any assets. eToro, specifically, offers you to buy any asset on its platform — including cryptocurrencies — with 0% commission.

However, you will still have to pay spreads — the difference between the buy and sell prices of the coins. Fortunately, eToro’s spreads are fairly low, so you will not have to pay too much when purchasing the coins. There are often other types of fees that you need to keep in mind also, such as the withdrawal fee, which eToro also does have.

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How to Buy BNB with PayPal

It used to be that you can only buy cryptocurrencies with PayPal if you use one of the P2P exchanges, which allow you to achieve an agreement with the seller, pay them directly from your PayPal to theirs, and then receive coins. That was no longer the only option as of last year, when PayPal listed cryptocurrencies on its own platform, finally giving into the community demand.

Unfortunately, that still doesn’t mean that you can just go to PayPal and buy BNB, for two reasons. The first reason is the fact that PayPal only made cryptocurrencies available in the US and the UK, and people from other countries do not have the ability to access digital coins. The second reason is that even if you could access PayPal’s crypto section — Binance Coin is still not listed on it.

However, there is a third option. If you are willing to use brokers that support PayPal as a payment method, such as eToro, you can deliver your money to the exchange and use it to buy cryptocurrencies there.

How to Buy Binance Coin with Bitcoin

Buying Binance Coin with Bitcoin is a much simpler thing. Bitcoin, as the world’s first, biggest, and most popular cryptocurrency is available on pretty much every centralized crypto exchange, including Binance. You can, therefore, go to any crypto exchange that lists both coins and has them paired against one another, and use your BTC to buy BNB.

Buying BNB Safely

If safety is your concern and you want to know how to buy Binance Coin safely, then you likely understand the risks of dealing with crypto better than most. Fortunately, it is very easy to do it, if you know where to go to.

So, where to buy Binance Coin without exposing yourself to unnecessary risks? The answer is simple — regulated platforms. eToro, as an example, is a platform that was regulated by some of the world’s largest regulatory bodies. This includes the FCA, ASIC, CySEC, and many others, so you can be sure that this platform is as secure as it can get.

Risks of Buying Binance Coin

Of course, whenever you engage with the crypto industry, you also need to be aware of the fact that there will be some risks involved. Binance Coin is not an illegal cryptocurrency, nor is it a controversial or scammy coin. However, even though it is 100% legitimate, it still suffers from just as much crypto volatility as every other coin out there. It could easily happen for the price to suddenly drop in the wrong moment and cause you losses.

So, if you eliminate unregulated and scammy platforms by choosing only the regulated ones, you will still have to worry about volatility.

Selling Binance Coin

If you already have Binance Coin but you wish to sell it, either to realize profits, invest in some other crypto, or spend the money in some other way — this can easily be done through crypto exchanges or brokers such as eToro. We should point out, however, that eToro is only good for cashing out, but it doesn’t support exchanging one crypto for another. For something like that, you will still have a legitimate cryptocurrency exchange.

Binance Coin Price Forecast

According to current price forecasts by some of the most popular price prediction websites, BNB price is targeting a maximum of $681, and a minimum of $463. Meanwhile, its average price for December 2021 is targeting $545, which is around $40 below its current price. However, as we enter into 2023, all three — minimum, average, and maximum price — are expected to see an increase as the year progresses, and keep pushing up in years to come, as well.

Of course, this is no certainty, and traders and investors should not take it for granted. The crypto industry is very unpredictable, and the situation can still turn in a blink of an eye, and become more positive or quite negative.

If you wish to know how to buy Binance Coin, there are several platforms that we can recommend. Three, to be exact, and we have already mentioned all three earlier. But, if you wish to know more about them, here are the ones we can recommend.

1. eToro — The best online broker for buying BNB

eToro is the best online broker for buying cryptocurrencies, and for several reasons. It is regulated by multiple regulatory bodies, so it is perfectly safe to use from the technical point of view, and you can be sure that it will not try to scam you out of your money. It is also globally available, servicing over 140 countries, where it has more than 20 million users.

eToro is also extremely user-friendly, as it was designed for beginners and not experts. Its minimum deposit is only $50, while the minimum investment is $25. It offers crypto, stocks, CFDs, ETFs, forex, and a number of other assets that you can use if you wish to diversify your portfolio.

Next, eToro also doesn’t charge any commission for any asset on offer, which means that you don’t have to pay extra. It even allows you to trade assets with leverage, although leverage is very small for crypto-only x2.

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2. Binance — The coin’s native crypto exchange

Our second choice is Binance — BNB’s native platform. Binance is well-known as the world’s largest crypto exchange by volume, meaning that it is one of the most popular choices among traders from all corners of the globe. It offers hundreds of coins, and thousands of trading pairs, which makes it easy to buy BNB no matter which coin you may already have.

If you are located in a country that has an uneasy relationship with crypto, such as the US, you can rest easy as Binance also has multiple subsidiaries that are particularly tailored to offer crypto services for such locations.

And, as mentioned, if you happen to have BNB in Binance’s ecosystem, you can use it to get some pretty large discounts. Binance is also very beginner-friendly, even though it was developed with expert users in mind. It even has a trader forum where traders can turn to for advice from professionals. Binance also started its own NFT Trading Platform, making it one of the best options to get into NFT trading. We also teach where to buy NFTs in our comprehensive guide.

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3. Coinbase — The biggest regulated US exchange for BNB fans

Finally, we have Coinbase — the largest crypto exchange in the US. Coinbase is a massive and 100% regulated exchange that also falls under the category of one of the largest platforms in the world, not just the US. It is a lot more conservative when it comes to listing coins than Binance itself, due to the strict US laws. But, the fact that it has the coin in the first place is an indicator that BNB is a safe investment and that it won’t turn out to be a security and lead to regulatory issues.

Coinbase also has a global reach, and is available in numerous countries around the world, with plans to spread out and reach even more of them in the future.

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Best Way to Buy Binance Coin – eToro Tutorial

According to our research, the best way to buy Binance Coin would be to use eToro’s online brokerage platform. If you wish to take this route, here is what you will need to do.

Step 1: Open an Account

The first thing to do is to go to eToro’s website and create an account. Don’t worry, it is not difficult — quite the opposite. All you really need to complete this step is an email and a password. Alternatively, you don’t even need to do that, as you can just log in with your Facebook or Google account.

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Step 2: Upload ID

The second step requires a bit more work, however, as it involves verifying your identity. Essentially, eToro has to request that you fill out a form with your private information, and then provide a document with said information, as well as your photo. This can be things like your ID, Passport, or driver’s license — any official document issued by the government. In addition to that, you might also have to provide your bank statement not older than 3 months.

Step 3: Deposit Funds

After verification, however, you are free to proceed, and your next step will be to deposit funds. This is also an easy thing to do, and all you need to do is click on the “Deposit Funds” button in the bottom-left corner of your dashboard. A new window will appear, where you can just enter the details such as the amount, select a payment method, and hit Deposit when done.

Step 4: Buy Binance Coin

Finally, the last step is to look up Binance Coin over eToro’s search feature and click the Trade button next to it. You will be able to enter details of your trade in a new window and buy your BNB by clicking the Trade button after you are done.

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eToro – Best Trading Platform to Buy BNB

BNB is a popular and very useful cryptocurrency to have, but in order to obtain it, you need to know how to buy Binance Coin, and more importantly, where to buy Binance Coin. In this guide, we have provided you with a detailed answer to both questions, giving you several alternatives. However, if we have to select only one, our recommendation would be to use eToro, as its benefits and features make it an obvious choice.

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FAQs

What is the difference between Bitcoin and Binance Coin?

Bitcoin is a decentralized cryptocurrency used for making payments, which uses blockchain as a digital ledger. Binance Coin, on the other hand, is a native cryptocurrency for the Binance exchange and Binance ecosystem, which also includes a development platform. BNB has a lot more use cases than Bitcoin, and Bitcoin’s technology cannot compare to what BNB has to offer.

What is the market cap of Binance Coin?

At the time of writing (26th of November 2021), Binance Coin’s market cap sits at $99.03 billion, making it the third-largest crypto, and sitting just below $1 trillion.

Do I need a crypto wallet to buy Binance Coin?

Yes, you should prepare a secure wallet to store your BNB within it, as keeping them in the exchange’s wallet is not as safe, and it won’t make you the sole owner and manager of your cryptocurrencies.

Can I buy Binance Coin in the US?

Yes, Binance Coin is available in the US on Binance’s subsidiary Binance.US, as well as on eToro and Coinbase.

How much money do I need to buy Binance Coin?

If you opt to buy Binance Coin on eToro, you will only have to deposit a minimum of $50, while your investment can be even lower — only $25. In theory, you can buy only small fractions of Binance Coin, but the exact minimum or maximum will depend on the trading platform’s limitations, so it matters which platform you choose.

Ali Raza

Ali is an experienced writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profiled investment sites including CCN, Capital.com, BeInCrypto, Bitcoinist, and NewsBTC.

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