Buy Binance Coin | How To Buy BNB In Under 5 Minutes

Binance is the world’s largest cryptocurrency exchange by volume, so it makes sense that their native token Binance Coin (BNB) would have a lot of attention and funding behind it. Binance Coin is used primarily as a way to reduce fees and facilitate transactions on the Binance exchange, however, it has plenty of use outside of the platform, being more and more commonly being used in everyday transactions. 

BNB was created as a utility coin with the main aim of providing users a way to reduce fees on the Binance exchange, however, since its creation in 2017, BNB has grown to be the 5th largest cryptocurrency by market cap, used for a plethora of applications. It was originally sold as an ICO (initial coin offering) of 200 million coins with the founding team receiving 40%, angel investors 10%, and the public sale consisting of 50%. BNB was sold for a price of just $0.15 during its ICO, and with the current price of BNB being $365 we imagine some people would have made millions from their investments. 

#1 Exchange to Buy BNB – eToro

How to Buy Binance Coin – The Quick Four-Step Strategy

If you’re interested in investing in BNB and want a short and sweet guide on how then you’re in the right place! If you follow this short guide you’ll be investing in BNB in just 5 minutes.

  1. Register with eToro: The first step when investing in BNB is to visit the eToro website, from there you just have to click the “Join Now” button and fill in some basic details.
  2. Verify your details: After registering with eToro, you’ll need to provide a couple of documents to verify your identity. You’ll need a photo ID (passport, driving licence) and proof of address (utility bill, bank statement)   
  3. Fund your eToro account: Once your account has been verified, you’ll have to add some funds to your account. You can do this using a credit/debit card, bank transfer, or an e-wallet (PayPal, Skrill).  
  4. Buy Binance Coin: Now you’ve funded your account, you’re ready to buy some BNB. Simply type BNB into the search bar, press “trade”, enter your chosen amount, and press “buy”. 

Where to Buy Binance Coin

If you’re looking to cash in on BNBs massive rise in value, then you’re probably wondering what the best BNB exchange is. It can be difficult comparing all the possible options, which is why we’ve created this useful guide to help you make an informed decision on which platform is right for you.

1. eToro – Overall Best Way to Buy BNB


eToro is one of the largest brokerages in the world, launched in 2006, they’ve gained a stellar reputation amongst users, thanks in part to their easy-to-use, fully-featured platform. They have a great variety of cryptocurrencies, and even allow users to trade a range of other financial instruments. As one of the largest exchanges, they are of course fully regulated, providing an additional layer of trust.

Security on eToro is water-tight, they provide all the industry-standard security measures you’ll have come to expect from leading exchanges. Over 95% of their funds are held offline, in cold storage meaning that even in the event of a hack your funds will still be secure. As a FCA regulated platform users also benefit from insurance on USD balances, so if a digital attack occurs and eToro loses money, you won’t. As with all exchange wallets, we heavily recommend enabling 2FA, as this provides an additional layer of security when using a custodial wallet. 

If you’re just starting out trading and worrying eToro may be too complex for you, don’t, eToro provides some of the best features for beginners. When investing with eToro you’ll have access to what they call “copy trading” which as the name suggests, lets you automatically mirror the trades of some of the best-performing traders on the site. Another feature not commonly found outside of eToro is “managed portfolios”, they allow you to invest money into a well-thought-out group of assets, this means you’ll have a diverse portfolio from day 1, greatly reducing any risk. If all this wasn’t enough to sway you, eToro also offers commission-free trading, meaning the only fees you’ll have to pay is the difference between the buy/sell prices (commonly called spread fees). 

eToro Fees

Coin Name Spreads
Bitcoin (BTC) 0.75%
Ethereum (ETH) 1.90%
Cardano (ADA) 2.90%
Binance Coin (BNB) 2.45%
Ripple (XRP) 2.45%

 

Pros

  • 15-year track record
  • 500+ crypto pairs
  • Copy Trading
  • Managed Portfolios
  • SSL encryption 
  • Spread Only Fees
  • $50 minimum investment

Cons

  • Missing MetaTrader support
  • Lacking some large tokens

67% of retail investor accounts lose money when trading CFDs with this provider. 

2. Binance – Buy BNB Natively

It wouldn’t be right to speak about BNB without mentioning its parent, Binance. Binance Coin was originally created to reduce trading fees for Binance users, so it makes sense you can buy BNB using a variety of currencies on the platform. It’s a great platform for both new and experienced traders, offering pretty much every feature you could ask for, unfortunately, however, they have faced a few regulatory issues and aren’t the most transparent about their security.

Being a regulated trading platform, they boast the same industry-standard security features as most of the platforms on this list, namely, 2FA, insured balances, and cold storage for funds. Although this is all standard practice, Binance has previously found itself in some hot water with regulatory bodies due to some of the financial instruments they offered, this caused them to create Binance.us a US-based variant of the platform which is fully compliant with US restrictions.

Although Binance only offers a limited range of coins on the US platform, it still amounts to over 55 available assets, far more than some competitors. Regardless of which platform you’re on, the range of indicators available is still phenomenal, and with TradingView integration, any technical traders are well looked after. On top of this, they offer a range of earning opportunities, for example, staking, which allows you to earn interest on your crypto assets. If you decide to use Binance trade frequently, you can benefit from a 25% reduction in fees by enabling trading fees to be taken from your BNB balance. 

 

Binance Fees

Fee Type Amount (%)
Spot Trading  0.1%
Instant Buy/Sell  0.5%
Debit/Credit Card 4.5%

 

Pros

  • Massively popular
  • Variety of indicators
  • TradingView integration
  • Staking

Cons

  • Regulatory issues
  • Limited assets on Binance.us
  • Custodial wallet

67% of retail investor accounts lose money when trading CFDs with this provider. 

3. Crypto.com – Easiest Way to Buy BNB

A very well-known platform, Crypto.com allows users to instantaneously purchase a wide range of assets, BNB included, straight from a credit/debit card. For anyone new to crypto, this can be a huge plus, it’s easily the most convenient payment method, and oftentimes new users benefit from 30 days of no card fees, allowing you to start building a portfolio without worrying about which payment method is best. 

As a regulated platform, with a 5-year track record, and millions of users, Crypto.com is an extremely trustworthy platform. Security is important to Crypto.com as they claim to hold over $360 million in cold storage, with the only money held in hot wallets being “corporate funds” used to ensure the site and any withdrawals run smoothly. They also feature a bug-bounty program to incentivize people to find and report any issues with the website, greatly reducing the risk of any exploits being found.

Although often touted as a beginner platform, Crypto.com has a huge amount of features that can assist both beginner and experienced traders. Through “earn” and “supercharger” you can earn interest on crypto assets in a similar way to how you’d earn interest with a bank, with staking people ever-more popular it makes sense to introduce features like this as early as possible. Recurring deposits are a nice feature for any exchange to have, as they allow users to easily DCA (dollar cost average) their way into positions, reducing risk. Another interesting characteristic of Crypto.com is its bank cards. With a Crypto.com bank card you’re able to spend your crypto balances in most retail environments that accept credit/debit cards, on top of this you can also earn a rebate on all purchases, meaning you can earn a profit just from using the card. The amount of cashback you receive and level of card you get is based on how much CRO (Crypto.com’s token) you’re currently staking, Much like BNB, staking CRO can also reduce your trading fees.   

Crypto.com Fees

Fee Type Fee Amount (Staking ≥ 0 CRO) Fee Amount (Staking ≥ 5000 CRO)
Maker  0.4% 0.36%
Taker 0.4% 0.36%
Credit/Debit 2.99% 2.99%

 

Pros

  • Crypto.com card
  • Earn interest on your crypto
  • Referral bonus
  • easy-to-use
  • Buy straight from a credit/debit card
  • Recurring Deposits

Cons

  • Slow support
  • Higher than average fees
  • Lacking a range of order types

67% of retail investor accounts lose money when trading CFDs with this provider. 

4. Trust Wallet – Buy BNB for dApps

In 2021 Binance made its first-ever acquisition and purchased the mobile-based wallet, Trust Wallet. Trust wallet was rapidly gaining popularity as a wallet that allowed users to interact with various Ethereum-based dApps and web3.0 applications. With the release of BSC (Binance smart contract), It’s no surprise that Binance shifted some of its focus into the smart-contract ecosystem.

Trust wallet is non-custodial, meaning you control the private keys, giving you an additional layer of security. In the event of someone losing their device or log-in details, you can still use the private key to recover your assets. Trust Wallet never stores or collects any personal data, providing users with a greater level of anonymity than most competitors. Trust wallet also allows hardware wallet integration with Ledger and Trezor, so if security is important to you, Trust Wallet will be increasingly appealing. As Binance acquired Trust Wallet it makes sense that you can purchase BNB directly from the app, all you have to do is hit the “buy” button, enter how much you want, and fill in your card information. It’s important to keep in mind any purchases are fulfilled by one of their exchange partners, either MoonPay or Simplex, so any fees will vary.    

 

Trust Wallet Fees

Fee Type Amount (%)
MoonPay Credit/Debit fee  4.5%
Simplex Credit/Debit Fee 3.5% to 5%
Network Fee Variable

 

Pros

  • dApp browser
  • Staking
  • Non-custodial
  • Good level of privacy

Cons

  • No proprietary exchange
  • High card fees
  • Lack of indicators

67% of retail investor accounts lose money when trading CFDs with this provider. 

5. KuCoin – Alternative Way To Buy BNB

We’ve already spoken about some of the largest, most well-known crypto exchanges, so it’s only right we round off the list with a lesser-known gem, KuCoin. Although they have gained massive popularity since their launch in 2017, now serving over 8 million users KuCoin is often forgotten when talking about the best BNB exchanges.

KuCoin has a huge amount of useful features for people to make sure of, with the only downside being a somewhat confusing interface. Featuring over 750 currency pairs, regardless of what your trading goals are KuCoin should have at least some of the assets you desire. KuCoin offers something for all experience levels, similarly to Coinbase, they have a system that teaches you the basics of trading and rewards you for completing basic tasks. For the more experienced users, they offer staking, lending, and even a trading robot that will execute a range of trading strategies for you automatically. 

KuCoin Fees

Fee Type Amount 
Taker fee 0.1%
Maker fee 0.1%

 

Pros

  • Huge amount of pairs
  • Automatic dollar cost averaging
  • Low fees
  • Large user-base 
  • Range of additional features


Cons

  • Slow support
  • Complex interface

67% of retail investor accounts lose money when trading CFDs with this provider. 

Purchasing Binance Coin – Is it a Good Investment?

Since its initial coin offering in 2017, BNB has risen sharply to become the 5th largest cryptocurrency by market cap, worth more than $62 billion. The price of BNB has risen from just $37 at the start of 2021 to the current price of around $370, marking a 10x in price in just one year. When you consider the BNB ICO went on sale for just $0.15, the coin has seen astronomical growth, and with the backing of the world’s largest crypto exchange, it’ll be exciting to see how BNB performs over the next year or two. 

The Advantages of Investing in Binance Coin

With backing from the world’s largest exchange, it’s no surprise that so many people want to know how to buy BNB. As BNB has grown in popularity, its use-case has widened dramatically, it has gone from being used solely as a utility token designed to reduce trading fees, to being used for more and more everyday transactions. As the rate of adoption for BNB grows, it stands to reason that the price will follow.

  • Used in everyday transactions: Due in part to its rapid rise in market cap, BNB is being used increasingly to facilitate everyday transactions. This means that a massive amount of users that would previously have no knowledge of BNB, will begin to see it more and more commonly, only pushing the demand higher.
  • Backed by the largest exchange in the world: When creating a new cryptocurrency, it helps to have money or a platform behind you, BNB has both in spades. Thanks to Binance being the largest exchange in the world, and offering reduced fees to anyone holding BNB, it makes the coin extremely beneficial to a lot of users.
  • Supply Burn: In the BNB whitepaper, Binance stated that with 20% of its profits each quarter they’ll buy back and burn BNB until 50% of the total supply has been burned. This will cause a massive decrease in supply, and so long as the demand doesn’t decrease this can only lead one direction.

The Disadvantages of Investing in Binance Coin

There isn’t a single investment that is without risk, and as such it’s important to do your due diligence when picking which crypto to invest in. Although BNB has shown massive growth, this is likely largely due to the success of Binance, without the incentive of reduced fees, a lot of BNB will stop being held.

  • Growth Dependent on Adoption: Because BNB has cemented its place as one of the largest cryptocurrencies, more and more places will begin accepting it as payment for goods or services. Should companies stop wanting to use BNB for transactions, there could be a sharp decrease in demand.
  • Regulatory Issues: Binance has been facing a whole heap of regulatory issues, and although they’ve weathered the storm so far, with several countries gunning for them, the future of Binance and BNB is uncertain.
  • Heavily Centralized: In a world where users want to escape from banks and cryptocurrencies are competing to be the most decentralized, BNB doesn’t fit in. It’s heavily centralized and designed more like a business than a new financial standard. 

How Much Does it Cost to Buy Binance Coin?

If you want to buy BNB, then you don’t have to worry about paying any more than a resident of another country. With the majority of large exchanges allowing USD deposits, the main hidden fee to watch out for is any credit/debit card fees which could add around 2% to 5% on top of any order. Currently, the price of BNB is around $360 meaning that if you invested $1000 you would see a return of around 2.79 BNB. 

Purchasing Binance Coin – How to Pay for It

When choosing which payment method is right for you, when you use the best BNB exchange you have a range of options. The most convenient tends to be by using a credit/debit card but with exchanges typically charging high fees and it can be significantly cheaper using an e-wallet, which has the convenience of a credit/debit card but without the high fees. Alternatively, you can deposit using a bank/wire transfer, however, this method is likely to take a few days rather than a few minutes. 

Buy BNB Using PayPal

PayPal offers users an additional layer of protection between an exchange and your card details, although most exchanges are regulated it doesn’t make them immune to digital attacks, which is why it can be a lot more secure using an e-wallet. On top of this PayPal offers the convenience of a credit/debit card without the steep fees typically associated with the payment method. Not a lot of exchanges support PayPal so it’s important to make sure your chosen exchange does, luckily our number 1 pick eToro supports PayPal along with a range of other deposit methods,

Buy BNB using a Credit/Debit Card

Regardless of what you’re purchasing, a credit/debit tends to offer the greatest level of convenience. This is also the case with crypto, bank cards can normally be used to get near-instantaneous access to your BNB. This convenience comes with the price of steep fees and limited security in the event of an exchange’s data getting leaked, which is why it’s important to consider how to buy BNB. 

How to Buy BNB – Detailed and Explained in Full

Buying BNB doesn’t have to be an arduous process, if you follow this simple guide you’ll have all the information needed to start investing in less than 5 minutes.  

eToro

Buy now

CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 75% of retail investor accounts lose money when trading CFDs from this provider.

Capital.com

Buy now

CFDs are complex instruments that have a high risk of losing money quickly due to leverage. 72.6% of retail investor accounts lose money trading CFDs with this provider.

AvaTrade

Buy now

CFDs are complex instruments and carry a high risk of possible rapid loss of capital due to their leverage. 71% of retail investor accounts lose capital when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take high risk in losing your capital.

Mobile App

Wallet

Number of Coins

Trading Fees

Deposit Fees

Withdrawal Fees

Bitcoin

$43261.45 $43300.38 $43408.52

Ethereum

XRP

Tether

Litecoin

Bitcoin Cash

Chainlink

Cardano

IOTA

Binance Coin

Stellar

EOS

Credit Card

Paypal

Sepa Transfer

Skrill

Sofort

Giropay

Neteller

Step 1: Open an Account with a Broker

The first step to investing in BNB is to set up an account with the best BNB exchange. Simply type in “eToro.com” into your browser, then click “Join Now” and fill in some basic information.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

Step 2: Verify your Account

eToro is a regulated platform that, while giving you additional security, means you’ll have to verify your account before buying any BNB. To do this you’ll need to provide a photo ID (passport, driving licence) and also proof of address (bank statement, utility bill). You’ll also need to complete a brief KYC (know your customer) questionnaire to prove you understand the risks associated with trading.

Step 3: Fund your eToro Account

After you’ve verified your eToro account, you’ll need to fund it. You can do this using either a credit/debit card, bank/wire transfer, or using an e-wallet (PayPal, Skrill, etc)

Step 4: Search for BNB

Now you’ve funded your account, you’re only one step away from purchasing BNB. You’ll need to click on the search bar and type in “BNB”.

Step 5: Buy BNB

Lastly, simply enter the amount of BNB you’d like to purchase and hit “buy”. A wallet will be created for you automatically and the BNB deposited into it. 

Conclusion

You’re not limited on options when it comes to trying to buy Binance Coin, but it’s important to carefully consider which platform you should use when investing. It’s important to select a regulated exchange that offers a variety of payment methods, our pick for the best BNB exchange is eToro. After doing hours of research we carefully selected eToro because it’s a fully regulated platform with a 15-year track record, this means you won’t have to worry about your funds getting lost or eToro becoming bankrupt. On top of this, they provide beginners an easy-to-use interface and a range of features that make getting started incredibly simple, for the more experienced traders, there are still plenty of indicators and charting tools. To strengthen security, it’s important to always use 2FA and only keep enough for day-to-day activities in an exchange, storing any large sums in a hardware wallet.

FAQs

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About Jay Leonard PRO INVESTOR

Jay is a UK based cryptocurrency expert, specialising in fundamental analysis and medium to long term investments. He has a great deal of hands on experience in the space and a current focus on institutional adoption.