How To Buy Binance Coins – Forbes Advisor – Tech Tribune France

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Binance is one of the world’s leading cryptocurrency exchanges, facilitating 1.4 million transactions per second. Binance Coin (BNB) is the native token of the exchange, which is currently the fifth largest crypto by market capitalization.

Despite recent price fluctuations, some investors believe Binance Coin has great growth potential. If you want to invest in Binance Coin, here’s what you need to know.

Advertising

What is Binance Currency (BNB)?

Binance has launched a decentralized crypto exchange, a peer-to-peer crypto trading platform and two parallel blockchains: Binance Smart Chain (BSC) and Binance Chain. According to Binance, the cryptocurrency exchange is the largest in the world based on trading volume.

Binance Coin is the cryptocurrency coin that powers the Binance ecosystem. BNB launched in 2017 – initially on the Ethereum blockchain – with an initial coin offering, or ICO, of 100 million tokens at 15 cents per token.

A unique feature of Binance Coin is coin burning. Every quarter, Binance uses 20% of its profits to buy back and burn Binance Coins, removing them from circulation and permanently destroying them.

Binance will continue this process every quarter until it destroys 100 million Binance Coins, or approximately 50% of the supply. This strategy is designed to make the BNB offer more exclusive and valuable.

Binance Coin holders can use the tokens to receive discounts on Binance crypto exchange transaction fees. It can also be used to exchange against other cryptocurrencies, such as Bitcoin, Dogecoin or Litecoin.

Where can I buy Binance coins?

Despite Binance’s popularity, Binance Coin is not available on all exchanges. Even popular exchanges like Kraken and Gemini do not offer BNB trading.

Cryptocurrency exchanges that allow users to buy and sell BNB with fiat currency or other cryptocurrencies include:

Binance.US users also get a 25% discount on trading fees when using BNB to pay fees.

Some investors are looking for trading pairs, where a cryptocurrency token like Binance Coin is paired with a stablecoin like Tether. Exchanges that combine Binance Coin and Tether include:

If you decide to invest in Binance Coin, follow these steps to get started:

1. Select a crypto exchange

To buy cryptocurrency, you first need an account with a cryptocurrency exchange, a platform that facilitates cryptocurrency trading.

Not all crypto exchanges offer BNB trading, so do your homework to find a cryptocurrency exchange that does. There are many exchanges, ranging from those designed for beginners and basic trading functionality to more advanced ones for seasoned investors looking for more complex options like margin trading or futures.

2. Buy BNB

When you’ve found an exchange, you can fund your account with a debit card, credit card, or electronic bank transfer.

Once your account is funded, enter the exchange’s trading platform. Enter the Binance Coin ticker symbol – BNB – and the amount you want to invest, for example $50. Most exchanges allow you to choose between market and limit orders at the time of trade.

Although some exchanges allow you to use credit cards, we caution you against this method of funding. Credit card issuers consider cryptocurrency transactions to be cash advances, so you will incur higher fees and annual percentage rates (APR). And borrowing money to invest is risky, especially when trading cryptocurrency, and you could end up in debt.

3. Store your BNB

Whether you buy BNB or other cryptocurrency tokens, you are responsible for the security of your investment. There are several storage options:

  • Hardware wallets. Generally the most secure method of storage, hardware wallets are small physical devices. Because they can be disconnected from the Internet or any other computer network, they are considered a form of offline “cold storage.”
  • Paper wallets. Like hardware wallets, paper wallets are a highly secure option. With this approach, your private keys are written on a piece of paper or printed on a downloadable QR code. However, make sure you have a safe place to store this paper and remember where it is! Otherwise, you will lose access to your cryptocurrencies.
  • Software wallets. Software wallets are more convenient than hardware or paper wallets. These are downloadable software or applications that store your cryptocurrencies on your devices. They are “hot wallets” because they are connected to the internet. They are considered less secure than hardware or paper wallets, but they allow you to trade or sell your tokens more easily.
  • Crypto exchanges. With some cryptocurrency exchanges, the exchange will store your tokens on your behalf. Using a crypto exchange for storage is convenient and makes it easy to trade your tokens. However, there is a risk of security vulnerabilities, so it’s better as a short-term solution.

What can you buy with BNB?

Binance Coin has many uses. In addition to paying transaction fees on the Binance exchange, you can use BNB to do the following:

  • Trade for other cryptocurrencies.
  • Invest in stocks or exchange-traded funds (ETFs).
  • Buy goods or services.

Some retailers and online merchants accept BNB as a form of payment; companies that use BNB include Travala, Zap Hosting and more.

Although BNB is popular, think carefully before investing your money in the token or any cryptocurrency. Cryptocurrencies can be volatile, with steep price rises and falls. Set yourself an investment budget and only risk the money you don’t need for essential expenses.

We want to say thanks to the writer of this short article for this amazing material

How To Buy Binance Coins – Forbes Advisor – Tech Tribune France


Check out our social media profiles along with other related pageshttps://metfabtech.com/related-pages/