Connect with us
Buy Digital Assets:

Buyer's Guide

How to Buy Binance (BNB)

mm

Updated

 on

Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.

Binance Coin (BNB) tokens are the native token of the Binance exchange. Since BNB tokens offers discounts to Binance exchange fees we recommend you purchase BNB tokens directly on the Binance exchange.

Binance

Binance is one of the largest and most well-known cryptocurrency exchanges in the world. The benefits of purchasing BNB directly is that you benefit from being a token holder with reduced exchange fees, and you can experience first-hand how powerful this platform is. Binance is hands-down the most advanced trading platform on the planet, they feature 100s of tokens.

View our detailed Investing in Binance guide to learn more about why Binance is a good investment, read our Binance Review for traders, or visit Binance.

Use Discount Code: EE59L0QP for 10% cashback off all trading fees.

Other exchanges that currently sell Binance include:

Paybis

Paybis operate a very well-trusted Bitcoin and cryptocurrency purchase platform where you can buy BNB and a range of other crypto using nothing more than your credit or debit card. They have been around since 2014 and have helped hundreds of thousands of people to make Bitcoin purchases.

If you simply want to buy BNB and hold then this is one of the easiest ways to buy BNB with a credit card or debit card.

Read our Paybis Review or visit Paybis.

Poloniex

Poloniex was founded in the US in 2014 and has quickly risen to become a very popular exchange of choice for many crypto traders looking to combine a strong range of assets, with great value. They are continuing to expand their asset range all the time, with more than 100 different pairs choices now available to trade. With a recently revamped look, the exchange is also looking more professional than ever with trading in futures and on leverage of up to 100:1 also now available to access.

Read our Poloniex Review or visit Poloniex.

Best for

Advanced Traders

Best for

Instant Purchase

Best for

Ease of Use

Account Minimum

None

Account Minimum

$50

Account Minimums

None

Promotions

10% Cashback

Discount Code: EE59L0QP

Promotions

None

Promotions

None

What is Binance Coin (BNB)?

Binance Coin or ‘BNB’, is a cryptocurrency developed and released by the world’s leading cryptocurrency exchange, Binance.

What does it do?

While Binance is a wildly popular exchange, the company is looking to expand their operations to include a variety of different services.  Binance Coin was created to serve this entire ecosystem.

For the time being, the vast majority of users utilize BNB to pay for various fees.  While fees can be paid for with other assets, utilizing BNB provides its users with discounts on said fees.

Despite being primarily used as a means to pay fees on the Binance exchange, BNB’s structuring as a cryptocurrency allows for it to facility everyday transactions similar to coins like Bitcoin, Litecoin, and more.

How does Binance Coin (BNB) work?

Binance Coin is structured as an ERC-20 token.  This means that it is built using solidity as a coding language, and operates atop the Ethereum blockchain.

The token itself was distributed in a past ICO, and is limited to a total 200 billion BNB.  This total will eventually become static at 100 billion BNB, as Binance intends to routinely ‘burn’ tokens on a quarterly basis.  To date, Binance has undergone 6 separate burn cycles.

Projected Developments?

Currently structured atop the Ethereum network, Binance Coin will soon be revamped.  The team at Binance has indicated that that BNB will soon transition away from Ethereum network, and on to their own self-titled blockchain, Binance Chain.  No exact timeline has been given for this transition.

Underlying Ideology?

Binance Coin appears to be free of an underlying ideology.  Its existence is solely as a means for Binance to capture a greater percentage of fees associated with the trading, listing, etc, of cryptocurrencies.

Acceptance and Controversies?

Due to the popularity of Binance exchange, Binance Coin has grown along with it.  This adoption has resulted in a need for custodial options, with a bevy of wallet services now supporting the asset.

Beyond custodial support, Binance coin has seem modest adoption from various companies affiliated with Binance exchange.  These affiliations open up the opportunity for BNB to be used for travel expenses, bill payments, investments, and more.

Throughout its short lifecycle, Binance Coin has remained relatively free of controversy.  While there have been instances in which traders suspect market manipulation involving BNB, this is no different than most other cryptocurrencies.  Where concern rises, is the potential for BNB to be viewed as a security.  If this were found to be the case, there would be serious ramifications for Binance and BNB.

Regulation?

Binance CEO, Changpeng Zhao, has stated that BNB is not a security, and that various regulatory bodies have made this distinction based on its unique attributes.

In North America however, there has been little to no commentary made regarding BNB by actual regulators.  Despite how BNB is treated in certain parts of the world, there remains a risk that the regulators such as the SEC will deem the asset a security.  The simple fact that the token was sold via ICO, and that Binance directly controls and profits from BNB, puts it at risk.

Furthermore, it is believed that many of its users view holding BNB as an investment, due to the potential for deflation as a result of its quarterly coin burns.

The bottom line is, there has been no official statement one way or another on the regulatory status of BNB within North America.

Who Made It?

Binance Coin was created by developers at Binance Exchange in 2017.

Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets.

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.