BitDegree aims to uncover, simplify & share Web3 & cryptocurrency education with the masses. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place. Once you’ve verified your account, you will then have to confirm your payment details. Let’s begin with the more-popular one, and check out how to buy on Binance by using a credit or debit card. Binance Smart Chain is essentially a copy of the Ethereum network but with a few major tweaks like its consensus mechanism (PoSA).

Start by selecting the cryptocurrency you want to purchase in the transaction form. If this is your first time using Binance, you will need to create a user account by visiting the Binance homepage and signing up. You will also have to verify your identity before proceeding with the follow-up steps (see our detailed Binance KYC guide). BNB is easily accessible for anyone with a Binance or Binance.US account. Binance.US is the Us-based Binance affiliate regulated by the US Financial Crimes Enforcement Network (FinCEN). As a platform token, it only makes sense that the best place to acquire it is on its native platform, Binance, and affiliated entities.

Step 4 – Make payment.

While it is true that Binance is one of the potentially-more-confusing cryptocurrency exchanges out there, this is only true because of the different features that it provides to its users. You see, on Binance, you can purchase, say, Binance BTC from the platform itself, or trade it from some other users. The BNB token is the native token of the Binance Smart Chain (BSC) and the unit of payment required for on-chain activities such as using the Binance DEX or making a transaction. Binance Coin (BNB) is a utility token mostly useful within the Binance ecosystem. If this is your first time using Binance to buy crypto, you will be required to add a credit or debit card to your account.

Store Your BNB

Here, Binance acts as an escrow service – this way, you can be sure that the trades are going to be legitimate, and that you won’t get scammed out of all of your money. From the homepage of the website (or your dashboard, if you’re logged in), navigate to the upper part of the window, and hover over the “Trade” button.

1. The BSC is a parallel blockchain with exact comparison to the popular Ethereum blockchain.
2. The transaction will process immediately and the BNB tokens will be deposited into your [Fiat and Spot] wallet.
3. With the “Market” option, you’ll be able to purchase BTC at the exact price that it holds at that point in time.
4. Binance also has its own decentralized exchange, the Binance DEX where you can trade for a network fee.

The setup process is simple, provide the card details, then click on the [Next] button to add the payment card to your Binance account. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market. As you’ve probably noticed throughout this guide, Binance really isn’t all that intimidating, even if you’re just starting out.

Binance Fees Explained

This was a deliberate plan to create artificial urgency for investors to buy the tokens sooner rather than later. In the Binance ecosystem, another digital asset exists called the Binance Dollar or Binance USD (BUSD). Even though they are both issued by the Binance crypto exchange, they are fundamentally distinct and serve different functions. Binance Coin (BNB) has been one of the most profitable investments of the last 4 years in the cryptocurrency market, registering returns of over 450,000%. An investment of $1,000 during its Initial Coin Offering (ICO) in July 2017 would have multiplied to a massive $4.5 million as of May 2021, when the coin reached its current all-time high. The total amount you will receive will be displayed in the top left corner.

Once you’ve logged into the site, navigate to the upper-right corner of your screen. There, find the “Buy Crypto” button, and place your mouse over it. Now, you’ll see up to 5 different crypto buying options – bank deposits, credit-debit cards, P2P trading, cash balance, and third-party payments.

You can use an ID, a passport, or a driver’s license, depending on the country. After this, you’ll be required to take a selfie or upload a picture to complete face verification. Advanced verification will require you to upload proof of address either from your bank statement or a recent utility bill. The most significant benefit of using Trust Wallet is that it is available to anyone worldwide, even in jurisdictions where Binance is restricted or banned. Plus, users get to custody their assets as opposed to trusting a centralized platform that is vulnerable to hacks. Enter the amount, then tap on the [Continue] button, where you will be redirected to the partner webpage to process the payment.

Please note that buying crypto on Binance with fiat currency is not supported or allowed in some countries. Please make sure you follow your country’s laws when interacting how many bitcoins are there how many left to mine with Binance. Whether Binance is a good investment will depend on your investing goals and a few other factors, such as timing.

However, there was a big possibility that the value of BNB would fall once the discount period expired after 4 years. To counter this undesirable event, Binance adopted the concept of coin burning within their whitepaper, committing to reduce the total BNB supply by 50% or 100 million tokens. Following the success of the trading platform, Binance opted to launch a new blockchain similar to Bitcoin or Ethereum dubbed the Binance Chain. Now that Binance had a blockchain of its own, it was only natural that it would issue new BNB tokens on the Binance Chain to replace those that were available on the Ethereum blockchain.

Now, don’t get me wrong – it can be quite complex, especially if you have no prior experience with any asset trading or investing, and stumble upon the “Advanced” trading windows. All of these relate to a specific type of trading that you can perform. Now, there are different benefits to choosing either of these methods. Most of them have to do with fees and transaction speed – depending on the price of BTC, buying Bitcoin on Binance via Simplex might be the smart thing to do. For starters, most people who are looking at how to buy coins on Binance are doing so because this platform supports a significant number of cryptocurrencies. As of writing this guide, you’ll find over 150 different cryptos and altcoins available to be traded on the site.

Since we’re focusing on (arguably) the simplest way to trade, click on the “Credit/Debit Card” option. Binance Coin (BNB) is among the largest cryptocurrencies by market cap, and it’s the platform token for the popular crypto exchange – Binance. In this guide, you will learn how to use BNB, why it’s a popular asset amongst blockchain investors, and discover a step-by-step guide to buying it. Purchasing the coins from the platform, you’ll encounter yet another major benefit of Binance – it can be done with a credit-debit card. With many other crypto exchanges out there, you’ll struggle to find such features – the closest you might get are bank transfers, but even those are less-conveniant than paying with a card. Binance Coin holders can use the tokens to receive discounts on Binance crypto exchange transaction fees.