How to buy BNB (Binance Coin) – Easy to follow guide
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Are you thinking about buying some BNB? It has received a lot of interest in the past years. And it has had one incredible price rise. From its ICO price of 1 BNB = $0.1 USD to today’s value of $14.96 during the time of writing this (Coinmarketcap).
By the way, BNB meaning Binance Coin. The native cryptocurrency of Binance crypto exchange.
So if you are looking to invest in Binance Coin because you like many others believe it has a lot of potential then this guide on how and where to buy BNB will give you all the information you need!
That is a return of 266.15x for early ICO investors. But even after the ICO, and even during the bear market, BNB continued to rise in value. As one of the few cryptos that did. And saw an incredible rise to about $39 back in June 2019.
So the price has fallen a bit. But what we can say for sure is that BNB has proved a couple of things:
- It has proven to stay strong during a tough bear market, as one of few cryptos.
- It has shown there is still a lot of potential with previous growth periods.
How to buy BNB summary:
- Get a secure BNB wallet (Ledger, Trezor or Binance wallet)
- Sign up for Binance
- ALT #1 Buy BNB directly from Binance with a card (slightly higher fees)
- ALT #2 Buy BTC/ETH via Coinbase (lower fees)
- ALT #2 Send BTH/ETH to Binance and buy BNB
- Send BNB to secure hardware wallet (Ledger or Trezor)
What is Binance Coin?
But let us re-wind this guide to buying BNB slightly and provide a recap of what Binance Coin (BNB) is for the newcomers.
There are currently 155 536 713 BNB in circulation and 187 536 713 BNB as the total supply.
Binance is one of the leading cryptocurrency exchanges in the world. And BNB or Binance Coin is its own native cryptocurrency. It is a crypto that plays a few different key roles in the Binance ecosystem. Such as:
- You can use it for trading fees (and get a trading fee discount)
- You can use it for participating in the IEO token sales hosted on Binance Launchpad (like common with ETH or BTC for ICOs)
- And there are some vendors that accept BNB as a payment method, for example, Pundi X
- And it is used to power Binance DEX (Binance Decentralized Exchange)
How to buy Binance Coin (BNB) step by step guide
Now it is time to walk you through this really easy to follow guide to buying Binance Coin. If you are completely new to buying cryptocurrencies then don’t worry we will make it super easy for you to follow our steps and quickly buy some BNB.
Step 1 – Get a secure BNB wallet
The first step that you need to think about and make a decision around is where to store your BNBs? In the crypto space, every investors and holder are their own bank. With that, we mean that you (should) control and store your own cryptos.
And you do this in a cryptocurrency wallet. See it as your own personal bank account. But in the world of crypto, you are the bank.
This is common advice given to newcomers to the crypto world, but unfortunately, it is often disregarded. As it is ‘easier’ to just buy some crypto on a cryptocurrency exchange and leave it there.
But sadly there are too many risks of doing this (at most cryptocurrency exchanges at least. Some are better and some are worse.
In the process of this mainnet swap 11,654,398 million coins were burned and an additional 48 million coins were frozen.
So our advice in the case of buying Binance Coin and storing it somewhere you have two options:
- Store your BNB on a safe wallet where you only own the private keys and can access it – for example a hardware wallet like the Ledger (Nano S and Nano X) or Trezor wallets (Model T and One)
- On 3rd party applications like Trust Wallet or Atomic Wallet
- Store your BNB on a cryptocurrency exchange (Binance) – more risks but Binance is one of the better choices of all crypto exchanges
Learn more about the different key crypto hardware wallets here.
So depending on what option you go for the following steps will change.
Alt #1 ) Using a secure hardware wallet
- If you choose to store your BNBs on the blockchain using a secure hardware wallet you first need to purchase one. And then when you have got it you can use it store your Binance Coins on the blockchain safely in offline mode = fewer risks and likelihood of it getting stolen or hacked
- Then you need to find the wallet address for BNB on it = starts with “bnb”
- And then send your BNBs from Binance (crypto exchange) to your secure hardware wallet
- Learn more about storing it on a Ledger device here
- And you can buy yourself a Ledger Nano X or Ledger Nano S here
- And here for storing it on Trezor
- And you can buy a Trezor Model T here or Trezor One here
Alt #2 Using a 3rd party application
Another option you have is to use a 3rd party wallet application to create your own Binance Coin blockchain wallet.
This way you have linked your address to the 3rd party application and you can follow the value in the app, and send and receives your Binance Coins of course!
There are a few different options to use but popular ones are:
Alt #3 ) Storing it on a crypto exchange like Binance
- If you choose to store your Binance Coins on Binance (crypto exchange) then after buying BNB you don’t need to do anything. But to secure your account and make sure you have activated 2F-Authentication
Step 2 – Sign up for Binance
The second step is to sign up for an account with Binance so that you can buy yourself some Binance Coins.
There are other cryptocurrency exchanges that trade BNB. So you can actually buy it elsewhere. But we do recommend that you use Binance. As it is the home of Binance Coin. And one of the leading crypto exchanges in the world.
Especially due to trading volume and security.
But you can find other exchanges that trade BNB here.
To sign up for Binance follow this step by step guide:
- Head over to www.binance.com and create your own account by clicking on ‘Register‘
- Complete the sign-up process – enter your personal details, email, etc
- Confirm the email that gets sent to your inbox
If you want to learn more about Binance check out our Binance review
The next step is to buy yourself some Binance Coins. And as mentioned above there are two ways of doing this.
- Either you buy BNB directly with your card (credit card or debit card) over at Binance. This will be much quicker, but it comes with higher fees – about 2.5% purchase fee + ~2% above the spot market rate
- Or you buy yourself some Bitcoins (BTC) or Ether (ETH) first via a Fiat-gateway exchange where you could make a bank transfer (Coinbase) and then you send your BTC/ETH to Binance to purchase BNB for lower fees. But it will take 1-2 days.
Step 3 ALT #1 – Buy BNB at Binance
So the following step is for the ones that want to buy Binance Coin directly from Binance to higher fees but much quicker execution. If you prefer to wait and get lower fees then jump to the ALT #2 step below.
So to buy Binance Coin directly from Binance follow this step by step guide:
- After you have signed up for an account with Binance go to www.binance.com and log in
- After that click on ‘Fiat‘ and ‘Buy crypto‘ and then select BNB in the ‘I want to buy’ section. And enter the amount you want to buy for and the Fiat currency (USD, GBP, EUR, etc)
- And then you will see which payment provider that will be used for buying with your card (Simplex, Koinal, Trusttoken, Paxos) and click on ‘Buy‘
- Then a dialog comes up – accept and click on ‘Go to payment‘ and then you will be redirected to the payment providers site to complete your purchase
- Complete the purchase by entering your card details
- Wait for your BNB coins to arrive in your Binance wallet
That is it now you have bought yourself some Binance Coins. And depending on where you want to store them you are either done or you need to transfer your BNBs to your secure hardware wallet.
To transfer your BNBs to a hardware wallet head over to step 6.
Step 4 ALT # 2 – Buy BTC/ETH at Coinbase
So if you prefer to save on fees when buying you can instead use a cryptocurrency exchange where you can deposit funds via a bank transfer. This is often either free or with very minimal fees.
We have written a guide on some cryptocurrency exchanges where you can deposit with your bank account here.
But in this guide, we will focus on one of the most popular alternatives to deposit from your bank account, namely Coinbase.
To buy BTC or ETH from Coinbase follow this guide:
- First head over to www.coinbase.com and register for a new account by clicking on ‘Get started‘
- Complete the sign-up process
- When you are logged into to Coinbase you can either buy BTC or ETH via your credit card, debit card or bank account
- To buy with either of those three you first need to link them to your Coinbase account. Click on ‘Settings‘ and then ‘Linked accounts‘ to add your bank account
- After that click on ‘Trade‘ to deposit funds from your bank account
- After you have deposited funds from your bank account it could take 1-2 days for it to arrive in your Coinbase account
- When the funds have arrived simply buy some BTC or ETH
- Now when you have bought some BTC or ETH you can then move on to the next step in this guide
If you need additional help to use Coinbase then you can read our complete guide to Coinbase.
Step 5 ALT #2 – Send BTC/ETH to Binance and buy Binance Coin BNB
Now that you have bought yourself either some BTC or ETH via Coinbase you can move on to the next step which is to send those to your Binance account.
Then you need to locate your Bitcoin or Ether address. To do so follow these steps below:
- Head over to your Binance account again at www.binance.com
- Log in and then click on ‘Wallet‘ and ‘Exchange wallet‘ – then find BTC or ETH in the list and click on ‘Deposit‘
- You will then see your BTC or ETH address. Copy this and go back to your Coinbase account and send your BTC/ETH to Binance
- When you have sent your cryptos to Binance you can buy yourself some BNB
- Click on ‘Exchange‘ and ‘Basic‘ and then select either BNB/BTC or BNB/ETH trading pairs. And then select the amount and price click on Buy BNB
- Wait for the transaction to go through and then you are done!
Now you can either choose to store your BNBs on Binance or on the secure hardware wallet that we mentioned previously.
If you choose to store them on Binance then you are done! 😉
If you choose to store them on a secure hardware wallet move on to the final step on this guide – step 6
- For a detailed guide on how to send cryptocurrencies from Coinbase to Binance read this guide
- And for a detailed guide on how to buy on Binance read this guide
Step 6 – Send BNB to secure hardware wallet
The final step of this guide is for those that want to store their BNB on another wallet than the Binance exchange wallet. For example that you could be any 3rd party wallet that supports Binance Coin.
But we do always recommend using a secure hardware wallet.
Follow this step by step guide to locating your Ledger or Trezor wallet addresses for BNB:
If you are using a Ledger wallet:
- Download Ledger Live application for the desktop (desktop guide) or mobile (mobile guide)
- Connect your hardware device and sign in
- Locate your BNB wallet address – it starts on 0x – copy this
- Go back to Binance and send your BNB to the copied Ledger address
If you are using a Trezor wallet:
- Go to https://wallet.trezor.io/ and connect your device
- Find your BNB wallet address and copy the address – it starts on 0x
- Go back to Binance and send your BNB to the copied Trezor address
Now you’re done! Great work. Now it should hopefully be super clear for you on how to buy Binance Coin from Binance. Using either your credit card or debit card to buy it instantly.
Or use another site to deposit money via your bank and save on fees!
Now, this guide on how to buy BNB and securely storing it either on your secure hardware wallet (Ledger or Trezor, or any other 3rd party wallet that supports BNB) is done.
The steps on buying BNB can differ quite a bit depending on what is important to you. We, therefore, covered all the different ways that you can do to buy and store BNB.
So if you don’t mind spending a bit more in fees to quickly buy Binance Coin then obviously go straight to Binance and buy it with your card.
But if you think it is more important to buy it cheaper and you don’t mind waiting a day or two then use our Coinbase steps.
No matter which option you choose to buy Binance Coin with, investing in BNB could be a great decision. And we will ourselves follow its price and potential over the coming months and years.
If there is anything you are wondering about you can read our FAQ (Frequently Asked Questions) below or get in touch with. Either by leaving a comment below or via email. We are always happy to help!
Frequently Asked Questions about buying Binance Coin
1 ) Is Binance Coin an Ethereum token?
Not anymore. BNB was an ERC-20 token. Until Binance Coin launched their own mainnet back in April in 2019 (learn more about it here).
Now Binance Coin is running on Binance chain and the Binance Chain Native Tokens addresses now starts on “bnb” for example. All Ethereum tokens start on 0x.
2 ) What is the total supply of BNB?
Currently, the total supply of Binance Coins still in existence is 187 536 713 BNB. But when launched there was a total supply of 200 million coins. But there have been a few burn instances so the total supply has decreased.
3 ) Can I store BNB on any Ethereum wallet?
Not anymore. You need a BNB-supported mainnet wallet – a wallet that supports Binance Chain.
You can, for example, store your BNBs on:
- Hardware wallets like the Ledger or Trezor wallets
- Or 3rd party apps like Trust wallet or Atomic wallet
- On Binance exchange
We recommend that you use a wallet where you own your private keys so that you can keep them safe. On exchanges like Binance, you don’t own your private keys are they are exposed to hacks and thefts.
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Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier