How to Buy Binance Coin: The Coinlist Guide

Binance Coin BNB is one of the most interesting cryptocurrency stories of the past year. And while BNB won’t mean much to the masses, it’s now intimately tied into the cryptocurrency industry with no signs of stopping in sight. To learn everything you need to you, read through this full Binance Coin review.

(BNB)

Binance Coin

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The Difference Between Trading and Buying

1

Ownership:

To buy cryptocurrency, you must create a wallet for yourself to hold the tokens. Trading does not require this.

2

Different Goals:

If you wish to support the ethos of the cryptocurrency, buying is better. If you are looking to profit on investment, trading offers more options.

3

Regulation:

Trading through a CFD is much more likely to provide more regulation to protect investment. Buying does typically offer this added security.

The ultimate beginner's guide to trading Binance Coin

What is Binance Coin (BNB)?

binance coin exchange There are more than 1,600 blockchain projects with coins/tokens in the market today. Each one of those is trying (even the scams…) to fulfill one of more use cases. Most are trying to do a job that makes a difference in the real world, in a way that mainstream folks can appreciate. However, there are some excellent exceptions… Binance Coin BNB is one such exception. Binance coin is the native token of Binance coin exchange. Though it can be traded for other cryptocurrencies at many other major exchanges, its one true use case is to be used as a payment token on Binance, with trading discounts going to the people that use it instead of Bitcoin and others. Binance exchange has become the most popular cryptocurrency exchange in the world, and as such Binance coin BNB has been bought and used by hundreds of thousands of traders. This has caused the Binance Coin price to rocket upward since its introduction in 2017. Each quarter, Binance burns some of the BNB supply, further driving up the cost.

How to Buy Binance Coin BNB:

Binance Coin is traded on many exchanges, but new users often don’t know where to begin. Instead of telling you every possible way to buy Binance Coin BNB, we’ll narrow it down to the most convenient methods Binance Exchange. Binance Coin is perfectly storable on the Binance exchange. However, Binance contains so much currency that hackers all over the world are constantly looking for a way to hack it. If you wish to buy Binance coin BNB as an investment (especially at this Binance coin price), you’ll want to store it in a personal wallet off of Binance Exchange. We’ll show you how to do this first. Binance Coin can be stored in MyEtherWallet.com, which holds Ethereum and all coins released on the Ethereum platform. Go to MyEtherWallet.com now and let’s create your account. theta coin binance coin bnb When you start your new account, you’ll be provided a Private Key. This is a secret code that can be used to open your MyEtherWallet on any device in the world. No one has access to your private key, not even MEW. Carefully write it down or otherwise record it. This can be used as a password to get into your account. Make sure no one ever gets access to it. In the image above, there are two main points of interest. One is the “Account Address” in the upper right section of the image. This is the address that can be used to send Binance Coin BNB (and any other coin supported by MEW) to your MyEtherWallet, just as your home address can be used to send mail to your house. We’ll need this later. Below, you’ll see a grey button labeled “Show Tokens”. This will open a long list of all of the coins supported by the MEW wallet. They are listed alphabetically, so a little down the list you’ll see BNB. When you click it there will be 0 BNB, because we haven’t bought anything yet. But soon, you’ll have some of your very own BNB waiting there. Now that your MyEtherWallet for Binance Coin storage is ready, you can now buy with confidence. Soon, your new Binance Coin BNB will arrive in your MyEtherWallet. Congratulations! You are now a Binance Coin BNB investor. You can either hold your Binance Coin for the long term, or use it on Binance.com to get discounts for all trades made using the coin as currency.

How to Buy Binance Coin Using Binance Exchange:

Binance.com is the largest and most popular cryptocurrency exchange in the world. Their native token BNB is used by Binance traders who want to benefit from the discount offered by Binance to those who use their coin for trading payments. To buy Binance coin on Binance coin exchange, you’ll first need Bitcoin, Ethereum, or USDT. For this example we’ll use Bitcoin, but the other options work just as well. Start by going to Coinbase.com and buying some Bitcoin. It will take a few days to arrive. In the meantime, we’ll show you how to set up a Binance account and where to send your new Bitcoin once it arrives. Start by going to Binance.com. Input your email and a new password. Fulfill the CAPTCHA and respond to the verification email. Inside your new account, set up 2 Factor Authentication with Authy or the Google Authenticator App. This will make your Binance account much more secure than a password alone. binance coin wallet binance coin buy binance coin value If your Bitcoin has arrived, now proceed to “Funds” > “Balances”. This will take you to a page where all of your Binance wallets are listed (seen above). Binance sells dozens of coins. Just in case their customers wish to buy any one of them, they supply a digital wallet within the platform for the storage of each coin. Right at the top of this list will be your Binance Bitcoin address. You can choose to send Bitcoin to this address by clicking “Deposit”. binance coin price buy binance coin how to buy binance coin In the image above, you’ll see the “BTC Deposit Address”. Copy this address and go back to Coinbase where your Bitcoin is currently stored. Click “Send” in your Coinbase Bitcoin wallet. Paste this address into the address line and confirm the transaction. In a few minutes, your Bitcoin will arrive in your Binance Bitcoin wallet, where it will be ready to be traded for Binance BNB coin. Now click on “Exchange” > “Basic” in the upper left hand corner of Binance. This will take you to this page. binance coin value The above is a Binance trading screen, but it’s not the one you want. Notice that in the upper left hand corner it says “Komodo”. That’s not the coin you want. On the right side of the screen, notice the little golden box labeled “BTC”. This indicates that Bitcoin is being used as the coin of exchange (that’s what you want), and beneath this is a list of all of the Bitcoin/altcoin trading pairs. Type “BNB” into the little text box, and a trading pair will be isolated. Click it, and the screen should change to the Binance Coin trading screen, as seen below. binance coin buy There’s a ton of information on this page, but not all of it is immediately relevant to our How to Buy Binance Coin Review. The little menu at the bottom with the green button is really what we’re after. We’ll give you a closer look at it below. buy binance coin This simple interface has a number of ways it can be used. Because we’re here to show you how to quickly buy Binance coin, we’ll leave you to learn the difference between “Limit Orders”, “Market Orders”, and “Stop-Limit Orders”. You can buy Binance coin without knowing any of that stuff. As you can see, the “Price” line is already filled out for you. This is the current market price of one Binance Coin. If you just want to buy as much Binance Coin BNB as you can afford as fast as possible, leave that price alone and move down to “Amount”. You can either fill in how many Binance Coins you would like to buy at the above price, or you could simply hit “100%” to choose to buy as much BNB as possible using all of your Bitcoin. Below, you’ll see the “Total” filled in. This is the final price you are preparing to pay, measured in Bitcoin. When you’re ready, hit the green “Buy BNB” and your order should be completed in a few seconds. Now, normally we would recommend that you move your coins to a safe external wallet. You can choose to do so if you wish, using the MyEtherWallet method described in the previous section. However, BNB is a special coin, meant to be used on the Binance exchange ecosystem. If you’ve employed 2 Factor Authentication on your account, your account is likely very secure. If you wish to keep your Binance coin on Binance to use for trades (or simply to store for the long term), feel free to do so. If you want the most secure method, go back to “Funds” > “Balances” and withdraw your BNB to the Account Address of your MyEtherWallet account.

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