BNB is a native asset of the Binance Chain and Binance Smart Chain. The coin powers the platform’s trading ecosystem, is used to pay for its services, and can be converted to other crypto assets. BNB holders who have large volumes of the currency may be eligible for discounts on trading fees, a practice that encourages traders to use the coin. Once you’ve signed up, you’ll need to decide where to store your BNB tokens. You can store BNB on your BNB exchange wallet, or you can use Binance’s crypto wallet app, Trust Wallet. The company claims that the latter option is the most user-friendly and secure mobile wallet on the market.
There have been similar speed bumps in Europe which led to a months-long freeze on bank deposits from the Single European Payment Area or SEPA network. Binance was also told to suspend operations in the Cayman Islands, the UK, Canada, and Thailand due to a lack of regulatory clearance. To prevent the concentration of power in the hands of a few, Binance also permits delegators. Store your newly purchased Binance Coin in your preferred wallet There are many custodial and non-custodial wallets to choose from. Investors can talk with each other across a range of platforms in more than 19 languages.
- After you buy Binance Coin, you can transfer it to anyone across the globe, as long as you know their Binance Coin wallet address.
- Binance Pay, for instance, operates a little like the International Clearing System but without some of the fees.
- The company claims that the latter option is the most user-friendly and secure mobile wallet on the market.
- Unfortunately, the platform isn’t accessible from all jurisdictions in the US.
FTX has a trading volume that’s similar to that of KuCoin and is also known for the sheer number of coins that it offers. The platform allows you to easily convert from both fiat and other cryptocurrencies into BNB. You can convert the currencies on the wallet page by selecting the asset you wish to sell and clicking “Convert”. You’ll be offered a quote by the platform, and if the price is acceptable, you can execute the trade.
Binance Is the Biggest Crypto Exchange
Binance also has facilities that allow individuals to transfer BNB around the world quickly. Binance Pay, for instance, operates a little like the International Clearing System but without some of the fees.
Lastly, the cryptocurrency exchange BitGlobal lets you buy, sell, and store BNB alongside a host of other currencies. Currently, the platform has more than eight million registered users and has a cumulative transaction volume of more than $1 trillion. The BitGlobal platform is available in eight different languages. It offers high-quality services, including staking and login theft prevention. FTX is something of a cryptocurrency trader’s paradise, incorporating many of the financial tools that are available on mainstream brokerage platforms.
It’s also used as “gas” for the Binance Smart Chain, a blockchain network built to run smart contracts. And finally, users can turn to the KuCoin news service that keeps them up to date on the latest developments in the world of crypto. KuCoin is widely praised for the number of coins that it offers as trading options, including BNB. Trust Wallet provides you with an easy way to buy BNB and other cryptocurrencies. Purchase BNB and more altcoins directly within the Trust Wallet app, using a credit card.
Binance’s own Trust Wallet is a great option, but there are a few alternatives, including MetaMask. The Binance Smart Chain uses a Proof of Staked Authority in which network users state their reputation and identity instead of tokens. Under this mechanism, the Binance Smart Chain relies on 21 validators to run its blockchain. There is a growing number of charities that accept donations in Binance Coin and cryptocurrency. After you buy Binance Coin, you can transfer it to anyone across the globe, as long as you know their %name% wallet address.
You can easily manage and store all your cryptocurrencies with our Crypto Wallet while maintaining complete ownership of funds. Convert your Binance Coin to another cryptocurrency directly in your wallet or by using a DeFi application. It has a price based on supply and demand and is not linked to any Binance profits (and is, therefore, not stock or share). However, the value of the coin is still linked to the success of the Binance ecosystem. If you want to connect to these DEXs, you’ll need to have a wallet that supports the Binance Smart Chain.
What Is the Purpose Of BNB?
Buy from as little as $50 worth of cryptocurrencies on Trust Wallet. Binance originally launched BNB on its exchange as a way to offer users discounts on trading fees when paying with these coins. Originally, the discount was 50%, though it has since been reduced to a more modest 25%. BNB is available to buy through a variety of third-party decentralized exchanges or DEXs that run on the Binance Smart Chain. Popular options include 1inch, SushiSwap, BakerySwap, and PancakeSwap, though there are others.
It says that it is improving its verification processes to meet various regulatory requirements in different states. Know your customer or KYC standards are also being beefed up in response to growing pressure from financial regulators globally. Recently, US authorities forced Binance to launch separate operations in the country to comply with its regulation.
It operates more than 250 quarterly and perpetual futures and allows users to buy leveraged tokens to increase their exposure to certain markets. On most platforms, buying BNB is as simple as setting up an account, creating a cryptocurrency wallet, and then buying cryptocurrencies using fiat money. In some jurisdictions, however, you may need to meet KYC requirements, handing over details such as your Social Security number and driving license information. KuCoin is a much smaller platform than Binance, with a trading volume of just over $2 billion.
The company has often exhibited its willingness to move ahead with projects, even if they risk regulatory pushback. Trust Wallet is a multi-coin wallet that is available on both Android and iOS phones. Store your BNB and more altcoins with complete ownership on Trust Wallet. Book flights or hotels, pay for your favorite meal or more with BNB. After you buy Binance Coin, you can transfer it to anyone across the globe, as long as you know their Binance Coin wallet address.
What Is a Binance Coin?
BNB, however, is not available via many other exchanges because it is a Binance-native coin. As the world’s biggest crypto exchange, Binance has a trading volume of $21.83 billion, according to some of the latest data. By comparison, the Coinbase Exchange has only $3.26 billion. Binance is also growing its ecosystem in a way that other blockchains are not.
Buy Binance Coin instantly with a credit or debit card, bank transfer, Apple Pay, Google Pay, and more. MoonPay offers a fast and easy way to buy BNB with credit card. I have always thought of myself as a writer, but I began my career as a data operator with a large fintech firm. This position proved invaluable for learning how banks and other financial institutions operate. Daily correspondence with banking experts gave me insight into the systems and policies that power the economy. When I got the chance to translate my experience into words, I gladly joined the smart, enthusiastic Fortunly team.
Binance is the best place to buy Binance Coin (BNB) for several reasons. Trade or swap BNB and BEP2 tokens using Trust Wallet’s multi-dex feature. Check out real-time prices, market movements, market cap and more information about BNB on your Trust Wallet app. While you’re holding BNBs, you have the option to stake your coins and earn interest on them, as you might in a conventional market.
However, it still operates a trusted service with more than 10 million global investors and covers 200 counties. Like Binance, KuCoin is accessible on both desktop and mobile. Users can download the platform’s apps from the App Store or Google Play. The BNB token is available on some cryptocurrency exchanges, but not all.
As such, those who are accustomed to using some of the popular platforms like Coinbase won’t be able to purchase the coins. Despite competition from Coinbase and others, it is the biggest by market capitalization. In 2020, it reached more than $2 trillion in total trading volume, while BNB became the third-largest cryptocurrency by market cap. Binance Coin (BNB), is a utility token for trade discounts on Binance, the largest crypto exchange.
Trust Wallet – Your new BNB Wallet
In this post, we’ll tell you how to buy BNB and name a few crypto exchange platforms that offer the currency as a trading option. Binance Coin is a digital currency issued by the crypto exchange, Binance. Binance is the world’s largest cryptocurrency exchange, and the platform has been moving quickly to grow its own currency. BNB was created by Binance in 2017 as its utility token for discounted trading fees on the Binance Exchange.
For instance, BNB holders can use Binance coins as collateral to access credit. Binance users can also make secure borderless payments via Binance Pay and can earn passive income through NFT staking. However, other exchanges aren’t too keen to host the native cryptocurrency of the Binance platform. Binance’s competitors, such as Coinbase, Bitfinex, Kraken, and Huobi, do not yet offer BNB trading. Use your Binance Coin to purchase goods and services from any participating merchant that accepts Binance Coin and cryptocurrency. Today, there are several platforms, including Binance, that allow you to purchase the currency.