In this guide, we are going to introduce you to the process of buying Binance coin (BNB) and the Binance exchange.
What is Binance, and BNB?
The Binance exchange is considered by many in the cryptocurrency space to be the best exchange in the world. It has amazing features such as multiple trading pairs for every coin, a polished and easy to use interface, multiple device platforms, multiple languages and an order matching of ~1,400,000 orders per second.
Binance Coin is what powers the exchange, and allows its users to interact with the Binance platform. Binance Coin can be used to:
- Save 50% on fees
- Trade BNB pairings
- Listing Fees
On top of those features, Binance Coin has incredible token economics such as buybacks and burns. Every quarter, Binance uses 20% of their profits to buy back BNB and destroy them. This will typically bring enormous gains to Binance Coin (BNB) due to supply and demand.
Now that you have a background on Binance Coin and the Binance exchange, learn how to buy Binance Coin below.
For more information on purchasing Bitcoin or Ethereum, check out our guides on purchasing Bitcoin and Ethereum. If you already have one or more of these currencies or know the process, keep reading to learn how to buy Binance Coin!
Buying Binance Coin on Binance
To get started buying Binance Coin, create an account on their exchange.
Find the ‘Funds’ tab along the top right side of you screen, select ‘Deposits”.
On the proceeding drop down menu, locate the deposit address for Bitcoin or Ethereum, depending on what currency you initially purchased or own.
Sending from Coinbase
The next step is to copy and paste your deposit address into your Coinbase account. If you didn’t use Coinbase this step might be a little bit different.
From your Coinbase home/dashboard page, select Accounts. After click send on the cryptocurrency that you would like to send to Binance.
Paste the deposit address that we found in the previous step and click confirm.
Helpful Tip: If you correctly copy_pasted this address into the recipient field, you will always receive the green checkmark on the left side of the recipient address box. If you do not see this checkmark, the address you put into the field does not exist, you should double check and try again.
Select Confirm. You will receive a ‘Send Complete’ message with a big green checkmark indicating that your transaction is on the way to an external address. You will receive an email from the Binance team when your cryptocurrency has been successfully transferred.
Now that you have a balance you can use it to buy BNB.
On the Homepage of your Binance account, you will find the following menu on the main page of the site.
Search for your BNB pairing. You should use BTC/BNB or BTC/ETH.
This should take you to a page similar to this:
Highlighted in red/brown is the order book. The order book can be confusing for beginners. We will explain how this works below, but if you want to just instantly purchase Binance Coin, click the market tab as seen above and click the 100% button and then Buy BNB.
The order book allows you to place a limit order which only executes when all conditions are met. In the price field, you choose your own price. To get a good idea of the price you can look at the chart for historical information, or the order book for the recent price action.
Enter the amount of BNB that you would like to purchase. Binance makes it easy by having 25,50,75 and 100 percent sizes to buy in portions. When you have entered all conditions of the order, click the green Buy BNB.
Because we chose our own price, we may not see our order go through instantly. This allows us to get more Binance Coin for our money which is always nice! As soon as your order is filled by the marketplace you will have BNB added to you Binance custodial wallet account.
To see this balance go to the top right side of the Binance homepage the put your mouse arrow over the “Funds” option. A drop down box will appear that looks like this:
Select the “Balances” option. Under the “Deposits & Withdrawals” on the right side of the screen, enter BNB into the field with the magnifying glass as shown below:
All of the other coin options will disappear and only your BNB token total balance will appear displaying your Total Balance, Available Balance, Amount in Order, and Total in BTC Value.
And, that’s it. Now you have a background of the Binance exchange and a step-by-step guide about how to make your first BNB purchase on Binance. Keep reading to learn what makes Binance such an amazing exchange.
More about the Binance Exchange
Binance – The Future of Cryptocurrency
7 months ago, Binance issued its token coin, called the Binance Coin (BNB). A strict limit of 200MM BNB will be created, never to be increased. BNB will run natively on the Ethereum blockchain with ERC 20.
In the future, Binance will build a decentralized exchange, where BNB will be used as one of the key base assets as well as gas to be spent.
Binance primarily supports English, Japanese, Chinese.
Binance also supports:
- 한국어 (Korean)
- русский (Portuguese)
Binance is ramping up their team in the following locations, in priority order:
Tokyo, HK, Singapore, Europe and South America and other locations. It is a truly global exchange.
Unlike Coinbase the other top exchange in the world, Binance does not provide a fiat (e.g. USD, Euro, Yen, Yuan) to crypto option; it focuses on only crypto-to-crypto trading. It puts great emphasis on security, speed, ease of use via a very user-friendly interface and customer service.