Binance Coin (BNB) - All you need to know

Find out everything you need to know about the Binance exchange's native coin. This page is full of simple, beginner-friendly guides to cryptocurrency and getting started with Binance Coin.
By: James Knight
James Knight
James is the lead content editor for Invezz, covering the stock market, cryptocurrency, and macroeconomic markets. Outside of work,… read more.
Updated: Jan 26, 2022

Ways to invest in Binance Coin

The best way to get started with any cryptocurrency is by signing up with a broker or exchange platform. It’s important to note that not every coin is available on every platform, so it’s a good idea to do your research before you get started.

When you’ve signed up, there are a few ways to get your hands on some Binance Coin. The most popular are buying the coins directly, and trading CFDs to speculate on their value. Keep reading to learn more about all the options available in more detail, while the links below direct you to individual pages which explain different investing approaches.

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What is Binance Coin (BNB)?

Binance coin is the cryptocurrency that fuels the Binance exchange. Its main use is to pay listing and transaction fees on the platform, but it’s also a means of payment in its own right with an increasing number of online merchants and can be used as a go-between to buy other coins.

The Binance exchange’s popularity is such that it handles well over a million transactions every second. BNB coin holders can get a discount on its trading fees as well as access to other special features, like merchandise in the shop and the opportunity to invest in new blockchain projects which are exclusive to Binance.

The exchange was founded in 2017 and was already the largest in the world by 2018. It first released the Binance Coin in June 2017 but it was only in 2021 that the coin rose to mainstream prominence.

How does Binance coin work?

The Binance coin works by storing a history of all its movements and transactions on a publicly available blockchain. The coin was originally released on the Ethereum blockchain but has since been moved onto Binance’s own chain, so a complete history of the coin is recorded there.

The value of a blockchain is that it replaces the need for a central authority, like a bank, to monitor and approve transactions. Instead, when someone wants to spend BNB, the blockchain can simply check that everything is as it seems and allow it.

Binance originally offered 50%-off on trading fees if you paid them using its coin as an incentive for traders to own it, but that discount is going to be reduced to zero in 2022. To compensate, it’s going to ‘burn’ 20% of the supply every year to increase scarcity and maintain the token’s value.

How to invest in Binance Coin

There are a few different ways to invest, depending on your appetite for risk and time frame for seeing returns. These days, there are also lots of ways to store and spend your coins as well. Here are all the different options you have:

Where can I buy Binance Coin now?

1
Min. Deposit
$10
Promotion
User Score
10
Accepts customers from the USA
Deposit $100 and get a $10 bonus!* Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.
Trade on the world's leading social trading and investing platform
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Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
2
Min. Deposit
$1
Promotion
User Score
9.3
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
Start Trading
Description:
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Payment Methods
1Pay, 2C2P, 3d Secure Credit Card, ACH, ANELIK, Abaqoos, AdvCash, AlertPay, Alfa-Click
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Full regulations list:
3
Min. Deposit
-
Promotion
User Score
8.7
Sign Up Bonuses
App Available
Supports Multiple Altcoins
Start Trading
Description:
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 5 million registered users from 200+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique visit ranks the top 5 globally.
Payment Methods
Full regulations list:

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Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

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Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Lead Content Editor
James is the lead content editor for Invezz, covering the stock market, cryptocurrency, and macroeconomic markets. Outside of work, James is an avid trader and golfer… read more.