How to buy Binance coin online

Binance coin is the cryptocurrency that helps power Binance, the most popular exchange platform in the world. Use this guide to learn more about the BNB token, what it does, and where to find some.
By: James Knight
James Knight
When he isn’t at work, James is an avid trader and golfer who likes to travel. He once fed,… read more.
Updated: May 12, 2021
Tip: our preferred broker is, eToro: visit & create account

This is an introductory guide to the Binance coin, which is also known as BNB. Here we explain the basics of how it works and why it’s become one of the more popular coins around.

Compare where to buy Binance coin, and open an account

If you just want to find a trading platform so that you can go ahead and start, use one of the brokers below. These have been chosen from our reviews all of the top platforms, so you can be sure that whichever you pick is a great choice. If you aren’t ready to do that just yet, keep reading to learn more about the Binance coin.

1
Min. Deposit
$50
Exclusive promotion
user-score
10
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Start Trading
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
$20
Exclusive promotion
user-score
9.3
Margin Trading with full legal compliance
Cryptocurrency staking
Various Payment options
Start Trading
Description:
Cex.io offers exchange of fiat currency for Bitcoin Ethereum, Tether, and 23 other cryptocurrencies, as well as Bitcoin/Ethereum trading against the USD.
Payment Methods
Credit Card, Cryptocurrencies, Debit Card, Wire Transfer, skrill
Full regulations list:
3
Min. Deposit
$10
Exclusive promotion
user-score
8.7
The broker offers access to a trusted MetaTrader trading system
Pricing is ensured to be completely transparent, also providing accuracy and speed
Trade a Wide Variety of Assets with Leverage up to 1:500
Start Trading
Description:
LonghornFX is a true ECN STP broker dedicated to delivering a superior trading experience to traders no matter their level of experience. Their services are based on transparency, innovation and efficiency, ensuring an unparalleled trading experience for all.
Payment Methods
Bitcoin, Credit Card, Debit Card, Visa
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.

What is Binance coin?

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 really exploded in value, jumping from $45 to over $500 in a few weeks.

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 by 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 buy BNB online – a step-by-step guide

Step 1. Find an exchange

The platforms with the widest range of cryptocurrencies are exchanges. If you want to find a coin outside of the top performers, use an exchange, because its often the best place to buy Binance coin. Below we’ve listed a couple of the top platforms around:

  • Binance: Binance is the largest crypto exchange in the world. With hundreds of coins and token pairs available, it’s the best place to find almost all of the leading cryptocurrencies. Join Binance now >
  • Bittrex: Another exchange platform with a huge range of coins, Bittrex is particularly welcoming to beginners because of its easy to use interface. Sign up with Bittrex today >

Step 2. Sign up and fund your account

Signing up for an exchange is easy and usually only takes a few minutes. You need to provide some contact details, like an email address and phone number, and may need to supply a form of photo ID as well, depending on the platform.

To fund your account, most exchanges accept deposits in fiat currency but some will only accept cryptocurrency. In that case, often the best thing to do is to use Bitcoin.

Step 3. Purchase

The first thing to do is to find it on your chosen exchange. Binance coin goes by the ticker BNB, so look for that and you’ll find lots of different pairs to swap between. If your account is funded with USD, look for the USD/BNB pair to execute the trade.

Step 4. (Optional) Get a suitable wallet

Wallets are a way of storing coins using encryption. They are much more secure than leaving your coins in an exchange account, as they can only be accessed with a private key that’s unique to you. Lots of different types of wallet are available, depending on the level of security you want. Here are a couple of our favourites:

  • CoolWallet: CoolWallet is a mobile hardware wallet, which means you can access your coins on your phone via bluetooth but they have the security of being stored completely offline. Get CoolWallet now >
  • Ledger Nano S: The Ledger Nano S is a completely offline wallet that holds your coins on a USB-like device, so they are protected from malicious activity even if you connect to an infected computer. Sign up for the Nano S >
1
Min. Deposit
$1
Exclusive promotion
user-score
10
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
Payment Methods:
Cryptocurrencies
Full Regulations:

How to trade Binance coin – a step-by-step guide

Step 1. Find a broker

To trade Binance coin you need to find a broker that charges low fees. Trading means opening and closing lots of positions, and if your broker has high fees then it can eat away at your money very quickly. Here are a couple of the top brokers around:

  • eToro: The Israel-based eToro is an extremely popular broker platform that predominantly offers CFDs and doesn’t charge trading fees. All of the leading coins are available, including Binance coin. Join eToro today >
  • Robinhood: Another free broker, Robinhood has a wide range of assets available. Along with CFDs on stocks, you can also speculate on the top cryptocurrencies as well. Sign up for Robinhood >

Step 2. Deposit money

To deposit money you first need to create an account. It’s a simple process and you can be ready to start trading coins in just a few minutes. Brokers only accept deposits in fiat currency (like GBP or USD), so it’s very easy to get going.

Step 3. Decide how you’d like to trade

The most popular way to trade cryptocurrency is using contracts for difference (CFDs). A CFD is a way of speculating on price moves by predicting that an asset will go up or down in price by a fixed date in the future. When you use CFDs, you don’t own the asset itself and you can use them to jump in and out of positions quickly.

Step 4. Start trading 

Before you start trading it might be a good idea to use a demo account for a short time to get used to the market. Most top brokers offer these, and they’re a way to learn using virtual money so that you don’t put your own capital at risk.

When you dive in for real, you have two options to decide between. You have to choose whether you think a coin is going to go up or down in value. If you think it’s going to go up, you can buy it by taking a ‘long’ position. If you expect it to fall, sell it by ‘going short’.

To take these options a step further, you can use leverage. Leverage means putting down a percentage of the trade value as a deposit and borrowing the rest from your broker. You can make big bets this way but it comes with significant risk of losing money, so you should avoid it until you are much more experienced.

1
Min. Deposit
$50
Exclusive promotion
user-score
10
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Start Trading
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

Still undecided?

Here we’ve summarised the key pros and cons of Binance coin, and below are a few final questions to help you make a decision.

Pros

  • Tied to the most crypto popular exchange in the world
  • Can be used to access cheaper fees on Binance
  • Has purchasing power in its own right on sites like Travala
  • Frequent coin ‘burns’ to reduce supply may increase value

Cons

Finally, here are three more questions for you to answer before you invest in Binance coin.

1. Is it a good time to buy Binance coin?

It depends on what your ultimate goals are. If you want to own Binance coin because you’re an active trader on its exchange, the sooner the better, while you can still access trading discounts. You can also use it as a swap with virtually every other coin on the exchange.

If you’re more interested in short term trading, then you need to take a few more things into consideration. Take the time to study price charts to look for trading opportunities, and follow our market analysis to keep track of anything that might affect BNB’s value.

Binance Coin (BNB) price is trending around 8% higher on the week, enough to comfortably trade above the intraweekly resistance around the $27 mark. Fundamental analysis: Binance launches Venus Binance, a major crypto exchange, launched Venus – a new “decentralized” stablecoin system. The crypto exchange developed the new…
Binance Coin (BNB/USD) price has rebounded strongly today as the buyers attempt to erase losses from the past few days. The exchange rolled out the Binance Smart Chain (BNS), which is a parallel blockchain to the Binance Chain utilized for smart contracts. Fundamental analysis: BNS helping dApp developers As…
Binance Coin (BNB) price has continued to surge in anticipation of the upcoming Binance Launchpad IEO. BNB/USD is now trading over 10% this week after posting two strong weekly candles. Fundamental analysis: A new DeFi project? Changpeng Zhao, the founder and CEO of Binance, posted a tweet saying the…

2. What problem does Binance coin solve, and what are the coin’s investment prospects?

The main problem Binance coin solves is to make it much easier to get your hands on other coins. It might well be even more useful than Bitcoin in terms of the number of coin swaps it’s part of. Owning some means you can get any coin on Binance straight away.

That usefulness, and the fact it’s linked to the most popular exchange, means it’s always going to be a worthy coin to own. It’s almost like a bank having its own currency that it uses for all its endeavours. There is a chance Binance loses top spot to a competitor like Coinbase, but it is a long way ahead of the pack at the moment.

It is worth remembering that the Binance coin’s value is tied to the success of the exchange, which is in turn reliant on the cryptocurrency market as a whole. While that has been good for both parties so far, it is a volatile market and could experience downturns that affect Binance coin’s price. Keep track of the news to make sure you’re the first to know if that happens:

The Crypto.com Coin CRO/USD is the native cryptocurrency token on the Crypto.com Chain. Binance Coin BNB/USD is a native cryptocurrency token issued by the Binance exchange. The FTX Token FTT/USD is the native cryptocurrency token of the crypto derivatives trading platform FTX. Today we will be taking…
The Binance Coin (BNB/USD) is loitering near its highest level since 19th May even as more regulatory scrutiny surrounds Binance. The coin is trading at $500, which is about 140% above the lowest level in June this year. Binance challenges mount Binance is the biggest cryptocurrency exchange in the world.
The Binance Coin (BNB/USD) price held steady even after a major hack happened in one of the projects built using the Binance Smart Chain. The coin jumped to a multi-month high of $382.50, pushing its total market capitalization to more than $64 billion. Poly Network hack The biggest cryptocurrency…

3. Do you want to hold Binance coin for the long term?

Binance coin can be seen as a long term investment to benefit from the continued growth of its exchange platform, or as a vehicle for short term trading that you can use to swap for other coins in response to price changes. Here are some final considerations for whichever strategy you choose.

Considerations for a long term investment strategy

If you’re bullish about cryptocurrency’s long term prospects, then you might want to get some coins straight away and an exchange is your best bet. Then, it might be worth getting a crypto wallet as well so that you can store your new coins safely.

Considerations for a short term trading strategy

If you have a short term view, it’s a good idea to learn about technical factors, like charts, and the tools you can use to predict price movements. Then pick a broker with low fees so that you can make as many moves as you want without paying too much each time.


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.

Risk disclaimer

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
Financial writer
When he isn’t at work, James is an avid trader and golfer who likes to travel. He once fed, rode, and ate an ostrich all on… read more.