Where & how to buy BNB (Binance coin) for beginners in 2024

Use our step-by-step guide to learn where and how to buy Binance coin on the top 5+ crypto exchanges.
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Updated: Feb 23, 2024
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Binance coin is the official crypto of the Binance exchange, a way to save on trading fees, and a means to pay for goods and services online. It’s a popular crypto token to invest in, and currently ranks as the 4th largest cryptocurrency by market cap.

The easiest way to buy Binance coin tokens is through a cryptocurrency exchange. A crypto exchange works just like a stock trading platform, and it only takes a few minutes to buy Binance coin this way.

Crypto exchanges are licensed to allow you to buy and sell digital assets, like Binance coin, by your local financial authority, the Securities & Exchange Commission (SEC). They work to prevent fraud and other criminal activity.

This is important because it means you have to create an account with the exchange before you can buy BNB. And to complete this process, you must verify your identity by providing a form of photo ID.

To create an account and buy Binance coin on any licensed cryptocurrency exchange, you will need:

  • A mobile or laptop device
  • An internet connection
  • Your email address and/or phone number
  • A form of photo ID to verify the account
  • A method to deposit & withdraw funds, like bank card or PayPal

As soon as you’ve set up an account, you can start buying Binance coin. Follow our quick, 3-step guide to learn how to buy BNB below.

How to buy Binance coin instantly in 3 simple steps

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Step 1. Sign up to eToro

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We recommend eToro as the top crypto exchange to get started with. Create an account and supply a copy of your photo ID for verification.

1
Min. Deposit
$ 10
Best offer
User Score
10
Up to $240 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
Start Trading
Payment Methods:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

Step 2. Make your first deposit

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With eToro you can make a deposit via a card payment, bank transfer, or choose from a selection of alternative payment methods.

You can start with as little as $10. We recommend you start small if this is your first experience with cryptocurrency.

Step 3. Buy Binance coin token

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Type BNB into the search box then click ‘trade’. Enter how much money you want to spend and hit ‘trade now’.

Now you own Binance coin tokens! It’s as simple as that.

Where to buy BNB easily

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The overall best exchange to buy Binance coin token for beginners is eToro .

Here are more top places to buy Binance coin, which you can compare according to their simplicity for beginners, fees, customer reviews, and safety ratings.

Sort by:

1
Min. Deposit
$ 10
Best offer
User Score
10
Up to $240 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
Start Trading
Payment Methods:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

2
Min. Deposit
$ 5
Best offer
User Score
9.0
Combines a user-friendly platform and low fees
Largest digital asset exchange in the Netherlands
Trade over 50 digital assets and pay a maximum trading fee of 0.25%
Start Trading
Payment Methods:
Credit Card, Debit Card
Full Regulations:
3
Min. Deposit
$ 0
Best offer
User Score
9.0
Simple and intuitive
Open an account and start trading in minutes! No KYC required
Social Trading Features
Start Trading
Payment Methods:
Full Regulations:

Read more about how we rate, rank and review platforms.

Best exchanges to buy Binance coin (BNB), reviewed

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1. eToro. Best for beginners, copy-trading & demo-account

1%

Fees

$50

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided Over 2,000 CFDs available to trade for UK & EU users (not US, real assets only)
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it makes it simple to trade crypto at home or on the go. If you’ve never bought cryptocurrency before, then eToro makes it simple to buy 75+ of the leading coins, including the likes of Bitcoin, Ethereum, and Dogecoin. Every crypto trade comes with a flat 1% fee, which makes it one of the cheapest crypto brokers on the market to boot.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the crypto market every day, browse the latest technical analysis about every one of those tokens, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: You will be charged a 1% fee every time you buy or sell crypto. The charge is included in the market price that’s displayed on eToro. CFD trades may be charged an overnight or weekend fee if you leave the position open.

Highlights

Visit eToro eToro Review

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

2. KuCoin. Best social trading altcoin exchange

...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Anonymous trading with up to 2 BTC withdrawals/24 hours Wide variety of cryptocurrencies No deposit fees
Low trading volumes not suitable for big traders Doesn’t support U.S. customers You might experience delays and lags during high-traffic times.

Overview

We love KuCoin because it;s a great place for beginners to trade more than 700 altcoins. KuCoin is a social trading platform with 20+ million investors worldwide in 200+ countries.

KuCoin’s beginner zone offers up rewards up to $500 for new users. The rest of the platform has plenty of features for the crypto enthusiast: a staking service to earn money on your stored crypto, an NFT marketplace, and margin trading features to buy leveraged tokens.

The fees: Trading fees are charged on a sliding scale. Fees are 0.1% on trading volumes below 50 BTC in a 30 day period. Discounts are available if you pay fees in KCS or store more than 1000 KCS in your account.

Highlights

Visit KuCoin KuCoin Review

How much does it cost to buy Binance coin?

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Typically, you will be charged a commission each time you buy BNB. This is normally about 1% of the total trade value, but it varies depending on the exchange you use.

Compare the cost of buying BNB on the most popular exchange platforms below.

Asset eToro fees Bitvavo fees
Cryptocurrencies 1%
Commodities From 2 pips
Currencies From 1 pip
Indices From 0.75 pts
Stocks 0% commission
Stock CFDs 0.15%
ETF CFDs 0.15%
View more > Visit eToro > Visit Bitvavo >

Another cost you may run into is the spread. The spread is the difference between the buy and sell price of an asset, and a higher spread typically means that your crypto exchange is adding more of a premium on top of the market price. Here are how the spreads for buying BNB compare at top exchange platforms.

Product eToro spreads Bitvavo spreads
Stock CFDs 0.15%
ETF CFDs 0.15%
Forex CFDs From 1 pip
Crypto CFDs 1%
Index CFDs From 0.75 points
Commodity CFDs From 2 pips
View all tradable assets > Visit eToro > Visit Bitvavo >

Remember, cost isn’t the only thing to consider when you decide how to buy Binance coin. For instance, another important factor is where your chosen exchange is regulated and licensed to operate.

What is the best way to pay for Binance coin (BNB)?

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The simplest way to buy Binance coin cryptocurrency is with your bank card. However, there are plenty of other options as well. Here are some of the top ways to pay for BNB.

  • Buy BNB with credit or debit card. Credit/debit card payments are convenient and instantaneous but you may have to pay a higher fee to make a deposit this way. Binance charges 1.8% for a card deposit and some platforms charge as much as 4%.
  • Buy Binance coin with bank transfer. A bank transfer is usually the cheapest way to buy crypto. Crypto platforms like Crypto.com and Coinbase do not charge for bank transfers, while Binance only charges a £1 fee, and these transactions are more or less instant as they run through the Faster Payments System (FPS).
  • Buy Binance coin with PayPal. Some crypto brokers accept deposits via PayPal. eToro is the best option because it doesn’t charge a fee for PayPal deposits, whereas the charge can be as high as 5% or more with other platforms.
  • Alternative payment methods. Crypto brokers often let you pay with other providers or money transfer services, like Neteller, Venmo, or Payoneer. The options vary by broker, though, so check what’s accepted before you sign up.

Is Binance coin (BNB) a good investment?

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Whether it’s good for you depends on your goals and the fundamentals of the project. Here are some key features of Binance coin and its token to help you decide whether to invest in BNB.

  • Binance coin is one of the world’s largest cryptocurrencies. Binance coin is ranked in the top five largest cryptos in the world. With a market cap of approximately $50 billion, it’s just behind Bitcoin, Ethereum, and Tether. It also has an average daily trading volume in the billions of dollars, meaning liquidity issues are almost non-existent, unlike many smaller coins. 
  • BNB has lots of uses within the Binance ecosystem. BNB was created to reduce trading fees on the Binance exchange. While that is still the case, its utility has expanded and can be used across the whole Binance ecosystem. It is integral to many functions of the Binance smart chain and wallets. 
  • As time goes on, fewer BNB tokens will be available. Binance uses a process known as burning, which permanently destroys some of its coins. Every quarter it uses 20% of its profits to repurchase BNB tokens and destroys them. This makes it a deflationary coin, as, in the future, fewer coins will be available, which will increase its scarcity and, ultimately, value. 
  • BNB coins have real world use. You can use Binance coins to purchase real world products or services. It is possible to use BNB to make credit card payments, pay for travel arrangements, donate to charity, and many more. In addition, BNB can be used to secure decentralised loans and other defi services. 
  • You can use BNB for discounted fees on the Binance platform. You can use BNB to benefit from trading fee discounts when using the Binance exchange. However, this is only for the first five years of using the platform, as the discount is reduced every year.

In addition to these features, there are many more reasons why Binance coin is unique and might be worthy of your interest. To learn more about Binance coin and how it works, visit our beginner’s guide to Binance coin.

How has Binance coin (BNB) performed this year?

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The current Binance coin price today is $414.61, which is 59% below its all time high of $704.60, which it reached in May 2022. BNB is +42.17% this year, with a 52 week high of $506.00 and a 52 week low of $183.40. 

What are the risks of buying BNB coin?

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It’s important to understand that when you invest in cryptocurrency, there’s a high chance of losing money, while financial regulators can change the way these products are offered at the drop of a hat.

The cryptocurrency industry is fast-moving, where prices rise and fall very quickly, and new coins are created all the time. This can mean your investment experiences dramatic swings in price over a short period of time.

On top of the risks that affect the entire industry, there are some specific risks that impact Binance coin in particular. Here are some of the key risks to consider before you buy Binance coin.

  • Cryptocurrencies often experience price volatility. Digital assets like crypto are much more volatile than traditional financial assets, or regular, ‘fiat’ currencies.
  • There’s regulatory uncertainty in crypto. Government regulators apply different rules in different countries, and these rules are often changing. You might find access to crypto is suddenly restricted where you live.
  • BNB stored on a crypto exchange is vulnerable to hacks, theft, or mismanagement. Any money you leave on an exchange could be lost or stolen if there’s a weakness in the platform’s security, or it acts in an improper way.
  • Crypto deposits are typically uninsured. Whereas traditional financial assets are generally protected by a form of deposit insurance, backed by the financial regulator, only a handful of crypto platforms offer this for digital assets as well.
  • BNB’s value is tied to the success of the Binance exchange. A large part of BNB’s usefulness is its role in earning fee discounts and perks on Binance. If Binance were to suffer a fall in popularity, or any other unexpected issue, the value of BNB may fall significantly.
  • BNB is one of the most centralised crypto tokens. Binance holds more than 80% of the total BNB supply, which gives it great power over the governance of the Binance Smart Chain and the token itself. Most crypto tokens are far more decentralized than this, and Binance could choose to change the way the coin operates arbitrarily.

    Is it safe to buy Binance coin?

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    Yes, as long as you choose a crypto exchange that’s licensed to operate and which stores customer funds securely.

    Look for a service that boasts several licences, has been independently audited, and keeps customer funds in cold storage, separate from the money it uses to fund its operations.

    Although crypto exchanges typically don’t offer the same investor protection as traditional financial markets, these features offer security against most nefarious activity.

    Here is a comparison of where the top Binance coin exchanges are licensed, and by which financial bodies.

    Region eToro regulators Bitvavo regulators
    Africa FSAS
    Asia
    Australasia ASIC
    Europe FCA, CySEC, DNB, AMF, OAM, MFSA
    International
    North America FinCEN, FINRA
    South America
    View more > Visit eToro > Visit Bitvavo >

    It’s important to remember that these security features don’t protect you against price volatility, and you can still lose money if BNB’s price goes down. 

    Next steps: How do I store Binance coin (BNB)?

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    Once you’ve bought BNB, you have two options: keep it in your crypto exchange account or move it to a dedicated crypto wallet.

    A crypto exchange is similar to a bank account, in that it means trusting a company to protect your funds for you. Most people keep their crypto on the exchange they used to buy it. If you only plan to hold onto it for a little while then that’s a perfectly acceptable option.

    However, after the dramatic collapse of exchanges like FTX, where casual investors lost the crypto they had entrusted to a third-party platform, you may prefer to have more control over your money. 

    A BNB wallet is like your personal wallet, or a safe, where your money is stored behind a unique private key (effectively a long password). These services are commonly known as ‘self-custodial’ wallets, meaning that you control access to your money.

    Two of the best Binance coin wallets to use are MetaMask and the Ledger Nano S.

    Bottom line: Is now a good time to buy Binance coin?

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    The answer depends on the current price and your own investment goals. Put simply, buying Binance coin, selling Binance coin, and trading BNB are all the exact same process. It’s really just your personal investing intentions that defines whether now is a good time to invest or not.

    • If you’re a trader: as a cryptocurrency trader, your goal is to make money trading regularly. What do we mean by regularly? Hourly, daily, weekly. Traders buy and sell a coin quickly to secure their profit (or to avoid a loss). They don’t #hodl that coin long term in the hopes of larger profits. In this sense, any time is a good time to buy Binance coin.
    • As a long-term investor: a long term investor is not concerned if the price is up or down 10% on any given day. Rather, they care that the price of the native token is overall up months or years later, when they’re ready to sell that investment. So if you’re a firm believer in the foundations of BNB, then a good time to purchase Binance coin is on any major dip.

    In our experience, most newcomers to the crypto market sit between the two. You don’t want to wait several years for a return, but buying Binance coin and selling it the next day probably isn’t why you’re here either.

    Regardless, closely following BNB price news & analysis will help you decide when to pull the trigger.

    Latest Binance coin developments

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    BNB/USD chart and technical analysis The price of Binance coin broke the ranging market recently and closed above the previous high of $366. This could mark the beginning of another bullish wave for BNB/USD and the price is likely to gain another 15-20% in the coming rally. I am expecting the price
    The cryptocurrency market continues its dynamic growth, marked by remarkable milestones and substantial price swings. The prices of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, and Binance Coin (BNB) have recently passed $2900 and $350. Amidst these notable milestones,
    Binance has announced a planned delisting of several leveraged token services linked to Bitcoin, Ethereum and BNB. In the February 19 announcement to its user community, the crypto exchange noted that trading and subscription support for the Binance Leveraged Tokens (BLVTs) BTCUP, BTCDOWN, ETHUP, ET
    Get started with Binance coin

    FAQs

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    Sources & references
    Risk disclaimer
    James Knight
    Editor of Education
    James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.