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How to Buy Binance Coin in 2020: Buy, Sell & Trade

You’re probably already familiar with Binance, the hugely popular crypto exchange, but how much do you know about Binance Coin? Is the Binance ecosystem’s native coin a worthy investment in its own right? Let’s take a look.

Where to buy Binance coin

Read on to find out more about Binance Coin in 2020 or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to buy Binance coin.

eToro
Key Features
Access the world’s most popular Crypto assets including Bitcoin, ETH, LTC, XRP
Automatically copy the trades of top Crypto traders
Deposit using PayPal + 9 other deposit options available
Min Deposit
£150
United Kingdom
Start Trading View key features
Key Features
Access the world’s most popular Crypto assets including Bitcoin, ETH, LTC, XRP
Automatically copy the trades of top Crypto traders
Deposit using PayPal + 9 other deposit options available
Top Coins
  • ADA
  • BTC
  • XLM
  • XRP
  • LTC
Payment Methods
Credit Card, Debit Card, Wire Transfer, PayPal, Skrill, Neteller, Yandex, WebMoney, UnionPay, MoneyGram
eToro is a multi-asset investment platform where you can invest in stocks, ETF’s, indices, commodities and cryptos. eToro users can connect with, learn from, and copy or get copied by other users. Buying stocks on eToro is free and you can invest with as little as $50
eToro is a multi-asset platform which offers CFD and non CFD products. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
ForexTB
Key Features
0% trading fees on all cryptocurrencies
Major cryptocurrency coins available including BTC, LTC, ETH
CySec regulated broker
Min Deposit
£250
United Kingdom
Start Trading View key features
Key Features
0% trading fees on all cryptocurrencies
Major cryptocurrency coins available including BTC, LTC, ETH
CySec regulated broker
Top Coins
  • BTC
  • ETH
  • LTC
Payment Methods
Debit Card, Credit Card, Wallet One, Wire Transfer
ForexTB offers over 270 desirable financial assets to choose from. At ForexTB, you can dive into global markets, and trade CFDs on Forex assets, such as EUR/USD, GBP/USD, or trade CFDs on Commodities such as gold, silver and crude oil.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Plus500
Key Features
UK No. 1 CFD Platform/Provider/Broker, Biggest CFD Broker in UK*
No need to open a crypto exchange account or use a special wallet
BTC, ETH, LTC, NEO, XRP, OTA, EOS, BAB, ADA, TRX, XMR available
Min Deposit
£100
United Kingdom
Start Trading View key features
Key Features
UK No. 1 CFD Platform/Provider/Broker, Biggest CFD Broker in UK*
No need to open a crypto exchange account or use a special wallet
BTC, ETH, LTC, NEO, XRP, OTA, EOS, BAB, ADA, TRX, XMR available
Top Coins
  • BTC
  • ETH
  • LTC
  • XMR
  • MIOTA
Payment Methods
Credit Card, PayPal, Skrill, Bank Transfer
Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. * By total number of relationships with UK CFD traders. Investment Trends 2020 UK Leverage Trading Report.
80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. * Except for one hour on Sundays
Pepperstone
Key Features
ASIC and FCA regulated broker
Trade the hottest cryptocurrencies
No commission fees
Min Deposit
£150
United Kingdom
Start Trading View key features
Key Features
ASIC and FCA regulated broker
Trade the hottest cryptocurrencies
No commission fees
Top Coins
  • BTC
  • BCH
  • ETH
  • DASH
  • LTC
Payment Methods
Visa, Mastercard, PayPal, POLi & BPay, China UnionPay, Wire Transfer, Skrill, Fastapay
Pepperstone was founded in 2010 in Melbourne, Australia by a team of experienced traders with a shared commitment to improve the world of online trading. Frustrated by delayed executions, expensive prices and poor customer support, they set out to provide traders around the world with superior technology, low-cost spreads and a genuine commitment to helping them master the trade. Their mission is to create a world of tech-enabled trading where ambitious traders can embrace the challenge and opportunity of global markets.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Skilling
Key Features
Licensed and regulated by CySEC and FCA authorised UK Branch
Trade Bitcoin CFDs as well as more lucrative altcoins like Ethereum and Ripple
Offers 800+ instruments
Min Deposit
£100
United Kingdom
Start Trading View key features
Key Features
Licensed and regulated by CySEC and FCA authorised UK Branch
Trade Bitcoin CFDs as well as more lucrative altcoins like Ethereum and Ripple
Offers 800+ instruments
Top Coins
  • ETH
  • XRP
  • LTC
  • BCH
  • BTC
Payment Methods
Credit Card, Neteller, Skrill, Trustly, Bank Transfer
Skilling is a CFD trading platform that offers instruments from markets around the world (Cryptos, Forex, Commodities, Indices, Stocks). Our proprietary platform has been designed to be both intuitive and user-friendly to ensure that anybody who wants to start trading the world’s markets, can feel confident and secure enough to trade without being apprehensive or intimidated when confronted by numbers, graphs and acronyms.
69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

What is Binance Coin?

The Binance exchange ended 2019 with an average daily trading volume of nearly $3 billion and a global user base of 15 million. Not too shabby considering the platform was launched in mid-2017. Binance Coin (BNB) effectively started out as a token for paying fees on the exchange, but the Binance team clearly has more ambitious plans for it and traders can already speculate on its market value.

How does Binance Coin work?

As the Binance platform’s native coin, BNB was introduced as a utility token that can be used to receive discounts on Binance exchange fees. The discount traders could initially expect when using BNB on the exchange started at 50% but will decrease year-on-year until, in year five, it will sadly be no more. 

You might expect this schedule to negatively impact BNB’s value, as its usefulness incrementally dwindles, but Binance is countering devaluation by burning 20% of its profits every quarter to decrease the token’s availability. 

BNB’s role in the ever expanding decentralised Binance ecosystem should see its use cases continue to increase.

How to buy Binance Coin online – step-by-step guide

Step 1. Get a suitable wallet

To buy Binance coin you will need to get a crypto wallet. There are loads of BNB-compatible wallets to choose from, so we’ve listed our top three to narrow down your search: 

  • Ledger Nano X: One of the safest options for storing your BNB tokens is the Nano X hardware wallet from Ledger. It’s not the cheapest wallet out there, but if you’re serious about security, it’s one of the best. 
  • Trust Wallet: Since Trust was acquired by Binance last year, the Trust Wallet has become the platform’s official wallet. Already available as a mobile app, a desktop version of the wallet has recently been launched for MacOS. Windows and Linux versions shouldn’t be far behind.

Step 2. Find a Binance Coin exchange

The next step to securing those BNB funds is to find an exchange. The natural choice must surely be Binance, the world’s biggest exchange and the platform BNB is native to. Other exchanges are available however, including Changelly, which combines slick, highly convenient design and speedy transactions.

Step 3. Withdraw your Binance Coin

It’s a good idea to withdraw your BNB funds from the exchange as soon as you’ve acquired them – it’s much safer to keep cryptocurrencies in a digital wallet than on an exchange.

How to trade Binance Coin – step-by-step guide

If you’re only interested in trading rather than buying and owning Binance Coin, there’s really no need to set up a wallet as you’ll simply be predicting whether the price of BNB will go up or down. 

Step 1. Find a broker 

Finding a broker is easy if you know where to find them and what you’re after. However, it’s well worth having a look around and doing some research before you commit to one as they all offer different perks and levels of support.  

We tend to go for more established brokers such as Plus500 or eToro as they have been around for a while and are easy to get to grips with. 

Step 2. Deposit money

Once you’ve chosen a broker, you’ll need to put some cash down as a deposit. The process is fairly straightforward and minimum deposit requirements are usually pretty low, so you can start with a relatively small bankroll.

Step 3. Decide how you’d like to trade

There are two main ways to trade cryptocurrencies: using a cryptocurrency spread betting broker or CFDs (contracts for difference). While there are some differences, both methods require you to take a position on whether you think the price of your chosen cryptocurrency will rise or fall over a set period of time. If you’re just starting out, it might be worth doing some research on spreads and CFDs before you jump in. 

Step 4. Start trading 

Once you’ve put down a deposit, you’ll no doubt be raring to go, but we recommend you set up a demo account with your broker before you start trading for real. It’s easy to win and lose money very quickly when trading, so it makes sense to get a feel for the platform you’ve chosen as well as the ebb and flow of the cryptocurrency market.

In essence, all you need to do is take a position on whether the price of your cryptocurrency will increase or decrease. If you think it will increase take a long position (buy) and if you think it will decrease, take a short position (sell).

You may opt to take advantage of leveraged betting, which is a feature of most trading platforms. Leverage enables you to put down a fraction of your trade’s total value as a type of deposit called a ‘margin’. However, this is a high-risk strategy, so it’s probably not for beginners. Experienced traders understand this, and use stop loss orders to mitigate risk. 

Still undecided?

Pros
  • The enormous success of the Binance exchange has to bode well for BNB’s prospects
  • Frequent coin burns should increase value
  • Can be used to reduce Binance trading fees
  • BNB holders gain entry into Binance Launchpad lotteries
Cons
  • Some consider BNB to be overpriced
  • Prospects will be less rosy if Binance loses its towering market position to competing exchanges

By Harry Atkins
Harry joined us in 2019 to lead our Editorial Team. Drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the finance sector encompasses work for high street and investment banks, insurance companies and trading platforms.
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