BCGAME - Free 5BTC Daily Bonus!Binance Coin (BNB) is the native currency of the Binance Ecosystem as a whole. With a myriad of different use cases, from powering transactions in the Binance Smart Chain to paying exchange rates and in-store payments, its importance grows along with the ecosystem.
The coin was launched in 2017, initially on the Ethereum blockchain as an ERC-20 token before being moved to Binance Smart Chain. Although BNB fulfills many uses, its main two are on the centralized exchange and on the decentralized chain. On the exchange, it serves as a potential way to pay fees – using BNB gives traders discounts on fees to encourage them to opt for it over other options. At Binance Smart Chain, BNB is used in their consensus algorithm: if you want to become a validator, you have to stake a certain minimum BNB. Currency also fuels smart contracts as a form of gas.
Today, the coin is third in market value, only preceded by Bitcoin (BTC) and Ethereum (ETH). It should come as no surprise, then, that everyone is checking out how they can buy some. With these widespread use cases, anyone who is in the crypto industry could benefit from owning some BNB.
How to buy binance currencies in 2021
You want to add BNB to your portfolio but don't know where to start. In this guide, we'll walk you through five different encryption exchanges that offer BNB-related trading pairs, as well as their pros and cons, so you can be sure you're making an informed choice.
Binance. Of course, as BNB is their native currency, Binance is many people's first choice when buying this asset. There are other pros: with near-global coverage, low fees and an increasing number of trading pairs, it's clear why this is the exchange with the highest daily trading volume. However, the interface can be a bit confusing for beginners (although there are detailed tutorials for everything), so there can be a learning curve. Still, to buy an ecosystem's native currency, your proprietary exchange is the best bet.
KuCoin. Another exchange well known for its low trading fees, KuCoin is one of the most widely used cryptocurrency exchanges. The platform is very intuitive to use and for beginners, which can make a lot of difference if you don't have a lot of trading experience. On KuCoin, you can trade BNB against USDT, BTC and KCS, the platform's own native token. You can even trade with an unverified account, but there are significant limitations until you go through the verification process.
HitBTC. This exchange is more geared towards experienced traders, and even just its interface can be a bit too busy for beginners. It is typically best suited for trading low-cap altcoins that may not be available on other exchanges, but you can find high-cap assets here as well, as BNB proves. Trading fees are minimal and you can make them even lower by verifying your account. As for buying Binance Coin, you can do that if you own BTC, ETH or USDT.
Changelly. Changelly is slightly atypical as it is a beneficial instant exchange for those wishing to purchase encryption using credit cards. You don't need to have an account, let alone go through extensive KYC procedures, and your funds are not held in an escrow portfolio. They also have a great app for iOS and Android devices, which means you can trade anywhere. You can also trade this currency with over 140 other cryptocurrencies, in addition to many fiat currencies. If you already have some crypto library, you can probably exchange it for BNB here!
Probit Probit is an originally South Korean stock exchange that has spread globally and offers cryptographic trading for encryption (with fiat only available to South Korean residents in the form of KRW). Rates are already low, with discounts available if you are a regular exchange operator. There is no forced KYC check, which means you are free to choose whether to proceed with it or not. It's accessible to both beginners and veterans, providing an enjoyable trading experience. BNB trading is only available with USDT at this stage, however.
You can buy your BNB on any of these encryption exchanges, depending on whether you prefer to use encryption or fiat, whether the exchange is available in your location, and whether you need any other services the platform offers in addition to trading. We hope our guide has helped you narrow down and choose where you will start trading with BNB to diversify your portfolio.
