A Beginner's Guide on How to Buy BNB

For more than a decade, the crypto industry has been advancing and evolving, leaving behind a myriad of tokens and coins to pick from. With all that's available, perhaps you’re thinking of expanding your cryptocurrency collection and wondering how to buy BNB. You’re in luck, because I'm here to tell you how!

I’ll discuss the steps you should take to successfully buy Binance Coin on Binance and some other crypto exchanges. I'll also explain what BNB is. So, without further ado, let's get to that!

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How to Buy BNB on Binance?

Since BNB is the native coin to all things Binance, it's obvious that the first answer to where and how to buy BNB would be, well... on Binance.

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The best part is that there are several different ways to buy BNB coins. The most popular method is probably using the "Buy Crypto" option; other methods include bank deposits, P2P (Peer-to-Peer) trading, spot trading, and Binance Convert.

I’ll go through each one to give you an extensive overview of buying Binance Coin and help you decide which method is right for you.

However, here’s a tip before you get started: ensure you have set up your Binance account and passed the KYC process to be able to fully engage in crypto trading. Doing so beforehand will save you the hassle if you want to jump straight into following the steps laid down in this "How to buy BNB" tutorial.

How to Buy BNB via the "Buy Crypto" Feature?

The "Buy Crypto" feature is probably the most convenient way how to buy BNB because it's very easy to use and supports a variety of payment methods. With it, you can buy BNB with credit card, debit card, Apple Pay, Google Pay, and various third-party payment channels.

How to navigate it, though, to buy Binance Coin?

Step 1: Click the [Buy Crypto] button on the Binance menu.

Step 2: An order window will pop up. Here, you will be able to enter the amount of fiat you want to spend or how many BNB coins you want to buy. You can also adjust the currencies and token types according to your preferences.

Step 3: Now, it's time to choose the payment method. Click on the "Pay With" field and you'll see all the options you have. The available payment options will depend on the fiat currency you want to use, as well as on your location.

Notice that the price of BNB will differ based on the payment method, too. So, make sure to pick the best deal.

Step 4: Once that’s done, you can move on to the next step in how to buy BNB - the final check of the order and payment confirmation.

What you'll have to do then depends on the payment method you've chosen. If it's a third-party payment channel, you'll be redirected to that channel. If it's a credit/debit card you've linked to your Binance account, most of the action will happen inside Binance. Either way, the processes should be intuitive.

After you confirm your purchase, BNB will be readily available in your Binance wallet. If you need to double-check something, the transaction will also be recorded in your transaction history list.

That's how to buy BNB coins via the "Buy Crypto" option on the browser. If you want to do that via the mobile app, the process is pretty much the same. Just log into the app, click on the [More] button and then select [Buy Crypto]. From there, the steps will be pretty much the same as on the browser.

By the way, you can edit your shortcuts on the Binance app and put the "Buy Crypto" option on your homepage to avoid unnecessary clicks.

How to Buy BNB with a Bank Deposit?

You can also buy Binance Coin (or any other crypto asset) using a bank transfer. However, unlike with the "Buy Crypto" option, you cannot buy coins directly. This method is a bit circular - you will first need to add money to your wallet and then use those funds to purchase BNB via the Binance Convert feature.

Bank transfers are also a bit slower than other options because you will have to wait until the funds reach your account. This is also affected by limited work days and region-specific restrictions.

However, despite that, bank transfers remain a reliable alternative to how to buy Binance Coin. When you get money into your wallet, you can use it on several cryptocurrencies, which means you won’t have to go through the payment process more than once like you would with a credit card.

Step 1: In the first step on how to buy BNB via a bank deposit, you should log in to your Binance account and hover your mouse over the wallet icon. Then, click on [Spot].

Step 2: In the window that opens up, click on the [Deposit] button.

Then, click on [Bank Deposit].

Step 3: Now, pick the currency you want to deposit. Then, select the bank transfer option. Bank deposits can only be done with SEPA payments, as SWIFT is not accepted.

Step 4: In the newly opened window, enter the amount of funds you want to transfer. The transfer fee will be displayed next to the payment method.

As a bit of interjection: you should check if there are hard limits when it comes to bank transfers in your region. For example, you shouldn’t try to deposit anything less than 10 EUR when using Euro transfers, as such a sum won’t be credited or returned to your account.

Step 5: The last window will display payment details. Use these details to make a transaction from your back account.

After the transfer is confirmed, depending on the chosen payment method, it might take from 0-3 work days for the money to appear in your wallet.

Step 6: Now, let's get to the "How to buy Binance Coin" part. Once you have fiat in your wallet, hover your mouse over the "Trade" option and click [Convert & Block Tade].

Step 7: Here, select the fiat currency you want to convert for BNB and proceed with the conversion.

You can also use this to convert any crypto asset you have for BNB. It's very fast, easy, and there are no fees.

How to Buy BNB via P2P Trading?

P2P, short for peer-to-peer, is a form of trading that involves directly sending crypto and fiat from one person to another. This is another type of crypto trading and an essential part of the industry, as well as a good option when you're searching where to buy BNB.

Buying BNB from other users on Binance doesn't impose fees, which you have to pay when using other methods. Plus, is your searching how to buy Binance Coin with basically any payment method there is, P2P might be your best bet. So, whether you want to buy BNB with credit card or PayPal, you'll probably be able to do that via P2P.

That said, how to buy BNB via P2P on Binance?

Step 1: Hover your mouse over the "Trade" option and click on [P2P].

Step 2: Here, you will see two trading methods (well, actually three, but Block trading does not support BNB, so I won't talk about this one). First up is the Express option. As the name suggests, this method is fast and automates quite a few steps in the transaction.

You simply select the currency you want to use for the purchase, the crypto you wish to obtain, and then, later on, you’ll pick the payment method for the transaction.

Next comes the P2P tab, where you can select the fiat you want to use and the crypto you wish to buy. To simplify, this is a longer version of how to buy BNB from other users. You can use filters to find what fits your criteria, such as a preferred payment method or the amount of crypto you’re looking for. Then, you can look over the available offers and pick the one you like.

Step 3: Let's go the longer route. Once you pick the offer you like, click the [Buy BNB] button. The offer will expand, and you'll find a list of available payment options and other necessary information.

If you want to buy from this person, type in the amount of BNB you want to buy or the fiat you want to spend. Most sellers have minimum and maximum amount requirements on their transactions, so keep an eye out for that too. Then, click [Buy BNB].

Step 4: An order will be formed. Then, you have 15 minutes to pay the seller. Make sure to check their comments on the right side of the page.

After you've transferred the money, click the [Transferred, notify seller] button. If you don't want to proceed with the order, though, make sure to click [Cancel Order].

Also, note that you’ll have to transfer the money directly to the seller through the bank or third-party apps, which makes it a bit trickier than some of the other methods of how to buy BNB.

Once the seller confirms they received the money, they will release the crypto. This essentially completes the P2P transaction, and you can go to your balance to check the available assets.

You cannot have more than two ongoing orders at the same time. Another thing to note is the waiting period - once you pay, the crypto should be transferred to you within 15 minutes. If not, you should contact customer support through the appeal option.

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How to Buy BNB via Spot Trading?

It’d be amiss if, in the tutorial on how to buy BNB, I didn’t include one more method of obtaining crypto – spot trading. The name for spot trading comes from the idea of "trading on the spot". This one is not as direct as simply buying the coins you want with fiat. Instead, you trade the assets you have for those you want.

To generalize, this method utilizes the rule of three – a connection between a buyer, a seller and an order book. Buyers place orders for the crypto they want to obtain; sellers, in turn, place orders at the price they want to sell the crypto. These orders are then recorded in the order book. The orders are fulfilled when selling and buying inquiries match up based on their requirements.

So, how to do it?

Step 1: Hover your mouse over the "Trade" option and click on the [Spot] button.

Step 2: This will open a spot trading interface. Here, you can find pairs of cryptocurrencies that you can use for trading. They are pre-made by the exchange, so you cannot create your own trade pairs. Search for pairs with BNB in the search bar on the right side of the page.

Step 3: Once you select the pair of assets you want to trade in, scroll down to the order making box. Here, decide whether you want to make a limit, market, or stop-limit order.

Market orders execute immediately at the current market price. Limit orders allow traders to set a specific price at which they want to buy or sell, ensuring execution at that price or better. So, if you want to buy Binance Coin only when it matches a certain cost, you can create a limit order.

Stop-limit orders combine a stop order, triggered at a specific price, with a limit order, allowing traders to set a price limit after the stop is triggered to control the trade's execution price.

Once you settle on the order you wish to make, it’s a simple matter of pressing the [Buy BNB] button. After the order is completed, BNB will be added to your wallet.

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How to Buy BNB on Other Exchanges?

Binance might be the native platform for the coin and the most convenient option fro purchasing it, but it’s not the only place where to buy BNB. There are other established exchanges that can be used for that.

Therefore, no tutorial on how to buy BNB would be complete without mentioning a few alternatives to Binance. Keep in mind that different exchanges might have different fees attached to transactions, so be sure to look over details carefully to avoid surprises.

Plus, if you plan to use BNB on Binance, but buy it on another exchange, you'll have to transfer it to Binance, which will incur additional costs.

Bybit

Launched in 2018, Bybit is an exchange that serves over 15 million users worldwide while maintaining a presence in 160 countries. The platform offers a variety of services, from trading to crypto buying to NFTs, which is why it's one of the places that might pop up when searching where to buy Binance Coin.

There are several ways you can buy BNB coins on Bybit, but in this article, I will highlight the option to purchase crypto using the "One-Click Buy" option, which is much like Binance's "Buy Crypto" option.

Now, first, you should log in to your Bybit account and find [One-Click Buy] under the "Buy Crypto" tab. Due to the simplicity of this option to buy BNB with credit card (or another payment method), you’ll just need to enter either the amount of fiat you want to spend or the number of coins you wish to buy.

When considering how to buy BNB with your preferred currency, you will be presented with a list of available payment options. The more common ones are a bank card or your account wallet’s balance. For bank cards, you won't have to reinvent the wheel - simply fill out the card details and billing address.

When you add and bind your card, it should be available for future purchases, and, as with many popular crypto exchanges, both Visa and Mastercard are accepted. Once the purchase is complete, you will find BNB in your Bybit wallet.

BYDFi

BYDFi is another popular crypto exchange that provides users with a variety of features, one of which being the fast crypto purchasing using fiat. Via this feature, you can easily buy BNB. The process should be very familiar to you by now as well.

Firstly, log in to BYDFi. Then, click on the [Buy Crypto] button. Then, you'll be taken to the crypto-buying interface, where you just have to pick the currency you want to use to buy BNB and then select the payment method.

Overall, BYDFi supports over 90 fiat currencies and over 360 cryptocurrencies, which is quite a nice variety. Just note that all payment methods on BYDFi are possible only via third-party payment channels. Once you fill out all the information, proceed with the chosen payment, and you'll get your newly purchased BNB coins in no time.

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KuCoin

KuCoin is a popular exchange available in over 200 countries across the globe, with trading available in more than 700 cryptocurrencies. The platform supports a variety of payment methods via its "Fast Trade" feature. If you want to buy BNB with credit card, this is the option you should go for.

To begin, log in to KuCoin and select the [Fast Trade] option in the "Buy Crypto" section. This will open a window where you can adjust both the crypto you want to buy and the fiat you’ll spend. Keep in mind that the payment options change depending on the fiat.

Then you will have to enter the number of BNB you want to purchase or how much money you’re willing to spend. Eventually, choose a payment method, but note that it will impact the fees. You’ll be able to see them right next to the amount of crypto you’re set to receive.

You can try switching between different options to see how the fees (and the amount of crypto) change depending on the option. If all looks good, click the confirmation button and complete the payment.

After the payment is verified, you will find BNB in your KuCoin account.

What is BNB?

With all the talk about how and where to buy Binance Coin, perhaps it’s time for a refresher on what BNB is. BNB isn't just any digital currency; it's the heartbeat of the Binance ecosystem, a bustling hub of cryptocurrency activity.

Imagine BNB as the fuel that powers everything within the Binance universe. Back in the day, when it first emerged in 2017 via an ICO, BNB was priced at a mere $0.11^[1]. Fast forward to today, and BNB's value has skyrocketed, making it worth hundreds of times its initial price. But what exactly makes BNB so valuable?

Well, one of BNB's primary uses is paying transaction fees on the Binance exchange. Whether you're buying, selling, or trading cryptocurrencies, using BNB to cover those fees can save you a bundle in the long run. It's like getting VIP treatment every time you make a trade.

Speaking of VIP treatment, traders enjoy discounted fees when using BNB to pay for trades, making it an attractive option for frequent traders looking to save on transaction costs. Plus, BNB holders can qualify for Binance's VIP program, unlocking even more benefits based on trading volume and BNB balance.

But that's just the tip of the iceberg. BNB offers a whole array of use cases beyond fee payments. For starters, it's the key that unlocks the door to a world of decentralized applications (dApps) on the Binance Smart Chain. These dApps cover everything from gaming and finance to social networking, and using BNB within these apps can unlock additional features and rewards.

Now, let's talk about governance. Holding BNB isn't just about passive investment; it's about having a say in the future direction of the Binance ecosystem. By staking your BNB tokens, you can participate in decentralized governance decisions, such as proposing and voting on network upgrades and changes. It's like being part of a digital democracy, where every voice counts.

On top of that, BNB has real-world applications, too. For instance, you can use BNB to book flights, hotels, and other travel products on platforms like Travala.com via Binance Pay. And if you're into e-commerce, some merchants accept BNB as payment, giving you more options to shop with crypto. You can even use BNB for hedging, and not only in the crypto market^[2].

But perhaps one of the most exciting aspects of BNB is its role in fostering innovation within the cryptocurrency space. Through platforms like Binance Launchpad, BNB holders gain access to exclusive token sales featuring early-stage blockchain projects. It's like getting a front-row seat to the future of digital finance, with opportunities to invest in promising projects from the get-go.

All in all, from powering transactions and accessing decentralized apps to shaping governance decisions and driving innovation, BNB offers a wealth of opportunities for both seasoned crypto enthusiasts and newcomers alike. So, if you're looking to dive into the world of digital finance, BNB might just be your ticket to ride.

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Conclusion

Overall, there’s more than one way of how to buy BNB coin. Since it’s the native asset of Binance, it undeniably has more pull and purpose on this particular exchange platform, where you will get more benefits than on any other exchange.

Due to integration within the platform itself, there are more ways to buy BNB on Binance compared to other exchanges, so you should be able to get your hands on the coin without much trouble. The ways of acquiring it range from directly purchasing the asset to trading it with other people.

While BNB can also be found on other exchanges, none offer the adaptability or support as Binance does. Plus, after you buy BNB on other exchanges, you'll still most likely have to transfer it to Binance, as the coin has many alluring use cases in the Binance ecosystem. That said, go to Binance and get your first BNB coin now!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. M. Anson: 'Initial Exchange Offerings: The Next Evolution in Cryptocurrencies';

2. B. Będowska-Sójka, A. Kliber: 'Can Cryptocurrencies Hedge Oil Price Fluctuations? A Pandemic Perspective'.