Binance Coin (BNB), has carved out a significant presence in the world of cryptocurrencies. But how do you acquire this digital asset? In this comprehensive guide, we'll explain what Binance Coin is, explore how to buy BNB and sell this token.
What Is Binance Coin (BNB)?
Binance Coin, or BNB, is a digital currency created by Binance Exchange in 2017. Initially, it served as a utility token, used primarily to obtain discounted trading fees on the Binance platform. However, over time, BNB's utility has expanded beyond this function.
Today, BNB finds applications across various platforms and services. These include:
- Transaction Fees: BNB can be used to pay transaction fees on Binance.com, Binance DEX, and Binance Chain.
- Payments: Some merchants and websites accept BNB as a form of payment, including Crypto.com, Monetha, and HTC.
- Travel Bookings: You can use BNB to book travel accommodations on platforms like TravelbyBit, Trip.io, and Travala.com.
- Entertainment: BNB is employed for virtual gifts, card packs, lotteries, and other forms of entertainment.
- Online Services: Services like BitTorrent, Canva, and Storm accept BNB as payment.
- Financial Purposes: BNB can be used for lending on platforms like ETHLend and making investments on Moeda.
With this diverse range of applications, BNB has cemented itself as more than just a utility token, making it an intriguing asset to own.
Where to Buy BNB?
The first thing you need to buy BNB is to have an account in an exchange that sports this cryptocurrency. Currently, you can find several exchanges where you can get it, including Binance, Poloniex, and KuCoin.
Binance is the best option to buy Binance Coin (BNB) as it offers great liquidity, a wide range of trading pairs, and a user-friendly interface. Here's a step-by-step guide on how to buy BNB on Binance.
How to Buy BNB on Binance?
Let's delve into the specifics of buying BNB on the Binance platform.
Step 1: Create a Free Account
Log into your Binance account. If you do not have an account on the world's most popular crypto exchange, you can create one by using CScalp's Binance referral code.
Step 2: Choose Your Purchasing Method
Once your account is set up, explore the available options for depositing funds in your country. Binance offers various methods. For example, you can consider purchasing a stablecoin like USDT first and then using it to acquire BNB. Let's look at two of the most common possibilities.
Credit Card and Debit Card
For new users, using a credit or debit card is the easiest way to buy BNB on Binance. The platform supports both Visa and MasterCard. Follow these steps:
- Once you're logged into your account, click on "Buy Crypto" and then select "Credit/Debit Card."
- Choose your preferred fiat currency and enter the amount you want to spend.
- Add your card details and billing address.
- Confirm your order within one minute to lock in the price and quantity of crypto you'll receive.
Another option is to transfer fiat currency from your bank account to Binance, which you can then use to purchase BNB. Here's how to deposit USD via SWIFT:
- Navigate to "Wallet" and access "Fiat and Spot" in the top menu.
- Select "Deposit" and choose the currency (For example, USD).
- Opt for "Bank Transfer (SWIFT)" and confirm.
- Enter the deposit amount and further details as required.
- Follow the Binance instructions to finalize the deposit process.
Step 3: Check Payment Details and Fees
Upon selecting your buying method, ensure you review the payment details and associated fees. You typically have one minute to confirm your order at the current price. After this period, your order will be recalculated based on the current market price. Stay vigilant and click "Refresh" to see any adjustments.
Step 4: Store or Use Your BNB
Now that you've successfully bought BNB, you have several options. You can store it in your personal crypto wallet, hold it in your Binance account, trade it for other cryptocurrencies, or stake it on Binance Earn to earn passive income.
Please note that if you are in the United States, you should use the Binance US app to buy or sell BNB.
How to Sell BNB?
Given the increased demand for BNB, finding buyers for your holdings does not pose a challenge. However, keep in mind that selling BNB on exchanges will incur fees. Larger exchanges with higher trading volumes generally offer more competitive pricing for selling BNB, whether for cash or other cryptocurrencies.
Binance is one of the best platforms available to sell this asset since the majority of buyers go to this platform to buy BNB as their currency. Below we will examine two methods available for you to sell BNB safely.
How to Sell BNB on Binance?
Method 1: Using the Binance P2P Trading Platform
For users facing restrictions on traditional withdrawal methods due to their region's banking regulations, Binance offers an alternative solution through its peer-to-peer (P2P) trading platform. This platform facilitates the sale of BNB for cash without the need for conventional banking channels. For this process, it is essential that you have already completed your SMS identification and authentication process. Let’s see the specific steps:
- Within your account, make sure that your selected currency is the one you wish to get in exchange for your BNB.
- Click on "Trade" and then "P2P."
- Select the "Sell" tab and choose "BNB". You will then see all the offers available for exchange.
- You can filter them according to the amount to receive and the payment method you have.
- Choose the seller of your choice and click on sell. You will then see the seller's payment information.
- Select the amount of BNB you want to sell or the amount of the other currency you want to receive. Confirm the order by clicking on "Sell."
- Once the sale order is generated, wait for the buyer to make the payment, a chat will be enabled for you to communicate with the buyer.
- Once you have received the notification that the payment has been made, confirm in your wallet or bank account that the transaction has been completed and click on "Payment received" and "Confirm."
- You will then be asked to confirm via 2FA authentication the release of your BNBs to finalize the transaction.
It's worth noting that while the P2P platform offers flexibility, selling certain digital assets may require users to transfer them to the platform, incurring a flat fee of 0.1% in the process.
Method 2: Traditional Sale on Binance
Selling BNB for cash through the traditional route on Binance is a straightforward process:
- Access the 'Sell' Feature: Navigate to the “Buy Crypto” tab and select the “Cash Balance” option. This will open the Buy/Sell dialogue box, allowing you to access the 'Sell' feature.
- Sell BNB for Fiat: Within the 'Sell' feature, you can initiate the sale of your BNB for fiat currency.
- Withdraw Your Money: After successfully selling BNB for fiat, return to your wallets and select the "Withdraw" option. You can then choose your preferred currency and payment method to initiate a quick withdrawal.
We hope this guide has been helpful on what BNB represents and how to acquire and sell it. Whether you want to diversify your cryptocurrency portfolio or use it for its various functions, BNB offers you interesting opportunities. By following the step-by-step instructions provided, you can confidently navigate the processes of buying and selling BNB, taking advantage of its full potential in the digital landscape.
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