How to Buy Binance Coin (BNB) January 2023

  • January 26, 2023
  • 2 Min Read

How to Buy Binance Coin (BNB)

BNB is the official token of the Binance exchange and the Binance Smart Chain.

Step 1: Choose an Exchange or Wallet

BNB is supported by several exchanges and wallets. For this example we will be using Trust Wallet.

Step 2: Download or install Trust Wallet

Use the Trust Wallet website to download or install the Trust Wallet application. Once the wallet is installed, follow the prompts to create your account and wallet address.

Step 3: Select the BNB token inside Trust Wallet

Once your account is created, you will be taken to the main Trust Wallet page where you can browse various cryptocurrencies. Select the BNB token here.

Step 4: Complete your purchase

Once you select the BNB token, select “Buy BNB” to enter the amount of BNB that you would like to purchase. Your purchase will be routed through a third party provider who may require you to complete an identity verification. Once your verification is done, your purchase will complete and your BNB will be available in your wallet.

Where to Buy BNB

BNB is one of the most popular cryptocurrencies to date, however it is not as widely available as many other cryptocurrencies. BNB can currently be purchased through:

BNB Overview

TokenBNB
NetworkBinance Smart Chain, Ethereum ERC-20
Websitehttps://www.binance.com/en/bnb
Twitterhttps://twitter.com/binanceus
Subreddithttps://www.reddit.com/r/bnbchainofficial/
FoundersChangpeng “CZ” Zhao
Key IndividualsChangpeng “CZ” Zhao Yi He Jimmy Su Patrick Hillmann
Year Founded2017
InvestorsVertex Ventures, Iron Key, Black Hole, Funcity, Limitless Crypto Investments, Fundamental Labs

Why Does Anyone Buy BNB?

BNB is considered a blue-chip cryptocurrency among the ranks of Bitcoin, Ethereum, and Cardano. In addition to its status as a reliable store of value, BNB offers several benefits.

  • It’s backed by the biggest exchange in the world: Binance
  • Is the third most popular non-stablecoin cryptocurrency
  • Helps power the Binance blockchain: you need to use BNB to pay gas when using the Binance blockchain, similarly to using ETH to pay gas on Ethereum.
  • Provides trading fee discounts for the Binance exchange

Is BNB Being Used?

Daily trading volume for BNB: $500 million (as of 01/2023)

BNB is used to power the Binance ecosystem and the Binance Smart Chain. The token is also available as an ERC20 token on the Ethereum network. You can also use BNB to:

  • Get discounted trading fees on the Binance exchange
  • Pay for goods and services
  • Take out loans through services like Nexo
  • Settle transaction fees on the Binance Smart Chain
  • Play games like Decentraland and Axie Infinity

Key Events For BNB

Discover Similar Tokens

  • Binance USD (BUSD): Binance USD is the stablecoin issued by Binance — the same company responsible for issuing the BNB token.
  • Cronos (CRO): The CRO token is the exchange token of Crypto.com. Holding CRO provides benefits for traders on the exchange including cashback, staking rewards, and more.
  • KuCoin (KCS): KuCoin is the exchange token of the KuCoin crypto exchange. Just like BNB does for Binance, KuCoin provides fee discounts and other benefits on their exchange.
  • Polygon (MATIC): Polygon is a “Layer 2” blockchain that helps scale the Ethereum network; their MATIC token is used to settle transaction fees on their blockchain, similarly to how BNB is used for the Binance blockchain.

Frequently Asked Questions

  • What was BNB’s all-time high?

    Expand to learn more

    The all-time highest price of BNB was $686.31. The all-time high occurred on May 10th, 2021, as a part of the broader crypto bull run during that time.

  • Can I buy BNB with a credit card?

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    Yes, exchanges that support BNB, such as eToro and Binance, allow you to purchase BNB using a credit card. You can also use a credit card to purchase BNB through wallets such as Trust Wallet.

  • How do I buy BNB in the US?

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    You can purchase BNB in the US through exchanges such as eToro, Binance, and Crypto.com. Wallet providers like Trust Wallet also support BNB purchases from US residents.

  • Can I buy BNB on PayPal?

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    No, PayPal does not support BNB. PayPal currently only supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

  • Is BNB a good investment?

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    BNB is backed by the faith of Binance, the largest crypto exchange by trading volume. While cryptocurrencies as a whole are volatile assets, BNB is considered a blue-chip cryptocurrency and is well-regarded in the crypto community. However, there is no way to know if BNB will be a good investment longterm.

Contributors

  • Avatar of George Hristov

    George is a tech writer interested in web3 startups and communities. In the dynamic world of crypto, he stays plugged in to the day-to-day headlines, deep dives, and industry commentary.

  • Avatar of Shannon Ullman

    Shannon Ullman is a senior editor for MilkRoad.com. Shannon specializes in cryptocurrency and personal finance. Her work has appeared in publications like The Motley Fool and Insider.