How To Buy BNB Chain (BNB) September 2024
How To Buy BNB Chain (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:
Crypto Exchanges
Crypto Wallets
BNB Overview
| Token | Network | Founders | Key Individuals | Year Founded | Investors |
|---|---|---|---|---|---|
| BNB | Binance Smart Chain Ethereum ERC-20 | Changpeng “CZ” Zhao | Changpeng “CZ” Zhao Yi He Jimmy Su Patrick Hillmann | 2017 | Vertex 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
- December 2022: Binance Fails To List BNB On Major US Crypto Exchanges
- December 2022: BNB Chain surpasses Ethereum in unique addresses registered
- October 7th, 2022: $570 million worth of BNB token stolen by hackers
- August 2022: BNB Chain Partners Platzi, the Largest Online Learning Community in Latin America
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
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.
eToro allow you to purchase BNB using a debit card (not a credit card). You can also use a credit card to purchase BNB through wallets such as Trust Wallet.
You can purchase BNB in the US through exchanges such as eToro and Crypto.com. Wallet providers like Trust Wallet also support BNB purchases from US residents.
No, PayPal does not support BNB. PayPal currently only supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
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.
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