In 2017 the Binance cryptocurrency exchange was launched by Chinese entrepreneur Changpeng Zhao. Zhao had cut his crypto teeth helping to found the Bitcoin exchange OKCoin but felt hamstrung by the limitations of the Bitcoin-centric model. His idea was to found another exchange that would have its own native currency. This coin would be used to facilitate activity on the exchange and, by doing so, establish a potent foothold in the increasingly watered down and precarious world of cryptocurrencies.
Driven by the power of its trading engine, the new Binance exchange was an immediate hit. And just as Zhao had hoped the new coin – BNB – benefited greatly from being so fully integrated into what quickly became the most successful crypto exchange on the planet. As such, BNB became one of the few tokens launched in the past couple of years to find its way.
- 1 Where to Buy BNB Coin
- 1.1 Best Cryptocurrency Exchange to Buy BNB (BNB) Coin
- 2 How To Buy BNB (BNB) Token
- 2.1 How To Buy BNB Coin with PayPal
- 2.2 How To Buy BNB Coin with a Credit/Debit Card
- 2.3 How To Buy BNB Coin with BTC/ETH
- 3 What is BNB Coin
- 4 How to Store BNB Cryptocurrency
- 4.1 Hardware Wallets
- 4.2 Web-Based Wallets
Where to Buy BNB Coin
Best Cryptocurrency Exchange to Buy BNB (BNB) Coin
The simplest and best way to purchase the BEP2 BNB coin is through the Binance Exchange itself. Once you do, you’ll also be able to realize discounts if you facilitate trades using your BNB coins instead of using Bitcoin, Ethereum, Litecoin or any of the other major cryptocurrencies.
In the not-too-distant past, you would have had to come to the exchange with Bitcoins in hand to gain access. But not anymore. You can now set up your Binance account and then purchase the coin of your choice from the exchange using a major credit card. Once you have your BNB coins, you can then use them to trade straight up for other coins or as a way to handle transaction and withdrawal fees.
As of this writing, the BNB coin is not available through either Coinbase or Coinmama. As it is one of the most valuable coins in the world when measured by market cap, this is a curious situation. But you can also be pretty sure that in time market demand will win out and other exchanges will see the value in allowing trades in BNB.
How To Buy BNB (BNB) Token
How To Buy BNB Coin with PayPal
As of this writing, there is no way to purchase BNB coin using PayPal either on the Binance Exchange or through any other exchange. This situation may change at some point in the future, but at present, it is not an option.
How To Buy BNB Coin with a Credit/Debit Card
The only place where you can currently purchase the Binance coin with a credit card is on the Binance platform itself. To acquire it through another exchange you’ll first have to purchase Bitcoin or another cryptocurrency and then trade for BNB, if indeed, the exchange enables trading in BNB coin. Not all do as we discussed above.
That said, you can acquire all the BNB coin you want instantly on the Binance Exchange using your Visa or Mastercard. The process is very simple and takes about a minute. Once you set up a Binance account (don’t worry that’s streamlined also as there are virtually no KYC requirements involved) select “funds” from the navigation bar and then select “Buy with Credit Card” from the options menu.
From there you’re taken to another page that’s going to ask for information about your card. They need to validate your card first before forwarding you to the purchase page. Once your card is validated (only takes a few seconds) you can then use it to purchase BNB or any other coin you wish.
How To Buy BNB Coin with BTC/ETH
The vast majority of trading volume of BNB tokens using BTC and ETH obviously occurs on the Binance Exchange and so we highly recommend using this exchange. Creating a binance account is extremely easy and has very little KYC requirements as it is primarily an altcoin and not a fiat exchange. All you need to do is accept the terms of service, indicate that you are over 18 years of age, supply a valid email address which you can then verify, deposit your BTC or ETH and you are all set. If you need to increase your limits past the daily 2BTC then you can go through the KYC steps to further verify your account.
Binance are slowly taking steps into becoming a fiat exchange and so you can now purchase BTC & ETH directly from them using a credit or debit card, although we wouldn’t recommend it due to the relatively high fees. We would instead recommend using Coinbase, one of the largest fiat cryptocurrency exchanges and they specialise as a fiat exchange. If you are not sure how, you can follow our Coinbase buying guide.
What is BNB Coin
BNB was launched as a standard ERC-20 coin, meaning it was an offshoot of the Ethereum ecosystem. To further enhance the reputation and viability of the BNB token, the powers that be at Binance decided to launch their own blockchain. With their own blockchain, it was also believed the currency would be less vulnerable to hackers than a standard ERC-20 coin would be.
The importance of security was driven home early in 2019 when the Binance Exchange was hacked for the first time in its existence. Some 7,000 Bitcoins worth tens of millions of dollars were made off with before security protocols at the exchange shut down withdrawals and stopped the bleeding.
One of the results was to speed up the transition from the outmoded and vulnerable ERC-20 based BNB coin to the new BEP2 BNB coin that’s anchored to the new proprietary blockchain. To facilitate this transition (and to help enhance the value of BNB in general) the company announced a buyback program.
Every quarter Binance will take 20% of profits from the exchange and buy ERC-20 BNB tokens and burn them. Permanently taking them out of circulation. At the same time, those investors wishing to hold on to their existing BNB assets are encouraged to swap out their ERC-20 coins for the new BEP2 BNB tokens.
Early returns on the buyback program are promising in that after each buyback and burn the value of the BNB coin has ticked up. So investing in BNB now seems like a proposition brimming with upside.
How to Store BNB Cryptocurrency
Once you purchase your BNB coin, you’re going to need a safe, reliable place to store your keys and have an easy way to access and use them. As we discussed earlier, Binance was the victim of a moderate-sized hack earlier this year, which only serves to highlight the risk of keeping your digital assets in online hot wallets. But if you’re intent on doing so, some online wallets are definitely better than others. Below we’ll go through the best software and hardware wallets for storing your BNB coins.
Store Your New BEP2 BNB Coins: Hardware Wallets
The following are the best offline hardware wallets for storing your BNB coins:
- Ledger Nano S – The Ledger Nano S is the most popular offline wallet in the world today. And it’s easy to understand why. It provides ironclad security and convenience in an ultra-portable, easy to use device that won’t break your bank. It resembles a beefed-up USB drive and plugs directly into your PC, laptop or tablet providing you the ability to conduct your crypto business without the fear of allowing hackers in.
- Ellipal Wallet – Although many people swear by them a tiny hardware wallet like the Nano S is not going to appeal to everyone. There’s always the chance you could lose track of it because it’s so small. And besides, some people want the interactivity to happen on the device itself. The Ellipal Wallet resembles a scaled-down smartphone with a large, interactive touchscreen that makes using it a simple and effective experience.
- SafePal S1 Wallet – The SafePal S1 is a simple, easy to use hardware wallet but one you’ll need to sync to your smartphone. Just download the SafePal app, go through the steps of enabling the wallet, and then follow the instructions to sync the wallet with the app on the phone. All in all, it takes about 10 minutes. The result is that your keys are tucked safely away in the wallet and cannot be scraped by hackers.
- CoolWallet S – The CoolWallet S is fully compatible with all major coins. It’s another device that is typically used by pairing it with your smartphone. Although you can also choose to pair it with your PC, laptop or tablet if you wish. The drawback to this particular wallet is that it’s not (as of this writing) compatible with the new BEP2 BNB coin. Only the older ERC-20 version of the coin. Still, there are lots of people who hold ERC-20 BNB coins, so there are plenty who will find this a convenient solution.
Store Your New BNB Coins: Web-Based Wallets
Web-based wallets tend to appeal to people who either aren’t aware of hardware wallets or who are willing to take a risk that they won’t lose their assets to hackers. But while the odds that you will actually fall victim to a hack are increasingly slim, we just don’t see any reason to take the risk when you can avoid it completely by just spending a few bucks on a hardware wallet. But whatever. If you are intent on taking your chances with on online wallet we would recommend one of the following for your BNB coins:
- The Native Binance Wallet – This is an easy choice because it’s the default wallet where your BNB coins wind up when you purchase them on Binance. There’s no hassle involved in setting it up, and it exists solely on the new Binance blockchain, so it’s likely a bit more secure than it would have been when Binance was still an ERC-20 only coin.
- Guarda Wallet – This wallet has the tacit endorsement of the Binance hierarchy who have spoken highly of it to the media. Interestingly though, in spite of the fact that they seem to be enamored of it over at Binance, they declined to give it their “official” stamp of approval. That distinction went to our last wallet.
- Trust Wallet – Some folks were taken back a bit when Binance announced Trust Wallet would become the official wallet of the exchange. Many had anticipated that distinction would go to Guarda Wallet after several Binance principals publicly praised that wallet. But it was not to be. So Trust Wallet it is.