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How to Buy Binance Coin (BNB) in 2024 – Beginner’s Guide

Eric Huffman
Last updated: | 15 min read

BNB, also called Binance Coin, began as a token on the Ethereum blockchain but later became the center point of the BNB blockchain. What started as a 15-cent token in 2017 is now an asset valued at over $500 at press time, powering one of the world’s leading blockchains. In this guide, we’ll explain how to buy BNB. Not sure where to buy? We’ll also discuss where to buy BNB, reviewing some of the best exchanges and trading platforms.

BNB powers two chains, collectively called the BNB chain. One of these, the BSC chain, is now the third-largest blockchain by total value locked (TVL), a measurement of smart contract usage on blockchains. Let’s explore how BNB works, how to buy BNB, and how to store your BNB securely.

What is BNB?

BNB

is the native token of the BNB blockchain, which is a combination of the BNB Beacon Chain and the BNB Smart Chain (BSC). The latter of these chains represents the smart-contract capable platform that can execute computer programs on the blockchain. The token’s name has taken the meaning of “Build and Build,” referencing BNB’s utility in blockchain applications.

how to buy bnb

The BNB token was created by Binance as an ERC-20 token on the Ethereum blockchain in 2017 and saw its initial use as a token with which to pay trading fees on the Binance exchange. By 2019, BNB powered the Binance Chain (now the BNB Beacon Chain), and by 2020, it had found broader use with the BSC network.

Much like Ether (ETH) on the Ethereum blockchain, BNB acts as fuel to power the blockchain. The token is a cryptocurrency used to pay for network transactions, including sending BNB to other wallets or using smart contracts on the BSC network. Additionally, Binance still accepts BNB for trading fees, offering a 25% discount when paid with BNB.

BNB’s rise in the crypto market has been nothing short of spectacular, reaching more than $600 in 2021 and again in 2024, and the BSC chain remains a popular choice for decentralized finance (DeFi) applications. To use the BSC chain or earn Binance’s BNB-based discount, you’ll need to buy some BNB tokens. Let’s walk through the simple process.

How to Buy BNB in 5 Easy Steps

Buying BNB follows a similar process on most platforms that offer the token. First, open an account and verify your identity. Then, deposit funds, set up your order, and make your purchase. Once your account is set up, you can buy and sell cryptocurrencies quickly. Getting started, however, can take a bit longer due to identity verification requirements.

1) Select a Crypto Exchange

For this walkthrough on how to buy BNB, we’ll use eToro because the platform is easy to use and offers additional newbie-friendly features. These include copy trading (following the moves of successful traders) and a $100,000 demo account to practice trading. eToro also offers easy-to-understand trading fees. You’ll pay 1% in trading fees on crypto trades.

As a caveat, eToro does not support BNB withdrawals to an external wallet, making the platform best suited to price-based trading of BNB. You’ll need to swap it with another cryptocurrency to withdraw your crypto assets to an external wallet. Also, BNB is not available in all regions through eToro. For example, US traders can’t buy on BNB on eToro, which is also true of several other leading exchanges. Later in the guide, we’ll review some other platforms and factors to consider when choosing a crypto exchange or trading platform.

To get started with eToro, visit eToro and tap on the “Start Investing” button.

etoro homepage

2) Verify Your Identity

Complete the basic information, including email, username, and password. Take a moment to review the user agreement.

etoro signup

eToro will also ask for your name, address, and phone number. The last step centers on KYC (Know Your Customer) regulations. eToro needs to verify your identity, which requires an approved ID, such as a driver’s license or passport, as well as proof of address, such as a utility bill.

etoro upload identity verification documents

Follow the prompts. eToro will notify you when KYC is complete. Other platforms work similarly; verification can take 5 minutes to 48 hours.

3) Deposit Funds

eToro supports deposits in USD, as well as debit cards and PayPal deposits. On eToro, you won’t pay a deposit fee, although you may pay a conversion fee if paying in other currencies. However, other exchanges typically charge a fee for using debit cards or third-party providers, whereas there are often no deposit fees for bank transfers.

As a caveat, bank transfers can take longer to clear. If using an ACH bank transfer or a similar service in other parts of the world, expect a wait of one to three business days before you can use the funds for trading. Debit card-sourced funds are generally available immediately but often can only be used for a direct purchase rather than creating a cash trading balance.

etoro fund your account

4) Prepare Your Order

Search for BNB in the top search bar. You’ll find a chart as well as a technical analysis overview that can guide your buying decision, including price points for entry.

bnb technical analysis etoro

Next, tap the buy button at the top. eToro defaults to a market order at current prices. Tap the “Order” button if you prefer a limit order, as shown below. In this example, we set a fixed price for the order at $500, which is slightly below the current market price at press time.

etoro buy bnb limit order

Trading fees are 1% of the order amount, whether using a market order or a limit order. However, eToro also uses a spread, which varies by asset according to market conditions. A spread is a markup used to lock in your price. You’ll find the current spread in dollars on the trade setup box.

5) Buy BNB

If everything looks correct, use the “Set order” button (limit order) or “Open trade” button (market order) to place your order to buy BNB. After your order fills, you’ll find your BNB in your portfolio, which is linked in the app.

Where to Buy BNB? The Top Exchanges

Despite BNB’s success, the token can be difficult to find. Binance is an obvious source because the exchange is still closely linked with the project. If you’re wondering where to buy BNB besides Binance, we review two other options below in addition to Binance.

One is eToro, which provides a way to get price exposure to BNB and offers several tools to make trading easier for new traders. The other, OKX, targets advanced traders but also offers ways for new traders to learn the ropes through the platform’s full-featured demo account.

eToro – Easiest Platform for New Traders

On eToro, you can buy BNB with a debit card with no additional fees. Most other exchanges charge extra to purchase via debit card. The platform also supports PayPal and other payment services, depending on your location. Bank deposits are also supported but can take longer to clear.

eToro centers on social trading, allowing users to follow a feed of traders on the platform or even copy their trades. The multi-asset brokerage also provides a $100,000 demo account that lets you practice trading against real-world prices to learn the platform and hone your trading skills.

etoro crypto selection

For BNB trading, specifically, eToro is best suited to price exposure because there’s currently no way to move your BNB off the platform without exchanging it for another cryptocurrency. This is because the eToro wallet, used for transfers, only supports a limited number of cryptos, while the eToro app supports BNB and many others. However, eToro holds most of the crypto assets on the platform in cold storage. This provides more secure storage by keeping the private keys offline.

Feature Benefit
Copy Trading Allocate part of your portfolio to follow the moves of successful traders
Demo Account Use $100,000 of virtual currency to practice trading and test strategies
Smart Portfolios Invest in ETF-style themed baskets of cryptocurrencies

Pros

  • Simple fee structure
  • Beginner-friendly trading platform
  • Copy trading
  • Demo account

Cons

  • BNB Not available to US traders
  • Can’t withdraw BNB
  • Higher trading costs than other platforms

Visit eToro

Binance – Highest Liquidity for BNB Trades

As the exchange that initially launched BNB, Binance offers the highest liquidity, with more than 20% of all BNB spot trades taking place on the Binance exchange. This helps ensure closer spreads for painless entries and exits. Binance is also known for its low fees Binance Advanced Trade, starting at 0.1% for limit orders and market orders with an additional 25% discount for fees paid in BNB. This added discount makes Binance the cheapest way to buy BNB.

binance home page

Binance also offers a simple trading interface, albeit with slightly higher fees compared to Advanced Trade. With simple trades, you’ll pay about 0.5% plus a spread (markup) to buy or sell BNB and other crypto assets.

Where Binance shines is in its full support for BNB. Once you make a purchase, you can put your BNB to work earning staking rewards to help secure the network. Earn up to 3.5% through BNB Vault if you choose a max lockup of 120 days. Shorter duration lockups pay 0.9% to 2.2%. Binance also offers more sophisticated yield products for BNB with yields of up to 200%. However, these products do not protect your principal like BNB Vault.

Other features geared towards advanced users include margin trading and perpetual futures, both of which allow you to use leverage to maximize your returns.

Feature Benefit
BNB Vault Earn a yield of up to 3.5% without risking your principal
Auto Invest Dollar-cost average your investment while earning a yield on your BNB balance
Launch Pool Earn new tokens by staking BNB

Pros

  • BNB staking for yield
  • Copy trading
  • Supports BNB withdrawals to a self-custody wallet
  • 0.1% trading fees; extra 25% discount when paid in BNB

Cons

  • Not available to US traders with ongoing legal issues
  • Best suited to advanced users

Visit Binance

OKX – Most Advanced Trading Tools

The Seychelles-based OKX exchange offers a wide range of cryptocurrencies and several tools for advanced traders. Similar to eToro, OKX provides a demo account to test your strategies. However, OKX offers more functionality, including the ability to use your demo account to trade (virtual) futures against real-world assets. The platform also provides trading bots, allowing traders to use off-the-shelf automated traders or customize their own trading bots that trade 24-7.

okx homepage

Trading fees to buy BNB Coin on OKX largely parallel those on Binance, with OKX charging 0.08% for limit orders compared to Binance at 0.1%. However, Binance offers a 25% discount for fees paid in BNB, making both platforms some of the cheapest ways to buy BNB.

Like Binance, OKX supports BNB withdrawals. This allows you to move your crypto to your own self-custody wallet for safekeeping.

Feature Benefit
Trading Bots Choose a ready-made programmable trading bot to DCA, trade within a grid, automate other trades
Demo Account Practice trading with a generous virtual assortment of blue-chip cryptos
Simple Earn Earn a yield on BNB and other cryptos with flexible staking

Pros

  • Full-featured demo account
  • Trading bots to automate trades
  • 0.08% limit order fees
  • Supports BNB withdrawals to a self-custody wallet

Cons

  • Not available to US traders
  • Best suited to advanced users

Visit OKX

How We Selected The Best Platforms to Buy BNB

Choosing the right platform is an essential part of successful trading. We weighed several factors when choosing the short list above. Each platform brought a different set of benefits, making each best suited to specific trading goals and priorities.

Highest BNB Trading Liquidity

Liquidity refers to the ability to trade in and out of an asset easily. Binance scored well here, with more than 20% of all BNB trades occurring on its platform. More traders often lead to lower spreads and the ability to trade in and out easily. eToro also fared well with a wider range of assets that could be exchanged with BNB.

Exchange Security

All the exchanges we reviewed use cold storage to safeguard most of the crypto on the exchange. This approach is similar to keeping valuables in a bank vault. All platforms also enforce two-factor authentication to help protect individual accounts against breaches.

Lowest BNB Trading Fees

Both OKX and Binance offer some of the lowest trading fees available anywhere, and both offer additional discounts based on volume. Low fees allow you to keep more of your crypto trading profits.

Where is the Best Place to Store BNB?

When you buy BNB, the trading platform you chose for your trade will hold your tokens in a custodial wallet. With a custodial wallet, the exchange or broker holds the private keys that control your crypto assets on the blockchain.

While custodial wallets are more convenient, typically accessed with your account login credentials, you should also weigh safety considerations. For example, the exchange or your particular account could suffer a breach. The 2023 HTX exchange hack led to $30 million in losses, causing more than $250 million in outflows. As another possibility, the exchange itself could suspend withdrawals, similar to the beginning of the FTX exchange collapse.

A non-custodial wallet such as Zengo or MetaMask puts you in control of your wallet’s private keys and protects your crypto from exchange-related risks. Both of these wallet apps support BNB, and both are free to download. After you make your BNB purchase, consider moving your BNB to a crypto wallet you control.

Storing BNB on Binance

Generally, holding your crypto on an exchange isn’t the safest solution. However, Binance may be an exception, specifically for BNB in small quantities.

On Binance, you can use BNB to pay trading fees, saving as much as 25%, depending on the current promotion. The platform also offers a feature to convert small holdings of other crypto assets to BNB without trading fees. This crypto “dust” can be difficult to trade or use otherwise due to its low value, but can add up when converting it to BNB.

Binance also supports BNB staking, a way to earn more BNB while helping to secure the blockchain network.

Holding BNB in a Cold Wallet

MetaMask and Zengo, the wallets mentioned earlier, are both hot wallets. This means the private keys are stored on a device that connects to the internet. Cold wallets, often called hardware wallets, offer more protection by storing the private keys on a separate device that connects to your computer or mobile device as needed. When you need to make a transaction, you authorize the transaction using the cold wallet’s interface.

Trezor invented the world’s first hardware wallet in 2014, with Ledger introducing its first hardware wallet in the same year. Both of these choices still lead the market today, and they both support BNB.

What Can You Use BNB For?

Many BNB use cases center on the Binance exchange itself, but the BNB token is also widely used in decentralized finance (DeFi) on the BNB Smart Chain.

Trading Fee Discounts on Binance

Check the promotions page on Binance for BNB discounts. Currently, Binance offers 25% off when you pay your trading fees with BNB.

Token Sales on Binance Launchpad

The Binance Launchpad introduces new tokens before they hit other major exchanges. Stake your BNB to earn crypto for projects that might be the next big thing.

binance launchpad

Staking BNB

Similar to Ether (ETH), BNB is used to secure the blockchain through staking. You can stake your BNB to earn yields of up to 3.5%, which are paid in BNB and automatically compounded.

Conclusion

BNB’s price action has been legendary, rocketing a 15-cent asset to more than $500. We detailed how to buy BNB, with each exchange following a similar process. In regard to where to buy BNB, your choice of exchange will depend on your priorities.

eToro offers a newbie-friendly way to add BNB to your portfolio. Binance brings the highest liquidity combined with low fees. OKX delivers powerful trading tools for advanced traders while also making trading fees affordable.

FAQs

How do you purchase BNB?

To buy BNB, open an account with a trading platform like eToro, Binance, or OKX. Then, deposit funds for trading and make your BNB purchase.

Where can you buy BNB besides Binance?

OKX offers BNB and allows you to move your BNB off the platform to a self-custody wallet. eToro also offers BNB. However, currently, there isn’t a way to move BNB off the platform. To exit your eToro position, you have to sell.

How do you buy BNB on MetaMask?

To buy BNB on MetaMask, switch to the BNB network and look for the “Buy” button. Then, select your region and a payment method, such as Google Pay or a debit card. This connects you to third-party providers from which you can buy BNB and have the crypto sent directly to your MetaMask wallet.

What is the cheapest way to buy BNB?

OKX and Binance are among the cheapest platforms to buy BNB. OKX charges 0.08% or lower for limit orders, whereas Binance charges 0.1% for limit orders. However, Binance offers a 25% discount for paying trading fees with BNB.

Can you buy BNB with a debit/credit card?

Yes, eToro, Binance, and OKX all support BNB purchases using a debit card. However, credit cards are not supported.

References