Buy Binance Coin Instructions | Paypal, Credit Card & SEPA
Would you like to save yourself some fees for Binance? Or maybe you just want to get some investment risk through the world's most popular cryptocurrency exchange? You just have to buy Binance Coins. In this article, we are going to show you the easiest way to do it.
Is It Too Late To Buy BNB Coins?
Within just one year, the Binance Coin has grown from an unknown cryptocurrency to one of the largest today. Given that the BNB first traded on the exchanges in July 2017 for only 11,5 cents per coin, it may feel too late to invest. But don't worry, the coin has passed its record high of $ 24,46 per coin.
This means that BNB investors are getting a significant, historically high discount right now. That the Binance Coin outperformed other cryptocurrencies in the market crisis of 2017makes it even more exciting. Many commentators and observers of crypto currencies are therefore extremely positive about the crypto potential in the next bull market.
There are also numerous factors that suggest the BNB coin will do well in the future:
- Binance is already the largest exchange in the world. This makes the BNB-Coin the strongest exchange-backed coin on the market.
- Binance has committed to spend 20% of its quarterly profits on buying back BNB coins and then destroying them. This burning of coins reduces the supply. Thus, with constant demand and shrinking supply, the price should rise.
- In the future, even more options for using Binance Coins will be offered. For example, Binance is currently creating a decentralized exchange. It almost seems certain that the BNB coin will be used to lower fees in this new product.
- If the crypto craze takes over the world again, Binance will be well positioned to attract a significant number of new customers. This means that the demand for Binance Coins should increase.
In short, the outlook for Binance Coins is positive and there are still opportunities for investors to get in.
How high could the Binance coin go?
Nobody is 100% able to predict how a cryptocurrency will develop in the future, but Binance is the largest cryptocurrency exchange in the world. This business is extremely profitable and many news outlets even report that Binance was more profitable than Deutsche Bank in between.
High profits mean that Binance is making very good money from relatively high fees. This leads many savvy investors to buy BNB coins in order to lower the fees on their transactions. The very high profits also mean that Binance is spending more money on its quarterly coin buyback, reducing the supply of coins and thus driving the price up.
New cryptocurrency investors are being drawn to the largest exchanges. As a beginner, where would you buy your crypto if not from Binance? This enables Binance to win the largest share of new cryptocurrency investors and thus also to get potential BNB investors. That is why we believe that the Binance Coin is destined to outperform the market and make new highs in the net crypto bull cycle.
Where to Buy BNB Coins: 2 Ways
Binance is currently trying to make arrangements so that they can accept regular currency deposits on the exchange. Unfortunately, this is easier said than done, and there are a significant number of control loops that must be passed before this can happen. When this finally succeeds, the easiest way will be to buy BNB coins directly through the Binance exchange.
At the moment there is no direct way to buy Binance Coins with regular currency through a single account. Instead, you need to purchase Ethereum or Bitcoin and trade this on the Binance exchange for BNB coins.
Create a Coinbase account
- History: Coinbase was founded in 2012 and is the world's most popular cryptocurrency exchange.
- investors: Coinbase has strong investors such as venture capital company IVP, the New York Stock Exchange, and more.
- Easy: Coinbase is known and loved for its easy to use user interface.
- Minimum deposit: You can already invest in cryptocurrencies on Coinbase with amounts from € 6.
- Regulated: Coinbase is one of the few cryptocurrency exchanges that is regulated.
- Insurance: Client funds are insured and segregated.
- Deposit methods: Credit / Debit Card, Wire Transfer, and PayPal for US customers.
- Tradable cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, 0x and more coming.
Would you like to check that you have set up your Coinbase account correctly? Our detailed guide will support you.
Now the first step is done and we are ready for our first cryptocurrencies. But you may be wondering, where can I find BNB coins on Coinbase? Binance Coins themselves are not available directly from Coinbase. To get to BNB, you first need Bitcoin or Ethereum on Coinbase and then send these coins to an exchange to buy Binance Coins there with BTC or ETH.
The fastest way to buy BTC or ETH on Coinbase
- Go to the Buy / Sell page on your account.
- Add a payment method to your Coinbase account.
- You can now choose between different payment methods: credit card payments or bank transfer. One factor to consider when making a decision is how badly you need your coins. A bank transfer has lower deposit fees, but it takes between 2 and 5 days for your cryptocurrencies to be credited to your Coinbase account.
- Option 2: You can deposit funds with a credit or debit card. You pay a fee of around 3%, but receive your coins directly.
Both methods are easy to perform and ensure that your money lands safely in your Coinbase account. After the deposit you will receive an email informing you when your deposit was successful.
- Once your account is funded, choose between the listed cryptocurrencies in the “Buy / Sell” section, Ethereum or Bitcoin.
- Enter the amount for which you want to buy bitcoins, for example.
- As the payment method, select the currency wallet you have paid into (in this example we have used EUR).
- Review your order before clicking "Confirm Purchase". Your cryptos will then be automatically credited to your Coinbase account.
Do you want to buy cryptocurrencies even cheaper on Coinbase?
Then check out ours Coinbase Guide at. Here we show you how you can send your funds to the subsidiary Coinbase Pro with a little more effort. On Coinbase Pro you can save fees on every single purchase, trade or sending of coins.
Setting up a wallet to store Binance coins
Before you buy your BNB coins, it is probably a good idea to set up a wallet. The good news is that the BNB coin is a ERC-20 token, i.e. it is based on the Ethereum blockchain. That means you can store Binance Coins in MyEtherWallet.
Store your BNB coins for free with the popular MyEtherWallet.
Do you need help setting up MyEtherWallet? Our more detailed MyEtherWallet Guide guides you through every step.
The ultimate way to store BNB coins
We think MyEtherWallet is the best way to keep your Binance coins for free. However, you may have heard of cryptocurrency hacks and most likely a lot of them are true. There are definitely hackers out there trying to steal crypto. Hence, many investors are looking for the safest way to store BNB coins. The answer is a hardware wallet.
However, hardware wallets are not suitable for every crypto investor because they cost over $ 100. For example, it is extremely difficult for someone who only has $ 100 in crypto to justify this cost. However, we at Bitcoin-News.one always use a hardware wallet and therefore recommend the same to you.
What exactly is a hardware wallet? They are small USB devices that plug into your computer. They store the private keys to your crypto wallet so that these keys cannot be found anywhere outside the device. This is extremely important as cryptocurrency thieves are essentially trying to find out people's private keys in order to steal their cryptocurrencies. The nice thing about hardware wallets is that they ensure that your money is protected from phishing attacks, keyloggers and other methods that hackers use to steal your private key.
Which hardware wallet should you choose? There are two major hardware wallet manufacturers: Trezor and Ledger. To help you choose the right device, we have a great one Ledger vs. Trezor comparison worked out for you.
Creating a Binance Account
You should now have Bitcoin or Ethereum on Coinbase and your MyEtherWallet should be ready to go. If you don't have a Binance account yet, the next step is to set one up.
- The largest exchange in the world: Binance has the highest crypto trading volume in the world.
- The one-stop shop: Over 100 different cryptocurrencies are available on the exchange.
- Easy to handle: The swap has received a lot of praise for being simple and straightforward.
- Customer support: Binance has invested in multi-language support.
Do you need help setting up your Binance account? Just dive into our Binance Guide.
From Coinbase to Binance: Guide
- Sign into your Binance account.
- Select "Funds" and click "Deposit"
- Make sure you select the cryptocurrency that you bought on Coinbase, if you choose the wrong cryptocurrency you could lose your money.
- You will now see your Binance deposit address. This address is your new individual wallet address to which you will send your coins. Copy this address and go back to Coinbase.
- Log into Coinbase and select the "Accounts" button.
- Click on "Send" for the cryptocurrency from which you have just copied the wallet address (Binance).
- Paste your Binance wallet address into the "Recipient" field and enter the amount you want to send.
- Click "Next" and complete the transaction. Your coins should appear on Binance shortly.
How do you buy BNB coins on Binance?
As soon as your Bitcoin or Ethereum deposit is ready, you are ready to buy Binance Coins. You have to go through the following steps:
- Make sure you are signed in to Binance and go to the homepage. You will then see a list of markets and various cryptocurrencies. First you need to choose the right market. Choose "BTC Markets" for Bitcoin or "ETH Markets" for Ethereum. Then enter 'BNB' in the search box.
- The 'Binance trading' screen appears. Select the "Market" button to buy the BNB Coin at the current market price. Then enter the number you want to buy. Binance also gives you the option to use a percentage of your balance to buy crypto.
- After clicking the "Buy BNB" button, your purchase will be confirmed and your BNB coins will appear on your account.
How do I send BNB coins to MyEtherWallet?
If you intend to continue using your Binance coins for trading, you should leave them on the exchange. Otherwise, however, it makes sense to store BNB coins outside of the exchange in a wallet. Exchanges are big targets for hackers, and while Binance has top-notch security, you shouldn't take any chances.
To transfer Binance Coins from the exchange to the MyEtherWallet, proceed as follows:
- Copy your public address from MyEtherWallet.
- If you are logged into Binance, click on "Funds" in the top navigation bar and select "Withdrawals".
- Find BNB in the drop-down list and paste your MyEtherWallet-Public Address into the BNB payout window.
- Enter the number of coins you want to withdraw and hit "Submit". Your BNB coins will then be sent to MyEtherWallet.
Important: Binance charges a fee for processing withdrawals. The fees change regularly. However, you can here see the current withdrawal fee for BNB-Coins.
The Bitcoin-News.one team is a big fan of the Binance exchange. We like the different uses of BNB coins and the fact that Binance is reducing the supply by burning coins. We are very confident that there will be even more ways to use Binance Coins in the future and that this will drive the price up.
Binance got a lot of things right, such as cryptocurrency exchanges. There is little doubt that the BNB coin has more use than any other exchange-backed crypto. With Changpeng Zhao at the helm of Binance, we see a bright future for the exchange and the BNB coin.