About Binance Coin
Created in 2017, Binance Coin or BNB is a utility token that’s used for discounted trading fees. It was initially launched as an ERC-20 token but gradually BNB has turned into a native token of the Binance blockchain. The coin can be used to make purchases such as buying virtual gifts, shopping with a credit card, and paying for traveling expenses.
Applications of Binance Coin
BNB is the token that fuels the ecosystem and it’s a native token of Binance blockchain. This means the coin has a variety of applications including but not limited to:
• Using it for discounted trading fee on Binance exchange
• Using it as a payment mode for buying products/services
• BNB is used in powering Binance Decentralized Exchange or DEX
• Using it to take part in token sales on Binance Launchpad
How to Buy Binance Coin
Purchasing Binance Coin is quite an easy process that’s similar to how you buy other cryptocurrencies such as EOS, Litecoin, Ethereum and Bitcoin. All you need to do is follow 5 of the below mentioned steps.
Step 1 – Choose Your Binance Coin Exchange
Unlike other cryptocurrencies, it’s highly recommended that you buy BNB on Binance crypto exchange. You should keep in mind that Binance doesn’t accept fiat money such as US dollars. So, you will need to buy a cryptocurrency first to purchase BNB. It’s better to purchase relatively stable and highly liquid cryptocurrencies like Bitcoin, Litecoin, Ripple and Ethereum.
Once you have the cryptocurrency in your account, you can use it to purchase Binance Coin on the exchange.
Step 2 – Choose Your Binance Coin Wallet
BNB or Binance Coin is an ERC-20 token offering a wide range of applications from investing to bidding. BNB can be stored in many types of wallets. If you are looking for a hardware or cold wallet, then Ledger Nano S and Trezor are the best option.
They’re not exactly user friendly but are highly secure. If you want a relatively user-friendlier and secure mobile wallet, then you can go with the Trust Wallet. It’s available on both dominant mobile platforms i.e. Android and iOS. Lastly, if you are looking for a great desktop wallet, there are few worthy alternatives of Atomic Wallet. It’s secure, intuitive and reliable.
Step 3 – Take Precautionary Measures
• Before buying any cryptocurrency or starting trading on an exchange, ensure you have gone through the following procedures:
• Using a unique and dedicated email ID for signing up on Binance or any other exchange
• Using a strong password that contains combination of lower and upper case letters, digits, and special characters
• Ensuring the devices you’re going to trade on are secure and scanned for any malware/viruses to remove vulnerabilities
• Using a different password for the crypto exchange from the one that you have for your email address
• Ensuring that you’ve enabled two-factor authentication for extra cushion of safety
Step 4 – Choose the Payment Method
When you are buying Binance Coin, it’s a different process altogether as you don’t really have to worry about the payment method. Just ensure that you have the cryptocurrency in your account that you want to use for buying BNB.
Step 5 – Make the Purchase and Store Binance Coin in Your Wallet
Once you have gone through all the loops and have followed the above instructions, it’s now time to make the purchase. Choose the amount of BNB coins you are looking to buy and Binance will get the job done for you. You will see BNB coins in your exchange account and at that point you can decide whether to transfer them to your digital or cold wallet. It’s recommended that you do since it makes your coins highly accessible and secure.