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Buying Binance Coin: where and how can you safely buy Binance Coin (BNB)?

Our experience buying Binance Coin: what is the Binance Coin (BNB) and where can you buy it?


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Buying Binance Coin: where and how can you safely buy Binance Coin (BNB)? (c): Binance.com

31.01.2018

The Binance Coin (BNB) is an in-house crypto-currency of the Binance.com trading platform. The young Chinese trading platform Binance tries to convince with innovation - one was the publication of its own coin, the Binance Coin. With the Binance Coin, the platform got a good start-up funding and wants to give some of the profits back to the customers and owners of the Binance Coin. We will show in our review, how and where you can buy the Binance Coin (BNB).

 





Buying Binance Coin (BNB) in Germany, Austria and Switzerland

The Binance Coin can only be bought on the platform Binance.com* so far (to the detailed review). The coin can also be bought in Germany, Austria and Switzerland via the Chinese crypto-currency platform Binance, which is situated in Shanghai. The platform can be used in Europe without any problems and even offers German as a language. Partly there are some problems with the translation - not all words are translated - but nevertheless the platform is easy to use.


Step-by-step guide: buying Binance Coin (BNB)

The purchase of BNB and other crypto-currencies is easy on Binance*. The only prerequisite is that Bitcoin, Ethereum, or Tether-Dollar have already been deposited on the account. Once one of these coins is available, the BNB token can be purchased, which can then be exchanged for many other crypto-currencies. If there is no Bitcoin, Ethereum, or Tether-dollar on your Binance account, please continue with chapter "buying Binance Coin (BNB) via bank transfer, credit card, Sofortüberweisung (immediat e transfer) or Paypal".
If there is Bitcoin, Ethereum, or Tether Dollar already available, do the following:

Step 1: go to the trading menu
Click on "exchange" in the upper left corner. Here you have the choice between "basic" and "advanced". Both variants lead to the same result.

Binance © "Binance.com screenshot"

Step 2: select desired trading pair
At the top on the right-hand side there is preset BTC (Bitcoin). If you want to use another  crypto-currency, you can also choose between Ethereum, BNB tokens (which can be exchanged for all other currencies, if available) or Tether-dollars.
Then enter "BNB" in the search field. The trading pair "BNB/BTC" is automatically displayed. Click on it!

Binance © "Binance.com"

Step 3: Enter desired quantity of BNB, confirm purchase
Now enter the desired amount of BNB coins. Alternatively, you can trade 25%, 50%, 75% or 100% of your BTC stock for BNB.
The total cost in Bitcoin will then be displayed in the slightly grayed box.
To exchange the entered quantityof BNB for Bitcoin, now click on "buy BNB":

Binance © "Binance.com"

Important NOTE:
The delimiter for decimals is a dot - not a comma!

What is the Binance Coin (BNB)?

The BNB tokens are the cheapest medium for the owners to pay the trading fees. The earlier these are used, the greater are the savings. While in the first year, there will be a saving of 50% on the trading fees, in the fourth year after its founding it’s just approximately 7%.

Binance © "Binance.com screenshot"

In addition, Binance will take back the BNB issued for the foundation as soon as possible. Each quarter, 20% of the profits will be used to buy back additional BNBs and then destroy them, thus completing the foundation. Overall, Binance would like to buy back exactly 50% of the initial BNB coins, i.e. a total of 100,000,000 tokens. The remaining 100,000,000 tokens will continue to increase in value, which is like an indirect distribution of profit for the BNB coin holders. Because of the limited offer they hope for rising exchanges rates of the BNB token.
According to the website, Binance has recovered almost 10% of all BNB tokens in the first quarter since its foundation and made them useless.

Buying Binance Coin (BNB) by bank transfer, credit card, immediate transfer (Sofortüberweisung) or Paypal

Unfortunately, the platform Binance does not offer any deposit by bank transfer, credit card, immediate transfer (Sofortüberweisung) or Paypal. Thus, crypto-currencies can currently be traded amongst themselves, i.e. exchanged for Bitcoin, Ethereum or Tether-dollar:

Buying Bitcoin or Ethereum by credit card or bank transfer (SEPA).

To easily and quickly buy Bitcoin or Ethereum and trade them against Verge, we recommend the US provider Coinbase. Coinbase is a classic web wallet with an integrated way of buying Bitcoin or Ethereum. To buy Verge on Binance.com* (our review) you have to transfer Ethereum or Bitcoin beforehand.
In order to buy Bitcoin, Ethereum or Litecoin directly via Coinbase, the first step implies a separate account on Coinbase. This can be created within a few minutes. After that a verification of the account must be processed, so that your own identity is confirmed. Again, this works out very easily on Coinbase and is done just in a few steps. Here is our detailed review about Coinbase.com.
 
With a new registration via our link, there is a bonus of Bitcoin in the value of $10 (about 8 euros). These will be credited to your account once Ethereum or Bitcoin worth $100 have been purchased via Coinbase. Simply create a new Coinbase account using the link, buy Bitcoin, Ethereum or Litecoin worth $100 and the bonus will be credited.

Click here to receive $10 of Bitcoin with the Coinbase promo code*

After successful registration and verification, a payment method must be added. In Europe there are two payment methods to choose from: first, the direct payment by credit card or a classic SEPA bank transfer. Coinbase strongly recommends using SEPA bank transfer when purchasing larger amounts. The disadvantage of this method is, however, that as first step money (US dollar or euro) must be transferred to the Coinbase account by bank transfer - which can take one to two business days. If, however, payment by credit card is used, significantly higher fees will be charged, but you can immediately purchase Bitcoin, Ethereum or Litecoin.

Coinbase Review - Buy Bitcoin © "coinbase.com Screenshot"

 
Step by step: complete report, from registration, verification to the purchase of Bitcoin or Ethereum on Coinbase

 
Quick start guide: buying Bitcoin or Ethereum in less than 30 minutes

Step 1: create an account on Coinbase (about 3 minutes)
Step 2: verify your Coinbase account (about 10 minutes)
Step 3: either add a credit card (about 5 minutes) or a bank account and deposit money on Coinbase (1-3 days)
Step 4: buy Bitcoin or Ethereum (3 minutes)

Depositing Bitcoin or Ethereum on Binance

Payments and withdrawals on Binance.com are possible via the somewhat awkward term "funds" > "deposit" or "funds" > "deposit". Here you can search for the desired crypto-currency.

Binance © "Binance.com"

By clicking on "deposit" a corresponding address is generated automatically, which can be displayed as a QR code.

Binance © "Binance.com"

The payouts works in the same way: enter recipient address and the amount. The fee is pre-set.
Then you can buy the deposited Bitcoin or Ethereum as described in the chapter "step-by-step instructions: buying Binance Coin (BNB)".

Buying Binance Coin (BNB) via Paypal

One of the most common questions is how to buy Binance Coin via PayPal. The big advantage of purchasing the Binance Coin via Paypal is the high security level and transparency during the purchase process. In addition, the purchase via PayPal on the internet is an established payment method and very easy to use. Unfortunately, there is no provider that offers purchasing the Binance Coin via PayPal.
However, there is an indirect way, if you absolutely prefer buying Binance coins via Paypal: for this purpose, Bitcoins must be purchased first, which can then be exchanged on different exchanged for Binance coins. Here we show how it works:
 
First: buy Bitcoin on VirWox via Paypal

Currently there is only one provider worldwide that offers purchasing Bitcoin via PayPal. With the Austrian supplier VirWox, Bitcoin can be bought using Klarna, paysafecard, OKPay, credit card, but also via PayPal. However, here Bitcoin cannot be purchased directly with US dollars or euros via PayPal, but it must be paid via PayPal credit, with which then so-called "SLL" coins ("Second Live Linden" coins) can be purchased. These SLL coins can be exchanged for Bitcoin in the second step. After purchasing SSL coins via Paypal, the exchange of SSL coins for Bitcoins, these can be transferred to your own Bitcoin wallet.
Despite the possibility of paying via PayPal, we cannot recommend purchasing Bitcoins via VirWox. The transaction fees and the complicated procedure outweigh the advantages of the simple and secure payment method PayPal. For those of you who do not mind the high fees, we would like to provide a small guide of how to buy Bitcoin via PayPal:
 
Step 1: register on VirWox

The first step requires a free VirWox account. This is created just following a few steps. The fields under "connection to avatar (optional)" do not have to be filled; they are only relevant if the money is to be transferred to the computer game "Second Life". For purchasing Bitcoin via Paypal this information is not needed.

After registration, you will receive an e-mail that must be opened within 24 hours. The password for the first login will also be sent in this e-mail (the password is only valid for 24 hours). This password should be changed after your first login.

Step 2: deposit euros via Paypal

In the second step you have pay a deposit of euros on your VirWox account. Here several options are available; among other things, the payment by immediate transfer (Sofortüberweisung), Paysafe Card, credit & debit card, Skrill or PayPal.
Depending on the payment method, the fees vary from a free deposit to the most expensive payment method via credit card (0.39 euros + 3.5%). The fees for the purchase via PayPal are similar: here you have to pay 0.35€ + 3.4%.
With PayPal express purchase, a maximum of 90 euros can be paid for the first purchase.

Step 3: buy SSL coins and exchange them for Bitcoins

As a third step you cannot buy Bitcoin directly with the deposited euros. For this it is necessary to exchange euros for SSL-Coins (EUR/ SLL). These can then directly be exchanged for Bitcoin (BTC/SLL).

Step 4: deposit Bitcoin or Ethereum on Binance

Payments and withdrawals on Binance.com are possible via the somewhat awkward term "funds" > "deposit" or "funds" > "deposit". Here you can search for the desired crypto-currency.

Binance © "Binance.com"

By clicking on "deposit" a corresponding address is generated automatically, which can be displayed as a QR code.

Binance © "Binance.com"

The payouts work in the same way: enter recipient address and amount. The fee is pre-set.
Then you can buy the deposited Bitcoin or Ethereum as described in the chapter "step-by-step instructions: buying Binance Coin (BNB)".

Buying Binance Coin (BNB) at a bank?

"Is it possible to buy Binance Coin at my bank?" This question is asked by many BNB beginners. Unfortunately, the purchase of BNB is not possible at any "classic" bank. This is because the bank would not only have to offer the trading of the BNB, but also integrate a Binance Coin-wallet (Binance Coin account) on which the purchased Binance Coin are deposited. So far this has not been implemented by any bank yet. For example, Binance Coin cannot be purchased directly at bank, but so far only on the Binance.com trading platform. Other crypto-platforms do not offer the coin yet.

Deutsche Bank
DZ Bank
Commerzbank
Unicredit Bank
Postbank
Sparkasse
Volksbank
ING-DiBa
Comdirket



 

 

 

 

 

 

Binance Coin exchange rate and historical course: what is the current value of a Binance Coin (XVG)?

Normally, you should compare the price before buying crypto-currencies. As far as the Binance Coin is concerned, however, there is only one exchange platform offering the coin – it is not clear whether more providers will follow. Thus the price does not have to be compared before buying.

Buying Binance Coin on a reputable and secure exchange or via a broker

One of the most important features of an exchange or broker when purchasing Binance Coin should always be the reputation and trustworthiness of the respective provider. All exchanges and brokers listed on this site are considered reputable and trustworthy. However, the situation on the crypto-currency market is about to change. Therefore, we recommend to check the market before your first purchase. In addition, you should not permanently keep too large amounts of money (be it euros, US dollars, Bitcoin or other crypto-currencies) with just one provider. Since the Binance Coin can only be bought and sold on Binance.com so far, you should be very considered of how much money you invest in the coin. In case the platform Binance.com closes, most likely all BNB tokens will be worthless!

One of the most negative examples in the history of Bitcoin is the fall of the Mt. Gox crypto-currency exchange. Mt. Gox was still one of the largest Bitcoin exchanges in August 2013, accounting 60% of Bitcoin's global trading volume. In February 2014, the exchange filed for bankruptcy after a hacker attack. The exchange stole 750,000 Bitcoins of customer deposits and 100,000 Bitcoins of the company.

 



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