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Buying BNB Coin: What You Need to Know

The world of cryptocurrency can be confusing for new investors, especially those who are just starting out. There are a variety of currencies and exchanges, as well as tokens and other unique investments that all have their own special risks and rewards. One of the most popular coins to invest in right now is the Binance coin, also known as BNB. With this article, you’ll learn everything you need to know about buying BNB coins so you can make an informed decision before investing your money.

What is Binance Coin?

Binance Coin (BNB) is a digital coin that was created by Binance, one of the world’s largest cryptocurrency exchanges. The company launched the coin during its ICO (Initial Coin Offering) back in July 2017, with the token sale raising a total of $19 million. The goal of this coin is to incentivize and reward the exchange’s token holders. Generally, its value increases as the Binance exchange becomes more popular. There are two ways you can use BNB: 

  • First, you can use it to pay lower fees when trading on Binance. 
  • Second, you can use it to buy discounted fees on other cryptocurrency exchanges that use BNB as a trading pair.

How to Buy BNB?

Before you start, make sure you have a Binance account. You can open one for free. Once you’re in your account, you can buy this coin by clicking “Exchange” and selecting the “Basic” tab. Choose the right trading pair for you and then select “Buy BNB” to place your order. You can then enter the amount of BNB coin you want to buy and click “Buy.” The order will be placed, and you’ll see a confirmation message letting you know that you’ve successfully purchased the BNB coin.You can also buy BNB on Changelly or any other platform due to its popularity. 

Where to Store Binance Coin?

You can store your BNB on Binance’s exchange, but that’s not the most secure or reliable place. Instead, you can store your coins in a wallet on your computer, or even better — in a hardware wallet. Here are some of the most popular Binance coin wallets you can use to store your coins: 

  • Binance App: it is the only official Binance wallet, and it’s available for both Android and iOS devices; 
  • Trust Wallet: it is an open-source wallet that lets you store dozens of different coins;
  • Ledger Nano S: it is one of the most popular hardware wallets in the world;
  • Trezor: another popular hardware wallet that will let you store your Binance coin in offline cold storage.

Binance Coin is an ERC-20 token, which means that it’s built on the Ethereum blockchain and uses the Ethereum network. There are various wallets that you can use to store your BNB, but the most popular option is to use a hardware wallet.

Pros of Owning BNB

There are several reasons why you might want to buy a Binance coin, including: 

  • It is one of the most popular cryptocurrency exchanges in the world, so the demand for BNB will continue to increase as the exchange grows. This will cause BNB’s value to rise as well, making it an attractive investment. 
  • It is a token that pays dividends, so as the exchange grows, and more people buy BNB, you’ll receive more Binance coins that you can then exchange for actual money. This can be a great way to make extra money from your investment. 
  • Binance Coin holders earn a 50% discounted trading fee. At the time of this writing, this means you can get a half-off trading fee, which is a huge deal for serious traders.

Why You Should Buy Binance Coin

If you’re looking to get started in cryptocurrency investing, buying a BNB is a great place to start. It’s easily one of the best investments you can make in the world of cryptocurrency, and it’s also much easier to understand than some other investments out there. Once you own a Binance coin, you’ll get free or discounted trading fees, and you’ll earn money as the value of the BNB coin rises.

The Bottom Line

If you’re looking for an easy and cheap way to get started investing in the cryptocurrency world, then Binance Coin is a great option. Binance Coin is one of the easiest tokens to invest in and also happens to be one of the cheapest. It’s easy to understand, and it’s highly likely to provide you with a good return on your investment in the long run. Not only does it provide discounted trading fees, but the value of the BNB coin will also rise over time. If you decide to buy a Binance coin, make sure to store it securely to ensure that your coins are safe.