The Binance exchange’s native token, Binance Coin, is also used to pay transaction fees on the two chains it has built: the Binance Smart Chain and the BnB Beacon Chain (bep2) (bep20). Traders may also trade BNB on other cryptocurrency exchanges, which is gaining popularity as more people start utilizing Binance to trade cryptocurrencies. According to charts, a blockchain analytics tool, the number of daily transactions on the smart chain network has reached as high as 2.9 Million.
This article will guide you through the seamless process of buying the Binance Coin (BNB) from three popular exchanges: MEXC, Kucoin, and Binance itself. This guide is simple and easy to follow, so even if you are new to cryptocurrency, you will be able to understand and execute the steps involved.
Step 1: Setting up an account on the exchange
You can purchase cryptocurrency through your exchange account. You must create an account on the exchange of your choice, such as Binance, MEXC, Kucoin, or any other reputable exchange before you can begin purchasing BNB. You will have to provide some basic personal information during this process, which is usually simple, to validate your identity. This is crucial to avoid the conversion of fraudulent funds into fiat currencies, such as the Naira, Euro, and USD, which are regular currencies supported by a central bank.
Register via the mobile app or the exchange website to create your exchange account and sign up with your email or phone number.
Click on the “Sign Up” button as seen on the homepage.
Fill out the registration form by entering your email address, password, and referral code if you have one.
Next, click the “Sign Up” button, after which you will receive a verification prompt via email. Then follow the instructions in the prompt to activate your account.
Once your account is activated, you must go through the verification process. This will involve uploading a copy of your verifiable ID or passport and a selfie of yourself holding the ID or passport, sometimes with a piece of paper carrying the registration date. This is to comply with anti-money laundering (AML) and know-your-customer (KYC) policies.
The same process applies to all exchanges.
Step 2: Choosing a Method to buy the BNB asset
Once your account is set up and verified, you must deposit funds to buy the Binance Coin. With most centralized exchanges, there are currently three methods of funding your account to buy a crypto asset. These include:
Buying with your credit or debit card: Once your account is verified, proceed to the “Deposit” page on the Binance website and select “Credit/Debit Card” as the deposit method. You will then be prompted to enter your card information, including the card number, expiration date, and CVV code. Once you have entered this information and confirmed the deposit, the funds will be added to your Binance account and will be available for use immediately. You can then use these funds to buy BNB by navigating to the “Buy” page, selecting BNB as the cryptocurrency you wish to purchase, and entering the amount of BNB you wish to buy. Finally, confirm your purchase, and purchased funds will be added to your Binance account. Keep in mind that Some Banks or countries may not be supported by Binance.
Funding your account via P2P: To fund your account using the P2P market on Binance or other exchanges, navigate to the homepage of the app or Website and locate the P2P button under the drop-down menu (more), then proceed to the filter to enter the amount of fiat you want to use to buy BNB, select how you want to pay, whether via bank transfer, PayPal, Skrill, etc. and click “confirm”. Then scroll down through the list of verified P2P merchants and select one with a very high completion rate, at least 90%. Enter the amount you want to buy after clicking the merchant’s advert and proceed to make payment in FIAT. It is very important that you send exactly what appears on the pop-up window to the merchant’s account. Otherwise, he could delay the release of your purchased BNB.
Funding your account with a wire transfer (for countries where crypto is publicly accessible): If you live in a country where cryptocurrencies are publicly accessible, one way to fund your account and buy Binance Coin (BNB) is by doing a wire transfer. A wire transfer is a method by which funds are transferred from one bank account to another digitally. To initiate a wire transfer, you will need to provide the recipient’s bank account information, such as the account number and routing number, as well as the account name and address. A wire transfer process can take a few days to complete, and there may be fees associated with the transfer. Once the wire transfer is completed and the funds are deposited into your account, you can use the funds to purchase BNB on the exchange, be it Binance, Kucoin, or MEXC.
Step 3: Buying the Binance Coin
Once you have successfully deposited funds into your account, you are ready to buy the Binance Coin. This is relatively easy, but it may vary depending on your exchange. However, it is generally a simple process.
Log in to your exchange account and ensure your deposited funds are available in your spot wallet for Binance and Mexc and your trading wallet for Kucoin. If it isn’t, you must use the Transfer feature to move the funds from your funding wallet to your spots or trading wallet.
Proceed to the trading page
Select the Binance Coin trading pair that you want to trade (e.g. BNB/USDT or BNB/BTC)
Enter the amount of Binance Coin you want to buy in the “Buy” field, or enter the amount of USDT or BTC you want to spend in the “Sell” field
Click on the “Buy/Sell” button to complete the purchase, depending on which selections you made earlier.
It’s worth noting that, depending on the exchange and the trading pair you’re using, the price of Binance Coin may fluctuate. So check the current price before purchasing to ensure you’re getting a fair deal.
Step 4: Storing your Binance Coin
Once you have bought Binance Coin (BNB), it is important to store it in a secure wallet. A secure wallet is a digital wallet that allows you to manage your Binance Coin and other cryptocurrencies personally. There are different types of wallets, such as software wallets, hardware wallets, and paper wallets, each with advantages and disadvantages.
Using a hardware wallet for maximum security is recommended, as it is a physical device that stores your private keys offline, making you less susceptible to hacks. Examples of hardware wallets are Trezor, Safepal, and Ledger Nano.
On the other hand, software wallets are digital wallets that can be installed on your computer or mobile device and are generally easier to use than hardware wallets. Still, they need to be more secure since they are connected to the internet. Examples of software wallets are Trust wallet, Metamask, and Token Pocket.
When using an exchange as a wallet, it’s important to remember that you don’t have full control over the private keys of your funds, and you are prone to losing your assets if the exchange gets hacked or goes out of business.
In conclusion, buying Binance Coin from exchanges like MEXC, Kucoin, or Binance is relatively easy, even for those new to cryptocurrency. Following the steps outlined in this guide, you can set up an account, deposit funds, and buy Binance Coin in no time. Be sure to store your Binance Coin in a secure wallet for maximum security. As always, it’s important to do your research and due diligence before making any investments in cryptocurrencies.