Do you want to save yourself some fees on Binance? Or maybe you just want some investment exposure to the most popular cryptocurrency exchange in the world? Well, you will need to buy some Binance coin. In this article, we will show you the easiest way to do it.
- 1 Are you Too Late Too Buy BNB Coin?
- 2 How High Could Binance Coin Go?
- 3 Where To Buy BNB Coin – Our Top 2 Ways Explained
- 4 Creating A Coinbase Account
- 5 What To Do When Your Coinbase Account Is Good To Go?
- 6 Setting Up A Wallet To Store Binance Coin
- 7 The Ultimate Way To Store BNB Coin
- 8 Creating A Binance Account
- 9 How To Transfer Funds From Coinbase To Binance?
- 10 How To Buy BNB Coin On Binance?
- 11 How To Send BNB Coins To MyEtherWallet?
- 12 Conclusion
Are you Too Late Too Buy BNB Coin?
Within just a year, Binance coin has gone from being an unknown cryptocurrency to one of the biggest today. Given that BNB first hit exchanges on the 25th of July 2017, priced at just 11.5 cents each, it may feel as if you have missed the boat but do not worry: It has already passed its record highs of $24.46 a coin. This means that BNB coin investors are getting a significant all-time high discount on the crypto right now. What might be even more exciting is that in the cryptocurrency market slump of 2017, Binance coin has outperformed other cryptocurrencies. This has caused many cryptocurrency commentators to be exceptionally positive on the cryptos potential in the next bull market.
There are also numerous factors that suggest that BNB coin would 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 spending 20% of their quarterly profits on buying back BNB coins and then destroying them. These coin burns will reduce the supply. Demand and supply economics means that if demand stays the same and the supply shrinks, then the price should go up.
- Even more ways to use Binance coin are coming up in the future. For example, Binance is creating a decentralized exchange right now. It seems almost certain that BNB coin will be used to reduce fees in this new product.
- If crypto mania sweeps the world again, Binance is well placed to get a significant number of new customers. This means that the demand for Binance coin should increase.
In short, the outlook for Binance coin is positive and there are still opportunities for investors to do very well indeed.
How High Could Binance Coin Go?
Although no one knows what the future may hold for any cryptocurrency, there is little doubt that Binance is the largest crypto exchange in the world. This business is also exceptionally profitable with many news outlets reporting that Binance was now more profitable than Deutsche Bank.
High profits mean that Binance is generating a lot of fees. This results in many savvy cryptocurrency investors buying Binance coin to simply reduce the fees they pay. Binance posting huge profits also means they have to spend more money on their quarterly coin burns. This, in turn, will reduce the coin supply and should drive up the price.
The truth is that new cryptocurrency investors are attracted to the biggest exchanges to buy their crypto. Think about it: If you were completely new to cryptocurrency, where would be the first place you would go to buy your altcoins? We bet it would be Binance. This puts Binance in the position to capture the lion’s share of new cryptocurrency investors and provide a steady stream of new BNB coin investors. This is the main reason why we think Binance coin is set to outperform the market in the net crypto bull cycle. Indeed, it would not be surprising to see BNB coin hitting new all-time highs and entering a new phase of price discovery.
Where To Buy BNB Coin – Our Top 2 Ways Explained
Binance is trying to put the agreements in place to allow them to accept regular currency deposits on the exchange. Sadly, this is easier said than done and there are a significant number of regulatory hoops to be jumped through before this can happen. When this finally comes to pass, the simplest way to buy BNB coin will be directly through the Binance exchange.
However, right now there is no direct way of buying Binance coin with regular currency using a single account. Instead, you will need to get your hands on some Ethereum or Bitcoin, before sending this to the Binance exchange to trade for BNB coin.
So where does the TotalCrypto team buy their Bitcoin and Ethereum? We look no further than Coinbase.
Creating A Coinbase Account
Important Things To Know About Coinbase:
- Top Reputation: Coinbase is the most popular way to buy cryptocurrencies with conventional money. The company was established in 2012 and is one of the oldest companies in the industry.
- Beginner Friendly: Coinbase takes the mystery out of buying crypto. Their simple interface has been designed to make the process as easy as possible.
- Regulated: Unlike other cryptocurrency exchanges, Coinbase has put in the hard work and made sure they comply with all regulations.
- Minimum Deposit: Invest in crypto with Coinbase with as little as €6.
- Deposit Methods: Bank transfer, card & PayPal for US customers.
- Funds Are Insured: Customer funds on Coinbase are insured. US customers are fully covered for balances up to $250k.
- What Cryptos Are Available? Bitcoin, Ethereum, Litecoin & Bitcoin Cash.
Invest Over $100 In Crypto On Coinbase & Get $10 FREE. All You Need To Do Is Sign Up Through TotalCrypto.
Want to double check you are setting up your Coinbase account properly? Our dedicated guide will keep you on the straight and narrow.
What To Do When Your Coinbase Account Is Good To Go?
Once you have set up your Coinbase account the next step is to make a deposit and use this to buy either Ethereum or Bitcoin. Later on, we will send this cryptocurrency to Binance and trade it for BNB coin.
The Easy Way To Buy Bitcoin Or Ethereum With Coinbase
- Make sure you are logged into your account and hit the ‘buy/sell’ button in the navigation bar.
- Select ‘Add payment method’.
- Add a deposit method: The most cost-effective way to deposit money on Coinbase is by using a bank transfer. The thing to know about using bank transfers as a deposit method is that it can take up to five working days for the deposit to hit your account. If you want to buy cryptocurrency quicky, you may want to consider using another payment option. Regardless of the deposit option you select, when you have processed your payment, all you need to do is sit back and wait for your Coinbase account to be credited.
- Once your deposit has gone through, you will be ready to buy your Ethereum or Bitcoin. Just head over to the ‘Buy/Sell’ section of Coinbase and select either Ethereum or Bitcoin.
- Key in the amount of the cryptocurrency you want to buy.
- Then just choose the wallet you have deposited into as your payment option.
- Review your order before you confirm your purchase and hit ‘confirm buy’. Your crypto will then be automatically credited to your Coinbase account.
Although the process above is the easiest way to buy crypto with Coinbase. We know that some people will want to do it the cheapest way possible. To do this you will need to use CoinbasePro (also known as GDAX). Although this is slightly harder than the method outlined above, we do walk you through the process in our Coinbase guide.
Setting Up A Wallet To Store Binance Coin
Before you go ahead and buy your BNB coin, it’s probably a good idea to have your wallet ready to go. The good news is that BNB coin is an ERC-20 token, which means it is built on the Ethereum blockchain. This means you are able to store Binance coin in MyEtherWallet.
Store Your BNB Coins For Free With The Most Popular Ethereum Wallet
The Ultimate Way To Store BNB Coin
We think MyEtherWallet is the best way to store your Binance coin for free. However, you may have heard about cryptocurrency hacks and it is likely that most of what you have read is true. The truth is that there are hackers out there who are trying to steal peoples crypto. This has led many investors to search for the safest way to store BNB coin. The answer is to use a hardware wallet device.
The first thing to note about hardware wallets is that they are not suitable for every crypto investor. The reason is that they cost in excess of $100. This means that if someone has $100 in the cryptocurrency market, it can be exceptionally hard for them to justify the cost.
Having said this, the TotalCrypto team always use a hardware wallet device and we recommend you do too.
What is hardware wallet exactly? Well, they are small USB devices that plug into your computer. In short, they store the private keys to your crypto wallet in a way that ensures they are never exposed to the outside world. This is exceptionally important given that cryptocurrency thieves are essentially trying to find out people’s private keys to steal their crypto. The neat thing with hardware wallets is that they ensure your funds are safe against phishing attacks, keyloggers and other nefarious methods that hackers use to try and steal your private key.
Which hardware wallet should you choose? Well, there are two major hardware wallet manufacturers called Trezor and Ledger. The TotalCrypto team actually use both devices and we are happy to recommend both. To help you choose the right device for you, we have put together an awesome Ledger Vs Trezor comparison guide.
Creating A Binance Account
Right now, you should have you Bitcoin or Ethereum on Coinbase and have got your MyEtherWallet good to go. If you have not got one already, the next step is getting your Binance account setup.
Binance Key Facts:
- The Biggest 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 Use: The exchange has won much praise for being simple and straightforward to use.
- Customer Support: Binance has invested in multi-language support.
Buy BNB Coin On The World’s Biggest Crypto Exchange
How To Transfer Funds From Coinbase To Binance?
Just follow the steps below to transfer your Bitcoin or Ethereum from Coinbase to Binance:
Stage 1: Find Your Binance Deposit Address
- Make sure you are logged into your Binance account.
- Select the ‘Funds’ button and click ‘Deposit’.
- IMPORTANT: Make sure you select the correct cryptocurrency to deposit. If you have Bitcoin on Coinbase make sure to select Bitcoin. If you select the wrong cryptocurrency, you may lose your funds.
- Your Binance deposit address will then show up. Make sure you copy it.
Stage 2: Sending Crypto From Coinbase
- Login to your Coinbase account and select the ‘Accounts’ button.
- Hit ‘send’ for the cryptocurrency you own.
- Paste your Binance deposit address as the ‘recipient address’ and enter the amount of crypto you want to send to Binance.
- When you click ‘continue’ your funds will then be sent to the Binance exchange. The process will take a few minutes to go through.
How To Buy BNB Coin On Binance?
Once your Bitcoin or Ethereum deposit has gone through, you will be ready to buy your Binance coins. To do this, just follow the steps below:
- Make sure you’re logged into Binance and go to the homepage. You will then see a list of markets and different cryptocurrencies. First, you will need to select the right market. Choose ‘BTC Markets’ if you have Bitcoin or ‘ETH Markets’ if you hold Ethereum. Then type in ‘BNB’ into the search field.
- The Binance trading screen will then appear. Select the ‘Market’ button to buy BNB coin at the current market price. Then enter the number of binance coins you wish to buy. Binance also gives you the option to use a percentage of your balance to buy crypto.
- After hitting the ‘Buy BNB’ button your purchase will be confirmed and you BNB coins will show in your account.
How To Send BNB Coins To MyEtherWallet?
Now that you have got your BNB coins, the last thing to work out is where you are going to store them? Sure, it’s a good idea to keep Binance coins on the exchange if you intend to use them. However, if you are investing in BNB coin because you think the value will go up, then you should consider storing them off the exchange.
Why bother storing BNB coin in a wallet? Well, exchanges are big targets for hacks as they hold a lot of cryptocurrency. Seeing that binance is the biggest exchange, it’s naturally the biggest target. Although Binance has top-notch security, why take the risk?
The choice is yours. However, if anyone wants to withdraw their Binance coins off the exchange and store them in MyEtherWallet, this is how to do it:
- Copy your MyEtherWallet public address.
- When logged into Binance, hit ‘Funds’ in the top navigation bar and select ‘Withdrawals’.
- Search for BNB in the drop-down and paste your MyEtherWallet public address into the BNB withdrawal box.
- Enter the number of coins you want to withdraw and click ‘Submit’. Your BNB coins will then be sent to MyEtherWallet.
Important: Binance does charge a fee for processing cryptocurrency withdrawals. The fees change regularly. However, you can check the latest withdrawal fee for BNB coin here.
The TotalCrypto team is a massive fan of the Binance exchange. We like the different uses of BNB coin and the fact that Binance is reducing the supply through coin burns. In the future, we are exceptionally confident that there will be even more ways that Binance coin can be used and that this should drive up the price.
Binance has done a lot of things right as a cryptocurrency exchange. There is little doubt that BNB coin has more utility than any other exchange backed crypto yet. With Changpeng Zhao at the helm of Binance, we see a bright future for both the exchange and BNB coin.