Being a crypto lover, it is quite obvious for you to have heard about Binance. Yeah, you could catch it right. I am talking about the Chinese cryptocurrency exchange platform that has got a multi-linguistic support. While the craze for Binance is growing in the today’s world recently, the Chinese has already come across it quite a long time ago. It is regarded as the world’s largest cryptocurrency exchange and millions of users are found to sign up every week on this platform. It has received a good number of positive feedback so far and with the rising demand in the present times, it has undergone a tremendous server load.
So, Binance (BNB) coin is basically the native token of Binance Exchange that is meant with the purpose to fund the creation of the exchange as well as to offer quite a good number of useful features to the potential users. Binance has been expanding at a fast pace and it is also responsible for the concept of hosting ICOs on the exchange directly. The growth of the crypto-coin BNB is going simultaneously with the increasing demand for the exchange. Now, you may think about what’s so special about this exchange. The answer to your question is pretty easy. The simplicity of the exchange helps it in diving the investors.
BNB is an ERC20 token that has been built on Ethereum. Being an investor, you can make use of BNB to pay your fees on the Binance exchange while you are exchanging. Binance offers rebates to the investors who have had the membership of the exchange, and the discount keeps decreasing every year. The adoption of the BNB token is particularly meant with the hope to win the loyalty of the customers.
Key features of Binance (BNB) coin:
- BNB coin is used to trade on Binance for other coins
- It is used to offer discounts to pay Binance fees
- It will be a native coin of the decentralized exchange, Binance very soon
Should you buy?
If you are still bothered with the confusion about whether to buy BNB coin or not, I would rather suggest the investors to try using it and see how it works for you. Being an almost-regular Binance user, you may consider making large withdrawals or trades, which in turn, may lead to consequences where stocking up at high prices may seem to be worth the deal. However, keep in mind that the discounts would continue decreasing over time.
How to buy BNB coin?
If you are looking forward to buying Binance (BNB) coin, let me tell you, that the procedure is pretty simple. All you need to do is to follow the steps mentioned below:
Step 1: Create an account Visit the registration page on Binance and provide your email id with a strong password for your Binance account. An email confirmation will be sent to you and once you click on it, you shall be automatically redirected to the next step. Prior to that, read the verification email properly as you would be provided with the security tips therein. Click on Agree and Continue.
Step 2: Enable the 2FA
It is the most important security step to ensure that only a single user is accessing the Binance account. You just need to install the app on your mobile device, and with the 2 Factor Authentication, the application will generate a code every time you log in.
Step 3: Verify your Account
Verify yourself in case you would like to withdraw coins at a later time. Get a timestamped image of yourself along with an ID. Deposits of coins do not have this step as a recommended one. So, you can consider skipping it for that matter.
Step 4: Deposit your coins
I assume that you already have some Ripple coins or any other crypto. Every crypto coin has got the same procedure to be followed. Now, click on the “Funds” tab and type the international symbol for the same. Click on “Copy address” and go to the wallet where you have your tokens. Copy the address of your Binance account and send money to the same. Double check to make sure that you are doing it right.
Check your balance under the “Funds” tab as your amount will be shown on the exchange balance immediately. Provided the fact that your transaction is complete, your balance would be reflected on the dashboard and you can then continue trading it for any crypto coin you want!
Step 5: Exchanging the coins to BNB
After you have successfully deposited the funds, you can now change it for BNB. Simply, go to the “Exchange” tab and look for the pair that you want to trade with. To make things more convenient for you, pick the “Basic” dashboard rather than the “Advanced” one. Now, choose BNB to proceed with your trading.
Your BNB coin wallet is not secure, Here’s what to do:
At this time, you already have a wallet at Binance.com, Chances are, your account might get hacked, the binance website may get hacked, so if you have the big amount or you are holding for long-term Then you should consider the below wallets.
Securing the coins is an important task for an investor. Here are a few wallet options mentioned below:
- My Ether Wallet: This is an open source and free wallet option available to the potential investors who have purchased Binance (BNB) coin. This is a client-side interface that enables the users to make easy and secure interaction with the blockchain. This is an amazing option to store your crypto coins, and if you have already bought some Binance coins, you must definitely give this web wallet a try!
- Ledger Nano S: This is one of the best cryptocurrency hardware wallets that lets you send as well as receives cryptocurrencies. It is extremely convenient to use for it comes with a super easy and friendly interface. It features secure storage options and could be plugged into computers or phones easily.
These secure digital currency wallets make sure that your investments and purchases are absolutely safe and are secured with a PIN code. Also, they feature easy restoration options.
Hope this post was helpful to you. We would love to hear more from you about your experience in crypto investments and the options you prefer to store your assets. Have a good day!