BNB has become the most valuable native token in the world today. This coin has become the investors’ favorite based on the fact that it is the utility token of the number one cryptocurrency exchange in the world today.
Virtually everyone who has traded crypto on Binance will at some point have to use the BNB coin either to make payment for his transactions or for paying gas fees while using the smart chain network. Another important reason why investors have been attracted to the BNB coin is that it has a maximum supply which is a proof against future inflation.
This work will therefore help you learn about the BNB coin and its important use case. You will also learn from this work how to buy the BNB coin with leverage as well as the list of the best crypto exchanges to buy the BNB coin.
What Is BNB?
BNB is the symbol used to represent the Binance Coin which is the native token issued by the number one cryptocurrency currency exchange in the world with over 7.7 Billion volume of transactions carried out on the exchange.
Where Can One Buy The BNB Coin Today?
The most reliable place to buy the BNB coin is through a crypto exchange. To buy BNB coins using any of these crypto exchanges, the trader will first need to create an account with the exchange and download their trading applications.
List Of Best Crypto Exchanges To Buy BNB
- Huobi Global
Step-By-Step Guide On How To Buy The BNB Coin
To make it easy for beginners who are still new to cryptocurrency trading but desirous to buy the BNB coin, we have simplified the processes involved below:
Select a crypto exchange: The first step towards buying the BNB coin is to choose one’s preferred crypto exchange for doing so. We have provided the list of the best crypto exchanges above for beginners to make their choice.
Create an account with the exchange: After the choice of the exchange to trade with has been made, the next procedure is to create an account with the exchange.
Submit the required identity documents: Since most exchanges are now centralized, they now require the clients to submit their identification documents as part of the requirements for approving new accounts. The trader is expected to supply these documents to get his account approved. Otherwise, some limits on transaction volume will be placed on his account by the exchange.
Fund your account: After the account has been approved for trading by the exchange. The trader can now proceed to fund his account using any of the funding options provided by the exchange. The funds transferred to the exchange will be converted into USDT and added to his wallet on the exchange. He can also transfer some USDT to his account from his wallet if he has any. This will make it easy for him to convert them into BNB on the trading platform.
Move to the trading platform and place your order: The final step after one’s account has been funded is to move to the trading platform and place one’s orders for the desired amount one wishes to buy. Often one can buy at the market execution or wait for the price to come down to his desired level before placing his order.
Use Case Of The BNB Coin
- Used for paying gas fees on the Binance exchange.
- Serves as a store of values
- Used in running smart contracts
- Used in making gift cards and online payments
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