The first phase happened between the 1st and 7th and saw the sale of BNB tokens at 2,700 tokens to 1 ETH coin. In the second and third phases, that rate was reduced to 2,500 and 2,300, respectively. This was a deliberate plan to create artificial urgency for investors to buy the tokens sooner rather than later.
Notably, OKX is distinguished by its significant liquidity in derivatives markets and considerable trading volumes, making it an ideal choice for experienced traders. Binance Coin is one of the most successful utility tokens with a growing use case list. Not to mention that it has seen a meteoric rise in its value since its launch in July 2017. Your BNB tokens will be deposited to your Binance ‘Fiat & Spot’ wallet as soon as the transaction is processed. The tokens will be deposited into your Trust Wallet account as soon as the transaction is processed.
- EToro centers on social trading, allowing users to follow a feed of traders on the platform or even copy their trades.
- BNB is now ranked among the five most valuable digital assets with a market cap of over $55B.
- The transaction will process immediately and the BNB tokens will be deposited into your [Fiat and Spot] wallet.
Verify your identity with our providers to buy crypto without any hurdles. This will help to make sure no one but you uses or changes your payment information. OKX offers BNB and allows you to move your BNB off the platform to a self-custody wallet. However, currently, there isn’t a way to move BNB off the platform.
It’s worth noting that despite BNB tokens existing in various versions, the total token supply is maintained across these platforms. Any transfers between the Binance Chain and the BSC cause a redemption and subsequent burning of an equal number of tokens. In addition, the team devised a discount plan for token holders and early platform users in order to encourage participation in the ICO.
Once you are done, confirm the transaction and authorize the purchase. There are two available options to proceed from the main screen. You can either click on the [Buy] button within the center of the page then choose an asset you want to buy. Or, you can scroll down and select the asset you want to buy by tapping it to open more information about it then click to buy on the next screen. If this is your first time using Binance, you will need to create a user account by visiting the Binance homepage and signing up.
At the end of the token sale, all 100 million BNB tokens were sold off at an average of about $0.15, bringing in around $15 million. Kat has expertise in insurance and student loans, and she holds certifications in student tesla k10 hashrate the best cloud mining sites loan and financial education counseling. Despite recent price fluctuations, some investors believe Binance Coin has plenty of growth potential. If you want to invest in Binance Coin, here’s what you need to know.
The platform’s offerings, including fractional NFTs, peer-to-peer trading, and derivatives, catered well to our trading needs. We also liked KuCoin’s peer-to-peer trading and derivatives, which expanded our trading strategies significantly. After you have filled out this dialog box, click ´Continue´ to proceed to the payment step.
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In contrast, BSC was designed as a sidechain to Binance Chain, specifically to support smart contract programmability while maintaining high transaction speed. It is the flagship blockchain of the Binance exchange (founded by Changpeng Zhao) and was primarily designed for fast and low-cost crypto trading. It’s is bitcoin the new safe haven or heading for another crash hard not to find value in holding BNB within your portfolio. As we have discussed above, you can use it for staking, paying transaction fees and online shopping expenses, as well as paying for your flights and hotel bookings. The next best way to buy BNB is to use the official Binance cryptocurrency exchange.
BNB Migration from ERC-20 to BEP-2 & BEP-20 Standards
Much like Ether (ETH) on the Ethereum blockchain, BNB acts as fuel to power the blockchain. The token is a cryptocurrency used to pay for network transactions, including sending BNB to other wallets or using smart contracts on the BSC network. Additionally, Binance still accepts BNB for trading fees, offering a 25% discount when paid with BNB.
However, Binance later developed its own blockchain technology called Binance Chain, and BNB migrated to become the native token of this blockchain. BNB coins are suitable for paying for goods and services, covering transaction fees on Binance Smart Chain, participating in exclusive token sales, and performing many other things. For example, holding BNB coins allows traders to save considerably on spot trading, margin trading, and futures trading on the Binance exchange.
BNB’s price action has been legendary, rocketing a 15-cent asset to more than $500. We detailed how to buy BNB, with each exchange following a similar process. In regard to where to buy BNB, your choice of exchange will depend on your priorities. Binance is an obvious source because the exchange is still closely linked with the project.
Decide how to pay for BNB
Binance exchange launched in July 2017, but before the launch, the exchange needed to raise necessary funds to run the business. The Binance team, led by its current CEO Changpeng ‘CZ’ Zhao, conducted an initial coin offering cryptocurrency exchange web application for a blockchain company to sell BNB tokens to interested investors. They are different versions of the same token, serving the same purpose. It is, however, important to differentiate between each to avoid losing your tokens between transfers.
Centralized crypto exchanges have been popular targets for hackers, given the large amounts of money they store on their platforms. The process of purchasing crypto with a bank transfer usually takes longer compared to other payment methods. It may take a few business days for the transfer to settle and for the BNB coins to reflect in your account. One advantage of buying crypto with wire transfers is that it allows for larger purchase amounts compared to using bank cards. Bank transfers are commonly used for more substantial transactions, making it suitable for investors who want to invest substantial amounts of money in Binance coin.
If you do not currently use Trust Wallet, however, you will need to download the app and create a new wallet before you can use it. We’ve mentioned before that Binance created BNB to incentivize participation in its ICO by allowing token holders to claim discounts following the platform’s launch. However, there was a big possibility that the value of BNB would fall once the discount period expired after 4 years. To counter this undesirable event, Binance adopted the concept of coin burning within their whitepaper, committing to reduce the total BNB supply by 50% or 100 million tokens. Even though the plan was to scrape off the discount rate after the fourth year, it seems the exchange has decided to keep it. Currently, all transaction fees paid using BNB on both the Spot and Margin markets are subject to a 25% discount, while those made in the futures market get a 10% discount.
You have the option of keeping your coins in the custody of the exchange where you purchased them, or you can move them into your own digital wallet. Because BNB is already linked to an exchange, it may not be as readily available as other popular cryptocurrencies on non-Binance platforms. However, several centralized exchanges — one of the easier methods to trade crypto — allow you to buy BNB.
Holding the private keys gives you access to your crypto, like holding a pin code to your debit card; in short it gives you access to your funds. Binance Coin (BNB) is a utility token mostly useful within the Binance ecosystem. Lastly, BNB coins can be used via Binance Pay as a means of payment.