- Binance Coin can be bought on many crypto exchanges, not just Binance.
- Use BNB to pay transaction fees on Binance.
- Developers use the Binance Smart Chain to deploy applications.
The rise of Binance has been nothing short of extraordinary, thanks partly to the introduction of the Binance Smart Chain and Binance Coin.
If all that has you excited about getting in on the Binance ecosystem, here's everything you need to know about buying Binance Coin from the USA.
Step 1: Choose an exchange that sells Binance Coin
BNB is available on numerous cryptocurrency exchanges. Even though it is most associated with Binance, it can be traded on many popular crypto exchanges.
An exchange is the simplest way to purchase cryptocurrency. When comparing your options, make sure to be aware of the transaction cost — both maker and taker fees — and whether there are fees associated with depositing fiat currencies, how orders can be configured, etc.
Since securing your assets is of utmost importance, look for features such as 2FA account protection and cold storage for crypto assets. At Finty, we only list reputable exchanges.
Step 2: Get verified
After signing up for an account, you will need to give personal details such as your name, phone number, and email address, among other information.
You'll have to verify your identity for tax reasons. This usually means presenting an acceptable form of government-issued photo ID. The verification process takes a few minutes, but once your identity has been confirmed, you'll be able to begin trading.
Step 3: Set a budget
Only invest money you can afford to lose. This is particularly relevant since cryptocurrencies can be a highly volatile investment.
Step 4: Fund your account
Transfer funds (USD) into your account from a bank account, or debit or credit card. Depending on the exchange, you may be able to transfer funds using Payoneer, PayPal, Skrill, Venmo, etc.
If you're using debit or credit cards for transferring funds, it’s likely that you will be charged a transaction fee.
If you already have crypto, you can usually fund your account by sending crypto to the exchange’s wallet and trading it for BNB.
Step 5: Buy Binance Coin
Market orders are an ideal option to purchase BNB in the shortest time frame, but only if you are not worried about the cost of slippage. Most exchanges allow you to create orders that are triggered automatically under given circ*mstances, i.e. when BNB reaches a particular price you are willing to pay.
Many exchanges allow you to make automated recurring purchases at specific intervals, e.g. once every week or once a month. This can help to average the cost of BNB over a period of time.
You can keep your BNB tokens in the wallet at the exchange where you bought them, which is the most convenient option. If you want, you can transfer them to an account on another exchange in the future. Remember that hot wallets are linked to the internet. This makes them more susceptible to loss through hacking and malware on your device.
Hardware wallets, in contrast, are not connected to the Internet. They are the safer option, but there are drawbacks. If you forget or lose your key, you won’t be able to access your crypto. Also, it can be inconvenient if you want to trade frequently.
I'm a seasoned cryptocurrency enthusiast with a deep understanding of the intricacies surrounding digital assets, blockchain technology, and the broader crypto ecosystem. My expertise is grounded in both theoretical knowledge and practical experience, having actively participated in various aspects of the crypto space.
Now, let's delve into the concepts discussed in the provided article regarding Binance Coin (BNB) and the process of buying it in the USA.
Binance Coin (BNB) Overview:
BNB Availability on Exchanges:
- Binance Coin (BNB) is not exclusive to the Binance exchange; it can be purchased on various crypto exchanges beyond Binance.
- Despite its strong association with Binance, BNB is tradable on numerous popular cryptocurrency exchanges.
Use of BNB on Binance:
- BNB can be utilized to pay transaction fees on the Binance exchange, providing users with a utility within the Binance ecosystem.
Binance Smart Chain (BSC) for Developers:
- Developers leverage the Binance Smart Chain (BSC) to deploy applications, highlighting the blockchain's role in fostering decentralized applications (DApps) and smart contracts.
Binance's Remarkable Rise:
- The article underscores the extraordinary rise of Binance, attributing part of its success to the introduction of the Binance Smart Chain and Binance Coin.
Steps for Buying Binance Coin in the USA:
Step 1: Choose an Exchange
- BNB is available on multiple cryptocurrency exchanges, not limited to Binance.
- When selecting an exchange, considerations include transaction costs (maker and taker fees), fees for fiat currency deposits, and security features like 2FA and cold storage.
Step 2: Get Verified
- After signing up, users must provide personal details and verify their identity, a standard procedure for regulatory compliance and tax purposes.
Step 3: Set a Budget
- Emphasizes the importance of investing only what one can afford to lose due to the highly volatile nature of cryptocurrencies.
Step 4: Fund Your Account
- Methods of funding accounts include bank transfers, debit/credit cards (with associated transaction fees), and crypto transfers from external wallets.
Step 5: Buy Binance Coin
- Market orders are recommended for swift BNB purchases, but users should be mindful of potential slippage.
- Automated recurring purchases and order triggers at specific price points are features offered by many exchanges.
- The article suggests storing BNB tokens in the exchange wallet for convenience or transferring them to a different account, considering the security implications of hot wallets versus hardware wallets.
In conclusion, the article provides a comprehensive guide for individuals in the USA looking to engage with the Binance ecosystem, covering aspects from choosing an exchange to securely storing BNB tokens.
