How and Where To Buy Binance Coin (BNB) in 2024

Binance is the world’s largest centralized exchange, providing investors all over the world with a means of buying, selling and holding cryptocurrencies. Binance Coin (BNB) is the native crypto token of the BNB Chain and the Binance exchange, and has a number of utilities within the Binance ecosystem.

Outside of using the actual Binance platform, not everybody knows how to buy Binance Coin, where to buy Binance Coin, and whether or not you should even consider investing in BNB. Take a look below to learn how to buy Binance Coin safely.

How to Buy Binance Coin in 5 Steps 

If you want a simple step-by-step guide on how to buy Binance Coin:

1. Do your research – Before you can buy Binance Coin, you need to make sure you understand how it works and why it’s a good investment.
2. Choose an exchange – Research and choose an exchange that suits you, preferably a centralized exchange if you’re a new investor.
3. Make an account – Create an account on your chosen exchange and follow any Know Your Customer checks.
4. Fund your account – Add funds to your account using your preferred payment method.
5. Purchase BNB – Visit the “Binance Coin (BNB)” market page and purchase as many BNB tokens as you would like. Remember to store them somewhere safe afterwards!

What is Binance Coin (BNB)?

Binance Coin is the native cryptocurrency token of the BNB Chain. BNB is used to power transactions, pay for fees and enable participation in network governance. BNB can also be used for lower trading fees, token airdrops and VIP membership on Binance, the world’s largest centralized exchange.

For example, BNB allows holders to save:

• Up to 25% on spot and margin trading fees
• Up to 10% on futures trading fees

Binance Coin was created in 2017 and was originally built on the Ethereum blockchain as an ERC-20 token. However, it was soon migrated to the BEP-20 token standard, an extension of ERC-20 that allows BNB to be EVM-compatible.

Binance Coin was launched with an Initial Coin Offering (ICO) and distributed in the following manner:

• Founding Team (40%) – 80 million BNB tokens
• Angel Investors (10%) – 20 million BNB
• Public Sale (50%) – 100 million BNB

The BNB Chain employs two coin-burning mechanisms with the long-term goal of reducing the token’s total supply to under 100 million BNB tokens. An automated burning mechanism burns a portion of all BNB tokens spent as gas fees on the BNB Chain, while a quarterly burning event also helps to reduce the total token supply.

The quarterly token burns used to be based on trading volume on the Binance exchange, but this was changed in December 2021, when it was announced that the amount of BNB burned would be automatically adjusted depending on the BNB price and the number of blocks generated on the BNB Chain during each quarter.

Why Invest in Binance Coin?

Binance is the world’s largest centralized exchange. BNB serves multiple functions within the Binance ecosystem, including discounts on trading fees and to power decentralized applications built on the BNB Chain. BNB’s value is closely tied to the growth and adoption of Binance, which means that if Binance continues to dominate the cryptocurrency market, Binance Coin could continue to see positive price movements.

Secondly, BNB is deflationary in nature. Thanks to the burn mechanism implemented on the BNB Chain, BNB’s total supply continues to fall. If demand for BNB continues to increase at the same time that supply is reduced, this should (in theory) lead to an increase in the price of BNB.

Finally, BNB is dependent on the wider cryptocurrency market – when the market is trending upwards, BNB will likely follow suit, especially as the Binance exchange will almost certainly see increased trading volume during this time. Therefore, it could be worth investing in Binance Coin in 2024 and 2025 as the market is generally considered to be in the midst of a bull market.

A Closer Look at How to Buy Binance Coin in 2025

In the following section, I take a closer look at the exact process of how to buy BNB from an exchange in 2024.

Step 1: Choose a Reliable Exchange

You need to choose a reliable exchange before you can start buying BNB. Generally, there are two main options when picking an exchange: centralized exchanges (CEXs) and decentralized exchanges (DEXs). I take a look at the best option to choose from further down in this guide.

A centralized exchange is a platform controlled by a central entity, who acts as an intermediary between buyers and sellers. Centralized exchanges hold the private keys to a users’ wallet and will typically require you to undergo Know Your Customer (KYC) checks in order to verify your identity.

Centralized exchanges are usually more beginner-friendly than decentralized alternatives. They will support a range of different cryptocurrencies across a number of different blockchain networks and will allow you to buy BNB using fiat currencies. Given the higher user-base, a CEX will often have higher liquidity than a DEX, making transactions faster and less volatile.

On the other hand, a decentralized exchange is an exchange built on a blockchain network that supports peer-to-peer transactions. Decentralized exchanges use smart contracts (self-executing applications) to automate the buying and selling process, reducing the need for third-party intermediaries. Decentralized exchanges do not require users to complete KYC checks, allowing you to buy BNB anonymously.

However, decentralized exchanges are more complex than centralized exchanges. They also have lower liquidity and do not allow you to buy BNB using fiat currencies. This means that you’ll need to have already purchased an alternative cryptocurrency to exchange with BNB, making the process more suitable for more experienced investors.

Personally, I would recommend using a centralized exchange if you want to invest in Binance Coin for the first time. To choose the best centralized exchange, make sure you take a look at which exchanges are licensed in your jurisdiction! Also, take a look at any fees that you’ll be charged when making deposits and purchasing new crypto tokens.

Step 2: Create an Account

Once you’ve chosen an exchange, you’ll need to create an account for the first time. To do this, you’ll need to input your personal information – name, email address, home address, mobile number, etc. – and choose a password.

Once you’ve done this, you’ll be asked to complete KYC checks so that the exchange can verify your identity. This process will typically involve submitting a photograph of your passport or driving license, as well as potentially a utility bill to prove your address. 

Most exchanges will also ask you a number of questions about your trading preferences and experience level, as well as your knowledge of the risks associated with investing in cryptocurrencies. This is to ensure you’re given access to the appropriate level of tools and that you’re aware of how volatile cryptocurrencies can be.

Step 3: Secure Your Account

Secure your account by utilizing two-factor authentication options, choosing an incredibly secure password, and verifying your email address using the link sent to you. 

As you’re investing real money, you should always follow best practices when creating and using an account to make sure that you’re remaining safe online.

Step 4: Deposit Funds

Once you’ve verified and secured your new account, you’ll want to deposit funds. Centralized exchanges will usually have a range of options available, including credit and debit cards, bank transfers and PayPal.

To deposit funds, visit the “Deposit” or “Payments” page. From here, decide which payment method you want to use and how much of your chosen fiat currency you want to deposit. Always account for any fees charged by the exchange or the payment method in question.

Follow any instructions to make your deposit, wait the appropriate amount of time and your money will be added to your account, ready to trade with.

Step 5: Place an Order

Now that you have money in your account, you’re ready to make your first investment, but you still don’t know how to buy Binance Coin.

First, visit the “Binance Coin (BNB)” market page by using the search bar or accessing the exchange’s list of top cryptocurrencies. Once you’re here, click “Buy” or “Trade”.

Now, you should have two options: 

• Market Order – Buying BNB at the current price
• Limit Order – Buying BNB at a specified future price

If you choose to place a market order, you’ll be able to buy BNB at the exact price (or at least, the price that BNB is at when the transaction is processed). This is best for long-term investors that don’t necessarily know what the price of BNB will do in the near future. Limit orders are typically best for short-term traders looking for the best possible entry point.

To buy BNB, decide how many tokens you want to purchase or how much fiat currency you want to spend. Confirm your transaction details, and payment method – you’ll likely use the money that you deposited earlier – and finalize the purchase by clicking “Buy” or “Trade”.

Step 6: Confirm and Store BNB

Your new BNB tokens will be added to your account once the transaction has been confirmed. Most centralized exchanges will allow you to store BNB directly on their platform, in a wallet created as part of your account. Although this is very helpful, it’s not necessarily the most secure storage solution.

Instead, you should look to create a new cryptocurrency wallet to securely keep your BNB tokens in. There are two main types of crypto wallet: hot and cold.

A hot wallet is perhaps the most common type of cryptocurrency wallet. They are free-to-use software wallets connected to the internet. They’re usually downloadable as a browser extension or a mobile application. They are less secure than cold wallets but are more easily accessible. They can also be linked to decentralized exchanges for further cryptocurrency buying, selling or trading.

Alternatively, cold wallets are hardware wallets that are not connected to the internet. Instead, a cold wallet is a physical device – almost like a memory stick – on which you can store your BNB holdings. They are less accessible than hot wallets but have much greater security.

To send your BNB away from the exchange on which you bought it, you’ll need to copy down your private wallet’s address. Use the “Send” function on your centralized exchange and paste the wallet address so that the exchange knows where to send your BNB to. Keep an eye out for any potential fees, confirm the transaction details, and click “Send”!

Where to Buy Binance Coin

Despite being one of the most popular cryptocurrencies, Binance is not available on all centralized exchanges. So how do you know where to buy Binance Coin from? I’ve reviewed a couple of the top centralized exchanges for you to consider using below.

Binance

Perhaps unsurprisingly, Binance is one of the best places to buy BNB. The exchange has more than 240 million users and has 1:1 reserves for all customer assets. This makes Binance one of the best, most secure exchanges available. 

Binance users can buy, sell and trade BNB and other cryptocurrencies on the exchange. It’s also possible to stake different crypto assets on Binance, which is home to more than 150 different cryptocurrencies.

Binance has low fees (which are lower still for BNB holders), as well as an Android and iOS app, making it an incredibly accessible centralized exchange.

Gate.io

Gate.io is another centralized exchange that will allow you to invest in BNB. Gate.io offers more than 3,100 different cryptocurrencies and has over 19 million registered users. With so many cryptocurrencies available to trade, Gate.io has one of the most expansive offerings of any centralized exchange.

On Gate.io, it’s possible to engage in spot and futures trading, and investors can trade using leverage. Gate.io also has an iOS and Android app, which means that users can buy BNB on-the-go.

Huobi

Huobi, recently rebranded to “HTX”, is a centralized exchange founded in 2013. With more than 47 million users worldwide, HTX allows users to engage in trading, financial derivatives, research, and more.

HTX has excellent security and a diverse range of cryptocurrencies on offer. The platform is also home to a launchpool which allows users to lock their HTX tokens in order to earn airdrops for new crypto projects. You can also stake a number of different Proof of Stake (PoS) tokens with HTX.

Tips for Investing Safely in Binance Coin

Now you know how to buy Binance Coin, it’s important that you do so safely.

Employ risk management strategies

You should always employ risk management strategies when investing in BNB – or any other crypto asset. 

• Diversify your portfolio – Always ensure your portfolio is made up of a diverse range of assets. This includes crypto assets and non-crypto assets such as stocks and commodities. This can help you to hedge against crypto’s volatility and reduces the possibility of your capital falling too heavily if one of your investments fails.
• Set stop losses – On most centralized exchanges, it’s possible to set stop losses and take profit orders. These are automatically executed instructions to close out a position if it reaches a certain point (either by falling too far or increasing by a certain amount). By implementing these instructions, investors can limit their risk without needing to be constantly watching the markets or their portfolios.
• Don’t invest more than you can afford to lose – Investing in cryptocurrencies is incredibly risky, so you should never invest more money than you can comfortably afford to lose. Consider investing small amounts on a regular basis, rather than making large investments and trying to time the market.

Keep up with market trends

Always keep up with market trends. The cryptocurrency market typically moves in cycles that revolve around the Bitcoin halving, so it’s essential that you understand where we are in this cycle to avoid investing at the peak.

Also, make sure you’re watching any Binance-related news, given BNB’s reliance on the exchange, as well as any regulatory changes that might impact your cryptocurrency investments.

Use a reputable exchange 

Always use a reputable exchange when buying BNB. Although decentralized exchanges have a range of advantages over centralized exchanges, a CEX will likely have greater protection compared to any decentralized alternatives.

When choosing an exchange, make sure you pick one with a good reputation. Also, try to use exchanges that can back any investments at a 1:1 ratio. This way, if the market falls, the exchange will still allow you to sell your holdings.

Conclusion

Binance Coin is one of the industry’s most well-known cryptocurrency tokens. Inextricably linked to Binance, the world’s largest exchange, BNB has potential to continue growing alongside the Binance ecosystem. However, the opposite is also true – if Binance loses its hold on the crypto market, Binance Coin could well follow suit. With that in mind, make sure you always conduct research into any crypto investments and be prepared for volatility!

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