If you are considering investing in the Binance Coin (BNB) cryptocurrency, it is worth learning more about this project. Binance Coin is a token created by the popular cryptocurrency exchange, Binance, which is the largest cryptocurrency exchange on the market.
What is worth knowing about Binance Coin?
Binance Coin (BNB) is a utility token on the world’s largest cryptocurrency exchange, Binance.
The goal of introducing Binance Coin (BNB) was to increase usability and functionality in the Binance ecosystem, as well as to create an incentive to use the exchange platform. As the Binance exchange is a platform of immense popularity, the BNB token quickly became one of the most recognized cryptocurrencies. Thus, BNB has remained in the top ten cryptocurrencies with the largest market capitalization for many years.
BNB is used as a key token used in services associated with the Binance platform (e.g. Binance Chain and Binance Smart Chain) streamlining and enabling various functionalities associated with the Binance platform. Among other things, BNB can be used to purchase other cryptocurrencies on the Binance exchange, participate in affiliate programs and fund projects on the Launchpad Binance platform.
BNB holders on Binance can take advantage of reduced commissions and fees that are charged on the exchange (for example, BNB holders in the first year of holding BNB funds could count on transaction discounts of 50%, in the second 25%, in the third 12.5%, in the fourth 6.5% and after 5 years transaction fees return to normal).
Of course, the amount of discounts and the rules for taking advantage of promotional offers depend on Binance’s current policy and may change over time. Nevertheless, it is worth checking out what benefits you can count on Binance while being a BNB holder.
In addition to discounts, investors may be interested in the fact that BNB holders are privileged when ICO collections appear (investment in new ICOs is possible for holders of a minimum of 50 BNBs). Besides, token holders have the opportunity to take part in votes that decide the future of the platform (e.g. voting on what cryptocurrency is about to appear on the platform).
The maximum number of BNB tokens is 200 million, but their number is successively reduced through buybacks by the exchange, which burns the tokens until the number of tokens is reduced to 100 million. This makes the cryptocurrency highly deflationary in nature.
Undoubtedly, the most intuitive way to acquire BNB is to buy this cryptocurrency on the Binance exchange. However, it is worth knowing that BNB is also listed on many competing exchange platforms. To meet this, below we present how you can purchase BNB on the Bybit and OKX exchanges.
How to buy Binance Coin (BNB) cryptocurrency on the Bybit exchange?
Bybit is a rapidly growing exchange with high transaction security. How to buy BNB on Bybit? You should start by registering an account. To do this, go to the Bybit website, then find the icon with the text “Sign Up” in the upper right corner. Then fill in the blanks (among other things, enter your email address and phone number). It is also possible to set up two-step verification at login.
Depositing funds on the Bybit exchange can be done via several solutions, including credit card, deposit in fiat currencies, deposit via cryptocurrencies and purchase via P2P Trading.
However, not every currency is possible to purchase directly. Therefore, when buying BNB, we must first buy another cryptocurrency, such as BTC or USDT, and then exchange the funds for BNB in the next step on the spot market.
How to buy Binance Coin (BNB) cryptocurrency on the OKX exchange?
Another platform where you can buy BNB is the OKX exchange. So in order to make a deposit, you need to register on the exchange’s website by clicking on the button in the upper right corner. After completing the registration form, a verification code will come to the phone number or email address you provide, which is necessary to register your account. In addition, it is necessary to confirm your identity with an identity document.
On the OKX exchange, you can buy by credit card, P2P Trading and using third-party payment operators (Banxa and Simplex, among others).
What are the other ways to buy Binance Coin (BNB) cryptocurrency?
Where to buy BNB besides the platforms mentioned above? BNB is offered on a number of popular exchanges. Among them are KuCoin, Gate.io and Huobi. In addition to the exchange platforms, it can be bought at bitmachines or exchange offices. It is likely to be available on the Egera exchange, which, in addition to acting as an exchange, is also the operator of many bitomats.
How to buy BNB cryptocurrency without going through the KYC procedure?
Buying cryptocurrencies without going through the KYC procedure is increasingly limited. Nevertheless, there are still some exchanges that offer this possibility. An example is the ByBit exchange mentioned earlier, which allows withdrawals without verification (provided the withdrawal does not exceed the equivalent of 2 BTC). Besides, the possibility of withdrawing funds without verification is offered by many bit ATMs and exchange offices. However, in this case, the amount of withdrawal without verification is generally significantly limited (usually up to several thousand zlotys)
Where to hold BNB cryptocurrency after purchase?
The cryptocurrency is best kept on cold hardware wallets (such as Ledger or Trezor). Some people also keep BNB on an exchange, but long-term this is not the best solution, since, as a rule, exchanges should be used for trading rather than long-term storage of funds.
