How to Buy BNB Crypto (BNB)
What is BNB BNB?
According to Coingecko, BNB is : Binance Coin is the cryptocurrency of the <a href="https://www.coingecko.com/en/exchanges/binance">Binance</a> platform. It is a trading platform exclusively for cryptocurrencies. The name "Binance" is a combination of binary and finance. Thus, the startup name shows that only cryptocurrencies can be traded against each other. It is not possible to trade crypto currencies against Fiat. The platform achieved an enormous success within a very short time and is focused on worldwide market with Malta headquarters. The cryptocurrency currently has a daily trading volume of 1.5 billion - 2 billion US dollars and is still increasing. In total, there will only be 200 million BNBs. Binance uses the <a href="https://www.coingecko.com/en/coins/all?asset_platform_id=279">ERC20 token standard</a> from <a href="https://www.coingecko.com/en/coins/ethereum">Ethereum</a> and has distributed it as follow: 50% sold on ICO, 40% to the team and 10% to Angel investors. The coin can be used to pay fees on Binance. These include trading fees, transaction fees, listing fees and others. Binance gives you a huge discount when fees are paid in BNB. The schedule of BNB fees discount is as follow: In the first year, 50% discount on all fees, second year 25% discount, third year 12.5% discount, fourth year 6.75 % discount, and from the fifth year onwards there is no discount. This structure is used to incentivize users to buy BNB and do trades within Binance. Binance announced in a buyback plan that it would buy back up to 100 million BNB in Q1 2018. The coins are then burned. This means that they are devaluated to increase the value of the remaining coins. This benefits investors. In the future, the cryptocurrency will remain an asset on the trading platform and will be used as gas. Other tokens that are issued by exchanges include <a href="https://www.coingecko.com/en/coins/bibox-token">Bibox Token</a>, <a href="https://www.coingecko.com/en/coins/okb">OKB</a>, <a href="https://www.coingecko.com/en/coins/huobi-token">Huobi Token</a>, and more.
Where can I buy BNB Crypto?
You can buy BNB on Uniswap.
Why should you buy BNB?
BNB is really one of a kind project. The roadmap is incredibly promising and if the dev team can keep up with the with it, it's only a matter of time for the market to catch up. It's a very risky play but one that can yield amazing profits. Do you own diligence and research the project further so you can make your own decision.
How to Buy BNB Crypto?
Step 1 - Setting up a Metamask Wallet
Metamask is by far the most used walled in the world of Ethereum. Whenever you want to buy and sell cryptocurrencies or even use blockchain apps that run on the Ethereum Network, Metamask will be your best friend. Setting up the wallet is also very simple and easy.Head over to metamask.io and click Download. You'll need to use Google Chrome, Brave Browser, Firefox, or Microsoft Edge for this to work. So make sure you are using one of these four browsers. Now at the end of the page, click on the browser you're using and install the extension.
You are now the Welcome Page of Metamask. Click on 'Get Started.' Now click on 'Create a Wallet.' Choose a strong password for your Metamask wallet and continue.
Very Important Part! Keeping your backup phrase safe is the difference between having millions in your account or be that guy on the landfill looking for his old hard drive.
Click on reveal your backup phrase and write every word down on paper. Make sure you don't save your backup phrase on anything digital. This is for your security. After you wrote down your backup phrase, you'll be asked to confirm it. Click on every word in the correct order, and you should be done.
Step 2 - Buy Ethereum on Simpleswap
Simpleswap is the easiest way to buy crypto today. Free from registrations, KYC and third-party custody. With Simpleswap we can buy ETH and receive it directly on our on-chain Metamask wallet, skipping most of the steps we'd have to take through a traditional exchange.
Just click the Buy/Sell Crypto tab, insert the USD amount you want to trade for ETH, and click "Exchange", just like this:
Now all you have to do is click the Metamask fox logo to directly copy and paste your Metamask Ethereum address. It should add it automatically.
You can now choose between Google Pay or card to complete the payment:
Once you complete the payment, all you gotta do is wait a few minutes for the payment confirmation, and for the on-chain transaction to complete. Once all that is completed you should see your updated balance in Metamask.
Step 3 - Buy BNB on Uniswap with ETH
Uniswap is currently the number one Decentralized Exchanged in the world, and it's simply the best place to buy cryptocurrencies that aren't available on sites like Coinbase or Binance.
Before we head over to Uniswap, we need to prepare your Metamask Wallet to receive BNB. Open Metamask, scroll all the way down, and click here:
Select Custom Token and paste this token contract address there:
The rest should autofill, and you need to click next and then add tokens. Your account is now ready to receive BNB (BNB).
You can check the price and confirm the correct token address of BNB on Coingecko.
Let's buy some BNB!
Go to Uniswap. On the upper right corner, click on Connect Wallet and select Metamask. A confirmation popup should open on Metamask (click on the "little fox logo" if you don't see it). Now you need to accept, connect, and your wallet should be connected to Uniswap.
Select a token and paste the Token contract address: 0xb8c77482e45f1f44de1745f52c74426c631bdd52
Click Import and accept the terms.
Now you have to select the amount of ETH you want to trade for BNB. After you confirm it, another popup will appear from the Metamask extension and you should approve the transaction.
Wait a few minutes, and your BNB should appear on your Metamask Wallet.
Congratulations! You are now a proud Investor of BNB!
In case your transactions keep on failing, adjust your slippage tolerance. To do that, click on Uniswap's gear icon, and put 5% here:
Step 4 - Store BNB on Ledger
Check out our guide on how you can store BNB on Ledger's Hardware Wallet
Check out BNB links:
Please make sure you read our Disclaimer. We are not financial advisors.