How to buy Binance Coin (BNB)
Where, why and how to buy Binance Coin (BNB).
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Binance Coin (BNB) is the native token of the Binance Exchange. It was used to fund the creation of the exchange itself through an ICO and offers users a potentially useful range of features.
- Offers discounts when used to pay Binance fees
- Can be traded on Binance for other coins
- Will eventually become a native coin of the decentralised Binance exchange
Quick guide: How to buy BNB
- Register for an account with a cryptocurrency exchange like Swyftx.
- Verify your account.
- Go to the deposits section
- Select your preferred payment method and confirm.
- Go to the buy section and select the cryptocurrency you want to buy.
- Enter how much you want to buy, or how much you want to spend.
- Double check the details and confirm your purchase.
This is our quick guide to just one way to buy BNB. Compare some other options in the table below.
Where to buy Binance Coin (BNB)
You can buy BNB on Binance using a wide range of other cryptocurrencies.
About Binance Coin (BNB)There’s a total cap of 200 million BNB, but it’s a deflationary currency and will eventually shrink down to a cap of 100 million over the course of five years.
The 200 million was distributed 50/50 between the company and the public ICO.
This deflation is carried out through Binance’s purchase of 20% of the remaining public supply each quarter. The bought-back portion of coins is then burned.
What is BNB used for?
The main purpose of BNB is to give you a discount on fees incurred when that fee is paid with BNB. This might be withdrawal fees, trade fees or anything else.
The discount decreases year on year in line with the 20% bought back each year.
- Year 1 - 50% fee discount
- Year 2 - 25% fee discount
- Year 3 - 12.5% fee discount
- Year 4 - 6.75% fee discount
- Year 5 - 0% fee discount
BNB will gradually become less useful over time, most likely to discourage hoarding of BNB by users ahead of the buy-back.
In the future, Binance aims to build a decentralised exchange, and BNB will be used as one of the key base assets on the site as well as the gas that’s spent while executing contracts of the decentralised BNB exchange.
Things to consider before buying BNB
If you’re a frequent Binance user and want to duck large fees – especially if you plan on making very large trades or withdrawals – you may decide it's worth stocking up even at high prices, but remember that the discounts will decrease over time.
More guides on Finder
How to start house sitting
How to snag and what to expect from your house sitting gig.
Treadmill removal services
Here’s how you can ensure your treadmill is moved safely and at a convenient time.
Campervan hire on the Sunshine Coast | Where to book, what to know
Encounter wildlife, regional treats and sandy shores with your caravan hire on the Sunshine Coast.
Campervan hire in Cairns | Where to book, what to know
Get out and explore Tropical North Queensland with our guide to campervan hire in Cairns.
Moschino discount codes January 2021
Pick up some splurge-worthy pieces for a steal with these Moschino discount codes.
July discount codes and coupons January 2021
July makes buying luggage for your travels a pleasure. It provides bespoke quality goods that you will love and enjoy.
Where to buy Dal Rossi Chess sets online in Australia
Own one of the finest chess sets crafted by Dal Rossi with our helpful guide.
Campervan hire in Brisbane | Where to book, what to know
Ready to explore the wonders of Queensland? Here’s our guide on hiring a campervan from Brisbane.
Campervan hire in Adelaide | Where to book, what to know
Cruise Australia's picturesque roads in your perfect camper from Adelaide.
Where to buy glass chess sets online in Australia
Shop at these retailers for quick delivery and low prices when buying a glass chess set online in Australia.
Latest crypto guides
Ask an Expert