This guide will show you how to buy Binance Coin (BNB).
Binance Coin (BNB) is a coin created and distributed by the exchange called Binance. It is a new exchange but has grown extremely fast and is now one of the top 3 largest cryptocurrency exchanges in the world based on trading volume. On most days it is the biggest exchange based on volume.
Binance Coin is just another cryptocurrency. This means that if you already have some cryptocurrency it is very easy to just convert your currency into Binance Coins. If you don’t own any cryptocurrency yet and want to buy Binance Coins then click here to learn how to buy cryptocurrency that can use to convert into Binance Coin.
Binance has many coins that trade directly against Binance Coin. This means if you hold one of these coins then you can convert it directly into Binance Coins. In some cases, coins must be converted into Bitcoin before they can be used to buy another cryptocurrency but that is not the case with Binance coin.
However, for the sake of getting a good price, we recommend using one of the following coins to purchase your Binance Coins:
The four coins listed above consistently have good liquidity, which means you will be able to get a good price when converting.
So, let’s say you want to convert Litecoins into Binance Coin.
The first step will be creating an account on Binance, which you can do by clicking here.
Now, you need to deposit the coin you want to convert into BNB. In our case we want to deposit Litecoin so we will need to get a Litecoin deposit address.
Click on the little “human” icon in the top left of the nav bar and click where it says “Estimated Value”
Once you do that you will see a list of coins. Scroll down to find Litecoin (or whatever coin you are depositing) and then click “deposit”:
Now you can copy and paste the deposit address given to you by Binance into your Litecoin wallet and send the litecoins.
Go to the home page of Binance and you should see the tabs of different markets. Click “BNB Markets”.
Now scroll through and find the pair you want to trade with. Since we deposited litecoins we want the “LTC/BNB” pair.
Now that you are on the market page you can submit your order to buy BNB with your LTC. Since you want to get rid of the Litecoin and buy Binance Coin, you have to use the “Sell LTC” tab on the right.
In my case I have 0.02270716 LTC and I want to convert all of it to BNB, so I will click the “100%” button and it will put my full balance of litecoins into the order. Then I just hit the red “Sell” LTC button and my order will be live! Now just waiting until someone buys my litecoin with BNB.
If you want to speed things up, you can hit the ‘market’ tab. This will simply sell your LTC at the best available price for BNB.
BNB is an ERC20 token so it can be stored on any cryptocurrency wallet that supports ERC20 tokens.
For secure storage, Ledger Nano S is the most popular. For hot wallets, Metamask is popular.
If you don’t already own cryptocurrency then you need to buy some before you can convert it into Binance Coin.
If you live in the USA, Europe, Australia, or Singapore then the easiest way to buy cryptocurrency is at Coinbase.
You can use a credit card or your bank account to buy. We recommend using your bank account since the fees are lower, although the waiting time is longer.
BitPanda is based in Austria and is a crypto brokerage service. You can use this service if you are a resident of any European country. You can use a credit card, bank account, iDEAL, Skrill and many other payment methods.
If you live in the USA, Europe, Australia, or Singapore then the easiest way to buy cryptocurrency (Ethereum, Bitcoin, Litecoin) is at Coinbase.
Once you get the litecoins or ethereum you can convert it to BNB on Binance.
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