What is Binance Coin (BNB) coin and what is it used for?
Binance Coin (BNB) was initially created as an Ethereum-based utility token for paying transaction fees on Binance ecosystem. Then it has become a native token of Binance Chain (BEP-2) and Binance Smart Chain (BEP-20).
As a native token, BNB is used in both Binance Chain and acts as a community utility token for maintaining dApps on Binance Smart Chain. Initially, Binance Coin had a total supply of 200 million tokens but the current total supply is lower and decreasing due to periodical burning events.
Where to buy BNB coin and how to choose a reliable platform?
BNB has become one of the top cryptocurrencies quite fast, so a lot of crypto enthusiasts are looking for a simple way on how to buy Binance Coin cryptocurrency and find the best crypto and bitcoin exchange. Before selecting a crypto exchange for buying BNB, it is important to double-check that your country is supported and the platform meets general security requirements. Also, it should provide numerous options for buying, trading, and storing cryptocurrencies.
In this case, CEX.IO could be one of the most reliable websites to buy BNB. CEX.IO is a global crypto exchange, being in business for more than 8 years, and with more than 4 million users worldwide. In fact, CEX.IO is a whole ecosystem of crypto services like staking, loans, spot and derivative trading, and others.
The platform supports numerous fiat payment methods and over 80 cryptocurrencies. This means that it is easy to find the way to buy Binance Coin that suits you most. With CEX.IO, you can buy BNB using Visa and Mastercard payment cards, international (SWIFT), domestic (ACH, SEPA, Faster Payments) bank transfer, and online wallets (Skrill, AdvCash, Epay).
How to buy Binance Coin with a credit card on CEX.IO?
There are several services that you can use to buy BNB on CEX.IO with a credit card:
- Instant Buy/Sell
- Spot trading
- Exchange
Instant Buy is one of the most popular and convenient ways to buy Bitcoin instantly since the whole process is intuitive and takes less than a few minutes. In addition to Bitcoin, you can also buy Ethereum with a credit card and a lot of other cryptocurrencies, such as the Binance Coin (BNB).
How to use the service?
In order to buy BNB instantly, first of all, you need to select BNB in the dropdown list of available cryptocurrencies. Then choose the fiat currency you want to buy it with. Having decided on currencies, the next step is the amount of your purchase. You can use one of the pre-calculated packs or enter the number of Binance Coins you want to buy. Then just enter the details of a bank card or use one of the verified payment cards on CEX.IO to confirm the transaction. And that’s all!
Instant Sell works the same way. It allows you to sell Bitcoin online and tons of other cryptocurrencies in a few simple steps. Currently, this feature is available only in the CEX.IO mobile app.
How to buy Binance Coin with a debit card on CEX.IO?
CEX.IO supports card payments in USD, GBP, EUR, and RUB, but don’t worry if you don't have a payment card with one of these currencies. You can use the card with your local currency to buy Binance Coin (BNB) using the Instant Buy service or for a deposit. Just double-check before the transaction that your bank card supports international transactions and currency conversions. Your local currency will be converted to the currency you selected on CEX.IO on your bank’s conversion rates.
Note that CEX.IO supports only personal Visa and Mastercard payment cards. Also, make sure before making a deposit that you don’t use business, prepaid, or gift cards.
After funding your CEX.IO account, you can start trading BNB on CEX.IO or use an Exchange service in the mobile app. Using the last one, you can convert one currency to another even if there is no direct pair for trading on CEX.IO.
How to trade BNB on CEX.IO?
BNB trading is available both on the CEX.IO website and in the CEX.IO Mobile app. To get started, go to the Trade page or select Trade Pro in the app. You will find the live BTC to USD chart and more than 200 crypto-to-crypto and crypto-to-fiat markets available for trading.
In case you want to trade BNB, you need to choose the appropriate market, for example, BNB/USD. After that, you’ll be able to find the last price, price movement history, market volume, market depth chart, order book, and other relevant information about this particular market. Analyzing these metrics gives traders the opportunity to make more well-informed decisions.
What order type to choose?
Before placing an order to buy or sell BNB, pay attention to the order type. There are two of them available — market and limit. A market order is used when you want to buy or sell an asset for the best available price in the order book. Such an order has instant execution, so this operation can’t be canceled. On the other hand, a limit order can be canceled and allows you to set the price you want to buy or sell with. But limit order fulfillment is not always instant because either the market price should reach the specified price or there have to be opposite orders in the order book that can match and complete yours.
If there is not enough volume in opposite orders to fulfill your request, then it can be partially executed. In this case, the completed part can’t be reversed, while the active one can be canceled anytime before its full execution.
Why to get the CEX.IO mobile app in your smartphone?
If you want to be always aware of the situation in the crypto market, then consider using CEX.IO mobile app. It allows you to trade BNB and other cryptocurrencies on the go anywhere and check the market price anytime. You can also use the Price alert option in the app and receive notifications when the price reaches specific levels. Users that use the CEX.IO website for trading can monitor current cryptocurrency prices using the Prices page. You’ll see there how cryptocurrencies performed in the last 24 hours and can get quick access to the market.