The decentralized exchange (DEX) requires BNB to pay for transaction fees. The same applies to DeFi applications running on the Binance Smart Chain. The higher the transaction volume on the two blockchains, the higher the demand for the BNB coin. Furthermore, Binance aims to be a one-stop shop for financial services in the crypto financial system. Its wide array of services ranges from crypto futures and options to staking and NFTs to Binance Credit Card and Binance Pay. As BNB holders benefit from discounts and fee reductions on the platform, the demand for the token rises the more traders and investors use its services.
Head to the Lend BNB page and enter the amount of BNB you wish to lend. Select the number of days you wish to lend your BNB coins for – choose from 7 days, 14 days and 8 days. You can stake BNB in multiple ways – directly on Binance, via crypto wallets, DeFi apps and more.
If your deposit has already been processed, the coin and amount will appear on the list. Enter the ticker (BTC for Bitcoin, ETH for Ethereum) for the cryptocurrency you wish to deposit and select it from the drop-down menu. In addition to the Auto-Burn, there is also a real-time burning mechanism in place. BSC validators decide on the ratio of BNB collected as gas fees which get burned when each new block is added to the blockchain. If greater security to store BNB is sought and needed, hardware wallet providers such as Ledger or Trezor are popular options that are compatible with BSC as well.
After clicking on the trading pair, a price chart will appear in the center. If you deposited ETH, don’t worry – the process itself is exactly the same. Check out the next section to learn more about how to stake Binance Coin.
Lastly, as common with most cryptoassets, the BNB price is strongly correlated to the performance of the overall crypto market. The opposite is true for bear markets, which leads to lower trading volumes. Trade the BNB cryptocurrency against fiat currencies, other cryptocurrencies and stablecoins to generate profits and grow your crypto portfolio. Ensure that you review the BNB price, market cap, trading volume and price action and perform careful analysis before placing trades in Binance Coin. Solely Ethereum-based DEXs like Uniswap don’t support BNB swaps on their protocols, as BNB is an asset that is foreign to Ethereum’s blockchain. Other DEXs such as SushiSwap and 1inch, which previously were Ethereum-only services, have switched to a multi-chain approach.
In the US, Binance was forced to launch a separate US entity with a customized offering for US customers to comply with US regulations. In Europe, they had to temporarily suspend Single European Payment Area (SEPA) deposits to their platform. As the native token for the Binance Smart Chain, BNB is also used for every transaction on the Binance Smart Chain. Due to the huge transaction volume the blockchain has attracted since its launch, having passed Ethereum with great margin, the demand for BNB has further increased.
Like most successful cryptoassets, the coin has experienced high volatility and a strong price increase. In the summer of 2020, just 3 years after its launch, BNB was already worth 200 times more (200x). A year later, the coin has jumped another 1,500% (15x), reaching a market capitalization north of $50 billion.
Secure Your Account
The best place to buy Binance Coin (BNB) is its native platform, Binance, but other exchanges like Bithump, KuCoin, and FTX do the job as well. Please note that several competitors such as Coinbase, Huobi, Bitfinex, Bitstamp, and Kraken have not listed the coin on their platforms. Surprisingly, the regulatory challenges Binance is facing don’t seem to have a strong influence on the BNB price development so far. But, should more and more countries ban Binance from operating in their jurisdictions, then this could pose a serious threat to their business. For BNB investors it is therefore recommended to keep an eye on the regulatory developments around Binance.
BNB serves as the native token within both BC and BSC blockchains. You can pay for transactions on these networks with the help of Binance Coins. You can use BNB to pay for buying goods and services online across several businesses that support it as a payment option. You can use BNB as a payment method via gateways, book hotels and airfare online, shop for games and pay for financial services. Holders of BNB have the possibility to stake their coins to earn interest. The easiest way is to stake the coins directly through the Binance platform.
The website will provide you with a deposit address for the cryptocurrency you selected. The address will be a string of numbers and letters (both lowercase and uppercase). Copy the address in its entirety and go to your wallet of choice. It is quite common for the transaction to take up to half an hour to complete, so don’t expect the funds to be available on your KuCoin account instantly. Once the coins are bought, they can be left in the exchange account — no extra transaction to an external wallet is needed.
Why Is KuCoin the Best Platform to Buy Binance Chain Native Token (BNB)?
Users will be asked to provide personal information such as their name, address, an official public document (passport) and a proof of address (utility bill). If you don’t want to use KuCoin, there are plenty of alternatives – here’s a list of all the exchanges where you can buy BNB. If you want to buy BNB at its current price, click on the Market tab and enter the amount of BNB you wish to buy. The order should be executed almost instantly and the BNB will be added to your balance soon.
Alternatively, PancakeSwap and other protocols allow for BNB staking as well. Once the documents have been submitted, it takes 1 to 2 business days for the account to be verified and fully operational. Be sure to enable 2-factor authorization and other safety features (such as delayed withdrawals and withdrawals only to white-listed addresses) when opening the account. This ensures that unauthorized access to your account and funds is significantly more difficult. In order to buy BNB on one of these exchanges, an account is needed that requires basic identification, and if larger amounts are traded, a complete verification. Besides basic trading, KuCoin has an advanced trading option for more experienced users.
You can also earn attractive interest on your BNB holdings on KuCoin via our Crypto Lending feature. Pay fees on Binance exchange using BNB to get discounts, making it a cost effective way to transact for crypto trading on the exchange. More than 200,000 people trust Real Vision to bring them quality analysis on the digital revolution that is shaping your future and the future of money itself. In order to buy on Kucoin, you first need to open an account and proceed with the following steps. The process is straightforward and similar to that of an online brokerage.
- Please note that several competitors such as Coinbase, Huobi, Bitfinex, Bitstamp, and Kraken have not listed the coin on their platforms.
- You can also earn attractive interest on your BNB holdings on KuCoin via our Crypto Lending feature.
- Select the number of days you wish to lend your BNB coins for – choose from 7 days, 14 days and 8 days.
- Investors wanting to buy BNB through DEXs have to use exchanges running on the Binance Smart Chain.
Apart from BTC and ETH trading pairs, Kucoin supports most of the popular stablecoins such as USDT, USDC, TUSD, PAX and DAI. The exchange has also issued its own token called KuCoin Shares (KCS). BNB was first sold in the summer of 2017 in an ICO event for about $0.11 per coin.
Should the exchange be hacked, go bankrupt, or be fraudulent, then the BNB might be lost. The most convenient cryptocurrencies to deposit are Tether (USDT), and . They both have trading pairs with the vast majority of cryptocurrencies listed on KuCoin and therefore give you the greatest amount of flexibility.
How to Buy Other Crypto Assets
BNB can be purchased at crypto exchanges such as Binance, Bithumb, KuCoin, and FTX. But, as BNB is the native asset of the Binance exchange, several competitors have not listed the coin on their platforms. Coinbase, Huobi, Bitfinex, Bitstamp, and Kraken, among others, don’t offer BNB trading.
They now offer their services on the Binance Smart Chain as well and allow for BNB swaps as long as users are connected to the protocol with a Binance Smart Chain wallet. Investors wanting to buy BNB through DEXs have to use exchanges running on the Binance Smart Chain. The best-known options are PancakeSwap, BakerySwap, SushiSwap, and 1inch. To connect to these DEXs, wallets supporting the Binance Smart Chain (e.g. MetaMask or Trust Wallet) have to be used. Alternatively, some DEXs running on other blockchains offer synthetic versions of Binance Coin.
Buy Binance Chain Native Token (BNB) with a Credit or Debit Card
Binance has employed an Auto-Burn system to bring down the total supply of BNB from 200 million at the time of launch to 100 million. This mechanism automatically adjusts the number of BNB tokens to be burned at each cycle based on the BNB price and the number of blocks generated on BSC over a period of three months. This number changes dynamically based on demand and trading volume on the KuCoin platform. You will get to see an estimated profit after entering all details. We’ve interviewed hundreds of experts on Real Vision Crypto, the world’s premier crypto and digital assets video channel.
Binance has recently promised to do better and is growing its international compliance team. They have already started to tighten their verification process and further KYC and AML measures are expected to follow soon. Should they manage to cooperate with regulators worldwide, then their international growth is likely to continue. If they fail, then the exchange is expected to partly operate in legal grey areas, which could especially hurt their financial gateways to the fiat and banking systems.
Market Overview
These tokens represent tokenized BNB on foreign blockchain that track the price of BNB. Binance Coin (BNB), the platform coin of the crypto exchange Binance, has secured its place among the top cryptocurrencies by market capitalization. Thanks to the strong growth of Binance and its products and blockchains, the coin has surged in price in recent years. Kucoin is a popular cryptocurrency exchange with a very large offering of different crypto assets.