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Binance Coin (BNB) is the native token of the Binance exchange and Binance Smart Chain (BSC) blockchain. Thanks to the success of both these platforms, BNB has risen to become one of the most valuable cryptocurrencies on the market.
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
Once verified, you can deposit CAD using the payment method that best suits you – bank transfer, debit and credit cards are all widely accepted.
You can now purchase BNB. On user friendly exchanges this is as simple as entering the amount you want to purchase and clicking “buy.” If you like you can now withdraw your BNB to a crypto wallet.
Sign up for one of the following exchanges to purchase BNB, then deposit funds to start trading.
The first thing you’ll need to do is search for an exchange that lists BNB or choose from our list above. Once you’ve found a suitable exchange, sign up using an email address and complete registration.
On some platforms, this is all you need to do before you can start trading. However, many exchanges require additional information, including your full name, contact details and a valid form of photo ID, to satisfy KYC (know your customer) laws. You’ll need to provide those before you can buy any Binance Coin, and it’s also a good idea to enable two-factor authentication on your account for extra security.
BNB is widely available on Canadian exchanges, which means you can deposit CAD to buy your BNB. Look for an exchange in the table above that offers your preferred payment method such as bank transfer, credit or debit card.
Navigate your way to the markets section on your chosen exchange, then search for the currency pairing you want, for example, CAD/BNB.
Before finalizing your purchase, make sure you review the full details and total cost of the transaction.
If you want to sell your BNB, go to your exchange wallet and look for the option to “Sell BNB”. Alternatively, you might need to go to the Markets tab and sell it for another currency such as CAD or BTC by placing a trade, and setting the price you want to sell it for. However, remember that as exchanges don’t list every potential currency pairing, it may not be possible to trade your BNB for the currency you want straight away.
On the Binance exchange, BNB provides users with discounts on trading fees, serves as a trading pair for coins and is used on the Binance Decentralized Exchange (DEX). Fees paid in BNB are then periodically “burnt”, which means they are permanently removed from circulation, which in turn decreases the supply theoretically increasing value. Binance will continue to burn coins until the supply is reduced from 200 million to 100 million, at the time of writing there are 170 million BNB remaining in circulation.
Binance completed it’s 14th quarterly burn at the end of 2020.
BNB is also used on the exchange to participate in launchpad events, which are similar to Initial Coin Offerings (ICO).
On the Binance Smart Chain (a smart contract platform developed by Binance based on Ethereum’s codebase) BNB is used to pay gas fees and has a central role in many DeFi applications (dapps). In this way, it is very similar to the role of ETH on Ethereum.
For instance, users can deposit BNB to provide liquidity on the PancakeSwap DEX or be traded for BEP-20 tokens (The BSC version of ERC-20 tokens).
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