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Binance Coin (BNB) is the native coin of the Binance exchange and host to the BNB Chain, which became a DeFi powerhouse in late 2020. This helped cement BNB as one of the leading cryptocurrencies in the world, reaching an all-time high of $926.52 in May 2021.
While this has helped make BNB the #4 crypto by market cap, Binance Coin is still a highly volatile asset capable of major price swings in a single day.
Today BNB is trading for $394.77, which is slightly up from yesterday's trading price of $394.24. Binance Coin's seen a decrease of -51% over the past year.
So before you buy Binance Coin, make sure you understand these unique risks as well as its legal, regulatory and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Binance Coin in Canada.
To buy BNB all you'll need is a smartphone or computer, an internet connection, photo identification and a way to pay.
If this is your first time buying cryptocurrency you'll need to look for a platform that accepts Canadian dollars, like Crypto.com or Bybit.
Don't worry too much about extra features or coins for now – you can always sign up with another exchange later.
Use the table to choose a platform that meets your needs and click the Go to site button to get started.
Binance Coin (BNB) is a utility coin created by the world's largest trading-volume crypto exchange, Binance.
BNB interacts with and allows developers to build on the layer-1 blockchain known as the BNB Smart Chain. The Binance exchange also uses it to promote discounted trading fees as an incentive to holders.
With hundreds of decentralised applications (dapps) built on its infrastructure, BNB Smart Chain has fast become one of the most popular ecosystems for developing DeFi protocols, play-to-earn games and NFT marketplaces.
BNB us a hybrid consensus mechanism known as proof-of-stake authority (PoSA). Holders must stake a minimum of 10,000 BNB to be selected as validators. The PoSA consensus uses significantly fewer validators than the Ethereum blockchain, which has led to concerns about the decentralisation of the BNB network.Read our beginner's guide to how BNB works
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not CAD.
If you want to buy BNB with Canadian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Canada and requires you to upload some photo ID, and in some cases a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
Once you've set up your account, you'll need to deposit funds to buy BNB with. We've listed out some popular ways to buy BNB and what you should know about each payment method below.
Most exchanges let you buy as little as $5 worth of BNB, if not less. Just type in how much you want to spend in CAD and let the exchange work out the rest.
Some platforms only offer 1 way to buy BNB, while others provide several choices. The 2 most common ways to buy BNB are on the spot market or with an "instant buy" feature.
If it's your first time buying BNB this will be the fastest method – but also the least cost-effective.
You'll usually find the instant buy section under a "Buy now" heading on the platform you've chosen.
It should feature a simple interface that lets you enter the amount of BNB you want to buy, or Canadian dollars you want to spend.
This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you've pre-funded your account with a bank transfer.
Be prepared to pay a markup on BNB's market rate in exchange for the convenience.
If you see colourful charts with a range of prices, you're probably in the spot market.
The spot market is where buyers and sellers come together to place bids for BNB on the open market. It's usually the cheapest way to buy BNB because it lets traders set their own price.
You'll find the spot market under a "Trade" or "Spot" heading on the site or app menu of the platform you've chosen to use.
There are several different order types that you can make on the spot market.
There are dozens of different trading platforms to choose from when buying BNB in Canada, so to help you find your best option, keep these factors in mind:
There are plenty of places to buy BNB, and people in Canada can choose from platforms registered here at home or in locations all around the world. Opting for a locally registered BNB exchange typically offers more convenience, but may have some downsides depending on your goals.
You shouldn't invest in any asset, including BNB without doing plenty of research first. Before you buy BNB, make sure you understand and weigh up these risks:
Binance Coin should see its price rise before the end of 2022 and be worth $274, according to Finder's panel of fintech specialists. And the panel expects BNB's price to continue to grow, closing out 2025 at $781 and surging to $1,814 by the end of 2030.
Compare today's price of BNB ($292.42 USD) against its all-time high (ATH) price of $686.31 USD on May 10, 2021. The closer the bar is to 100%, the closer BNB is to reaching its ATH again.
BNB is considered a digital asset by the Canada Revenue Agency (CRA) and is taxed like an investment. This means you'll be taxed when you dispose of BNB (i.e. sell, gift, exchange or trade it).
For individuals, profits or losses are reported as capital gains or losses. For businesses, BNB earnings are reported as income or capital gains, depending on how a business classifies cryptocurrency.
Learn more in our guide to crypto tax in Canada.
If you want to buy BNB, start by comparing a range of crypto brokers and exchanges available in Canada. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. Consider an exchange registered with FINTRAC for added peace of mind.
Remember that owning and using BNB is not without its risks. Carefully consider investing in BNB as part of a wider strategy, and talk to a financial advisor if you have any questions.
Once you've bought some BNB, think about what your short and long-term goals are. This will help you decide whether to keep it on an exchange, or move it to your own wallet.
You can quickly purchase BNB on trading platforms such as Crypto.com or Bybit. If you already have a funded account with one of these exchanges, then you can buy BNB instantly.
Otherwise, many crypto exchanges also offer an "instant buy" feature using a credit card. However, be warned that this comes with higher fees and other added risks. Use our table to look for a platform that offers credit card deposits to get started.
The best way to purchase BNB depends on your needs. A good place to start your research is with our top picks.
If you are buying BNB to speculate on its price in the short term, you might want to buy it on an exchange like Crypto.com or Bybit, a platform that custodies the asset for you. This will let you sell your BNB at any time.
If you are buying BNB to hold it for the long term, consider buying it on an exchange and transferring it to a hardware wallet to keep the private keys safely offline.
To buy BNB on Binance, create a Binance account, then navigate to the platform's instant buy or spot market section to make your purchase or convert another crypto to BNB.
Disclaimer: Cryptocurrencies, including Binance Coin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BNB is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Binance Coin or any other cryptocurrency discussed.
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