Binance Coin (BNB): How it works and how to buy it | Finder India

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How to buy Binance Coin (BNB)

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Where, why and how to buy Binance Coin (BNB).

Binance Coin (BNB) is the native token of the Binance Exchange. It was used to fund the creation of the exchange itself through an ICO and offers users a potentially useful range of features.

  • Offers discounts when used to pay Binance fees
  • Can be traded on Binance for other coins
  • Will eventually become a native coin of the decentralised Binance exchange
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy Binance Coin (BNB)

You can buy BNB on Binance using a wide range of other cryptocurrencies.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
WazirX Cryptocurrency Exchange
WazirX Cryptocurrency Exchange
Cryptocurrency, UPI, IMPS, NEFT, RTGS
INR

86
cryptocurrencies

Enjoy fast verification and high speed trading on this well-known Indian cryptocurrency exchange.
eToro Cryptocurrency Trading & CFDs
Bank transfer, Credit card, Debit card, Neteller, PayPal, Online banking, Skrill
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

16
cryptocurrencies

Disclaimer: Volatile investment product. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Copy the trades of leading cryptocurrency investors on this unique social investment platform. $200 minimum deposit.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

67
cryptocurrencies

Finder Exclusive: Get 0% fees on credit/debit card purchases for 30 days after signup.
Buy 80+ cryptocurrencies, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

304
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Paybis Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Neteller, Skrill
EUR, GBP, USD, AUD, CAD, PHP, SGD, CHF, HKD, JPY & 30+ more

9
cryptocurrencies

Buy Bitcoin and other popular cryptocurrencies with credit card or debit card on this digital cryptocurrency exchange.

US residents: Restricted in the following states - NY, CT, NM, WA, HI, AL, VT, FL, AK, NV.
CoinSwitch Cryptocurrency Exchange
Credit card
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
KuCoin Cryptocurrency Exchange
Cryptocurrency, Interac e-Transfer, PayPal, Wire transfer, Credit or Debit Card
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

211
cryptocurrencies

Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
CoinDCX Exchange
Bank transfer (ACH)
INR

209
cryptocurrencies

A cryptocurrency exchange based in India which lists over 30+ trading pairs and supports INR.
eToroX Cryptocurrency Exchange
Cryptocurrency
CADX, AUDX, EURX, NZDX, GBPX, CHFX

32
cryptocurrencies

Trade cryptocurrency to cryptocurrency on eToroX, an exchange arm of the popular eToro trading platform.
IDEX Cryptocurrency Exchange
Cryptocurrency
-

257
cryptocurrencies

A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
Gate.io Cryptocurrency Exchange
Cryptocurrency
-

37
cryptocurrencies

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Must read: “About Binance Coin (BNB)

There’s a total cap of 200 million BNB, but it’s a deflationary currency and will eventually shrink down to a cap of 100 million over the course of five years.

The 200 million was distributed 50/50 between the company and the public ICO.

This deflation is carried out through Binance’s purchase of 20% of the remaining public supply each quarter. The bought-back portion of coins is then burned.

What is BNB used for?

The main purpose of BNB is to give you a discount on fees incurred when that fee is paid with BNB. This might be withdrawal fees, trade fees or anything else.

The discount decreases year on year in line with the 20% bought back each year.

  • Year 1 – 50% fee discount
  • Year 2 – 25% fee discount
  • Year 3 – 12.5% fee discount
  • Year 4 – 6.75% fee discount
  • Year 5 – 0% fee discount
BNB will gradually become less useful over time, most likely to discourage hoarding of BNB by users ahead of the buy-back.

In the future, Binance aims to build a decentralised exchange, and BNB will be used as one of the key base assets on the site as well as the gas that’s spent while executing contracts of the decentralised BNB exchange.

Should I buy BNB?

If you’re a frequent Binance user and want to duck large fees – especially if you plan on making very large trades or withdrawals – it might be worth stocking up even at high prices.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

But remember that the discounts will decrease over time, and the coin will become almost useless before it’s all bought back.

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