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

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

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Binance Cryptocurrency Exchange

Binance Cryptocurrency Exchange logo
  • Buy and sell hundreds of cryptocurrencies
  • Wide range of fiat currencies accepted
  • Features such as staking, margin trading and more
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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.

1. Compare crypto exchanges

Binance Coin (BNB) can be bought from a wide range of cryptocurrency exchanges. Compare exchanges on features such as fees, payment methods and currencies.

2. Create an account

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.

3. Make a deposit

Once verified, you can deposit SGD using the payment method that best suits you – bank transfer, debit and credit cards are all widely accepted.

4. Buy Binance Coin (BNB)

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.

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)

Sign up for one of the following exchanges to purchase BNB, then deposit funds to start trading.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
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.
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

18
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.
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.
Gate.io Cryptocurrency Exchange
Cryptocurrency
-

37
cryptocurrencies

IDEX Cryptocurrency Exchange
Cryptocurrency
-

257
cryptocurrencies

A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
Hotbit Cryptocurrency Exchange
Hotbit Cryptocurrency Exchange
Cryptocurrency, Epay
USD

512
cryptocurrencies

A multi-currency exchange with 150+ pairings that can be accessed through desktop as well as a mobile app.
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Compare up to 4 providers

How to buy Binance Coin (BNB)

Step 1. Register for an account with an exchange that allows you to buy BNB

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.

Step 2. Deposit funds into your account

BNB is widely available on Canadian exchanges, which means you can deposit SGD 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.

Alternatively, you could deposit cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) to trade for Binance Coin.

Step 3. Buy BNB

Navigate your way to the markets section on your chosen exchange, then search for the currency pairing you want, for example, SGD/BNB.

Before finalizing your purchase, make sure you review the full details and total cost of the transaction.

How to sell Binance Coin (BNB)

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 SGD 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.

What is Binance coin?

BNB on Binance exchange

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.

An image showing the stats of the 14th BNB burn

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).

BNB on Binance Smart Chain (BSC)

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).

What to consider when buying Binance Coin (BNB)

  • Utility: If you’re a frequent user of of Binance then you may want to pick up some BNB to get discounts on your trading fees, as well as participate in Launchpad events or even stake BNB to earn interest.
  • Burn: BNB is a deflationary asset which means the supply will reduce over time. Deflationary assets are expected to rise in value as a result – but only if the demand is there.
  • DeFi: Binance Smart Chain (BSC) has become one of the most popular blockchains for DeFi thanks to its extremely low-fees, and compatibility with Ethereum smart contracts and dapps. If you plan to use BSC you will need some BNB to pay for gas fees as well as participate in the various DeFi services available.
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.

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