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How to buy BNB (BNB) in South Africa
Learn how to buy BNB (BNB) on 6+ crypto exchanges in our step-by-step guide.
You can buy BNB (BNB) on a cryptocurrency exchange like FTX. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Binance Coin (BNB) is the token native for Binance and its blockchain-based ventures. Here's how to buy BNB.
How to buy BNB in 4 easy steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy BNB is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- 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.
- Make a depositOnce verified, you can deposit R using the payment method that best suits you – credit card, wire transfer, silvergate exchange network (sen) and signature signet payments are widely accepted.
- Buy BNB You can now exchange your funds for BNB. On easier-to-use 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 your personal wallet.
Where to buy BNB in South Africa
Find an exchange to buy, sell and trade BNB by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How do I find the best places to buy BNB?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in South Africa to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy BNB?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading BNB.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing BNB with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
Where can I buy BNB with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy BNB with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy BNB on the following exchanges:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase BNB by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for BNB on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy BNB?
The easiest way to buy BNB is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying BNB, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of BNB has been performing recently.
Best BNB wallets to store your BNB
You can keep your BNB on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can learn more about wallets and compare them with our comprehensive guide.
Is BNB a good investment?
When deciding whether or not to invest in BNB, here are a few things worth considering.
- Utility: If you’re a frequent user of the Binance exchange then you may want to pick up some BNB, regardless of its price movement. Holding BNB on the exchange allows you to get discounts on your trading fees, as well as participate in Launchpad events. You can 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. A huge range of services are available, including earning protocols, decentralised exchanges and blockchain-based games. 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.
Additional information about BNB can be found using our BNB analysis tools.
Today's BNB price versus ATH
Compare today's price of BNB ($217.76 USD) against its all-time-high price of $686.31 USD on 10 May 2021. The closer the bar is to 100%, the closer BNB is to reaching its ATH again.
ATH date: May 10, 2021
BNB ATH: $686.31
How to trade, convert or sell BNBYou can convert or sell your BNB with the same exchange you bought it through:
- Sign in to the exchange you have BNB on.
- If you store your BNB in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of BNB you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of BNB.
- Complete your transaction and move your BNB to a wallet for storage.
Disclaimer: Cryptocurrencies, including BNB, 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 BNB or any other cryptocurrency discussed.
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