What is Binance Coin
Binance Coin is the cryptocurrency created by the Binance exchange. It uses the BNB symbol for trading. Most people also use Binance Coin as gas for the Binance Chain and the Binance Smart Chain (BSC). It runs on the Ethereum blockchain, which has a maximum limit of 200 million BNB tokens.
In 2017, BNB was created to work on the Ethereum blockchain with the token ERC-20. Its initial purpose was to be a utility token for reduced trading fees. However, as you know, BNB is now the native currency in the Binance Chain.
Like other DeFi coin types, a Binance token is a decentralized application on blockchains with smart contracts. The Binance Exchange aims to reduce market risk and cut out third parties.
Today, most people use Binance coins to pay for travel arrangements, pay for their credit cards, buy virtual gifts, invest, loan, donate, and more. As of February 2022, the market cap of BNB exceeds $68 bln, making it the fourth-biggest cryptocurrency worldwide.
How is the price of BNB determined?
Several factors impact the price of a Binance asset. Binance has ensured that BNB has a finite coin supply. BNB is also a utility token, which has various uses on the BSC. You can use it to pay for transaction fees on the Binance Chain, Binance DEX, and the Binance site. These are only a few factors that determine the BNB coin price.
Can you buy BNB without KYC on Changelly?
Yes, you can buy Binance coin on Changelly without the Know Your Customer (KYC) process. However, remember that not all providers allow this. You may add Binance coins into your crypto wallet, depending on the chosen FIAT provider.
Some FIAT providers require a KYC step before selling you a Binance coin. Don’t worry about having to wait for days or hours. On Changelly, the KYC process takes only a few minutes and is straightforward enough. This step will only require you to submit any valid ID document to confirm your identity. The document can be your driving license, passport, or other ID types.
After you finish this step, Changelly won’t ask for another confirmation again. We only confirm your identity once on the account creation step. Afterward, you can buy cryptocurrency or use our crypto exchanges service without KYC.
Can I buy less than 1 BNB?
On Changelly, you can buy less than 1 Binance coin. The minimum order size for a Binance token on Changelly is 0.075 BNB, worth 30 USD. In short, you can pay at least 30 USD to buy Binance coin.
The steps needed to exchange FIAT to cryptocurrency are quick and easy:
- Go to our Buy Cryptocurrency page and select Binance Coin (BNB).
- Enter the BNB coin amount that you want to buy.
- Enter your Trust Wallet or other cryptocurrency wallet address. Don’t forget to also enter your credit card and ID details.
- Review the crypto exchange and proceed. Check your Trust Wallet to find your BNB sent there.
Do you have a debit card instead? Don’t worry because using your debit card is as easy and quick. You can use your debit card to finish the same process.
What are the fees to buy BNB?
You must consider the fees when buying a BNB coin through cryptocurrency exchanges. These fees will vary depending on the exchange service provider and the payment or deposit methods you use. They’re also often involved with transactions, withdrawals, and deposits.
Changelly has the lowest fees, whether you’re in the US or other parts of the world.
Where can I store BNB?
You’re ready to buy BNB, but you don’t know where to put your crypto assets. The best place to place your BNB coin is on a crypto wallet, which comes in many forms:
The first is the hardware wallet, a plug-in device that acts as a portable key for accessing your crypto assets from anywhere.
The next type is the Trust Wallet, an Android or iOS crypto wallet. It can hold different cryptocurrencies, from ETH to Binance tokens. You may even use Trust Wallet to buy and trade different categories of cryptocurrencies.
Another great option is the Binance Chain Wallet, Binance’s native wallet. It’s a great option if you can’t use Trust Wallet or you want to access your crypto using a computer.
What is the best BNB wallet?
The best type of crypto wallet is the hardware wallet. Some great models include the Ledger Nano S and Trezor Model T. Because they aren’t connected to the internet, your crypto keys remain inaccessible to hackers. They can also secure your crypto assets, even if the computer you’re using isn’t secure. You can keep them in a safe place until you’re ready to buy or make a transaction using Binance coin.
Before you purchase Binance coin on Changelly, make sure you already have your Trust Wallet or another form of cryptocurrency wallet set up.
How to cash out BNB?
You can cash out Binance Coin (BNB) by converting it to a FIAT currency and then withdrawing FIAT. In essence, it’s the reverse of buying crypto, in which you sell Binance tokens for your chosen FIAT currency.
Another method of cashing out is to sell BNB on an exchange that trades FIAT currencies like USD. The cryptocurrency exchange can be available on the web or mobile.
Can I buy BNB with PayPal?
Yes, you can buy BNB by sending money via PayPal. Most exchanges today support PayPal as a payment method. You can now store, buy, and sell crypto of any trading volume on PayPal, too. It’s a great alternative if you can’t use your credit or debit card.