We’ve prepared a short and simple guide on how to buy BNB in Nigeria on Changelly.
Note! Your BNB will be in your wallet between a few minutes and a few hours. We do our best to deliver your BNB to you as quickly as possible, but there sometimes can be delays due to one of the following factors:
- Overloaded blockchain
- BNB updates
- DDoS attack
That’s it – your BNB should be in your wallet shortly!
What is BNB
The Binance Coin is the official cryptocurrency of the Binance Exchange. It was created to service the Binance ecosystem and its native currency. The coin experienced a meteoric rise in value and popularity in 2017 and 2018. This was largely due to the growing success of the Binance exchange platform.
Is Binance Coin (BNB) Legal in Nigeria?
Binance Coin (BNB) was launched by the crypto exchange called Binance in 2017. It is used to pay transaction fees on the platform, and it is also able to receive discounts from them. In fact, the coin has been more popular than Bitcoin in terms of its market capitalization. And this goes without saying that BNB is a legal currency worldwide. That being said, there are very few countries where it may not be accepted for payment with merchants or traders; such as Nigeria and U.S., simply because its legality remains untested until now.
How is the price of BNB determined?
Well, the price of Binance Coin is determined by market forces. It is largely dependent on supply and demand. However, there are some factors which influence its value:
- Relation to Bitcoin - as the first ever cryptocurrency, Bitcoin has a great influence over other cryptocurrencies and their prices. If the price of Bitcoin goes up, the price of BNB usually follows.
- Popularity of Binance - as one of the biggest and most popular cryptocurrency exchanges, Binance has a lot of sway over the prices of the coins listed on its exchange. If a coin is delisted from Binance, its price usually plummets.
- Usefulness - as a utility token, BNB has actual use cases on the Binance platform. This gives it real value and helps to determine its price.
These are just some of the factors which influence the price of BNB. Ultimately, it is down to supply and demand like any other commodity.
Can I Buy Less Than 1 BNB?
Yes, you can buy less than 1 BNB. There is no minimum purchase amount required.
Where to Buy BNB Coin in Nigeria?
- Buy on Binance Exchange: Binance is one of the top exchanges for trading cryptocurrencies and altcoins. In fact, it is considered as the most reliable exchange for buying cryptocurrency coins including BNB Coin in Nigeria.
- Trade through Cryptocurrency Exchanges like Cahngelly.
Can I buy BNB in Nigeria with PayPal?
It is not possible to purchase Binance Coin officially in Nigeria. The reason behind this is that the platform has not launched its official service in Nigeria so far. It operates through a crypto exchange which facilitates buying and selling of cryptocurrencies only. Therefore, it is quite unlikely that you will be able to purchase BNB using any payment method available with PayPal.
Where can I store BNB coins?
You can store BNB coins in the official network wallet. The network is easily accessible on the web and offers a range of security settings to keep your coin safe. You can also store them offline in a hardware wallet if you prefer, such as Ledger Nano S or Trezor. Whichever method you choose, it's important to ensure that your coins are always backed up properly so that you don't lose them. Remember, too, that BNB is a relatively new asset, so be sure to educate yourself about how it works before investing and make sure you do your research into any platform or trading service you may use.
How to cash out Binance Coin (BNB) in Nigeria?
To convert BNB into Naira or an equivalent fiat currency, find a trusted exchange offering BNB to USD and other currencies. You can also use p2p platforms for interactions with individual sellers who offer this service on their own website as well!