The dynamic realm of cryptocurrency brings us to the digital doorstep of Binance Coin (BNB), a sparkling gem in the digital currency world.
The cryptocurrency was created by crypto exchange Binance and hosted on its native blockchain, BNB Chain. The cryptocurrency rose to prominence in 2020 as a DeFi powerhouse.
Reaching exceptional interest from crypto enthusiasts, in May 2021, BNB peaked at its all-time high of $686.31. However, every high comes with a low, and BNB, being the fourth largest crypto by market cap, is no exception to volatility and price swings.
The price of BNB currently fluctuates between $300 and $320. It is worth noting that over the past year, the coin has seen a 7% surge in its price.
This guide will lead you through the maze of buying BNB, providing you with step-by-step instructions and a selection of platforms you can use to make your purchase in the US.
Buying Binance Coin (BNB)
What’s the secret recipe to acquiring BNB, you may ask? A sprinkle of a smartphone or computer, a dash of an internet connection, a handful of photo identification, and a pinch of payment method. Let’s walk through the four-step process on how to buy BNB.
The best way to acquire BNB is via a crypto exchange. Therefore, before buying BNB, you should evaluate all the platforms allowing you to purchase BNB. Take into account crypto exchanges, such as Binance, which offer low fees, a user-friendly interface, or 24/7 customer support.
Next, create an account. Make sure your email address and identity are verified by having a photo ID and your phone on standby. Once you’ve passed the verification process, it’s time to add some cash to the mix. Your newly minted account can be fueled with USD using the payment method that suits you best. Rest assured, cryptocurrency, bank, and card payments are generally accepted.
Now comes the fun part: buying BNB. You can exchange your funds for BNB. If you’re a newbie, don’t sweat it! On beginner-friendly exchanges, this process is as straightforward as entering the USD or BNB amount you wish to purchase and hitting “buy”. If you’re feeling adventurous, you can then withdraw your BNB to a personal wallet.
Where to buy BNB in the United States
If you’re a crypto rookie looking for a platform that accepts US dollars, Coinbase or Binance might be your best bet. Don’t fret too much over additional features or coins at this stage. There’s always time to buy different tokens or sign up with another crypto exchange down the line.
When choosing a platform to buy BNB in the US, keep some factors in mind. Consider where it’s registered, its security features, fees, transaction limits, other platform features, customer support, insurance fund, reputation, range of coins, and user reviews.
Account creation on your chosen crypto platform requires only an email address or mobile number. This will usually permit you to deposit cryptocurrency, but not USD. If you’re keen on buying BNB with US dollars, you’ll need to pass a Know Your Customer (KYC) check.
This standard security procedure requires the upload of a photo ID and occasionally a selfie with the current date. While KYC is usually approved instantly, you may occasionally have to wait a few hours or days.
Methods to Buy BNB
So, you’ve set up your account and are ready to buy BNB. But how? Well, there are popular ways to go about it. While most crypto exchanges allow purchases of BNB worth as little as $5, the methods for buying vary.
The two most common ways to buy BNB are on the spot market or with an “instant buy” feature.
Let’s talk about “instant buy” first. If it’s your first time buying BNB, this will be the quickest method – though not necessarily the most cost-effective. You’ll typically find this option under a “Buy now” heading on your chosen platform. It offers a simple interface that lets you input the amount of BNB you wish to buy or the amount of US dollars you want to spend.
On the other hand, there is a spot market. Although the sight of colorful charts with a range of prices might be daunting, that’s where you’ll find the spot market, a meeting ground for buyers and sellers to bid for BNB on the open market. It’s usually the cheapest way to buy BNB because it allows traders to set their own prices.
Taxes Linked to BNB Acquisition
BNB, like any other investment, is taxable on any capital gains you make when you sell it. This includes using it to buy goods and/or services. In the United States, tax obligations also extend to mining, professional BNB trading, and various other scenarios. We suggest doing your full research before the tax season begins.
And there you have it! A complete guide to acquiring BNB. Remember, as with any investment, always do your research and understand the risks involved. Happy trading!
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.