This guide will explain the process of buying Binance Coin with annotated pictures and steps. If you are interested in your options for storing the currency, check out our guide on Binance Coin wallets, where you will find setup guides and more.
Step 1: Aquire Bitcoin or Ethereum
Binance Coin is most easily purchased with Ethereum and Bitcoin on Binance. To get started, we will need to buy Bitcoin or Ethereum! We will explain this process below.
Bitcoin and Ethereum Exchanges
Coinbase is a very beginner friendly US based brokerage, that sells cryptocurrency to most countries and all US states. Expect a 1.49% fee on bank transfer purchases, and a 3.99% fee for credit and debit purchases.
Coinmama is another option that focuses on credit and debit card purchases. Coinmama is great because they have higher debit and credit card purchasing limits than Coinbase, as well as instant delivery. Coinmama’s fees are around 5.5%.
LocalBitcoins is a person to person exchange, meaning that anyone can use it. There are no limits, or verification needed. It uses escrow to make sure that both parties recieve payment.
Gemini is another US based exchange, that allows its users to buy Bitcoin and Ethereum via bank transfers, credit cards, and debit cards.
Bitpanda is an exchange that also focuses on credit and debit card purchases. Their fees are between 3%-4%, and only sells Bitcoin and Ethereum to European countries.
How to Buy Cryptocurrency on Coinbase
If you sign up to Coinbase through this link, you will recieve an extra $10 worth of Bitcoin on your first $100+ order.
After creating your Coinbase account, you will want to add a payment method. If you are trying to get the most bang out of your buck, I would reccomend using a bank transfer. If time is a concern, maybe go with credit or debit card, as there is instant delivery!
Click the Buy/Sell tab at the top/middle of your screen. From this page, you can easily purchase Bitcoin, Litecoin, and Ethereum.
How to Buy Cryptocurrency on Coinmama
After your account is verified, you can go to the navigation bar and purchase Bitcoin or Ethereum, using USD or EUR.
After you purchase cryptocurrency on Coinmama, they will ask for an address to send it to. We are going to find this address in the next step, and it will depend on the secondary exchange that you decide to use.
Binance Coin Exchanges
|Binance||Everywhere||.05% (Very Low)|
Step 2: Moving Bitcoin or Ethereum to Binance
Once you have aquired your Bitcoin or Ethereum, you will need to move it to the cryptocurrency exchange Binance.
Most cryptocurrency exchanges only allow cryptocurrency to be purchased with Bitcoin or Ethereum. That is why we need to convert our money to cryptocurrency, and then send the purchased cryptocurrency to an exchange where our coin is sold.
In order to send your newly purchased crypto to Binance, you will need locate your Binance deposit address.
This can be found on Binance by going to the navigation bar, mousing over “Funds” and clicking Deposit Withdrawals. This page has the deposit addresses for every coin on their exchange.
Locate Bitcoin or Ethereum, depending on what you purchased and copy the address.
Now that we have our deposit address, we will need to send it from Coinbase or whatever exchange you initially used. Click the send tab as seen below, and enter it into the recipient box. Click confirm and wait for your currency to arrive to Binance!
Buy some Binance Coin!
Once your cryptocurrency arrives, you will have a balance to purchase Binance Coin with. Head to the cooresponding page depending on what currency you purchased:
To enter an order on Binance, you will want to use the brown box area. In this box, enter the price per Binance Coin in Bitcoin. To find out a fair price, look at the red box.
This red box is the order book, and shows the most current bids and asks for the coin. In this example, .00008396 BTC would be the highest price someone wants to buy Binance Coin for, and .00008406 BTC would be the lowest price someone wants to sell Binance Coin for.
Please note that the current price on your screen will most likely differ from my example. Look at the order book to determine a fair price.
To buy Binance Coin quickly, you can set your order to the highest bid, or the current ask.
If the order book is too confusing for you, just click the market tab and click 100%. This will purchase the maximum amount of Binance Coin that your balance allows, at the going rate.
Step 3: How to Store your Binance Coins, Securely!
Binance Coin is an ERC-20 token, which means that it runs on Ethereum’s blockchain. ERC-20 tokens can be stored in several wallets, including the Ledger Nano S, the Trezor, myEtherWallet, Eidoo, and many more!
For setup guides on all of these wallets, please view our page on Binance Coin wallets!
How to Buy Binance Coin with Credit Card and Debit Card
The best method of buying Binance Coin with credit and debit cards is by buying Bitcoin or Ethereum on an exchange such as Coinbase and then converting the purchased crypto into Binance Coin on an exchange such as Binance.
How to Buy Binance Coin with Bank Transfer
Just like credit and debit cards, the easiest method of obtaining Binance Coin with a bank transfer or wire is by buying Bitcoin or Ethereum on a fiat to crypto exchange such as Coinbase, and converting the purchased cryptocurrency into Binance Coin, on an exchange such as Binance.
How to Buy Binance Coin with PayPal
Due to Paypal’s chargeback feature, buying Binance with Paypal takes a few extra steps. The exchange VirWoX allows you to convert paypal balance into Bitcoin. Read our tutorial on this conversion. Once you have obtained Bitcoin, you can send it to Binance just like the above example!
How to Buy Binance Coin with Skrill
Bitpanda is a European exchange that allows Bitcoin and Ethereum to be purchased with Skrill. After purchasing one of those currencies, you can purchase Binance Coin using the method listed above.
Can I Buy Binance Coin on Coinbase?
At the time of this writing, Coinbase does not sell Binance Coin. To purchase it just follow the above steps!