How & Where to Buy Binance Coin in 2023? – Guide for beginners

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How & Where to Buy Binance Coin in 2023 – Guide for beginners

Dang, it seems like everyone is talking about crypto these days! And when it comes to the biggest player in the game, Binance absolutely dominates as the largest cryptocurrency exchange out there.

But to really unlock all of Binance’s features, you need their specialty coin – Binance Coin or BNB. This little token packs a punch in terms of utility!

Now I know staring down the barrel of buying crypto for the first time can be intimidating. All the technical jargon makes your head spin! But have no fear – this latest 2023 guide will walk you through the basics of how and where to buy BNB step-by-step.

How to Buy Binance Coin – Step by Step Guide 2023

First off, where can you get your hands on some BNB magic? Well, it’s a piece of cake. Head over to Binance or any other exchange that welcomes this stellar coin. Even the likes of Coinbase roll out the red carpet for BNB. But if you’re feeling a bit traditional and want a solid broker, our recommendation is eToro.

  • Step 1: Create an Account – Sign up for a free account on the eToro platform.
  • Step 2: Upload ID Card – Show them you’re real by uploading your ID card, driver’s license, or passport.
  • Step 3: Deposit Money – Time to fuel your crypto adventure. Deposit the amount you want to dive into the crypto world with.
  • Step 4: Buy Binance Coin – On the eToro platform, search for BNB, and hit that buy button. Voila, you’re now a proud owner of some BNB magic.

What is Binance Coin?

Binance Coin, or BNB for short, is the official cryptocurrency of the Binance exchange. You know Binance, right? That giant crypto trading hub that lets people buy, sell, and trade hundreds of different digital coins.

Well BNB is like Binance’s special in-house token that unlocks all kinds of perks on their exchange. When you own BNB, you can use it to pay lower trading fees, invest in new crypto projects, and more.

Unlike Bitcoin or Ethereum that exist on their own blockchains, BNB was created specifically for the Binance ecosystem. It runs on the Binance Chain and Binance Smart Chain. But what’s really cool is BNB has grown beyond just Binance too.

Nowadays people use BNB for all kinds of stuff – booking travel, shopping online, paying gas fees for decentralized apps. So it’s become a versatile cryptocurrency that works across platforms.

The team at Binance also burns (permanently destroys) a portion of BNB coins each quarter. This reduces the total BNB supply and can pump up its value over time. Pretty smart!

How does Binance Coin work?

But how does Binance Coin really work its magic?

  1. Utility within Binance Exchange: BNB isn’t just for show; you can use it to pay trading fees on Binance, reducing the cost of your transactions. Smart move, right?
  2. Token Burns: Binance pulls off these dramatic token burns, permanently taking some BNB out of circulation. It’s like reducing the total supply, making BNB a bit of a rare gem. And guess what? It often happens when Binance’s profits are soaring.
  3. Launchpad and Investments: Binance Launchpad is the place where exciting blockchain projects take off, and guess who’s the star currency? BNB, of course! It’s like having backstage access to invest in new projects and potentially ride the wave of their success.
  4. Decentralized Applications (dApps): BNB isn’t confined to the Binance exchange; it’s spreading its wings to decentralized applications within its ecosystem. Whether you’re into trading, gaming, or more, BNB might be your go-to token.
  5. Cross-Platform Use: BNB isn’t sticking to just one platform. It’s branching out to other services like merchant payments and travel bookings. Versatility is its middle name.
  6. Smart Contracts: BNB is no stranger to the smart crowd. Thanks to Binance Smart Chain, it can be used as gas fees for executing transactions and playing around with smart contracts.

Read also: What is Binance Web3 Wallet?

Why should you buy Binance Coin?

Let’s break down the why, how, and wherefores of adding BNB to your crypto portfolio.

First things first, Binance Coin is not your average coin. It’s been doing some serious acrobatics in the market. Picture this: from a modest $32, it soared to an all-time high of $609 in just five months in 2021. That’s like a crypto rollercoaster, and who doesn’t love a good ride?

Now, here’s the sweet part – Binance, the platform that backs BNB, has this massive and feature-packed ecosystem. When you hold BNB in your pocket, you get a VIP pass to discounted transaction fees on the Binance exchange. Plus, you get first dibs on any new tokens they launch. It’s like being the cool kid in the crypto playground.

But wait, there’s more. Binance also hosts these cool burning events. No, not fire jugglers – they buy back or burn coins, reducing the number in circulation and making your BNB stash more valuable. It’s like magic but with numbers.

How much does it cost to buy Binance Coins?

As of today (November 9, 2023), BNB price is trading at $250.67. But hold on, before you hit that buy button, there’s more to the story. When you’re shopping for BNB on a platform like eToro, remember, it’s not just about the coin’s cost.

Platforms often throw in commissions or spreads, but the good news is, eToro lets you snag any asset, including crypto, with a 0% commission. Spreads? Yeah, they’re there, but eToro keeps them on the reasonable side.

Oh, and heads up – there might be other fees, like withdrawal fees, so keep an eye out for those too.

How to buy Binance Coin with Bitcoin

How to buy Binance Coin with Bitcoin
Buy Binance Coin with Bitcoin

Buying Binance Coin with Bitcoin is very simple. Here’s your step-by-step guide:

  1. Navigate to Binance: Log into your Binance account. Easy peasy.
  2. Find BNB Market: Head to the trading section and spot the BNB/BTC trading pair. This tells you how much BNB you can snag with your BTC.
  3. Place Order: Choose your order type, enter the BNB amount you want, and hit that confirm button. Once it’s a done deal, you’ll see the shiny BNB in your Binance wallet.
  4. Optional Move: Feeling extra cautious? Move your BNB to a secure wallet for that added peace of mind.

How to buy Binance coin with bank account

If you are wondering how to buy Binance coin with your bank account, follow the simple steps below:

  • Step 1: Create an Account First things first, find yourself a cozy spot on a cryptocurrency exchange that supports Binance Coin. Platforms like Binance itself or other reputable ones will do the trick. Sign up for an account – it’s like getting your ticket to the crypto carnival. 
  • Step 2: Complete Verification They’ll want to know you’re you. So, complete the verification dance. It’s usually just sharing some ID and personal details – you know, the usual security drill. 
  • Step 3: Link Your Bank Account Head over to your account settings. Look around for the option to link your bank account. They’ll ask for things like your account number, routing number, and maybe a bit more. It’s like connecting the dots, but with your banking details. 
  • Step 4: Deposit Funds Once your bank account is in cahoots with your crypto exchange, it’s time to make it rain (crypto style). Initiate a deposit, pick your investment amount in Binance Coin, and hit confirm. It’s like setting the stage for your crypto debut. 
  • Step 5: Purchase Binance Coin The funds are in, and now the fun begins. Head to the trading section, look for Binance Coin, and choose your trading pair – maybe BNB/USD or BNB/EUR. Enter the amount of BNB you fancy, review your order like a vigilant detective, and hit the magic button. 
  • Step 6: Confirm Purchase Confirmation time! If the stars align and the price is right, your order becomes reality. Voila! Your Binance Coins are now officially part of the crypto family in your exchange account. 
  • Step 7: Secure Wallet (Optional) For that extra layer of security, think about giving your BNB a new home. While they’re chilling on the exchange, they’re under its watchful eye. Consider transferring them to your personal cryptocurrency wallet for that added peace of mind.

Remember that the exact steps might vary slightly depending on the exchange you use.

How to buy Binance coin with Neteller

How to buy Binance coin in 2023 with Neteller
Buy Binance coin with Neteller

Alright, let’s add another move to your crypto dance – buying Binance coin with Neteller. Here’s how you can do that:

  1. Create Accounts: Get cozy with both Binance and Neteller by setting up accounts on both dance floors.
  2. Verify Accounts: Share a bit about yourself on both platforms. You know, the usual – ID checks and such.
  3. Deposit Funds: Fill up your Neteller wallet. Link your bank or use other magic tricks available on Neteller.
  4. Buy Bitcoin: Head over to Binance, use your Neteller funds to buy Bitcoin. Look for the BTC trading pair (BNB/BTC) and make it rain with Bitcoin.
  5. Transfer to BNB: Now that you’re rocking Bitcoin, find the BNB/BTC pair on Binance. Swap your Bitcoin for some shiny Binance Coins.

How to buy Binance coin with Skrill

How to buy Binance coin in 2023 with Skrill
Buy Binance coin with Skrill

Follow the 7 steps listed below to buy Binance Coin using Skrill:

  1. Create Accounts: Secure spots on both a crypto exchange supporting BNB and the Skrill stage. Dance floors, here you come!
  2. Verify Accounts: Get the green light on both platforms by completing the verification dance. ID checks and all that jazz.
  3. Fund Your Skrill Account: Add some beats to your Skrill account. Link your bank, credit card, or use other secret moves.
  4. Transfer Funds to Exchange: Log into your crypto exchange, find the BNB trading pair, and generate a deposit address. Ready, set, transfer!
  5. Initiate Transfer: In your Skrill account, start the transfer to the BNB deposit address. Enter the amount, and let the transaction dance begin.
  6. Wait for Confirmation: Tap your toes while waiting for the blockchain to confirm the moves. Patience is key.
  7. Buy BNB: Once the funds hit your exchange, strut over to the trading section. Find the BNB pair and place an order for the amount you fancy.

Buy Binance Coin safely

Cryptocurrency can be a wild ride, and the last thing you want is to expose yourself to unnecessary risks. The good news is, there’s a way to navigate this crypto rollercoaster without the stomach-churning drops – regulated platforms.

Take eToro, for example. It’s not just a platform; it’s like the Fort Knox of crypto exchanges. Regulated by heavyweights like FCA, ASIC, and CySEC, you can rest easy knowing your Binance Coin transactions are as secure as a vault.

But, let’s be real. The crypto world is not a cozy tea party; it’s more like a poker game with higher stakes. Even though Binance Coin is not in the shady business, it dances to the rhythm of volatility. Prices can do the cha-cha unexpectedly, and you might find yourself in a dip. So, even on the safest platforms, keep your seatbelt fastened.

Sell ​​Binance Coin

Now, if you’ve got some Binance Coins in your digital wallet and are contemplating selling them, fear not. You can part ways with them on platforms like eToro. Cash in those digital chips, make some profits, and maybe treat yourself to something nice. Just a heads up – eToro is your go-to exit, as swapping one crypto for another isn’t their jam. But hey, there are other legit crypto exchanges for that.

Binance Coin Price Prediction

It’s tricky trying to predict where crypto prices are headed, isn’t it? The markets move fast and sentiment can shift on a dime. But looking at BNB coin specifically, experts seem cautiously optimistic about its growth in 2023 and beyond.

Based on their analysis, they estimate BNB could reach a maximum of $601 per coin this year end, while the minimum value could be around $409. The average for December 2022 put BNB around $481 – so a bit below today’s rate.

But the real excitement is what might happen as we move close to the end of 2023! Experts forecast the minimum, average, and maximum prices will all start creeping up over the next year. The long term trajectory looks solid.

Of course, these are just estimates from analysts. No one has a crystal ball! The crypto world can turn in an instant. But given Binance’s dominance and BNB’s expanding utility, the forecasts provide hope.

Where to Buy Binance Coin

There are a few platforms where you can buy Binance coin. Let me break it down for you – here are three hotspots where you can snag yourself some BNB.

eToro — The best online broker for buying Binance in 2023

Let’s start with the cool kids at eToro. Why? Because they’ve got their act together. It’s like the MVP of online brokers for buying crypto. Regulated? Check. Global accessibility? Check. User-friendly interface? Double-check. With a minimum deposit of just $50 and a minimum investment of $25, it’s practically shouting, “Come on in, the crypto’s fine!” Plus, they serve up a buffet of assets – cryptocurrencies, stocks, CFDs, ETFs, forex, you name it. Diversify that portfolio, my friend.

Now, here’s the steps to take:

  • Step 1: Open an account. Easy peasy. Just hit up the eToro website, toss in your email and a password, or take the express route via Facebook or Google.

How to buy Binance Coin 2023 with eToro

  • Step 2: Upload ID document. Time to show a little ID love. Fill out a form, flash your official ID card, passport, or driver’s license, and maybe throw in a recent bank statement for good measure.

  • Step 3: Deposit money. Once you’re verified, let the funds flow. Hit the “Deposit Funds” button, fill in the deets, select a payment method, and click that ‘Deposit’ button like you’re sealing the crypto deal.

  • Step 4: Buy Binance Coin. Last lap – search for Binance Coin using eToro’s slick search function, hit the Trade button, enter your trade details, and voila, you’re officially part of the BNB crew.

2. Binance

If you want to go straight to the source, Binance – the largest crypto exchange globally – is your spot. It’s like BNB’s home turf. With a colossal volume and an array of coins and trading pairs, it’s a playground for traders worldwide.

The process? Pretty straightforward. Just look up Binance Coin using their search magic, hit the Trade button, and you’re on your way. They’ve got low fees, big discounts if you use BNB, and even a forum for the trading maestro.

Here’s your quick guide:

  1. Create an Account:
    • Visit the Binance website and create an account if you don’t have one. It’s a straightforward process that requires basic information.
  2. Deposit Funds:
    • After creating an account, deposit funds into your Binance account. You can do this by navigating to the “Wallet” section and selecting “Deposit.”
  3. Navigate to the Trading Section:
    • Once your account is funded, go to the “Trade” section on the Binance platform.
  4. Choose BNB Trading Pair:
    • Select the trading pair you want. For example, if you’re using USDT (Tether), look for the BNB/USDT trading pair.
  5. Place a Buy Order:
    • In the trading interface, you’ll find options to place a market order (buy at the current market price) or a limit order (set a specific price for your purchase). Choose the one that suits your preference.
  6. Specify Quantity:
    • Enter the quantity of BNB you want to buy. Make sure to review the order details before confirming.
  7. Confirm and Execute:
    • Review your order details carefully, including the quantity and the total cost. Once you’re sure, confirm the order. Your BNB purchase will be executed, and the coins will be credited to your Binance account.

3. Coinbase 

Our final destination is Coinbase, a powerhouse exchange and a haven for BNB enthusiasts in 2023. As the largest crypto exchange in Europe, Coinbase boasts global regulation and a conservative approach to trading due to American laws.

With origins in the United States, Coinbase’s conservative stance adds an extra layer of safety. It’s a giant in the crypto world, available in numerous countries, making it a trustworthy choice for BNB investments.

Here are the steps to buy Binance Coin on Coinbase:

  1. Create a Coinbase Account:
    • Visit the Coinbase website or app and sign up for an account if you don’t already have one. You’ll need to provide necessary information and complete the account setup process.
  2. Verify Your Identity:
    • To comply with regulations, Coinbase requires users to verify their identity. This typically involves providing personal information and submitting a photo ID.
  3. Deposit Funds:
    • Once your account is set up and verified, deposit funds into your Coinbase account. You can link your bank account or use other available payment methods to add funds.
  4. Navigate to BNB on Coinbase:
    • After depositing funds, go to the Coinbase platform and locate Binance Coin (BNB) on the list of available cryptocurrencies. You can usually find it by using the search function or browsing through the list.
  5. Place an Order:
    • Click on BNB and select the amount you want to purchase. Coinbase offers different order types, such as market orders (buying at the current market price) or limit orders (setting a specific price at which you want to buy).
  6. Review and Confirm:
    • Before finalizing the purchase, review the details of your order, including the amount and total cost. Ensure that everything is correct, and when you’re ready, confirm the purchase.
  7. Securely Store Your BNB:
    • Once the purchase is complete, you can choose to leave your BNB in your Coinbase account or transfer it to a secure cryptocurrency wallet for added security. Coinbase also provides a built-in wallet for each supported cryptocurrency.

Conclusion on How to Buy Binance Coin 2023

So, where should you head to grab some Binance coins in 2023? Well, after weighing the options, eToro seems to tick all the boxes for safety, user-friendliness, and a wallet-friendly entry point. But hey, the choice is yours, and each platform brings its unique flavor to the crypto table. Happy trading!


  • How to Sell Binance Coin?

When you’re ready to part ways with your BNB, it’s a breeze. Log into your Binance account, hit the trading section, pick the BNB trading pair, click “Sell,” type in the amount you’re waving goodbye to, give it a final check, and boom – transaction confirmed. Once the deed is done, you can whisk away your newly acquired funds to your bank account or another crypto wallet.

  • What’s Binance Coin’s Market Cap?

As of today (November 9, 2023), Binance Coin is flexing its muscles with a market cap of $37 billion, making it the fourth-largest crypto player in the game. That’s like being the cool kid on the crypto block.

  • Do I Need a Crypto Wallet for Binance Coin?

Absolutely, yes! Treat your BNB like treasure and keep it in a secure crypto wallet. Storing it in an exchange wallet is like leaving your car unlocked in a sketchy neighborhood – not the best idea. With a personal wallet, you’re the boss, the sole owner, and manager of your crypto kingdom. Safe and sound.

Updated on November 9, 2023.