Our information is based on independent research and may differ from what you see from a financial institution or service provider. When comparing offers or services, verify relevant information with the institution or provider’s site. Some platforms only offer 1 way to buy BNB, while others provide several choices. The 2 most common ways to buy BNB are on the spot market or with an “instant buy” feature. Once you’ve set up your account, you’ll need to deposit funds to buy BNB with.
- The Binance exchange also uses it to promote discounted trading fees as an incentive to holders.
- Binance allows traders to trade directly from one cryptocurrency to another via cryptocurrency-to-crypto trading.
- Plus, users get to custody their assets as opposed to trusting a centralized platform that is vulnerable to hacks.
- They are almost identical tokens, so knowing how to tell them apart is essential to avoiding costly mistakes.
- Binance, an online exchange, allows cryptocurrency dealers to trade their cryptocurrencies.
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The Binance exchange also uses it to promote discounted trading fees as an incentive to holders. Binance Coin (BNB) is a utility coin created by the world’s largest trading-volume crypto exchange, Binance. While this has helped make BNB the #4 crypto by market cap, Binance Coin is still a highly volatile asset capable of major price swings in a single day. You can use Binance to buy and sell cryptocurrencies, as well as to trade on the Binance exchange. Except in Hawaii, Idaho, Louisiana, New York, Texas, and Vermont, no US is available. Binance is a cryptocurrency that people outside of those states can invest in.
- The investing information provided on this page is for educational purposes only.
- You’ll find the spot market under a “Trade” or “Spot” heading on the site or app menu of the platform you’ve chosen to use.
- Learn more in our crypto tax guide or use our round-up of the best crypto tax software to make tax reporting easier.
- Holders must stake a minimum of 10,000 BNB to be selected as validators.
Although some investors have made a lot of money in cryptocurrency, others have lost significant amounts, since the price of a coin or token can fluctuate suddenly. It is helpful to maintain a balanced investment portfolio that isn’t heavily weighted toward a single asset class, especially a high-risk one like cryptocurrencies. Due to a recent change in the Terms of Use, US residents are unable to access the site. If you connect to a VPN, you will be able to use the cryptocurrency exchange as you would normally. Binance users are unable to use the service in these states because of this issue.
How to buy BNB using your wallet
Despite the sector’s popularity, crypto investments are volatile, meaning the price of a coin today may not be a strong indicator of what it will be in the future. The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. The United States allows citizens to circumvent state restrictions on internet access by utilizing a Virtual Private Network (VPN). Texas residents could be advantaged by the Binance service, despite its risks.
Is Binance Us Allowed In Texas?
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How to find the best place to buy BNB in the US
We’ve listed out some popular ways to buy BNB and what you should know about each payment method. To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not USD. BNB interacts with and allows developers to build on the layer-1 blockchain known as the BNB Smart Chain.
Binance Coin is the cryptocurrency coin that powers the Binance ecosystem. BNB was launched in 2017—initially on the Ethereum blockchain—with an initial coin offering, or ICO, of 100 million tokens at 15 cents per token. If you want to buy BNB, start by comparing a range of crypto brokers and exchanges available in the US. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you.
The company announced earlier this month that it would be adding Ethereum and Litecoin trading pairs. Binance is not available in states such as Hawaii, New York, Texas, and Vermont. According to CoinMarketCap.com, the United States remains one of the top ten cryptocurrency exchanges. Binance is one of the world’s top ten cryptocurrency exchanges, despite being headquartered in the United States rather than one of the most popular states. If you’re in a country where Binance is currently prohibited, such as the United States, NordVPN is the best way to access the platform from anywhere in the world.
