We feature the top brokers and exchanges that offer the option to buy Binance Coin (BNB) with a credit card or debit card. For larger sums you can also send a wire transfer. We list exchanges and services based on personal experience, and reputation. Please view the risks associated with the Binance Coin and cryptocurrency trading at the bottom of this page. Also access our affiliate disclaimer.
Where to Buy Binance Coin (BNB) with a Credit Card
Since BNB tokens offers discounts to on Binance exchange fees we recommend you purchase BNB Coins using the Binance exchange. Below are the current two options.
What is Binance Coin (BNB)?
Binance Coin or ‘BNB’, is a cryptocurrency developed and released by the world’s leading cryptocurrency exchange, Binance.
What does it do?
While Binance is a wildly popular exchange, the company is looking to expand their operations to include a variety of different services. Binance Coin was created to serve this entire ecosystem.
For the time being, the vast majority of users utilize BNB to pay for various fees. While fees can be paid for with other assets, utilizing BNB provides its users with discounts on said fees.
Despite being primarily used as a means to pay fees on the Binance exchange, BNB’s structuring as a cryptocurrency allows for it to facility everyday transactions similar to coins like Bitcoin, Litecoin, and more.
How does Binance Coin (BNB) work?
Binance Coin is structured as an ERC-20 token. This means that it is built using solidity as a coding language, and operates atop the Ethereum blockchain.
The token itself was distributed in a past ICO, and is limited to a total 200 billion BNB. This total will eventually become static at 100 billion BNB, as Binance intends to routinely ‘burn’ tokens on a quarterly basis. To date, Binance has undergone 6 separate burn cycles.
Currently structured atop the Ethereum network, Binance Coin will soon be revamped. The team at Binance has indicated that that BNB will soon transition away from Ethereum network, and on to their own self-titled blockchain, Binance Chain. No exact timeline has been given for this transition.
Binance Coin appears to be free of an underlying ideology. Its existence is solely as a means for Binance to capture a greater percentage of fees associated with the trading, listing, etc, of cryptocurrencies.
Acceptance and Controversies?
Due to the popularity of Binance exchange, Binance Coin has grown along with it. This adoption has resulted in a need for custodial options, with a bevy of wallet services now supporting the asset.
Beyond custodial support, Binance coin has seem modest adoption from various companies affiliated with Binance exchange. These affiliations open up the opportunity for BNB to be used for travel expenses, bill payments, investments, and more.
Throughout its short lifecycle, Binance Coin has remained relatively free of controversy. While there have been instances in which traders suspect market manipulation involving BNB, this is no different than most other cryptocurrencies. Where concern rises, is the potential for BNB to be viewed as a security. If this were found to be the case, there would be serious ramifications for Binance and BNB.
Binance CEO, Changpeng Zhao, has stated that BNB is not a security, and that various regulatory bodies have made this distinction based on its unique attributes.
In North America however, there has been little to no commentary made regarding BNB by actual regulators. Despite how BNB is treated in certain parts of the world, there remains a risk that the regulators such as the SEC will deem the asset a security. The simple fact that the token was sold via ICO, and that Binance directly controls and profits from BNB, puts it at risk.
Furthermore, it is believed that many of its users view holding BNB as an investment, due to the potential for deflation as a result of its quarterly coin burns.
The bottom line is, there has been no official statement one way or another on the regulatory status of BNB within North America.
Who Made It?
Binance Coin was created by developers at Binance Exchange in 2017.
Binance Coin Cryptocurrency Trading Risk Disclaimer
There is a very high degree of risk involved in trading securities, and this trading risk is higher with Cryptocurrencies such as BNB due to markets being decentralized and non-regulated. There is no central bank that can take corrective measure to protect the value of Cryptocurrencies in a crisis or issue more currency. You should be aware that you may lose a significant portion of your portfolio.
Securities.io is not a registered broker, analyst, or investment advisor.
All information contained herein should be independently verified and confirmed. We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services. Please be aware of the risks involved with any trading done in any financial market. Do not trade with money that you cannot afford to lose. When in doubt, you should consult a qualified financial advisor before making any investment decisions.
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