Whenever you hear about the crypto market, most of the time, you hear about Bitcoin or Ethereum. Still, many people who aren’t really interested in crypto won’t be too familiar with the Binance coin.
Comparatively, the Binance coin (BNB) is relatively stable and holds its value pretty well compared to many unstable currencies in the crypto market. However, many investors are not very familiar with investing in BNB.
Well, let’s not waste any time because, in this article, we will find out how we can invest in the Binance coin.
4 Tips on how you can invest in the Binance coin with a credit card
Find the right cryptocurrency exchange platform
You might think the Binance coin is only available on Binance, but this isn’t necessarily true. It’s a popular coin and undoubtedly one of the best coins to invest in the crypto market. You can find the BNB coin on the platform, crypto.com, and even on eToro.
You can invest in the BNB coin on Binance.US, and many may consider it a favorite due to the low transaction fees. Still, we recommend you don’t think it a priority due to the lack of security and transparency it has in the United States. Alternatively, it’s better to go with the Binance platform since the coin was created from there.
Moreover, these platforms allow you to buy BNB with a credit card and debit card. So, there isn’t anything to be concerned about.
Get a digital wallet
Let’s assume you want to buy and hold BNB for a certain period of time; you always have to ensure that you have a wallet where you can store your capital. The safest way is to store your BNB capital within a digital wallet. It’s a physical device that will store your private keys to your coins offline. Thus, as long as you hold the device, nobody will have unauthorized access.
Alternatively, you can consider using Ledger hardware wallets to store BNB and many other altcoins safely. With ledger hardware wallets, there are two different models to choose from, the Nano X and Nano S model. However, we prefer the Nano X model since it allows you to overlook everything from your mobile device and desktop entirely.
Moreover, you have TREZOR hardware wallets, which are TREZOR Model T and TREZOR One. Comparatively, the Model T is a better alternative, but of course, the one version isn’t anything terrible to consider.
Other types of wallets
Alternatively, you have other types of wallets that you can use. For example, there are software wallets and coin web wallets. Here are some popular software wallets you can consider using:
- Guarda: Offers a high level of security and is user-friendly, allowing you to buy, store and earn crypto via staking. Many might not prefer Guarda because it’s relatively new, but it’s worth it.
- Exodus: A multi-asset wallet and is an excellent alternative for beginners. With the Exodus wallet, you can manage your crypto assets in one single portfolio, allowing users to buy, trade, and earn interest via staking on digital assets.
- Coinbase: This multi-asset crypto wallet allows users to store thousands of cryptocurrencies and NFTs and access decentralized apps that we call dApps. Coinbase.com will enable you to download their wallet and application as two separate apps. Moreover, Coinbase is also considered a coin web wallet, so that you can use it for both scenarios.
Let’s not forget that many platforms have their own digital wallets, or offer you to download them separately, so you won’t have to worry about anything.
Furthermore, we have coin web wallets. However, since the BNB coin isn’t quite as popular as Bitcoin is and Ethereum, it is limited on some platforms, so we recommend you invest in Binance.
The exchange platform that created the coin is the best alternative you can use when you want to invest on the web. However, if you’re considering saving fees and don’t want to invest large amounts of money in the BNB coin, the most cost-efficient option is to invest in Binance.
What you need to buy BNB
In order to successfully create an account in any cryptocurrency exchange, you’ll need a verified email address. In addition, most crypto platforms that accept BNB will ask for your photo ID or phone number, so you should try preparing them before using the platform.
Most cryptocurrency platforms will ask for your ID verification before you can invest in the platform and start trading BNB. Here are some other things you should know:
- Know Your Customer (KYC) will require a photo ID and your mobile phone’s camera. Furthermore, you’ll need to prove your living address by providing a copy of a utility bill, bank statement, or something else.
- A few platforms will allow you to invest in BNB and other cryptocurrencies without providing ID verification but won’t allow you to purchase any coin with your local currency. So, if you are thinking about investing with your local currency, you’ll need to provide ID verifications.
- Once your ID is verified for enhanced security purposes, you can enable 2-factor authentication (2FA) before investing in BNB. You want to ensure your funds are fully secure before you deposit them!
Fund your account and place an order
We mentioned the identification verification process on crypto platforms. This may include using a credit or debit card or linking your savings account to the platform. However, remember that each cryptocurrency has a minimum and maximum deposit rate. For example, if you want to buy BNB coins on Binance, the minimum deposit is $10. Other exchange platforms may have different requirements.
On the other hand, we also have restrictions on maximum amounts, which differ for each exchange platform you invest in. Moreover, after you invest, it’s time to place an order. Again, each exchange platform will have different requirements for your order processing, and the only thing you’ll want to do is use the type of exchange that is required.
What should you do after you buy BNB?
After you buy BNB, you have the option to do anything you wish with it. You can trade, store, hold, earn, send, or even spend BNB. Currently, the crypto market is down, and BNB has a current value of around $280.
However, it reached an all-time high last year of $652. BNB is considered a stable coin, so once the market is back up, BNB will provide high returns. Thus, it’s supposed to be the best option for long-term investments.
You can trade BNB if you think it isn’t the right coin for you. Only on Binance do you have more than 300 different types of cryptocurrencies. Moreover, Binance is a secure trading platform that offers many trading pairs that favor BNB.
You can earn BNB rewards by staking coins. Staking is an excellent way of maximizing your profits. If you want to take it to the next level with your profits regarding BNB, you can do so by coin staking!
Send or spend BNB
You can send BNB to someone through the Binance Pay system. It will differ on each exchange platform. All you have to do is buy BNB, and then you can send it to anyone you want with no fees through the Binance platform.
Moreover, Bitcoin isn’t the only cryptocurrency to let you purchase goods and services. BNB is also a popular option and growing day by day. You can check the following list of merchants that accept BNB for buying goods and services.
Last but not least, we have the option of donating BNB. BNB can be used for donating to charity and is part of many global projects worldwide that aim to improve the lives of millions of people.
Wrapping everything up
That’s all for this article. These are the four major tips we recommend when considering investing in BNB with a credit card. BNB isn’t a popular coin, and many may think it’s pretty profitable to invest in. Still, in the long-term, it may be an even better investment than Bitcoin, Ethereum, and many other cryptocurrency coins.
Moreover, you have the option of trading, buying, selling, and donating BNB. So, no matter what happens, you have many different options to consider. Once the crypto market bounces back up, you might see a massive amount of returns if you invest some good money in BNB!