BNBDeFi ($DEFI) is a confusing cryptocurrency to buy. There’s no good guide out there explaining everything you need to know. That’s why we created this beginner’s guide. In this article, I’m going to walk you through how to buy BNBDeFi so that you can start trading/investing in it.
What is BNBDeFi ($DEFI)?
BNB Defi is a protocol on the Binance smart chain that establishes money markets, which are pools of assets with algorithmically derived interest rates, based on the supply and demand for the asset. Suppliers (and borrowers) of an asset interact directly with the protocol, earning (and paying) a floating interest rate, without having to negotiate terms such as maturity, interest rate, or collateral with a peer or counterparty.
Each money market is unique to a Binance asset (such as BNB, a BEP-20 stable coin such as CAKE, or a BEP-20 utility token such as BUSD), and contains a transparent and publicly-inspectable ledger, with a record of all transactions and historical interest rates.
How to buy BNBDeFi ($DEFI)?
No matter what people say, it’s easy to buy BNBDeFi with a credit card. Your first step will always be to buy BTC/ETH/USDT with your credit card. They can then be converted to BNBDeFi. Transfer BTC/ETH/USDT to an exchange that supports BNBDeFi. Finally, exchange it for BNBDeFi. Please follow our step-by-step guide below on how to buy BNBDeFi ($DEFI).
The well-known website Coinbase has already enabled trading for Bitcoin Cash, Ether, and Litecoin, but what about what’s commonly referred to as altcoins? Here’s how to buy BNBDeFi ($DEFI)!
Step 1: Register on Fiat-to-Crypto Exchange
The first thing you will need to do is register with one of the many exchanges that allow fiat-to-crypto purchases. You can buy cryptocurrency on exchanges or peer-to-peer. On exchanges you can use fiat money to buy cryptocurrency, for example, you can use USD to buy Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC).
In this case, we need to buy USDT (USDT) from Coinbase.
Coinbase is also one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
This can be done by going to the website and clicking “Sign Up.” You will be required to enter your name, email address, create a password and verify your email address.
Verify Coinbase Account
After your account has been created, you will be required to go through the KYC (know your customer) process. The KYC process also requires you to provide proof of identity and proof of residency.
During the KYC process, you may be required to add a picture of yourself holding up your government-issued ID and a picture of yourself holding up your driver’s license or passport. Once this is complete, you should have successfully registered and can now buy cryptocurrency!
Step 2: Buy USDT with fiat money
Select USDT and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the Buy button. Now you will have to confirm your purchase. Do this by pressing the Confirm purchase button. You now own some USDT. However, don’t close Coinbase just yet – we’ll use it later!
Note: If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow – it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu.
Step 3: Transfer USDT to an Altcoin Exchange
You can use USDT to buy most coins and tokens in the market. The quickest way to buy BNBDeFi is to transfer your USDT to Binance (or the exchanges listed above for US traders), convert USDT into BNB, then send it to your own wallet via Binance Smart Chain and swap your BNB for DEFI on PancakeSwap.
Now you will need to find an exchange that allows you to deposit USDT and trade it for DEFI. As BNBDeFi is currently listed on PancakeSwap we will guide you through how to convert your USDT on the platform.
Step 4: Convert your USDT into BNB on Binance
Now head over to Binance.com and create an account there. It’s a super easy process that shouldn’t take more than five minutes. (Traders from the United States can also use the exchanges listed above)
Once you’re set up on Binance, it’s time to convert some USDT into BNB. You can do this by going to “Funds” and then “Deposits & Withdrawals,” where you’ll see a list of different coins supported by Binance. Scroll down until you find USDT in the list and click the Deposit button for it.
Binance will give you a unique address to send your coins to copy this address and paste it into your Coinbase wallet (it will look something like this: bbq3dgjm…).
Once you’ve transferred your USDT to Binance, it will take about 10-15 minutes for your funds to become available for trading. Once they’re available, trade your USDT to Binance Coin (BNB).
Step 5: Transfer BNB to your own wallet
Okay, so this is the trickiest part of the process. You need to create your own wallet to hold both BNB and DEFI.
Now head over to PancakeSwap. First of all, if you haven’t done so already, please sign up for an account by clicking on the yellow button in the top right corner. That’s where you’ll store your BNBDeFi tokens and access a wide range of new features.
Once you’ve signed up, click on the “Connect Wallet” button. This will open MetaMask, a browser plugin that will allow you to send your BNB tokens to PancakeSwap.
If you’ve already got a Metamask account, skip ahead to the next part. If not, go to MetaMask.io, click “Get Chrome Extension”, and install it.
If this is your first time connecting with MetaMask you should be asked immediately if you would like to add the Binance Smart Chain network to your MetaMask, please do proceed with this step as it is very important that you make sure you are sending your BNB via the right network.
Then go to Binance and click on the “Wallet” tab at the top of the screen.
Click on “Withdraw”, then search for “BNB”. Paste your own wallet address where you see an option named recipient address to withdraw BNB; then on the transfer network, make sure you have selected Binance Smart Chain (BSC) or BEP20 (BSC).
Click submit and follow the verification steps afterward. After successfully withdrawing your BNB it should arrive very shortly in your Metamask wallet.
Now you’re ready to buy BNBDeFi!
Step 6: Connect MetaMask with PancakeSwap
Once Metmask is ready, head over to PancakeSwap, click “Connect Wallet” at the top and choose Metamask.
Here’s how you can connect to PancakeSwap and start swapping tokens using MetaMask:
1. Log into your MetaMask account.
2. Click “Settings” on the top left corner of the browser extension, then “Advanced” and click “Connect to custom network” at the bottom of the advanced settings.
3. When you click “Connect to custom network” you will be prompted with a pop-up window asking you for the RPC URL and chain ID of PancakeSwap. You can find these on https://pancakeswap.info/
4. Add a new custom RPC with the following information:
Network Name: PancakeSwap (or any name you like)
New RPC URL: https://rpc.cakeswap.fi/
ChainID: 0x91 (For Mainnet) or 0x82 (For Testnet)
Block Explorer URL: https://bscscan.com/ (or any other explorer site of your choice)
5. Click Save, then select PancakeSwap from the list of networks that appears when you click the network name on MetaMask.
Step 7: Swap BNB for DEFI
Now select Trade > Exchange on the left sidebar.
On the top field enter the amount of BNB you would like to exchange for $DEFI. You can go back and change this number anytime before proceeding with “Swap”.
Now click on the other field and choose BNBDeFi from the list. The corresponding amount of BNBDeFi should show up immediately. Verify and then proceed with “Swap”.
Now MetaMask should pop up and ask you if you want to allow PancakeSwap to spend your BNB tokens, click confirm. Wait for the confirmation popup until it shows “Transaction Submitted”.
You can see your BNBDeFi in your MetaMask Wallet. Congratulations! You have finally bought BNBDeFi ($DEFI)!
Frequently Asked Questions
Can I buy BNBDeFi on Coinbase?
No, Not all cryptocurrencies are as easy to get as others. BNBDeFi is one of them. It’s not listed on Coinbase’s app or the Coinbase Wallet.
Where can I buy BNBDeFi crypto?
You can buy BNBDeFi with any decentralized crypto exchange which works on Binance Blockchain technology.
What exchanges sell BNBDeFi?
You can sell BNBDeFi with any decentralized crypto exchange which is built on Binance Blockchain technology.
Is BNBDeFi crypto?
No, BNBDeFi is a digital token built on the Binance network chain BNC.
How do I buy BNBDeFi with PayPal?
No, you cannot buy BNBDeFi with PayPal directly. However, you can use Binance to exchange your fiat currency in PayPal for $DEFI.
Can I buy BNBDeFi through Cash?
No, you cannot buy BNBDeFi with your cash directly. However, you can use Binance to exchange your cash for $DEFI.
Can I mine BNBDeFi instead of buying?
No, you cannot mine BNBDeFi as it has a different network structure than Bitcoin. You can only buy BNBDeFi from an exchange.