This article will guide you on how to buy any Coin/token on the BNB network. Below are high-level steps that are involved and then we have a detailed section with screenshots and examples.
- Find a cryptocurrency exchange that supports Binance Coin. Some popular options include Binance, Coinbase, and KuCoin.
- Create an account on the exchange of your choice. This will typically involve providing your name, email address, and creating a password.
- Verify your identity. Many exchanges require some form of identity verification before you can buy or sell cryptocurrencies.
- Add a payment method. This could be a bank account or a credit/debit card.
- Search for Binance Coin on the exchange and select it.
- Enter the amount of Binance Coin you want to buy or the amount of money you want to spend.
- Review the details of your purchase and confirm the transaction.
- Wait for the funds to be transferred and for the Binance Coin to be added to your account.
Before you dive further let's understand what is BNB Blockchain.
BNB (Binance Coin) is the native cryptocurrency of the Binance blockchain, which is a decentralized platform that allows for the creation, trading, and settlement of digital assets. The Binance blockchain is based on the Binance Chain protocol, which is a high-performance, public blockchain designed to facilitate the trading of a wide range of digital assets.
The Binance blockchain utilizes a consensus mechanism called "BFT-DPoS (Byzantine Fault Tolerance - Delegated Proof of Stake)" which is a variation of the traditional DPoS (Delegated Proof of Stake) mechanism. In BFT-DPoS, token holders can vote for validators to secure the network, and the validators are responsible for validating transactions and creating new blocks.
The Binance blockchain also has a built-in decentralized exchange (DEX), called Binance DEX, which allows users to trade digital assets directly without the need for a centralized intermediary. Binance Coin (BNB) is used as the base currency on Binance DEX, and it also provides a range of benefits such as discounted trading fees and access to exclusive features.
Additionally, Binance also uses Binance smart chain (BSC) as an additional layer of the ecosystem for the DApp and Defi projects. Binance Smart Chain (BSC) is a high-performance blockchain that is fully compatible with Ethereum Virtual Machine (EVM) and has a similar smart contract functionality. Binance Smart Chain is built to provide faster transaction speeds and lower fees compared to Ethereum.
Step 1: Register on Fiat-to-Crypto Exchange
First, you'll 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 purchase cryptocurrency, for example, you can use USD to buy Ethereum (ETH), Bitcoin (BTC), and 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.
SIGN UP ON COINBASE & GET $10!
This can be done by going to the website and clicking "Sign Up." You will be required to enter your name, and 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 any coin on BNB network is to transfer your USDT to Binance (or the exchanges listed above for US traders), convert USDT into BNB, then send it to your wallet via Binance Smart Chain and swap your BNB for The Coin you are interested on PancakeSwap.
Now you will need to find an exchange that allows you to deposit USDT and trade it for the coin you are interested in. Most coins are currently listed on PancakeSwap we will guide you through how to convert your USDT on the platform.
We'll be using Binance, but there are many other exchanges like ByBit, KuCoin, Kraken, Gate.io, and MEXC that offer Altcoins.
You may also like: How to buy PancakeSwap (CAKE)
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 wallet
Okay, so this is the trickiest part of the process. You need to create your wallet to hold both BNB and Coin.
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 Coin 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.
See more: How to use MetaMask
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 you must 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 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 your Coin!
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 a custom network” at the bottom of the advanced settings.
3. When you click “Connect to a 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 Coin
Now select Trade > Exchange on the left sidebar.
On the top field enter the amount of BNB you would like to exchange for $<Coin>. You can go back and change this number anytime before proceeding with "Swap".
Now click on the other field and choose Coin from the list. The corresponding amount of Coin should show up immediately. Verify and then proceed with "Swap".
Now MetaMask should pop up and ask you if you want to allow PancakeSwap to spend your BNB tokens, click confirm. Wait for the confirmation popup until it shows "Transaction Submitted".
You can see your Coin in your MetaMask Wallet. Congratulations! You have finally bought <yourcoin> ($Coin)!
See more: How to buy crypto from UniSwap with Metamask wallet
Frequently Asked Questions ( More Faqs)
Can I buy BNB network Coin on Coinbase?
No, Not all cryptocurrencies are as easy to get as others. If your coin is one of them. It’s not listed on Coinbase’s app or the Coinbase Wallet.
Where can I buy my Coin crypto?
You can buy you Coin with any decentralized crypto exchange which works on Binance Blockchain technology.
What exchanges sell your Coin?
You can sell you Coin with any decentralized crypto exchange which is built on Binance Blockchain technology.
Is My Coin crypto?
No, your coin is a digital token built on the Binance network chain BNC.
How do I buy my Coin with PayPal?
No, you cannot buy your coin with PayPal directly. However, you can use Binance to exchange your fiat currency in PayPal for $Coin.
Can I buy my Coin with Cash?
No, you cannot buy with your cash directly. However, you can use Binance to exchange your cash for $Coin.
Can I mine Coin instead of buying?
No, you cannot mine Coin as it has a different network structure than Bitcoin. You can only buy Coin from an exchange.