How to Buy BNB in the UK – Beginner’s Guide

BNB is one of the most widely used utility tokens in the crypto arena. Like some other crypto assets, you can buy and sell BNB, and utilize it in a variety of applications and use cases. BNB tokens are also used to pay fees on the Binance exchange. In this guide, you will learn where to buy BNB in the UK.

You can also learn how to invest in cryptocurrency in the UK via this useful guide.

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

Where to Buy BNB Crypto in the UK

Think very carefully before deciding where to buy BNB.

We say this because the online brokers and exchanges that allow you to invest in BNB in the UK will vary in terms of trading fees and overall quality of service.

When reviewing where to buy BNB in the UK, we consider important factors surrounding fees, features, and much more.

1. eToro – Overall Best Place to Buy BNB Crypto UK

More than 25 million people are registered with eToro and we found it to be the overall best platform from which to buy BNB in the UK. The broker charges a 1% fee on all crypto orders. UK traders can choose from a range of deposit types when funding an eToro account.

Instant deposit methods include debit cards. Alternative methods of payment are Rapid Transfer, bank wire, and online banking.

The minimum deposit is $10 for UK investors and you will be charged 0.5% when funding your account. This is a conversion fee as eToro operates in US dollars.

Regardless of the cost of the asset you are trading, you can choose to buy a fraction if you like. The minimum stake at eToro is $10 in any case. Another way to diversify at eToro is to indulge in passive trading. eToro is a popular social trading platform that offers some great benefits to crypto traders, such as the insight of others, and the ability to like and follow people.

You can also allocate some of your funds to Copy Trading. Choose someone who is crypto-focused and invest $200 or more in them. This is about £160. Every time the seasoned investor buys or sells BNB or any other crypto asset, the position will be mimicked in your portfolio. This will be in proportion to your investment in Copy Trading.

eToro also offers Smart Portfolios, which are curated collections of assets you can add to your list of investments in an instant. Each Smart Portfolio differs and they focus on assets like cryptocurrencies or stocks. There are 10 crypto portfolios to choose from.

Napoleon-X is the most popular amongst investors at the time of writing and it holds about 16% worth of Bitcoin, 7% in Ethereum, almost 5% in Binance Coin, and others. The Scalable Crypto portfolio holds more BNB than anything else, with the token taking up over 14%. The minimum investment amount is $500 and there are no Smart Portfolio management fees to be concerned with.

You will find some basic trading tools at eToro too, such as customizable price charts with various timeframes, filters, timezones, and themes. You can also access live market updates on the platform.

Upon signing up with eToro to buy cryptocurrency in the UK, you will notice you have a ‘Real’ and a ‘Virtual’ account. You can switch between the two. The latter comes with $100k in paper funds, which you may find useful for honing in on your crypto trading skills with zero risk.

Finally, at eToro, you can buy BNB and store the tokens within your account so you don’t have to bother with keeping a wallet or private keys safe from crypto hackers. Alternatively, you could opt to download the eToro Money wallet, which you can access using the same login details and trade over 500 crypto pairs.

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

2. Crypto.com – User-Friendly Platform Offering a Range of Crypto Services

A great alternative to eToro is Crypto.com. You can buy Binance Coin in the UK and over 250 other cryptocurrencies. The commission fee charged to buy cryptocurrencies here is up to 0.4%. Crypto.com has its own Visa card, which means that you can use any BNB you’ve purchased to pay for things online or in-store.

Moreover, Crypto Earn, a feature on the platform’s app, allows you to buy Binance Coin and earn up to 3% per annum on deposits. This is paid in BNB. There is also an NFT marketplace, an exchange, and lending services offered by Crypto.com.

In terms of lending, this allows you to take out loans on stablecoins like USDT and USDC. Cryptocurrencies accepted as collateral include ETH, LTC, BTC, and CRO.

The latter is Crypto.com’s native digital token, built on its own blockchain ecosystem. When it comes to financing your BNB purchase, you can do so using a credit or debit card. However, do note that the fee is 2.99% on each transaction.

You can avoid this fee by arranging a bank transfer. You will find some trading resources at Crypto.com. This includes market updates and a section dedicated to research and analysis. When you buy BNB at Crypto.com you can store your assets in the DeFi wallet offered by the platform.

This allows you to have full control over your private keys. There is also a Crypto.com app, which is a mobile version of the main platform and is available for iOS and Android.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

3. Binance – Popular Platform to Buy BNB Crypto in the UK

Binance is a popular choice for those electing to invest in BNB in the UK. It is one of the biggest crypto exchanges in the world and BNB is its native token.

Nonetheless, the commission fee at Binance is 0.10% per order when trading crypto assets. That said, you can buy BNB crypto and use it to pay transaction and trading fees on the Binance exchange. If you do this, you can get a reduction of 25% on fees.

Binance offers over 600 cryptocurrencies, as well as BNB. There is also an NFT marketplace where you can buy and sell one-of-a-kind digital assets. You may fund your Binance account using your preferred credit or debit card in British pounds.

However, do note the fee charged on credit and debit card deposits is 1.8% per transaction. UK bank transfers command a flat fee of £2 per deposit and withdrawal. There is a range of trading tools available at Binance.

This includes advanced charts, indicators, and also multiple order types. One option to store your crypto assets is the Binance Chain Extension wallet.

The wallet is used across the Binance Chain ecosystem for cross-chain transfers between blockchains as well as sending and receiving funds. Binance also offers an entirely separate storage solution called Trust Wallet. All in all, the Binance platform is arguably better suited to crypto traders with some experience.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

What is BNB?

Binance is one of the biggest cryptocurrency exchanges in the world. In 2017, Binance launched the BNB coin, which is its native utility token.

• There are just over 163 million BNB coins in circulation
• People use this token to pay exchange, withdrawal, and listing fees
• BNB holders can also benefit from reduced rates when using it to pay fees at Binance
• BNB also allows users additional versatility when it comes to trading pairs on the site
• The platform initially built BNB on the Ethereum network. However, it’s now on its own blockchain
• The blockchain network created was called Binance Chain (now called BNB Chain)
• The three types of BNB are ERC-20 (as per the ICO), BEP-2, and BEP-20

Prior to its ICO, a total of 200 hundred million BNB tokens were pre-mined, what sets it apart is there is a finite number of coins. The project is committed to destroying 50% of all BNB tokens within the coming years by burning them every quarter

Is Binance Coin a Good Investment?

If you are still weighing up whether opting to buy BNB crypto is the right choice for you, you can check out the information provided below.

We talk about partnerships, use cases, and much more – which should allow you to make an informed investment decision.

Binance Gained Regulatory Approval in Europe

Binance has received regulatory approval in France and aims to build its European headquarters in Paris.

This is a welcome advancement given the trouble the crypto exchange has had with regulatory authorities in previous years. This is the first major European country to do so.

BNB Has Uses Far Beyond Paying for Fees

BNB was initially created to allow investors to use it as a utility token and to get a discount on Binance trading fees.

Since 2017, BNB’s uses have stretched to hundreds of applications.

These have been developed across numerous platforms and initiatives in the crypto ecosystem.

• Binance.com, Binance DEX, Binance Chain, and BSC all accept BNB to pay transaction and trading fees
• Many DeFi platforms that are based on BSC offer financial payment solutions that also utilize BNB
• With Binance Smart Chain’s spectacular growth and BNB’s increasing utility, more people will want to use BNB
• BNB can already be used to pay for travel expenses and financial services such as collateral for crypto loans
• Companies like Qlink allow people to purchase WiFi and VPN services with BNB
• Gifto accepts BNB for those buying virtual gifts
• There is even a blockchain-based Las Vegas nightclub that accepts BNB payments

You can also buy Binance Coin to buy products from hundreds of other merchants, and this number is expanding.

Binance Has Multiple Strategic Partnerships in Place

When Binance is doing well, its native token BNB tends to follow suit.

The Binance platform has a handful of strategic partnerships. This could be a benefit once you’ve learned how to invest in BNB.

• In 2020, Binance partnered with Brave Software
• The Brave browser creates a more seamless trading experience on the Binance platform
• In the same year, Binance partnered up with Chiliz, a fintech blockchain company with tokenized entertainment and sports

More deals have been struck in 2022, such as:

• Binance struck a deal with SM Brand Marketing in 2022
• The deal will allow the two companies to establish a P2C (Play to Create) ecosystem on a global scale
• To develop the P2C ecosystem, they will collaborate on the blockchain mainnet, NFTs, and an eco-fund
• Binance established a strategic deal with YG Entertainment in early 2022
• YG and Binance will also collaborate to establish an environmentally friendly NFT ecosystem and expand gaming potential
• In February 2022, Binance signed an MoU with Netmarble F&C
• The deal is set to create a worldwide P2E (Play to Earn) Ecosystem and NFT service
• Netmarble will establish a private chain on the BSC GameFi sidechain to create GameFi initiatives
• This will help the BSC GameFi ecosystem and the worldwide P2E ecosystem expand

BNB does well when Binance announces partnerships or new listings. Not only that but the more popular the Binance Chain and exchange become, the more BNB will benefit.

BNB Has Been Touted as the Bitcoin and Ethereum Slayer

Bitcoin is currently out of reach for the majority of regular investors. Bitcoin transaction fees are skyrocketing, even for individuals who opt to buy in little amounts.

This might explain just one of the reasons why many people look up how to buy BNB in the UK. It is a great alternative for many reasons.

• Binance has two blockchains, which reduce the kind of bottlenecks Ethereum is vulnerable to
• It’s also fast and scalable, and Binance is in the process of making the platform more regulator-friendly. This will be crucial to its longevity and widespread adoption
• In addition, Binance launched Bifinity in March 2022, a fiat-to-cryptocurrency platform that will help merchants prepare to accept digital assets as payments
• Also working in Binance Coin’s favor is the fact that it outperformed Ethereum and Bitcoin in 2021
• Another advantage is that without needing to buy Bitcoin first, BNB is immediately available on the Binance exchange using fiat deposit methods

These are some of the factors that may have a long-term favorable influence on the value of BNB.

Binance Revenues

Every transaction that takes place on Binance’s network is subject to a fee.

This generates significant income for the exchange, with a daily trading volume in the tens of billions of dollars. Highly leveraged traders that hold huge quantities of BNB to minimize trading costs are directly responsible for these revenues.

The more activity on Binance increases, the more BNB traders want. This is in part because there are perks involved when owning BNB.

When you buy BNB, you are purchasing a cryptocurrency that is valued in part from Binance’s success.

Earn Interest and Cashback on BNB

As we’ve explained, BNB has multiple uses.

In some cases, you can also earn cashback and interest when you buy BNB.

• BNB will gain even more use now that it is supported by Crypto Earn at Crypto.com
• This allows qualified Crypto.com App users to earn up to 3% per annum on deposits paid in BNB
• Moreover, at Binance, you can collect up to 8% cashback on all your purchases
• This depends on the average monthly balance of your BNB
• The reward will be credited to your Binance account in BNB tokens
• As we touched on, you can also get a 25% discount when you buy BNB and use it for fees on the Binance exchange

Binance Coin is a Deflationary Digital Currency

As you may already know, the rules of supply and demand apply to cryptocurrencies as well.

When you buy Binance Coin, you should know that regular token burning results in a decrease in the supply of BNB, which should theoretically increase the value.

Below you will see a list of examples so you can see how many BNB tokens have been burned in the past:

• In January 2021, Binance’s announced its 14th quarterly burn – which totaled 3,619,888 BNB
• Announced in April 2021, the 15th burn saw 1,099,888 BNB destroyed
• The 16th burn in July 2021 resulted in the desolation of 1,296,728 BNB
• In October 2021, Binance destroyed 1,335,888 BNB in its 17th quarterly burn
• In the 18th quarterly burn, which took place in January 2022, Binance removed 1684387.11 BNB from circulation
• 1,839,786.26 BNB was burned on the 19th, which happened in April 2022
• As such, the next quarterly burn is likely to take place in July 2022

Prior to December 2021, BNB burns were determined by the Binance exchange’s trading volume. However, this has since been replaced with the new BNB Auto-Burn. This will be based on the BNB price and the number of blocks created on BSC throughout the quarter.

The BNB Auto-Burn mechanism will automatically alter the amount of BNB to be burnt. The idea is to offer the BNB community predictability and transparency. With plans to burn 50% of its supply, or 100 million BNB, within five to eight years, this cryptocurrency could increase its present value exponentially.

That said, BNB burns don’t always result in an immediate increase in price for the token. However, the idea of crypto burning is to improve the value of the digital currency over a long time. As well as incentivizing investors to hold on to tokens, this should increase the supply and demand ratio in the long term.

Crypto assets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

BNB Crypto Price

The BNB cryptocurrency was introduced in 2017 during an ICO crowdfunding event that raised $15 million in a matter of days. The ICO took place between June 26th and July 3rd, 2017, at which time Binance issued the public 200 million BNB tokens at $0.15 each.

You could buy BNB for around $30 in early 2021. By the 19th of February, Binance Coin was at $332. This illustrated an increase of over 1,000% in less than 2 months.

As we touched on earlier, Binance periodically actions a process known as crypto burning. In January 2021, Binance burned a record number of BNB tokens in terms of the US dollar value. That said, this increase wasn’t only attributable to the aforementioned BNB burn.

Binance had also announced an increase in users of over 340% in Q1 2021, as well as a rise in trading volume. BNB was amongst the top performing crypto assets of Q1 2021. By the end of March 2021, BNB was trading at a lower price of around $250.

However, the cryptocurrency skyrocketed in the weeks that followed. Moreover, although BNB was moved from Ethereum to the Binance Smart Chain back in late 2020, the success of this blockchain network also fueled BNB gains in 2021.

The highest ever BNB price was a little over $675 on the 3rd of May 2021. By the 21st of the same month, the crypto asset had plummeted to almost $263. This decline was no surprise as the whole market crashed in May 2021.

Despite the record highs and gains experienced by many crypto assets in 2021, 2022 has been an extra volatile one for digital currencies. At the start of 2022, BNB was a little over $520. By the 22nd of January 2022, BNB had fallen by over 30%.

The wider market suffered a lot of volatility at the start of 2022, due to many variables. This includes interest rate hikes and economic pressures brought on by COVID-19, and the Russian invasion of Ukraine. There is also the fact that China has intensified its clampdowns on ICOs.

Moreover, many people who buy the original crypto asset, Bitcoin, are now institutional investors and large hedge fund managers. As such, it’s likely this has contributed to a higher correlation between the crypto market and equities, which are sensitive to interest rates and economic unrest.

BNB Crypto Price Prediction

Volatility is to be expected with technological breakthroughs. Compared with stocks, cryptocurrencies are still new and highly speculative instruments.

That said, if you’ve been researching how to buy Binance Coin, you will have noticed many price predictions along the way.

For example:

• The anticipated Binance Coin price at the end of 2022 is $452, according to the latest projections from Coin Price Forecast
• The same site says BNB crypto will reach $497 in the first half of 2023
• By the end of 2023, Coin Price Forecast argues that BNB tokens will be worth $500
• By the middle of 2027, the platform says BNB could be worth $1,000.

Like all cryptocurrencies, Binance Coin is an extremely speculative asset, so you would be wise to buy BNB based on your own belief in the project rather than the predictions of others. After all, price predictions are merely subjective at best.

Crypto assets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

Ways of Buying BNB Crypto UK

When you’re researching how to buy BNB crypto, make sure you take some time to look at accepted payment types. That is to say, the range or lack of available deposit methods might help you to decide where to buy BNB in the UK.

Before you decide where to invest in BNB in the UK, make sure there is a choice of payment methods that go beyond bank transfers.

See two of the best ways to buy Binance Coin below:

Buy BNB Crypto With Credit Card or Debit Card

You can also buy BNB crypto using your preferred debit or credit card in the UK.

It’s worth noting that some credit card providers charge their own fees on cryptocurrency transactions. So make sure you check this out prior to opting to fund your investments using a credit card.

Best BNB Crypto Wallet

There are different types of crypto wallets you can opt for when you’ve familiarized yourself with how to buy Binance Coin. Storage is a very important factor when you invest in BNB in the UK.

We keep fiat cash in a bank account, from which we can send, receive and store our funds. When you buy BNB crypto, you will need to be able to store and also retrieve your tokens. There are various options out there when it comes to crypto storage.

See some of the BNB wallet options below to see which might suit you better:

• Paper – This is probably the least popular option for crypto investors. It is a physical form wallet with QR codes. Some wallets allow you to download the code in order to create new addresses while offline. There are many flaws with this type of crypto wallet.
• Hardware – Hardware wallets are devices that hold public addresses and keys. They usually look a bit like USB stocks and have an OLED screen and side buttons. This type of BNB wallet may not be appropriate for beginners as you need to secure them yourself and they can have a big price tag. You also need to connect the device to a computer or phone in order to access your BNB private keys.
• Software – This category of BNB wallet is always connected to the internet and also requires you to take care of the private keys needed to access your tokens. This type of wallet usually needs to be stored on your hard drive or on the desktop of your computer.

If you still haven’t decided where to buy BNB in the UK, eToro also happens to have the best crypto wallet. This is because, when you buy Binance Coin, the tokens are added to your portfolio and remain on the platform.

It also means it’s extremely convenient to monitor or sell your BNB crypto in a few clicks with no transfers necessary. The platform charges no extra for storing your cryptocurrencies and you’ll pay the 1% commission fee when you place an order.

You can also download the free mobile app. Alternatively, you could download ‘eToro Money’ on your mobile phone. This is a crypto wallet in the form of an app.

How to Buy BNB Crypto in the UK – eToro Tutorial

By now, you should be armed with all the information you need in terms of how to buy BNB in the UK and, indeed, know whether it’s worth investing in.

We also reviewed the top trading platforms to help you decide where to buy BNB in the UK and eToro came out on top.

As such, we are now going to walk you through how to open an account at eToro.

Step 1: Open an Account

You will see a ‘Join Now’ button on the eToro dashboard when arriving at the site. Click this to sign up and buy BNB. The brokerage is also going to need to know who you are, so complete the registration form to continue.

Information required includes:

• First and last name
• Desired password and also a username
• Email address
• Mobile number

eToro will also ask for your address, nationality, and date of birth.

The final step before uploading some ID to buy BNB is to complete a simple questionnaire about your previous trading experience.

Step 2: Upload ID

To complete the KYC process, which is a requirement of all regulated crypt trading platforms, you’ll need to upload some ID.

You can choose a passport or a driver’s license for this purpose.

Next, you will need to attach a recently issued statement from your bank, or a utility bill. There are many more supported KYC documents listed in the FAQ section on the eToro platform.

Step 3: Deposit Money

Fund your account by clicking ‘Deposit’ and selecting a payment type from the drop-down list.

Your options include a range of debit cards, online banking, Rapid Transfer, or wire transfer.

Step 4: Search for BNB 

You’ll see a search bar on the eToro dashboard – enter ‘BNB’ to locate your chosen cryptocurrency investment.

When you see it, select ‘Trade’ and you can buy BNB in the UK right now.

Step 5: Buy BNB Crypto UK 

When you see the order box appear as seen below, you can consider how much you wish to invest in BNB. Here, we are allocating $50 (about £40) to buy a fraction of a BNB token.

The minimum investment is $10 at eToro. Enter your chosen stake in the ‘Amount’ field and, after confirming, you will see eToro has added BNB tokens to your portfolio of assets.

How to Sell BNB Crypto

Selling BNB crypto should be a relatively simple process.

Although, this is slightly more complex if you opt for a crypto exchange rather than a trading platform. This is because it sometimes requires you to transfer cryptocurrencies from an external wallet.

At eToro on the other hand, the process is simple:

• Sign in to your trading account
• Click ‘Portfolio’
• Find BNB in the list of investments
• Click the cogwheel to the right
• Select ‘Close’ from the list of options that appear

eToro will buy BNB crypto back from you at the best market price at that time.

You can also opt to only close part of the position, which means only cashing out a segment of your investment. Either way, the broker will add the funds to your account. You’ll see this appear as available equity.

Conclusion

Choosing where to buy BNB in the UK is no simple task. That is because BNB is one of the top cryptocurrencies, so lots of platforms offer access to it.

Today, we’ve reviewed the very best places to buy BNB and also talked about whether the token represents a wise investment. In terms of how to invest in BNB, we recommend eToro. The eToro platform also serves more than 28 million traders.

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two minutes to learn more.

Frequently Asked Questions