Binance Coin (BNB) is a cryptocurrency, a native token on the Binance Exchange. Even though it could be used on multiple occasions, its main purpose is paying for trading, exchange, withdrawal fees since it offers discounts.
You can get BNB following several steps:
Sign up for an exchange that offers BNB
Buy BNB using cryptocurrency or a fiat payment method
Withdraw your BNB to a wallet that supports Binance Coin
Exchanges that offer BNB
Many exchanges offer Binance Coin, like Crypto.com, Binance, KuCoin, Coinswitch, etc. You need to compare their fees, fiat currency support, and more before you choose the right exchange for you.
Getting a BNB Wallet
If you plan on buying and storing BNB, you definitely need a wallet that supports Binance Coin. Keeping in mind that BNB is an Ethereum-based token, many wallets can store it.
When choosing a wallet, first of all you need to check if it’s safe and secure to store your tokens there. Here’s a list of some of the most secure wallets out there:
Ledger Nano S - check out how to set it up
Trezor - check out how to set it up
Guarda Wallet - check out how to set it up
Enjin Wallet - check out how to set it up
Exodus - check out how to set it up
Atomic Wallet - check out how to set it up
Trust Wallet - check out how to set it up
Edge Wallet - check out how to set it up
Coinomi Wallet - check out how to set it up
Binance Chain Wallet - check out how to set it up
Another thing you need to pay attention to is what type of wallet to look for since its security mainly depends on its type. There are 3 different types of wallets available:
BNB Hardware Wallets
The safest way for storing BNB is a hardware wallet since it’s a physical device that stores the private key to your Binance coins offline. That way no one can get remote access to your BNB as long as you keep the device in your possession. There are several options when it comes to hardware wallets, like TREZOR or Ledger, but make sure you read the reviews so you can choose what’s best for your coins.
BNB Software Wallets
Unlike hardware wallets, software wallets don’t come in a physical form and could be installed on many devices, like computers, laptops, tablets, mobile phones, etc. There are many popular software wallets, such as Atomic Wallet, Exodus, Coinomi, and more, but they all have their own specifications and offer different things, so you need to read some reviews before you decide what would work best for you.
BNB Web Wallet
Binance Coin wallet (Binance Exchange) may not be the best option for storing BNB unless you’re planning on using coins to get a discount when it comes to Binance fees. In that case, it might be the most cost-efficient option. Of course, if we’re talking about large amounts, you should avoid keeping your coins on an exchange, because by leaving your coins there you're giving away control over them to Binance.
Withdrawing your Binance Coins
As we mentioned above, you should withdraw the coins you’ve just bought into your wallet. Leaving a small amount of BNB to cover your trading or exchange fees would be smart, but never leave larger amounts on an exchange, since they’re a lot safer in your wallet.
No matter what your opinion on Binance is, it gives great value to Binance users with its discounts for trading, exchange, and withdrawal fees. With that in mind, it’s definitely worth buying, especially if you’re a frequent Binance user, or you plan on trading or withdrawing large amounts.