Frequently asked questions

Binance Coin (BNB) is a cryptocurrency launched in 2017 on the Ethereum blockchain, based on the ERC20 token standard, and is now traded on the Binance cryptocurrency exchange. Tokens in circulation are used for discounted trading on Binance Exchange, with the discount rate starting at 50% in the first year. It's scheduled to be halved each year with the discount dissolved by the fifth year.

BNB ist the ticker symbol under which Binance Coin is listed, just like AAPL is the ticker for Apple stock.

Binance Coin's price is a market price and defined by supply and demand. The value of Binance Coin is also heavily tied to that of the wider crypto market, and specifically Bitcoin. Any good or bad news concerning the Binance exchange is also likely to influence the fortunes of the cryptocurrency. Having said that, the UK-based Financial Conduct Authority clamping down on the exchange in June 2021 didn’t cause an appreciable downturn in the price of the currency — and so we should be cautious before anticipating change precipitated by real-world events.

Obviously, you can invest in Binance Coin using the Binance exchange. Though Binance isn’t the only exchange offering the coin, it’s the one where you get lowered transaction fees on it. If you’re looking for a crypto exchange that you can trust with your money, then it is worth assessing the various options available using Cryptoradar.

Once you’ve made an account and proved your identity, you’ll be able to make deposits, and start trading.

A crypto exchange (or cryptocurrency exchange) is a marketplace where buyers and sellers trade cryptocurrencies. Just like regular stock exchanges, a cryptocurrency exchange serves as a middleman who sets the market price at which an equal number of buyers and sellers can be found.

Is now a good time to buy BNB? Frankly, we don’t know.

But there are several strategies when it comes to crypto investing. One approach is to buy in when price slips. In the crypto community this strategy is known as "buying the dip" (BTD).

Another strategy is dollar-cost averaging: investing a certain amount of money on a set schedule, say $100 every Monday morning. Dollar-cost averaging seeks to average out the lows and highs over time.

No matter which strategy you choose, Cryptoradar’s price alerts help you to not miss a dip, and adhere to your investment schedule.

There are risks associated with any investment. Crypto markets are particularly volatile, with large upswings and downswings. Only invest as much as you can afford to lose.

When it comes to choosing a crypto exchange, there are also a couple of thinks to be wary of.

Before you can start trading, a crypto exchange will ask you to verify your identity. This is necessary because of anti-money-laundering laws. The verification process and time can differ significantly and take anywhere from minutes to weeks.

All crypto exchanges charge a fee or a spread to finance their operations. Fees can differ significantly among exchanges, so make sure to get a good deal.

Additionally, make sure that your preferred crypto exchange supports the payment methods of your choice, but be aware of any additional payment fees that may apply.

Last but not least, if you’re new to crypto, make sure that your chosen platform is easy to use and has good customer support. This helps you avoid making costly mistakes.

Some exchanges will allow you to pay for BNB using services like PayPal or credit card; many will insist that you use a bank transfer.

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