Thinking about adding Binance Coin to your portfolio?
The cryptocurrency industry is booming and many investors are cashing out big time from their investments. The level of adoption has increased as more retail and institutional investors enter the market.
Binance coin is one of the cryptocurrencies that has done very well in the market when it comes to increased value and market capitalization.
If you’re looking to buy Binance coin in the UK, you have a plethora of options when it comes to exchanges to use.
This guide will show you a step-by-step approach to buy Binance coin.
What's in this guide?
- QUICK GUIDE: HOW TO BUY BINANCE COIN IN THE UK
- A Step-by-Step Guide to Buying Binance Coin in the UK
- How to Sell Binance Coin (BNB)
- How Binance Coin Works
- Which Wallets Can I Use to Hold Binance Coin?
- Things to Consider when Buying Binance Coin in the UK
- Final Words
QUICK GUIDE: HOW TO BUY BINANCE COIN IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Binance coin.
- Enter how much you want to buy.
- Check the details and confirm your purchase.
There are 3 basic steps you need to follow when buying Binance.
A Step-by-Step Guide to Buying Binance Coin in the UK
Step 1: Open an account with an exchange
A crypto exchange is the best way to buy your Binance coin. That’s because the level of liquidity with an exchange is the highest.
After completing your registration with an exchange, it doesn’t take much to complete your order and get the desired Binance coin credited to your account.
But first, you need to open an account with the desired exchange in the UK. Choose an exchange that will allow you to withdraw your Binance tokens to a wallet if you intend to store the token for a long time.
Verifying your account with the exchange is also straightforward, as long as you have the required information.
You have to complete your account verification by filling your Know-Your-Customer (KYC) form. But make sure that the KYC used for identity verification on the exchange is the same for the bank account you are making payments from. Otherwise, your application will be rejected.
Step 2: Deposit funds
The next step after registration is to link your accounts and deposit funds to the exchange account you have registered.
Select your desired fiat currency, which is GBP in this case. Specify the amount you want to deposit and click on the submit button.
You may be asked to make deposits through your bank or pay with a credit or debit card. Remember that each of these deposit methods has its fees, so you need to select the one that’s more comfortable for you.
Step 3: Buy Binance Coin (BNB)
After depositing funds, the next step will be to buy Binance coins. Go to the order page and choose the right Binance pair you want to buy, which is BNB/GBP if you’re buying with your Pound currency.
On the order page, you will be given the option of buying at market price or using a buy-limit order. The buy limit allows you to buy the token when it goes below a specific price.
That means the exchange will not fill your order until the price of BNB reaches a particular price or falls below it. It’s a good strategy to make sure you enter the market when there is a big chance of the token rising.
Once you’ve filled your order, the exchange gives you the chance to review it before it is finally received. The above are the simple steps you can take when buying Binance (BNB) in the UK.
How to Sell Binance Coin (BNB)
Now that you know how to buy BNB from your fiat currencies, selling it is also not complicated.
You can sell your Binance coins at the exchange you bought it. Go to the exchange platform where you keep your Binance coins. However, if you already have it in your wallet, you can transfer it to a compatible exchange platform. Go to the page where different tokens are listed and choose the Binance token. Just the way you sell your stocks, selling Binance is also the same way.
Once you fill out the sell order, you will be asked to review the order before it is documented. Sometimes the transaction is automatic and sometimes you have to wait for a few minutes, depending on the level of liquidity at the time.
Read Also: Why Binance Coin is Going To Explode
How Binance Coin Works
Binance coin (BNB) is one of the most common cryptocurrencies across exchanges right now. BNB was formed to raise funds for the creation of its exchange through an ICO. The token provides users a potentially useful range of features.
It is useful for paying for travel fees, such as flight booking and hotels. The token can also be used to buy virtual gifts and shop using a credit card.
Which Wallets Can I Use to Hold Binance Coin?
If you’re looking to keep your Binance token in a wallet, you have two different options. You can choose the offline wallet (cold wallet) or online wallet (hot wallet). The former is more secure because it is not connected to the internet and safe from any hacking incident.
However, the latter is preferred if you’re trading regularly with your Binance token on your preferred crypto exchange. So, if you’re looking for the right type of crypto wallet to hold your Binance for the long term, a cold wallet will be the better option.
Things to Consider when Buying Binance Coin in the UK
Before heading into an exchange to buy BNB, it’s important to note certain things.
Understand that the market is very volatile
One thing you should know when it comes to Binance and other cryptocurrencies is the level of volatility.
The price of BNB can swing in an opposite direction within a short while. Just as you can gain massively in the market, you can also lose most of your invested funds too.
Remember that the cryptocurrency market is one of the most volatile markets in the world, so you have to tread cautiously.
Consider the future of the Binance token
The future of any token is usually tied to the future of its parent company. In this case, the developer of BNB is one of the largest exchanges in the world.
BNB has grown to become a major force in the cryptocurrency industry. The token has seen increased adoption too, and observers are expecting an increased value for the token in the future.
Find out the tax laws when trading cryptocurrencies
There are different tax laws in different regions when it comes to investments in cryptocurrencies. In the UK, the tax authorities require investors to remit a certain percentage of their crypto gains as a tax payments. Before you start buying Binance, you need to find out the tax laws and how they apply to your Binance investment.
As everyone is rushing to have a bite of the crypto windfall, it’s important to find out how to make your investment in crypto worth it.
Binance coin is no doubt one of the top cryptocurrencies to invest in. If you’re looking to buy BNB, the above guide will show you the best way to invest in the token.
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Virtual currencies are highly volatile. Your capital is at risk.