How to Buy Binance Coin (BNB) , Where to Buy Binance Coin(BNB)

What is Binance Coin (BNB)

BNB was created in 2017 as an ERC 20 token on the Ethereum network in 2017. It is a discount token on the Binance exchange, In other words, it can be used as discounted fees settlement if held on the Binance exchange. The BNB token can also be used for payment of goods and services in various establishments.  

The Price of BNB has gained in value since the launch in 2017. Historically, there has been an exponential growth in price. Early investors on the BNB token would be in massive profit just by buying and holding the token alone. 

There are many strategies to make profit off BNB apart from buying and holding the token alone. We will look at how we can benefit from other methods as you read through. 

Taking a look at the historical chart, we can see how the price has reacted over time based on adoption by the community. 

Who Are the Founders of Binance Coin?

The founder and CEO of Binance is Changpeng Zhao popularly known as CZ. Zhao joined Bloomberg In 2001as head of tradebook futures development. He worked with the company for four years then resigned to join the Fusion Systems as a partner.

Changpeng Zhao has been actively involved with blockchain technology and cryptocurrencies Since 2013. In 2015, he became head of development at Blockchain, and he founded BijieTech. Zhao officially launched Binance in 2017,and he has been the CEO of the company ever since.

How to Buy BNB

Buy BNB with Bank Transfer

There are  stablecoins like USDT, USDC, BUSD listed on the Binance exchange which you can buy by wiring money from your account to the providers of these coins. These stablecoins can then be used to buy BNB on the Binance exchange.

Trade BNB

If you hold other cryptocurrencies? Binance supports the deposit of more than 150 cryptocurrencies, several of which you can exchange for BNB at some of the best rates in the market.

Buy BNB with Credit Card

BNB can be directly purchased using credit cards. Binance offer the best route to buy BNB using debit card or credit card with (Visa or MasterCard) as an option. 

How to buy and sell with robots.

Buying and selling BNB with robots is one of my favorite options. This method helps to earn more BNB or USDT by constant 24/7 trading by the robot. The method is possible on the Pionex exchange. The process requires:

  1. Goto the Pionex website https://www.pionex.com/en-US/trade/BNB_USDT/pionex.v2 
  2. click on your profile icon> Detail> Deposit to get to the page shown below. Deposit your BNB or USDT from an exchange or personal wallet, then wait for network confirmation.
  1. On the main page on the browser, Click on Trade>Select trading pair>Type the coin ticker BNB>  Select the pair and click Trade.
  1. This will take you to the list of bots available as shown below. Select the bot you want to use for your trade based on your knowledge of the market condition. There are different bots for different market conditions. In this case. We will set up the grid bot for automated trading. 
  1. You have the option to choose the AI setting or set manually. The AI setting will show a backtest result of the last 7 days if the bot was deployed. The manual setting requires you to fill the parameters based on the market analysis using support and resistance.

Once the bot is set up, you will be able to view the buy and sell orders the bot created automatically by clicking on the eye icon in the figure below. As price fluctuates, the bot buys when the price goes down within the trading range and sells if price goes up. This process is done continuously for 24 hours and 7 days a week until you decide to stop the bot. There is also an option to set the trigger, stoploss and close bot price in the advanced menu.

Exchanges Where You Can Buy BNB

BNB can be bought and traded on the Binance exchange and other exchanges like Pionex. You can buy, sell, hold and even trade BNB on trading robots on the Pionex exchange which is remarkably interesting.

Binance can be found on the list on below exchange. All you need to do is to sign up and make your first trade on BNB. Let’s look briefly at the exchanges.

Binance

Binance is one the exchanges with the highest trading volume. It’s been started with a simple idea in mind – provide a simple, intuitive, fast, and robust cryptocurrency trading interface. Launched in China in July 2017, it has a fine crypto pedigree behind it: founders Changpeng Zhao and Yi He had worked previously at OKCoin exchange, while Changpeng had also been a member of the Blockchain.comwallet team since 2013 .

KuCoin

The KuCoin Exchange resumed for cryptocurrency trading in September 2017 which is located in Seychelles. KuCoin provides an exchange service for users to conduct digital asset transactions securely and efficiently on the blockchain. Since inception, KuCoin has aimed to provide long-lasting, improved value to its more than five million registered users, in over 100 countries.

Gate.io

Gate.io is one of the oldest crypto-to-crypto exchanges based in China operating since the year 2013. After rebranding to Gate.io in 2017, it can be regarded to be one of the fastest-growing crypto platforms with a leading Initial Exchange Offering (IEO) platform, numerous cryptocurrencies, margin trading with leverage, and other advanced financial services like margin lending or borrowing. Despite having a powerful trading engine, the platform interface feels somewhat cluttered as is generally not the best starting place for inexperienced investors .

FTX

FTX is a cryptocurrency exchange which was built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. FTX  strives to develop a platform robust enough for professional trading firms and intuitive enough for first-time users.

Bithumb

Bit Global,Bithumb Global is an innovative trading platform. Taking in consideration the diverse needs of Global users, Bithumb Global will rely on Bithumb’s rich resources and technology to provide digital currency transactions, digital asset issuance, blockchain project incubation, decentralized finance as well as other related services to all users globally.

Pionex

Pionex is the first ever crypto exchange that provides integrated trading bots free from registration fee before usage. Pionex was launched in the year 2019 and has been one of the most rapidly growing crypto platforms, especially in Asia, with over $30 million USD in trade volume on a daily basis. There is an aggregated trading volume from Binance and Huobi combined thereby making pionex very liquid and possessing a lot of trading volume which trading bots require.

How to use Pionex bots

In this section we will look into how we can put the bots to work and make profit and manage your portfolio.

The cryptocurrency market price action reacts in cycles and phases, so deploying a bot requires a good knowledge of the price action and patterns so as to anticipate the direction of the trend. As the saying goes. “The Trend is your Friend”. 

As at time of writing, Pionex has 16 different kinds of crypto trading robots which trades 24/7 even while your devices are switched off. We will look at an example and apply a trading strategy to get the best out of the bots. 

What is the role of bots in the crypto market? 

The rate of volatility in the crypto market is quite high, prices could fluctuate dramatically even in the split space of minutes. Anyone with access to the internet and a mobile phone or PC have the opportunity to take part in cryptocurrency trading around the world and at any time of the day. 

Some factors limit the effectiveness of human activity in cryptocurrency trading in several ways.

  • Some traders use bots to always stay connected to the cryptocurrency markets that trade 24/7 globally.
  • Bots react faster than humans and faster in executing trade.
  • Humans could get busy with other daily activities while the bots are working
  • The Arbitrage bot is one of the key types of bot that looks to take advantage of price discrepancies across exchanges.

Type of Bots on Pionex Exchange

  1. Grid Trading
  2. Spot-Futures Arbitrage Bot
  3. Rebalancing Bot
  4. BTC Moon
  5. ETH Moon
  6. Leveraged Grid
  7. Margin Grid
  8. Reverse Grid
  9. Leveraged Reverse Grid
  10. Infinity Grids
  11. Smart Trade
  12. Trailing Sell
  13. Trailing Buy
  14. DCA (Dollar Cost Averaging)
  15. TWAP
  16. Stop limit

In this example, we will be looking at how we can use the Grid Trading Bot.

Grid trading is a strategic tool that allows you to make a profit by placing a series of long and short orders at set intervals around a set price. In this way, it constructs a trading grid as shown in the figure below. 

To set up a grid bot, you need to first look at the price chart and make your judgement before setting up the grid range for the bot to trade. 

In the chart below the price is anticipated, in this case we would consider using a bot that suits this current market condition. The highest price within the timeframe is set as the upper price limit, while the lowest price is set forming a support and resistance price action range.

There two (2) types of option to the bot set up. AI or manual setting. 

AI settings helps you choose the most suitable trading range based on the past 7 days and shows you the percentage return if you a had started the bot seven (7) days ago.

How to withdraw profit and convert to cash.

As the demand for cryptocurrencies has increased dramatically. If you’ve owned BNB for a while now you may be able to make a profit if you sell your BNB and convert to BTC and transfer the equal value to your bank account. Or you may need to convert your Bitcoin to cash to be able to buy actual things. Whatever you need it for, you’re probably wondering how to turn Bitcoin into cash.

Let’s look at the different options for how to turn BNB,Bitcoin or altcoins into cash in a few simple steps.

You have made some profit from your trades and decided to convert your crypto to fiat directly to your bank account. I will describe the method of how this is done. This is a very simple step which requires few operations and clicks. 

Why Transfer Bitcoin To Your Bank Account?

Spending bitcoin today requires converting to cash to get the dollar value or the currency of your country which is the measure which is currently understood by the masses before Bitcoin goes into full adoption which is beginning to happen in El Salvador which just announced BTC as a legal tender and mode of payment alongside with the dollar. People are currently investing in bitcoin because it has proven to be deflationary and grown in value over time. If you have bitcoin or any form of cryptocurrency, you may want to hold on to it for that reason. Since demand has kept increasing recently, you may be able to make a profit if you ‘sell’ your bitcoin now and transfer the equal value to your bank account.

In future, you will one day be able to use bitcoin for any type of sale. For now, there are still few businesses or individuals that accept payment in bitcoin. That is the reason you may want to convert your bitcoin to cash, to use the value of your bitcoin to buy tangible things.

How to Transfer Bitcoin To A Bank Account

Converting bitcoin or BNB into your fiat is like changing your money at the airport when you get to another country, but in this case, Crypto has no border restriction and can be changed to any form of fiat to your bank account as long as you have a crypto wallet and an internet connection. You are inherently selling your bitcoin and buying the equal value in dollars (or the currency of your choice).

The exchange rate for this currency exchange is not determined by the economic actions of a government institution or a country’s central bank. The bitcoin exchange rate is primarily determined by demand. How many people want to buy bitcoin right now and what they are willing to offer will determine how much money you will get for your bitcoin.

What to Consider Before Cashing out Bitcoin

Before you convert your bitcoin to cash, you need to consider the following :

  • Taxes – If you are making profit on selling your bitcoin, you may have to pay taxes on your profit income depending on the country you’re from. Keep this in mind while planning your tax year.It is good practice by reputable third-party broker exchanges to report their transactions for tax purposes.
  • Fees – Most bitcoin-to-bank-account methods will entail exchange fees and transaction fees from the bitcoin network.
  • Speed – The transaction speed on the bitcoin network is quite faster than the regular banking system which may take a couple of days to transfer the money into your bank account. But on the bitcoin network, you get your cash in the bank within minutes to a couple of hours depending on the network congestion when your transaction is being carried out.

Cash Out Methods

There are two main methods to convert bitcoin to cash and ultimately move it to a bank account. Firstly, you can make use of a third-party exchange broker. These third-parties (which include bitcoin ATMs and debit cards) will exchange your bitcoins for cash at a given rate. It is simple and secure. Or, you have the option to use a peer-to-peer transaction to sell your bitcoin. The peer-to-peer is a faster and more anonymous method, as you sell your bitcoin directly to another person on the network.

About Pionex Exchange

Pionex is a centralized exchange that provides 16 types of crypto trading bots as at time of writing within the exchange. It launched on 24th June 2019 and is based in Singapore and Pionex has acquired MSB(Money Services Business) license by FinCEN .

Pionex aggregates the liquidity from Binance and Huobi Global, which allows its users to have a better trading experience with great liquidity. Pionex only charges a flat 0.05% fee on both maker and taker orders. The Research and Development team work relentlessly in bot improvement and availability of new bots to meet every type of market condition.

Pionex gives its users the ability to trade with cryptocurrency robots 24hrs and 7days continuously until you decide to close the bots. In addition to the trading, you can now lend your token out to other users and receive daily interest of different percentages based on the type of coin you lend out.

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