BNB is issued by Binance, and one of the benefits of holding the coins is that it entitles holders to a discount on trading fees on the Binance exchange. However, many crypto enthusiasts opt for other platforms, even though Binance is the most popular one, for reasons best known to them.
So, what exactly is Binance? Binance is a blockchain network like Bitcoin and Ethereum, as well as a crypto exchange platform, which the article focuses on. Binance cryptocurrency exchange allows users to trade digital assets such as BTC, ETH, LTC, and others. It also offers its native token, Binance Coin (BNB), which holders can use to pay transaction fees on the platform. Binance was founded in 2017 and is registered in the Cayman Islands.
Can I Use BNB Smart Chain and Beacon Chain Outside of Binance?
While the Binance Smart Chain and Beacon Chain are powered by the BNB coin, they function independently of Binance. In other words, you don’t need to be a Binance user to use either of these platforms.
The Binance Smart Chain—built on the Binance Chain infrastructure—is a high-performance blockchain fully compatible with Ethereum’s smart contracts. It also features a native token, BNB, which users can use to pay transaction fees on the network. In addition, the Binance Beacon Chain is a new type of decentralized network that enables cross-chain communication and allows for staking BNB tokens.
Where Can I Buy BNB or BUSD Without Binance?
BNB coin is a digital currency created by Binance. At the same time, BUSD is a Binance-branded stablecoin pegged to the US dollar and issued by Paxos. Both BNB and BUSD are used for trading on crypto trading platforms. If you want to buy them without using Binance, there are a few ways.
Privately run platforms known as cryptocurrency exchanges make it possible to trade one or more cryptocurrencies. Exchanges serve as a middleman between buyers and sellers and generate income through commissions and transaction fees. When choosing an exchange, compare fees, currency availability, and security features.
A cryptocurrency wallet is a device, physical medium, application, or service that stores the public and private keys for cryptocurrency transactions. There are two main categories of crypto wallets: hot and cold.
Hot wallets are connected to the internet, whereas cold wallets are offline wallets that only connect when necessary.
There are three main types of hot wallets:
- Web wallets can be accessed through browsers and store the user’s public and private keys.
- Desktop wallets store users’ keys in a wallet application on a user’s desktop computer.
- A mobile wallet is software that stores a user’s public and private keys on a smartphone.
The 2 types of cold wallets are:
- Hardware wallets, which store users’ private keys on a physical medium, usually a USB stick.
- Paper wallets, which users handwrite or print out their public and private key information on a piece of paper.
3. P2P Marketplace
Peer-to-peer (P2P) cryptocurrency exchanges let cryptocurrency traders transact with one another directly to buy and sell cryptocurrencies. Unlike centralized exchanges, this exchange is less susceptible to malicious attacks, and no intermediary manages your funds while you are trading.
Can I Sell, Send, or Exchange BNB Without Binance?
Yes, you can. Under the preceding heading, you get an idea of places you can purchase both BNB and BUSD. Well, it is no different under this heading. You can sell, send, and exchange BNB on exchanges, wallets, and P2P marketplaces.
All you need to sell, send, or swap BNB is a smartphone or computer with an internet connection. Then, compare the platforms based on their functionality, fees, and security. Also, keep the necessary ID on hand because specific trading platforms require you to go through the KYC/AML procedure to prove your identity. After these, you need BNB in your portfolio to start transacting.
Easy Steps to Buy BNB
- Create an account. As previously indicated, some platforms will need you to authenticate your identity.
- Save your password and other private information, such as your private key, mnemonic or recovery phrase, and backup. This is because certain platforms do not save them on their server, so your cash is gone forever if you lose them.
- Buy BNB using the payment methods available on any trading platform you choose after adding it to your portfolio. Then, simply input the desired currency (USD, EUR, and others) you wish to pay for the BNB and click the ‘Buy’ button to purchase BNB.
Once you have purchased the BNB, you can sell it to get your funds, send them to other addresses, and exchange them for other cryptocurrencies.
Where to Store BNB if You Don’t Have Access to Binance?
If you need access to Binance, you may wonder where to store your BNB. There are other options available. You can store your BNB coin in a custodial or non-custodial wallet.
With a non-custodial wallet like Guarda, you have complete control over your private keys, giving you full control over your cryptocurrencies. This is different from third parties managing your private keys when you use a custodial wallet. The majority of the web-based exchanges available in the crypto space are custodial wallets.
Binance is a cryptocurrency exchange platform that lets users trade various cryptocurrencies. Binance Coin (BNB) is the native coin used on the Binance Chain. BNB has two main functions: it can be used as a payment method on the exchange and a staking token.
There are a few ways to buy BNB without going through Binance. One way is to use a cryptocurrency exchange, P2P marketplace, or wallet that supports BNB. No matter where you buy BNB, research the platform, its team, and its history.