Binance is one of the biggest cryptocurrency exchanges in the world with $1,258,889,922 trade volume in just 24 hours. Its token, Binance Coin (BNB), has multiple utility functions in the Binance Exchange like paying for withdrawal fees, trade fees, exchange fees, and other fees in the platform.
As the token is the trading platform’s own cryptocurrency, it can be traded in Binance for other tokens. Good examples are EOS/BNB, LTC/BNB, XLM/BNB, etc. The BNB coin is not directly available in the country. In this article, we will teach you how to buy Binance Coin (BNB) in the Philippines using different cryptocurrency exchanges.
Table of Contents.
What is Binance Coin?
Binance Coin (BNB) is the cryptocurrency of the Binance exchange. It is an ERC-20 compliant token that runs on the ethereum blockchain. It can serve as a payment for deposits/withdrawals fee, or other fees in the platform.
Within the first year of its launch, there will be a 50% discount on any tokens traded on Binance using BNB. The second year will get 25%, the third year will get 12.5%, the fourth year will have 6.25%, and the discount will end on the fifth year.
Binance is the top cryptocurrency exchange with $1,258,889,922 worth of trade volume in just 24 hours. The exchange is headed by Changpeng Zhao that he launched in July 2017. He followed it with BNB’s ICO that reached $15 million in funding.
Where to Buy BNB in the Philippines?
Since Binance Coin or BNB is not directly available in the country, owning one means you need to buy it through cryptocurrency exchanges such as Changelly and traditional trading platforms.
Step 1: Getting BTC
In order to buy BNB, you will need to buy bitcoin or ethereum (BTC or ETH) that is readily available in the country. For the sake of this article, we will choose BTC. You will need this BTC to fund your chosen cryptocurrency exchange.
How to Buy Bitcoin using Coins.ph
Coins.ph is one of the leading cryptocurrency wallets in the Philippines because of its convenience. As of this writing (September 27, 2018), it supports PHP, BTC, ETH, BCH, and XRP.
- Sign up and Register for a Coins.ph account (Register here!)
- Verify your account and complete necessary KYC (know-your-customer)
- Have your Philippine fiat ready and cash in your account via:
- 7-Eleven Cliqq Kiosk
- Palawan Pawnshop
- UnionBank or other bank accounts
- Once you have PHP in your Coins.ph wallet, convert it to BTC
- Transfer this BTC to your cryptocurrency exchange of choice.
Buying Bitcoin using Credit Card / Debit Card
Changelly is a cryptocurrency broker that will also let you purchase bitcoin, litecoin, bitcoin cash, and ethereum using your credit/debit card.
- Sign up and register to Changelly (Register here!)
- Choose as to whether you want to purchase crypto using USD or EUR
- Choose what token you want to purchase. It can be bitcoin, bitcoin cash, litecoin, or ethereum.
- Put your correct token address. For the sake of this article, put your BTC address.
- Complete the KYC requirements.
- Input your credit card or debit card information.
- Verify if all the information is correct.
- Receive your tokens.
Step 2: Trading your BTC to BNB
Changelly is a cryptocurrency broker. This means that it works like a money changer. You exchange your BTC to another cryptocurrency, which is BNB. The price in Changelly is set by the market price. It has over 100 altcoins that you can exchange and will let you buy bitcoin using a credit card/debit card. Transactions using Changelly is easy and quick as it can only take 5-30 minutes.
Steps in using Changelly BTC to BNB:
- Sign up and register to Changelly (Register here!)
- Choose the token YOU HAVE to BTC. Input the amount of BTC you have.
- Choose BNB on YOU GET.
- Click “Exchange”.
- You will go to the next page and don’t forget to tick on the “I’ve read and agree…” and click on Next.
- Put your BNB address. Click on Next.
- Confirm the transaction if it’s correct. Click on Next.
- Changelly will give you a QR code to scan where you can send your BTC. You can also copy the address.
- Wait for the exchange within 5-30 minutes.
- Receive your BNB in your BNB Wallet.
Traditional Cryptocurrency Exchanges
Traditional cryptocurrency exchanges are you traditional open book trading platforms. Users of this kind of exchange can set their own buy/sell price or use the market price. There are a number of BNB trading pairs such as BNB/BTC, BNB/USDT, XRP/BNB, BNB/ETH, BCC/BNB, EOS/BNB, LTC/BNB, ADA/BNB, XLM/BNB, TRX/BNB, TRIG/BNB, GTO/BNB, VET/BNB, NEO/BNB, etc. For this article, we will go with the BNB/BTC pair.
Steps in Buying BNB using Binance
- Register and verify your e-mail address (Register to Binance here!)
- Fund your Binance account by going to Funds > Deposit > BTC
- Use your BTC in your cryptocurrency wallet such as Coins.ph, Abra, Bitbit.cash, etc and then transfer it to your Binance wallet.
- Go to Exchange and search the BTC/BNB trading pair
- Put the amount of USDT you want to buy and you can either set the price or buy using the market price.
- After completing the purchase, go to Withdraw > BNB.
The steps shown above are almost the same in other traditional cryptocurrency exchanges.
Binance Coin BNB Wallet
Since BNB is an ERC-20 compliant token and runs on ethereum, you can keep your BNB in your myetherwallet and hardware wallets such as Trezor or Ledger.
Lifetime BNB Price Chart
The Binance Coin (BNB) started trading at 0.115203 USD on July 25, 2017. By August, it finally reached the 1 USD mark. Although it didn’t reach its highest during the December 2017 crypto hype, it did get ready for the new year. On January 2018, BNB’s price peaked at 23.27 USD a coin that it retained until the second week of January. It went down during February and March and tried to reach the 20 USD mark on June 2018 but it fell short at 17.08 USD. As of this writing (September 27, 2018), BNB is dancing around the 9 USD to 10 USD price.
BNB – Difference from other Coins
The difference of BNB from other coins is its utility in the Binance trading exchange. A trader can get a number of discounted fees just by using the token. In addition, it also has a number of trading pairs in the Binance exchange.
Binance Coin Key People
- Changpeng Zhao, CEO, Binance (LinkedIn)
- He Yi, Co-Founder, Binance (LinkedIn)
- Ted Lin, Head of International Markets, Binance (LinkedIn)
If Binance is your traditional cryptocurrency exchange of choice, you will benefit in using BNB as it will give you discounts in your fees. Aside from the discounts it gives, users can also trade it against other cryptocurrencies within the exchange and to other trading platforms as well.