This article “Where to buy BNB in the Philippines and Usecases” is updated on October 2023.
- BNB is the native coin of the BNB Beacon Chain and BNB Smart Chain, and powers the BNB Chain ecosystem.
- Binance launched BNB through an ICO with a price of 1 $ETH for 2,700 $BNB or 1 $BTC for 20,000 $BNB.
- The exchange also offers discounted rates for users who will use BNB for payment of trading fees on the platform.
When we talk about native tokens, these are the local cryptocurrencies of projects that are used for transactions within their platforms. One example is $BNB, the native coin of the BNB Beacon Chain and BNB Smart Chain, and powers the BNB Chain ecosystem.
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BNB to PHP
The Story Behind BNB: Born During the ICO Era
In 2017, Binance launched the Build and Build (BNB) token through an Initial Coin Offering (ICO). An ICO is the fundraising version of the crypto world. Basically, crypto-focused firms pre-sell their tokens to raise funds that can be used for the development of their platform, software, or the cryptocurrency itself.
During the ICO of BNB, the price offered was 1 $ETH for 2,700 $BNB or 1 $BTC for 20,000 $BNB.
Originally, BNB was an ERC-20 token. But in 2019, it became the native coin of the then Binance Chain, now BNB Beacon Chain, which also made it a BEP-2 token. Then in 2020, it also became the native coin of the then Binance Smart Chain, now BNB Smart Chain, which made it a BAP-20 token. This makes BNB compatible with three blockchains.
As per Binance, there is a total supply of 200 million BNB tokens, 100 million of which were offered during the ICO. However, the current total supply is lower because there are periodic burning events and burning mechanisms on the platform.
BNB Use-Cases: For Cheaper Binance Transaction Fees?
One of the benefits of Binance users using $BNB is for cheaper transaction and trading fees.
Trading on Binance always has a 0.1% standard trading fee, and those who use $BNB as payment for trading fees will have a discount, Binance promised. Within the first year of launching the token, about two million users were said to use BNB for payment of trading fees in more than 127 billion trades. Note: Binance clarified that the discount can be used on both its centralized and decentralized exchanges.
Also, as a native token, BNB can be used as a payment to the dApps that are built within the BNB Beacon Chain and BNB Smart Chain. Binance also emphasized that BNB is accepted for hotel and flight reservations on the online travel app Travala.
It is also the cryptocurrency used for Binance Charity, Binance Card, and Binance Pay features.
How to Buy BNB?
If you check Coingecko, BNB is available on many exchanges including local exchange PDAX and international exchanges like Binance.
Step 1: Open and verify an account. Binance requires users to register through their email addresses and phone numbers to be verified.
Step 2: Click “Buy Crypto” on the homepage. Binance supports both Visa and MasterCard. Users can also cash in through bank deposits, P2P transactions, and other third-party options.
Step 3: Choose the BNB/USD trading pair. For better coin compatibility, Binance advises users to buy a stablecoin like USDT first, and then use that coin to buy BNB.
Step 4: Confirm order. Take note that Binance’s market price refreshes every one minute.
Step 5: Check if the transaction is successful. Check the crypto wallet on the platform if the BNB bought has been reflected in the account. For long-term hodl, Binance advised that it can be staked to the Binance Earn feature to earn passively.
BNB Trading Regulations in PH
Buying, holding, and trading $BNB in the country is not illegal. However, it should be noted that Binance is not a registered VASP in the country, and the SEC is still drafting regulations on cryptocurrencies.
Further, the SEC warned the public about dealing with unregistered VASPs that operate in the country.
BNB traders, and other crypto traders, are also advised to exercise due diligence in trading and are required to comply with the tax laws of the country. Profits from trading are considered taxable under capital gains tax.
This article is published on BitPinas: BNB Guide and Usecases | Where to Buy Binance Coin in the Philippines
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
Original article follows (May contain outdated information):
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.
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?
You can purchase BNB from Binance through P2P. This is the simplest out of the options mentioned in this article. Here are the steps:
- Log in or register to Binance
- Go to its P2P page
- Find a seller of USDT for your PHP
- Transfer USDT from Binance P2P to Binance Spot
- Find BNB/USDT Pair
Here is our step-by-step guide to buy crypto using Binance P2P: How to Use Binance P2P to Buy Bitcoin, USDT in the Philippines
The steps below waer written way before Binance P2P was launched, you can still do it if P2P is not an option for you:
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.