How do you want to buy Binance Coin?
The following guide will explain, how to buy Binance Coin (BNB). With simple step-by-step instructions, this buying guide is especially suitable for beginners. You will learn how to buy Binance Coin token with USD, EUR, GBP, RUB or other currencies and different deposit methods like credit card, bank transfer or others.
Since Binance Coin is only available on a cryptocurrency exchange which doesn’t support FIAT (USD, EUR,...) deposits, you will need to buy Ethereum (ETH) or Bitcoin (BTC) on a suitable exchange first and transfer it to another exchange, where you will finally be able to purchase Binance Coin.
Sounds complicated? Don’t worry, we got you!
Saving Binance Coin on an exchange is by far the least secure way to store your tokens. This means cryptocurrency exchanges are often targets of hackers, as you might have heard already. The most secure way to hold your Binance Coin is to save them in a hardware wallet like this:
Before you buy one, make sure it is compatible with Binance Coin; you will find more information on the website of the manufacturer's website.
Another way to securely store your tokens is to send them to a desktop, mobile or online wallet.
We are going to show you now, how to store your BNB on My Ether Wallet or also known as MEW. Before we do that, we have some important information:
When you go to https://www.myetherwallet.com, always check that the domain is correct — no underlines, no points under letters or similar — and that the green secure symbol and "MyEtherWallet INC US" are visible before the URL.
When you send Tokens, other then Ethereum (ETH) to MyEtherWallet, you will need to pay "Gas" to the network in order to transfer the tokens again from your wallet to another address. For this you will need to send Ethereum to your wallet address. You can find a detailed guide here: how to buy Ethereum.
It is possible that you won't see your BNB in your wallet. You can find detailed instructions explaining how to make them appear, on the official site of myetherwallet. If you just want to check the balance you can enter your new wallet address in etherscan.io.
Not all tokens or coins are compatible with MyEtherWallet. Please make sure your token is compatible. If you send a non ERC-20 token or ETH token to your wallet address, the funds will be lost.
Now we are ready — let's start!
Go to https://www.myetherwallet.com and bookmark the page because there have been cases of phishing sites that mirror My Ether Wallet. Check the URL and look for a MyEtherWallet INC US certificate — this makes sure you are on the original site.
The site will give you lots of information about privacy and what the My Ether Wallet is - make sure you really read this, it’s very valuable information.
Create a new wallet by first entering a secure password you can remember, but that no one else can guess. The best idea is to write the password down on paper and store it in a safe place.
Then click "Create New Wallet".
You will be asked to download the “Keystore File”, so go ahead and do so. Make sure you don’t lose this file and store it in a safe place, like an encrypted folder on a USB stick. The file is needed to recover or restore your wallet and it can also be used to access your MyEtherWallet, together with your password. When you have downloaded and backed up that file, click “I Understand. Continue”.
Think of your private key as your PIN number that accesses your bank account Click it is very important that only you know and have access to that key. With the private key you also will be able to get access to your Binance Coin or other tokens that are stored in your wallet. Again this is an important key and it is not your wallet address / public address. Don't give it to any person and store it in a safe place, e.g. written down on paper stored in a fire and water resistant safe.
When you want to unlock your Binance Coin wallet to get to your public keys (your wallet address), you will have multiple options to choose from.
If you do not have a hardware wallet like the Ledger Nano S or TREZOR or are already connected to Meta Mask, we advise you to choose "Keystore File option" over the "Private Key" option. This means that whenever you want to access your wallet, you will have to upload the Keystore file you have previously downloaded, plus your password.
Add the information and unlock your wallet! YAY — you have created a My Ether Wallet that you can use to store, receive or send compatible digital funds.
Now you can send and receive Binance Coin (BNB) or other compatible coins or tokens - e.g. ERC-20 tokens. All you need to do is copy your public key (your wallet address). You can find your wallet address by going to the top menu, clicking on "Send Ether & Tokens" and just looking to the right — you will see "Account Address".
Now copy this account address! Next, we will go back to the exchange and send your Binance Coin to your wallet address — just scroll to the next step.
As mentioned before, it can take a while for your BNB to appear in your wallet. Make sure your token is loaded to the My Ether Wallet. For this, simply go to the right side underneath your balance and click on "Show Token Balance". You will find tokens that are supported by My Ether Wallet here. Search for BNB and click "Load".
Newer tokens aren't in the list, but don't worry; you can simply add them, as mentioned at the beginning of the guide. Just follow the instructions on this help page from MyEtherWallet.
It can take a few minutes until your token is loaded, but after it’s loaded, you can see the amount of tokens you owe in the list.
Congratulations, you have successfully stored your Binance Coin in a wallet. If you want to sell your BNB, send your tokens from your wallet to the exchange. Simply reverse the process you have gone through now.