Purchasing Binance Coin (BNB) from Canada: Locations and Methods

• Binance Coin is available for purchase on various cryptocurrency exchanges, not just Binance.
• Utilize BNB to cover transaction fees on the Binance platform.
• Developers employ the Binance Smart Chain for deploying applications.

The astounding success of Binance can partly be attributed to the introduction of the Binance Smart Chain and Binance Coin.

If this has piqued your interest and you want to become a part of the Binance ecosystem, here is a comprehensive guide on purchasing Binance Coin from Canada.

Uncertain about which exchange to choose?

Where can you acquire Binance Coin?

First-time buyer?

How can you purchase Binance Coin?

Step 1: Select a cryptocurrency exchange that offers Binance Coin

BNB can be found on numerous reputable cryptocurrency exchanges. While Binance is widely associated with BNB, it can also be traded on many renowned crypto exchanges.

An exchange provides the simplest means of purchasing cryptocurrency. When comparing different options, ensure that you consider transaction costs, including maker and taker fees, as well as fees associated with depositing fiat currencies, order configurations, and other relevant factors.

Since the security of your assets is of utmost importance, look for features such as 2FA account protection and cold storage for your crypto assets. Finty only lists reputable exchanges.

Step 2: Complete the verification process

Upon creating an account, you will need to provide personal details, including your name, phone number, email address, and other relevant information.

Verification of your identity is a mandatory step for tax purposes. This typically entails providing a government-issued photo ID for validation. The verification process only takes a few minutes, and once completed, you can commence trading.

Step 3: Establish a budget

Only invest funds that you can afford to lose. This is especially crucial since cryptocurrencies are highly volatile investments.

Step 4: Fund your account

Transfer funds (CAD) from your bank account via Interac e-Transfer, debit card, or credit card. Some exchanges even support fund transfers through PayPal.

If you already possess cryptocurrencies, you can usually fund your account by sending them to the exchange's wallet and trading them for BNB.

Step 5: Purchase Binance Coin

Market orders are ideal for purchasing BNB quickly, but bear in mind that slippage costs may be a concern. Most exchanges enable you to set up automated orders triggered by specific circumstances, such as when BNB reaches a price you are willing to pay.

Many exchanges also offer the option to make automated recurring purchases at regular intervals, like weekly or monthly, in order to average the cost of BNB over time.

After your purchase

Where to store your Binance Coin

In order to easily access your BNB tokens, they can be stored in the wallet provided by the exchange where you made the purchase. You can always transfer your crypto to a different wallet in the future. Take note that hot wallets, which are connected to the internet, are more vulnerable to hacking.

On the other hand, cold wallets are not connected to the internet. These hardware devices offer a more secure method of storing your crypto. However, remember that forgetting the access key means your crypto stored on the device will become inaccessible.