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BNB Exchange on eToroX
A combination of binary + finance and founded in 2017 by CEO Changpeng Zhao (AKA “CZ”), Binance has quickly become one of the most important, and largest altcoin exchanges in the world. Altcoin refers to any digital cryptocurrency similar to Bitcoin and has been said to stand for “alternative to Bitcoin.” The BNB (Binance Coin) is a built-in currency or ERC-20 token (a technical standard or guideline used for tokens on the Ethereum blockchain) and altcoin created by Binance for use on its cryptocurrency exchange.
One of eToroX’s digital assets, the BNB token’s main goal is to allow users to pay for trading fees on the platform — the main advantage being that it enables them to get a discount. BNB is also used for actual payment for goods and services, including travel expenses.
BNB (Binance coin) is considered less volatile than most other altcoins in the market — making it a relatively safe asset during periods of volatility.
Trading on eToroX Exchange
If you want to buy BNB (Binance coin), you will first need to fund your Exchange account with Bitcoin or Ethereum, or any other supported cryptoassets, which will allow you to trade against USD and thereafter against BNB.
Advantages of BNB coin (Binance) as compared to Bitcoin
One of the advantages of BNB over Bitcoin is that it is stable and reliable, compared to Bitcoin which is notoriously volatile. According to reports, BNB has over 150 coins listed and a daily trade value of almost $1.5 billion.
The BNB is currently paired on eToroX exchange against the US Dollar: BNB/USD.
What Affects the BNB (Binance Coin)
- Like other cryptocurrencies, the BNB could be positively affected by a US government-initiated negative monetary policy, in the sense that this could cause traders to increase their investment in cryptocurrencies and limit their investment in the USD.
- Binance’s strategy of “token burns” — or taking tokens out of circulation — until only 100 million tokens are left in circulation — is intended to have a positive effect on the value of the coin.
Why Trade BNB with eToroX
In the volatile world of cryptoassets, eToroX offers you a secure exchange platform on which to trade. eToroX is the crypto and blockchain arm of the social trading platform eToro, and is regulated by the Gibraltar Financial Services Commission (GFSC). This ensures exchange and trading of BNB and other cryptoasset pairs in a safe, secure and transparent environment.
You can now exchange BNB on eToroX for the USD.
How to get started with BNB
First, open and verify your Exchange account, log in using your credentials and transfer supported cryptoassets to the trading exchange. Then, you will be able to trade BNB against another stablecoin or cryptoasset pair. Currently BNB is paired against USD.
The procedure is simple using the online form. You can also create a profile by using your Gmail or Facebook account, and completing the onboarding process until your account is fully verified.
If you have an existing verified eToro account, no need for further registration. Simply sign in using your existing eToro credentials.
To fund your exchange account, if you already have crypto stored somewhere (a private digital wallet, for example), send it directly from there; or you can download the eToro Wallet (from either the Google Play Store or the Apple App Store) and also send directly from there. Using either method you will be able to transfer them to the exchange and trade this for BNB.
The above content is for informational purposes only and should not be construed as financial or any other type of advice. All trading involves risk of capital loss. Digital Assets trading also involves additional special risks not generally shared with official currencies, goods or commodities. For more information on the risks please refer to our Risk Disclaimer.