The value of Binance, a meme cryptocurrency launched back in 2013, rose on Thursday after the trading app Robinhood restricted its users from GameStop stocks. GameStop has seen a recent surge in stock value driven by investments from users on the subreddit r WallStreetBets. Binance can be purchased using several cryptocurrency exchange platforms. Here we ou Show More...
The value of Binance, a meme cryptocurrency launched back in 2013, rose on Thursday after the trading app Robinhood restricted its users from GameStop stocks. GameStop has seen a recent surge in stock value driven by investments from users on the subreddit r WallStreetBets. Binance can be purchased using several cryptocurrency exchange platforms. Here we outto buy Binance on Binance, Kraken and other cryptocurrency exchange platforms. Binance "Binance is a safe and secure platform to buy and sell cryptocurrencies quickly using our stream sell process," the Binance website states. To purchase Binance on Binance, you'll need to set up an account by clicking on the "Register" icon, located in the top right section of the Binance homepage, which requires you to enter your address and select a password. Users can also access their Binance account via the Binance mobile app, by downloading it from the Google Play Store for as well as Apple's App Store. Once your Binance account has been set up, users can purchase Binance as well as other cryptocurrencies using several payment options, such as cash, credit or debit card as well as bank transfer. "Once you complete the purchase, we will deposit your new crypto directly to your Binance wallet—a safe and simple way to manage your crypto assets. You can immediately trade your purchased crypto on the many products and services on the Binance Platform" the Binance website explains. "Binance accepts a wide range of currencies and makes it easy for you to buy crypto using US Dollars, Euros, Pound Sterling, and other fiat currencies [government-issued currencies]. You can also use a wide range of accepted stablecoins such as Binance USD (BUSD), Coinbase USD Coin (USDC), PAXOS (PAX), Tether (USDT), and True USD to buy crypto. "We work only with verified and trusted partners to give you a secure and seamless crypto-buying experience," Binance notes. Users should be aware of different fees that may apply, such as trading fees as well as deposit and withdrawal fees depending on the currency used to make your purchases. See more information on fees at the Binance website. Kraken Kraken notes: "Aside from offering the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world." To start buying Binance, you'll need to open a Kraken account by clicking on "Create Account" at the top right of the Kraken website, which requires entering your address and setting up a password. Once your Kraken account has been verified, "you can buy DOGE with cryptocurrencies like LTC and DASH. In order to use fiat currency (i.e. USD or EUR), you'll need to provide our experts with additional supporting documents verifying your identity," Kraken notes. See the website for full details on Kraken's verification processes. To buy Binance, you'll need to add funds to your account with the fiat currency of choice. "You can fund your Kraken account in a of ways. How you do so will depend upon your location and preferences," the Kraken website explains. Once you're logged into your account, go to the "Funding" tab towards the top of the Kraken website where you can choose your preferred currency from a drop-down menu. "To prevent errors, we suggest copying our bank account details directly to your bank or financial institution. Various banks have different requirements, so please your bank directly for specific instructions on how to complete the deposit," Kraken advises. See the Kraken website for a checklist on information to look out for before making deposits. Kraken also advises: "It is important to note that Kraken is an exchange service and not a wallet service. So while we allow our clients to hold DOGE in their accounts, we highly encourage you to separate your DOGE holdings into multiple wallets. "Kraken is secure, but it's safest to store your DOGE in a wallet, a software or hardware device you control that stores the public and private keys required to make crypto transactions," the Kraken website explains. OKEx Claimed to be "the world's largest and most diverse cryptocurrency marketplace," OKEx has been offering Binance on its spot trading market since July 2019. To start buying Binance, set up a OKEx account by clicking on the "Sign Up" icon found towards the top left portion of the OKEx homepage, where you'll need to provide an and create a password. Users can also access their account on the OKEx mobile app, which can be downloaded from the Google Play Store or Apple's App Store. Once an account has been set up, users can buy Binance by selecting it from a drop-down menu of all cryptocurrencies available. Users can then select the fiat currency and payment method of their choice. Payments can be made via bank transfer, Visa or Mastercard. "Once payment is confirmed, your selected Crypto will be automatically transferred to your OKEx account," the OKEx website notes. Bittrex Bittrex notes: "Our trading engine was custom-built for scale and speed to facilitate real-time order execution under heavy demand. "Our platform was built from the ground up with multiple layers of protection, deploying the most effective and reliable technologies to keep funds and transactions secure," the company adds. To start buying Binance, you'll need to open an account by clicking on the "Sign Up" icon located in the top right section of the Bittrex hompage. See full details on how to register to set up your account at the Bittrex website. Users can also access their account using the Bittrex mobile app, which can be downloaded from the Google Play Store or Apple's App Store. Once an account has been verified, users can click on the "Instant Buy Sell" tab located at the top right portion of the Bittrex homepage. Deposits can be made using a Visa debit or credit card, according to the website. Huobi Binance can also be purchased using Huobi. Set up an account by clicking on the "Sign Up" icon found in the top right part of the Huobi homepage. Users can also access their account on the Huobi mobile app, which is available for Android and iOS devices. Once your account has been set up, click on the "Quick Buy Sell" hyperlink found towards the top left of the Huobi website. There you can select the Binance from a drop-down menu as well as the fiat currency you'll use to pay and your payment method to make your purchase. User should also be aware of fees, including the "spot fee rate" and "fiat trading rate," among others. See the Huobi website for more information on fees. A to illustration of Binance and Bitcoin seen in the Netherlands on January 4. Binance and other cryptocurrencies can be purchased using several cryptocurrency exchange platforms such as Binance and Kraken. to by Yuriko Nakao Getty Images BNB USDT price (Binance). Source: TradingView When Binance Futures rolled out, the exchange announced that futures platform revenue would be included in its BNB quarterly burn. These coins taken out of circulation will reflect a percentage of Binance’s earnings for the latest quarter of 2020. Despite being the absolute market leader on futures contracts, the ever-growing exchange launched this service fairly recently. Over the 16 months since inception, the platform has grown to a $4 billion open interest. This surpasses more established derivatives exchanges like OKEx, Huobi and BitMEX. Initially, Binance stated that it would repurchase the coins slated for destruction, but this policy changed in February 2019. Thus, the actual token burn process involves reducing the potential supply until it reaches the 100 billion goal. The latest BNB burning round occurred on Oct. 16, 2020, and it involved a total of 2.25 million BNB. Although its reported supply stands at 142.41 million, Messari calculates a 108.35 million liquid supply. This difference comes from coins currently restricted or vested, meaning they are not actually being traded. After launching staking and validation services in September 2020, Binance Smart Chain quickly started gaining traction. The network adds Ethereum compatible smart contracts capacity to the original Binance Chain. Shortly after launching, a host of decentralized applications started to emerge, totaling 60 projects and 600,000 unique smart chain addresses. Furthermore, 3 million BNB have been staked by network validators. To date, cross-chain assets to Binance Chain have surpassed $250 million, and a $100 million accelerator fund was created to attract decentralized finance applications. Binance Launchpad is also another positive factor that supports BNB’s value. The platform hosts Binance’s Initial Exchange Offering (IEO) and in 2020 six successful token sales occurred. BNB Twitter user activity vs. market capitalization (USD). Source: TheTie Data from TheTie, an alternative social analytics platform, shows that the recent price spike was accompanied by a sharp increase in Twitter user activity. Although this is not a fundamental factor, data shows that the more attention a token gets on social media, the easier it becomes to gather additional buying pressure. Many investors believe that token burns positively impact price as the supply is constricted and this supposedly incentivizes investors to hold their tokens rather than market sell them at each top. Interestingly, the latest burn had little to no impact on BNB price. This situation could indicate that the market is evolving to price in these events ahead of the announcement date. On the other hand, investors may have perceived a non-circulating token burn as a non-event. Therefore, those recently buying BNB with the expectation of a post-burn pump may be sorely disappointed. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegra Every investment and trading move involves risk. You should conduct your own research when making a decision.
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