If you’re in the UK and interested in purchasing Binance Coin (BNB), you’ve come to the right place.
In this article, I’ll share with you my picks of the best platforms to buy Binance Coin and guide you through the process.
Table of Contents
Where to Buy Binance Coin UK?
Take a look at the list I’ve prepared below of the best places to buy Binance Coin in the UK.
I’ve chosen these platforms based on their user-friendly interfaces, accessibility, and security features.
1. eToro – Overall Best Place to Buy Binance Coin UK
CFD crypto is restricted for users under FCA (UK)
If you’re looking to buy Binance Coin in the UK, eToro is a great option for you. You’ll feel like you’re part of a bustling trading floor with their user-friendly platform.
eToro is a social trading and investment platform that allows users to buy, sell, and trade cryptocurrencies, including Binance Coin.
The platform is regulated by the Financial Conduct Authority (FCA) in the UK, which means that you can trust that your investments are secure.
One of the great features of eToro is its CopyTrader tool, which allows you to automatically copy the trades of other successful traders. This is a great way to learn from the best and potentially make more profitable trades.
Additionally, eToro has a wide range of payment options, including bank transfers, debit cards, and e-wallets, making it easy to deposit funds and start trading Binance Coin.
If you’re looking for a reliable, user-friendly platform to buy Binance Coin in the UK, eToro is definitely worth checking out.
Finally, it’s worth noting that as of 2023, eToro announced that they reached 30 million registered users worldwide.
On top of this, they have an ‘Excellent’ rating on Trustpilot (which is quite rare for crypto exchanges), with over 18,000 reviews.
Read my complete eToro review.
- Fees: Crypto trading fees are 1%.
- Supported Assets: 92 cryptocurrencies, stocks, indices, commodities, fiat currencies and ETFs.
- Regulation: FCA.
- Customer Support: 24/5 support via live chat, email and ticket system.
- GBP Deposit Methods: Bank Transfer, Debit Card, eToro Money, Skrill, Neteller, Rapid Transfer & Trustly.
2. Uphold
You’ll find Uphold to be a reliable and user-friendly platform for purchasing Binance Coin in the UK.
The platform offers a simple and straightforward way to buy Binance Coin using a wide range of payment methods, including bank transfers, debit/credit cards, and even cryptocurrencies.
This makes it easy for UK residents to get started with buying Binance Coin without any hassle.
One of the key features of Uphold is its competitive pricing model, which allows users to buy Binance Coin at some of the lowest fees in the industry.
The platform also offers a high level of security, with all transactions being processed through a secure payment gateway, and users’ personal information and funds being kept safe with multi-layered security measures.
Additionally, Uphold is an established and reputable platform, with a proven track record of providing reliable and efficient services to its users.
Overall, if you’re looking for a reliable and user-friendly platform to buy Binance Coin in the UK, Uphold is definitely worth considering.
Read my complete Uphold review.
- Fees: Deposits are free when funded by a bank account, debit/credit card, using Bitcoin, or from another Uphold account. Crypto trading fees range between 0.8% and 1.2%.
- Supported Assets: 250+ cryptos, shares, precious metals and fiat currencies.
- Regulation: FCA.
- Customer Support: 24/7 support via live chat and email.
- GBP Deposit Methods: Bank Transfer, Credit/Debit Card, SEPA, Google Pay & Apple Pay.
3. Coinbase
When using Coinbase, you’ll find that the platform offers a variety of features and tools that can help you manage your Binance Coin investments more effectively.
You can also set price alerts that notify you when Binance Coin reaches a certain price point, enabling you to make informed decisions about when to buy or sell.
In addition, Coinbase offers a secure platform for storing your Binance Coin.
The platform uses industry-leading security practices, such as two-factor authentication and cold storage, to protect your investments from hackers and other threats.
Moreover, Coinbase provides insurance for its users’ funds, adding an extra layer of protection to your Binance Coin holdings.
Overall, Coinbase is a reliable and user-friendly platform that can help you buy, sell, and store Binance Coin in the UK.
Read my complete Coinbase review.
- Fees: 0% – 3.99%. Varies by type of transaction; other fees may apply.
- Supported Assets: 200+ cryptos.
- Regulation: FCA.
- Customer Support: Live messaging support is available 24 hours a day, seven days a week (although it can be quite slow).
- GBP Deposit Methods: Bank Transfer, Faster Payments Transfer, SEPA, 3D Secure Card.
How to Buy Binance Coin UK
To buy Binance Coin (BNB) in the UK, follow these steps:
- Choose a reputable cryptocurrency exchange or platform that supports Binance Coin and operates in the UK.
- Sign up for an account on the selected platform and complete any necessary verification process.
- Deposit funds into your account. Most platforms offer various payment methods, including bank transfers and debit/credit cards.
- Find the Binance Coin trading pair on the platform. It is typically listed as BNB/GBP or BNB/BTC.
- Set the desired amount of Binance Coin you want to purchase and review the transaction details, including fees and exchange rates.
- Once you are satisfied, execute the buy order. BNB will be credited to your account on the platform.
- For enhanced security, consider transferring your Binance Coin to a personal wallet that supports BNB tokens.
Remember to stay informed about market trends, exercise caution when making investment decisions, and consider seeking advice from a financial professional if needed.
What Is Binance Coin?
Binance Coin (BNB) is a cryptocurrency native to the Binance exchange platform.
It serves various purposes within the Binance ecosystem.
BNB can be used to pay for trading fees, participate in token sales on Binance Launchpad, and access various features and services within the Binance platform.
Binance Coin operates on the Binance Chain and has gained popularity due to its utility, frequent use in the crypto space, and the growth of the Binance exchange.
How Does Binance Coin Work?
Binance Coin (BNB) operates as a utility token within the Binance ecosystem. Here’s how Binance Coin works:
- Token Utility: Binance Coin has multiple use cases within the Binance platform. It can be used to pay for trading fees, participate in token sales on Binance Launchpad, and access various services and features offered by Binance.
- Fee Discounts: BNB holders enjoy fee discounts when using Binance Coin to pay for trading fees on the Binance exchange. The discounts decrease over time, but BNB can still be used to reduce transaction costs.
- Binance Chain: Binance Coin initially operated as an ERC-20 token on the Ethereum blockchain but later transitioned to its native blockchain called Binance Chain. This migration allows for faster and more efficient transactions within the Binance ecosystem.
- Token Burns: Binance conducts periodic token burns where a portion of the BNB supply is permanently removed from circulation. These token burns help to increase the value and scarcity of Binance Coin over time.
- Utility Expansion: Binance has been expanding the utility of Binance Coin beyond its own platform. BNB is now accepted by various merchants and service providers, enabling users to make purchases and access additional services using Binance Coin.
Binance Coin’s functionality and growing adoption contribute to its relevance and value within the cryptocurrency ecosystem.
Commonly Asked Questions About Binance Coin
Is Binance Coin Safe?
Binance Coin (BNB) operates on the Binance exchange, which has established itself as one of the leading and reputable cryptocurrency exchanges.
While Binance has implemented various security measures to safeguard user funds, it’s important to note that no investment or platform is entirely risk-free.
As a user, it’s essential to take necessary precautions such as enabling two-factor authentication, using strong passwords, and keeping your account information secure.
Additionally, staying updated on the latest security practices and being vigilant against potential phishing or scam attempts is crucial.
Overall, Binance Coin can be considered relatively safe within the context of using it on the Binance exchange, but users should exercise their own due diligence and adopt best security practices to protect their assets.
What Makes Binance Coin Unique?
Binance Coin (BNB) stands out for its utility within the Binance ecosystem, providing fee discounts, access to token sales, and various services on the Binance platform.
Is Binance Coin legal in the UK?
Yes, Binance Coin and other cryptocurrencies are legal in the UK. The UK government recognises cryptocurrencies as property, and they are subject to existing laws and regulations.
The Financial Conduct Authority (FCA), the regulatory body responsible for overseeing financial activities in the UK, has implemented regulations to combat money laundering and ensure consumer protection in the cryptocurrency space.
Cryptocurrency exchanges and service providers in the UK must comply with these regulations, including Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
It’s important to note that the legal status and regulatory environment surrounding cryptocurrencies can vary from country to country.
While cryptocurrencies are legal in the UK, it’s advisable to stay updated on any changes in regulations and consult with legal and financial professionals for specific guidance related to your situation.
Can I Buy Binance Coin With GBP?
Yes, you can buy Binance Coin (BNB) with GBP (British Pound) on certain cryptocurrency exchanges and platforms that support BNB/GBP trading pairs.
Is Binance Coin a Good Investment?
Whether Binance Coin (BNB) or any other investment is considered good or not depends on various factors such as individual financial goals, risk tolerance, and market conditions.
It is always advisable to conduct thorough research, assess the potential risks and rewards, and consider consulting with a financial advisor before making any investment decisions.
What Is Binance Coin Trading?
Binance Coin trading refers to the buying and selling of Binance Coin (BNB) on various cryptocurrency exchanges or platforms.
Traders engage in Binance Coin trading to take advantage of price fluctuations and potentially generate profits.
It involves placing buy or sell orders for BNB tokens based on market conditions and individual trading strategies.
Traders may utilise technical analysis, market research, and other tools to inform their trading decisions.
Binance Coin trading provides an opportunity to speculate on the price movement of BNB and potentially benefit from market volatility.
What Happens After I Buy Binance Coin?
After you buy Binance Coin (BNB), the purchased tokens will be credited to your account on the platform where you made the purchase.
From there, you have several options:
- Holding: You can choose to hold onto your Binance Coin as an investment, anticipating potential price appreciation over time.
- Trading: If you are interested in active trading, you can participate in Binance Coin trading on various cryptocurrency exchanges. This involves buying and selling BNB tokens based on market conditions to potentially generate profits.
- Staking: Binance Coin offers staking opportunities, where you can lock up your BNB tokens to earn staking rewards. Staking contributes to network security and may provide additional income.
- Accessing Binance Services: Binance Coin can be used within the Binance platform to pay for trading fees, participate in token sales on Binance Launchpad, and access other services provided by Binance.
- Transferring: If you prefer, you can transfer your Binance Coin to a personal wallet that supports BNB tokens. This provides you with more control and security over your assets.
Remember to stay informed about market trends, practice proper security measures to protect your account, and consider your investment goals and risk tolerance when deciding on the appropriate course of action for your Binance Coin holdings.
Is Binance Coin Taxed in the UK?
Yes, Binance Coin and other cryptocurrencies are subject to taxation in the UK. The UK tax authority, HM Revenue & Customs (HMRC), treats cryptocurrencies like Binance Coin as taxable assets rather than currencies.
The tax treatment can vary depending on the specific activities involving Binance Coin, such as buying, selling, mining, or receiving it as payment.
Here are some key points to consider regarding Binance Cointaxation in the UK:
Capital Gains Tax: When you sell or dispose of Binance Coin, any capital gains made may be subject to Capital Gains Tax. The tax is calculated based on the difference between the acquisition cost and the disposal proceeds.
Income Tax: If you receive Binance Coin as payment for goods or services or receive mining rewards, it may be subject to Income Tax. The value of the Binance Coin received should be converted to the equivalent fiat currency value at the time of receipt for tax purposes.
Trading and Speculative Activity: If you are actively trading Binance Coin as a business or engaging in speculative activities, profits and losses from such activities may be subject to Income Tax or Corporation Tax.
Record-Keeping and Reporting: It’s important to maintain accurate records of Binance Coin transactions, including dates, values, and any associated costs. These records will be crucial for calculating tax liabilities and reporting them to HMRC.
Professional Advice: Due to the complex nature of cryptocurrency taxation, it’s advisable to consult with a qualified tax professional or accountant who is knowledgeable in cryptocurrencies to ensure compliance with tax regulations.
It’s important to note that tax laws and regulations are subject to change, and it’s recommended to stay updated with the latest guidance from HMRC or seek professional advice to understand your specific tax obligations related to Binance Coin in the UK.
Final Thoughts
In conclusion, for individuals in the UK seeking to purchase Binance Coin (BNB), finding the best place to buy is crucial.
By following the steps outlined in this article, you can confidently navigate the process of acquiring Binance Coin.
Considering factors such as platform reputation, user experience, security, and available features, you can select the optimal platform to meet your Binance Coin investment needs.
Start your journey into the world of Binance Coin with the best place to buy, and embark on your digital asset investment with confidence.
FAQs
What is the best app to buy Binance Coin in the UK?
eToro is the best app to buy Binance Coin in the UK.
What is the safest way to buy Binance Coin?
The safest way to buy Binance Coin is by using trusted and secure cryptocurrency exchanges or platforms.
Can I buy Binance Coin with a credit or debit card?
Yes, you can purchase Binance Coin (BNB) using a credit or debit card on certain platforms.
What’s the easiest way to buy Binance Coin?
The easiest way to buy Binance Coin is through user-friendly cryptocurrency exchanges or platforms.
What’s the cheapest way to buy Binance Coin?
The most cost-effective way to buy Binance Coin is by comparing fees and rates on different platforms. Exchanges like Uphold have low trading fees.
How to buy Binance Coin without fees?
To buy Binance Coin without fees, look for platforms that offer fee-free transactions or promotions, although this is quite rare.
