Being heavily affiliated with the Binance Exchange — BNB, the native coin of the BNB Chain(previously known as Binance Smart Chain or “BSC” and famously known as Binance Coin), has been getting a lot of attention from investors and traders. Also, take note that you’re going to need some BNB if you want to trade on PancakeSwap.
But, what is the best and cheapest way to buy some BNB?
The answer.
While prices can vary by fractions of a dollar on multiple high-liquidity exchanges(Binance, KuCoin, etc), one of the cheapest ways is to buy on the FTX exchange.
Why? Simply because FTX provides one of the cheapest exchange fees, and the cheapest withdrawal fees compared to any exchange including Binance itself.
Exchange fees for regular users
Here are three of the exchanges that are available for most people internationally, with great reputations and good market liquidity.
| Exchange | Exchange fee | Withdrawal fee |
| Binance | 0.1% | 0.0005 |
| FTX | 0.02% – 0.07% | 0 |
| KuCoin | 0.1 | 0.001 |
As of today, FTX has the cheapest exchange rates and a zero withdrawal fee for almost all coins.
If you don’t have an FTX Exchange account yet, you can register using our link here to get another extra 5% fee discount.
The Rebrand: the Binance Smart Chain and the BNB Chain
Contrary to popular belief, the BNB blockchain platform is only partnered with the Binance exchange, not necessarily started by Binance themselves. But regardless — Binance and its CEO, ChangPeng Zhao (famously known as CZ) definitely has a huge influence over the platform. Just last year, Binance allocated $1 billion to the BNB chain team (previously known as BSC) to boost its development.
As for why the Binance Smart Chain (BSC) was renamed to BNB (Build and Build) Chain, it was apparently to disconnect the Binance brand away from the chain.
“The BNB ecosystem is bigger than Binance, and has transcended Binance in terms of its use cases.” — Samy Karim, BNB Chain ecosystem coordinator
The Block: https://www.theblockcrypto.com/linked/134257/binance-renames-bsc-bnb-blockchain-token
Should I buy BNB?
Though a huge majority of the tokens on the BNB platform are sort of “meme” coins, there’s no denying that the BNB chain is one of the most active blockchain platforms today; with PancakeSwap — BNB chain’s most used decentralized exchange(DEX), being one of the top 3 most active DEXs to date (mostly behind Ethereum’s Uniswap).
In the end, BNB being a “good” investment will totally depend on how you think the BNB chain will perform in the future. Will there be far more users and new platforms, and will they be sustainable? Will the BNB chain be outpaced by the likes of other alternative layer-1 platforms like Avalanche, Terra, and Solana? The answer is totally up to you, reader.
