In This article will show you the steps to purchase Binance Coin (BNB) within the Philippines. With the aid of the locally available payment systems, Binance and PDAX BNB can be purchased easily and safely.
Moreover, we offer advice on how to secure your investment. This guide aims to help beginners and even experienced users to navigate BNB with ease and confidence.
What is Binance Coin?
The Binance cryptocurrency exchange launched Binance Coin (BNB) back in 2017 to be the native digital asset of its growing ecosystem. Initially intended as a means of reducing trading fees on Binance, it currently enables myriad functionalities within the O2O ecosystem, including powering Binance Smart Chain (BSC).
BNB is widely accepted for paying transaction fees, staking, settlement of goods and services, as well as taking part in token sale events on the Binance Launchpad. BNB exists as an ERC-20 token on Ethereum and BEP-2/BEP-20 tokens on Binance’s blockchains.
Its prominence is tied to Binance being one of the largest crypto exchanges in the world and the utility of BNB in DeFi, NFTs, and payment interfaces. The coin is subject to periodic supply cuts or ” burns“, which over time increases the value of BNB.
How To Buy Binance Coin (BNB) In The Philippines
Step 1: Setting Up Your Account
- Navigate to Binance.com and create an account with either your phone number or email.
- Submit a screenshot of an official government ID and other documents verifying address. This is necessary to complete the Account Know Your Customer (KYC) verification.
Step 2: Making A Deposit
- Once logged in, click on the “Wallet” option then Fiat and Spot.
- Click on Deposit and choose the preferred currency you want to deposit in (Philippine Peso – PHP).
- Fund your account through local payment methods which include bank transfer (InstaPay, PESONet) or eWallets like GCash and Maya.
Step 3: Purchasing Binance Coin (BNB)
- Go to the Buy Crypto section and select BNB.
- Enter the quantity of PHP you wish to spend or the amount of BNB you would like to purchase.
- Binance will immediately turn your money into BNB after you select your payment option.
Step 4: Protecting Your BNB
- Your Binance wallet will hold the BNB, and it will be visible there after the purchase.
- If you want added protection, you may want to move your BNB to a more secure wallet like Trust Wallet or even a hardware wallet.
Why BNB is Popular In The Philippines
Binance Coin (BNB) is extremely popular in the Philippines for a number of reasons. First of all, Binance is a reputable crypto exchange which offers easy access to BNB.
BNB also has practical applications like paying lower trading fees on Binance, participating in token sales on Binance Launchpad, and using it within Binance Smart Chain for decentralized applications (dapps) and NFTs.
Furthermore, Philippines’ growing adoption of cryptocurrency coupled with the increasing penetration of smartphones and the Internet makes BNB a useful and convenient digital asset.
Finally, the Filipinos also benefit from Binance’s localized services such as P2P trading that accept domestic payment methods like GCash, Maya, and bank transfers, and make the buying and usage of BNB effortless.
Recommended Platforms That offer BNB and Are Accessible To Filipino
1.Coins.ph
Another option is Coins.ph, a digital wallet and exchange that allows users to buy, sell, and store cryptocurrencies like BNB. Coins.ph integrates with local payment options such as GCash, bank transfers, and cash-in locations like 7-Eleven and Cebuana Lhuillier, allowing easy access without requiring a formal bank account.
In addition to these services, Coins.ph also facilitates mobile top-ups and other bill payments, further adding to its versatility as a financial app.
Coins.ph offers limited selection of cryptocurrencies compared to Binance but is considerably more convenient for Filipinos needing straightforward access to BNB.
2.PDAX (Philippine Digital Asset Exchange)
As a fully licensed Philippine-based cryptocurrency exchange, PDAX is tailored specifically for locals. Users can securely purchase and sell BNB and other cryptocurrencies with Philippine Peso on their platform.
PDAX enables bank deposits and transfers through PESONet and InstaPay, along with cash-in, making account funding easier for Filipinos.
As a local exchange, PDAX ensures compliance with Philippine laws and focuses on user protection and transparency. Their mobile application is quite popular with Filipinos especially for those looking for a safe and regulated platform to buy BNB.
3.Trust Wallet
Trust Wallet is a mobile cryptocurrency wallet that is officially supported by Binance. In addition to being a wallet, users can also purchase BNB and other cryptocurrencies through integrated third-party vendors.
Credit and debit cards as well as other payment methods regionally available can be used by Filipinos to fund their purchases. Trust Wallet is secure for holding BNB since it supports BEP-2 and BEP-20 tokens, provides complete control over private keys, and hence, guarantees security.
It is suitable for people looking to purchase BNB and immediately utilizing it in DeFi applications or NFT marketplaces on the Binance Smart Chain.
4.Crypto.com
Crypto.com is one of the most accessible all-in-one crypto platforms on the market. It allows for the buying, selling, and even staking of cryptocurrencies such as BNB.
In terms of account funding, it supports deposits in Philippine Pesos through bank transfer and credit cards which is a plus for Filipino users.
Users of its app can enjoy competitive fees, cash back on spending with their cards, crypto rewards, and an easy-to-navigate system. Moreover, it offers instant spending with a prepaid Visa card linked to the user’s crypto balance, thus bolstering everyday spending.
Pros And Cons
| Pros | Cons |
|---|---|
| Wide availability: Multiple platforms like Binance, PDAX, and Coins.ph support BNB purchases. | Regulatory risks: Crypto regulations in the Philippines can evolve, potentially affecting access. |
| Local payment options: Support for bank transfers, GCash, Maya, and over-the-counter cash deposits. | Volatility: BNB’s price can fluctuate rapidly, posing investment risks. |
| User-friendly apps: Many platforms offer mobile apps optimized for Filipino users. | Scams and frauds: Risk of phishing or fraudulent sellers, especially in P2P trades without escrow. |
| Low fees: Binance and some local exchanges offer competitive trading and deposit fees. | KYC requirements: Users must provide personal information, which can be a barrier for privacy-conscious individuals. |
| Fast transactions: Instant or near-instant purchase options available, especially via P2P. | Technical knowledge: Beginners may find crypto buying and wallet management confusing. |
| Access to Binance ecosystem: BNB can be used for trading discounts, DeFi, NFTs, and token sales. | Limited physical infrastructure: Crypto ATMs or physical outlets for crypto purchase are scarce in the Philippines. |
Conclusion
In conclusion It’s straightforward and convenient to buy Binance Coins (BNB) within the Philippines through reputable exchanges such as Binance and PDAX, which support various local payment methods.
Prioritize security by using reputable exchanges, completing KYC procedures, and securely storing your BNB. Whether for trading or DeFi, BNB brings significant value—simply remember to begin modestly and keep learning about the ever-changing world of cryptocurrency.
