How to Buy Binance Coin (BNB) in South Africa
What is BNB?
BNB, previously known as Binance Coin, is a cryptocurrency created and issued by Binance. Originally launched in July 2017 as an ERC-20 token on the Ethereum blockchain, BNB was later migrated to the BNB Smart Chain (BSC) in February 2019, becoming the native coin of the Binance Chain.
BNB is widely used within the Binance ecosystem for trading fee discounts, participating in token sales on Binance Launchpad, and much more. Over the years, BNB has gained significant interest due to its utility and regular token burn events, which have contributed to its appreciation in value. Today, BNB is one of the top-10 cryptocurrencies by market capitalisation.
How to buy BNB in South Africa?
One of the most efficient ways to purchase BNB in South Africa is through VALR, Africa’s leading cryptocurrency exchange by trade volume. VALR supports deposits in South African Rands (ZAR), which can be used to buy BNB directly on the platform.
Here’s a step-by-step guide on how you can buy BNB in South Africa using VALR:
Step 1: Log into Your VALR Account
Start by signing into your VALR account through the website or the VALR app on your phone. If you don’t have a VALR account, you can create one here. The verification process is quick and straightforward, taking only a few minutes.
Step 2: Fund Your VALR Account with ZAR
Next, deposit ZAR into your VALR account. This can be done using a South African bank account or a credit/debit card.
For bank transfers:
Go to your ZAR Wallet and select "Deposit."
Choose the "Via EFT" method.
Select your bank and use the displayed VALR banking details along with your unique VR reference number to transfer Rands to your VALR account. Make sure to use your unique VR reference number as the beneficiary reference when making the transaction via your bank.
For credit/debit cards:
Select the "Deposit" menu after choosing "Wallet" and "ZAR" on the website or app.
Opt for the "Via Credit or Debit Card" option.
Enter your card details on the next page. Note that only 3D Secure-enabled cards are accepted, with a rolling 24-hour card limit of 10,000 ZAR.
Step 3: Buy BNB on VALR
Once your ZAR has been credited to your account (instantly for credit card payments and around 2 business days for EFT transfers), you can use your fiat balance to buy BNB in South Africa. There’s 2 ways in which you can purchase BNB on VALR:
1. Via Simple Buy/Sell:
Select "Buy/Sell" on the website or in the app, then pick BNB as the cryptocurrency you want to buy.
Choose ZAR as the currency to pay with, specify the amount of BNB you wish to purchase, and finalise the trade.
2. Via Pro Trading:
Select the "BNB/ZAR" Spot pair from the "Pro Trading" menu.
Pro Trading allows you to set custom order parameters, such as the type of order (Limit, Market, Stop-Limit), the Limit price, and the time in force.
After providing these details, as well as the amount of BNB to buy, click "Place Buy Order" to complete the transaction.
If you’re ready to buy BNB through VALR but don't have an account yet, sign up and get started in just a few minutes!
How much is 1 Binance Coin (BNB) in South African rands (ZAR)?
As of today, 1 Binance Coin (BNB) = 0000.00 South African Rand (ZAR).
Market data last updated: Sep 2, 2024, 10:26 AM (GMT)
Frequently Asked Questions
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BNB can be traded on multiple cryptocurrency exchanges, but one of the most convenient options in South Africa is through VALR. VALR offers BNB trading pairs such as BNB/ZAR, allowing you to buy or sell BNB directly with South African Rands.
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After purchasing BNB on VALR, you can store your BNB securely in your VALR wallet.
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Yes, there are fees for trading on VALR, including when buying BNB. The fees depend on whether you're using the Simple Buy/Sell option or Pro Trading. You can find more details about VALR's fee structure here.
Risk Disclosure
Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate.
VALR (Pty) Ltd is a licensed financial services provider (FSP #53308).
