Binance Coin

Written by Mike Druttman

Fact checked by Nick Zelver

Updated Mar, 2024

Binance Coin (BNB) is not just a cryptocurrency tied to the Binance exchange; it's a globally recognized asset with a growing presence. Interestingly, its trading isn't confined to Binance alone.

Here's the deal: Platforms like eToro have included BNB in their offerings, allowing for broader trading possibilities. In this guide, I'll delve into the nuances of investing in Binance Coin through eToro, sharing personal insights that could be beneficial for those interested in this dynamic asset.

Why I Prefer Trading Binance Coin on eToro

My experience with BNB on this broker has been enlightening, revealing several advantages:

• User-Friendly Interface: The platform is straightforward, making it accessible for both novices and experienced traders.
• Affordable Entry Point: With a minimum investment of just $10, it's easier to start trading without a hefty initial commitment.
• Crypto Transferability: The ability to move BNB to my eToro wallet offers flexibility in managing my assets.
• Copy Trading Feature: It allows me to emulate the strategies of successful Binance Coin traders, a unique way to learn and potentially enhance my returns.
• Leveraged Trading: This option enables me to engage in larger trades while committing less capital upfront. However, it's important to note that leverage limits vary based on your location. Also, using leverage means trading eToro crypto CFDs, not the actual cryptocurrency, which introduces different risk dynamics.

Exploring the Binance Coin Asset Page

When you navigate to the Binance Coin (BNB) crypto asset page on eToro, you'll find yourself in the 'Overview' section by default. This section is rich with various elements designed to provide a comprehensive look at the asset:

• Graph: This displays the asset's performance over time, including essential data like market cap, day's range, and 52-week range. Note that this is a basic graph, with a more detailed version available in another tab.
• About: Here, you'll find a brief description of Binance Coin, offering a quick understanding of the asset.
• Latest News: Stay updated with the most recent Binance Coin-related news, sourced from CityFALCON.
• People Also Bought: This section shows other popular assets that traders are investing in, offering insights into market trends.
• Copy Binance Coin Investors: Discover top-performing traders who are investing in BNB. You can easily copy their trading strategies by clicking the "Copy" button, which directs you to the copy trading interface.
• Discussions: Engage with the social investment network through posts and conversations about Binance Coin. The discussion feed allows you to filter by top discussions or view all conversations. Similar to social media platforms like Facebook and Twitter, you can like, comment, and share posts on your feed.

In my opinion, this crypto asset page on the platform provides a dynamic and interactive way to understand and engage with Binance Coin, catering to both new and experienced traders.

Essential Crypto Trading Tools You Can Use

My experience with trading BNB and other assets on this broker has been enhanced significantly by the platform's integrated trading tools. These tools are seamlessly embedded within the interface, eliminating the need to switch between different apps or screens.

Here are some of the key tools I found particularly useful:

• Chart: This is the advanced live chart for Binance Coin that offers extensive customization. You can adjust it to display price movements over various intervals, ranging from 1 minute to 1 week, making it versatile for different trading strategies.
• Analysis: This section provides consensus-based technical analysis from market experts. It includes a graph that aggregates buy, sell, and hold signals from widely-used technical indicators, offering a rapid overview of current market trends.
• Market Sentiment: This section provides a consensus-based technical analysis from market analysts. It features a graph showing aggregated buy, sell, and hold signals derived from popular technical indicators, giving a quick snapshot of the market's mood.
• Technical Indicators: Here, you'll find live previews of various signals. These are sophisticated calculations based on price and volume, commonly utilized in determining market trends and directions.
• Latest Research: This exclusive section is particularly valuable and is only accessible to registered and verified eToro users with a funded account. It offers in-depth research and insights, which can be a game changer in making informed trading decisions.

Purchasing Binance Coin on eToro

A common question often asked is "How do I buy Binance Coin on eToro?" The process is straightforward:

1. Search for Binance Coin: Locate the asset on the platform.
2. Initiate Trade: Click on the "Trade" button.
3. Set Investment Amount: Enter the amount you wish to invest.
4. Execute the Trade: Confirm and complete the transaction.

Keep in mind that by following these steps, you are actually purchasing the actual BNB token.

Trading BNB CFDs

CFD, or Contract for Difference, trading offers a compelling approach to engage with the crypto market. It allows you to speculate on the price movements of Binance Coin without owning the underlying asset. Profits or losses are determined by the price difference between when you enter and exit the trade. This method can yield a return on investment irrespective of market direction, provided the trade is managed effectively. However, note that CFD trading might not be available in all countries.

How to Trade BNB CFDs on eToro

The steps to invest on this crypto coin in the form of CFDs are also pretty straightforward:

1. Find Binance Coin: Search for the asset BNB on eToro.
2. Initiate a CFD Trade: Click "Trade" on the asset page.
3. Input Investment Amount: Specify how much you want to invest.
4. Set Trading Parameters: Adjust leverage, stop loss, and take profit settings according to your strategy.
5. Execute the Trade: Complete the process to start your CFD trade.

Leveraging CopyTrader for Binance Coin Investments

One standout feature that I've found particularly impressive is the CopyTrader function. This feature enables me to emulate the trades of seasoned crypto investors, offering a unique learning opportunity and a chance to potentially enhance my own trading results. Here's how I use it:

1. Use the Filter: I refine my search for top-performing traders using the filter options.
2. Select a Trader: After choosing a trader who specializes in BNB, I decide how much to invest in replicating their trades.
3. Start Copying: By hitting the "Copy" button, I initiate the automatic copying of their trading positions.

Endgame

As we wrap up, it's clear that eToro offers a multifaceted platform for investing in Binance Coin. Whether you're trading on the web-based platform or using their mobile app, the features and tips discussed here can greatly enhance your trading experience.

Remember to utilize these insights wisely in your crypto trading endeavors and enjoy the journey of exploring all that this broker has to offer!

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

This communication is intended for information and educational purposes only and should not be considered investment advice or investment recommendation. Past performance is not an indication of future results.

Copy Trading does not amount to investment advice.  The value of your investments may go up or down.  Your capital is at risk.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which hasbeen prepared by our partner utilizing publicly available non-entity specific information about eToro.