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Best Binance Coin Forex Brokers

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October 10, 2023

Trading Binance Coin (BNB)

BNB, or Binance Coin, is the cryptocurrency token or coin issued by Chinese crypto exchange Binance. BNB was created to both to finance Binance’s foundation and to be used by the exchange to give discounts to Binance’s customers who pay trading fees to the exchange as a form of loyalty program.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers for Trading Binance Coin

Here are the best forex brokers for trading binance coin.

  • eToro - 8.8/10 Overall
  • Swissquote - 8.8/10 Overall
  • Interactive Brokers - 9.9/10 Overall
  • OANDA - 8.5/10 Overall
  • MultiBank - 7.5/10 Overall
8.8/10 Overall
Minimum Deposit$10-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
8.8/10 Overall
Minimum Deposit$1000
Tier-1 Licenses5
Tradeable Symbols (Total)472

Swissquote delivers a balanced offering of easy-to-use proprietary trading platforms and popular third-party platforms like MetaTrader and TradingView. Swissquote also offers a staggering 3 million financial products. It’s worth noting that Swissquote's pricing is more expensive than what you'd find with low-cost forex brokers.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Interactive Brokers
9.9/10 Overall
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
8.5/10 Overall
Minimum Deposit$0
Tier-1 Licenses7
Tradeable Symbols (Total)1744 info

OANDA is a highly trusted broker that delivers strong market research and support for a range of third-party plug-ins and platforms (like MetaTrader 4 and the wildly popular TradingView). OANDA’s Trade desktop platform is good, not great, but the mobile version is easy to use and boasts a great balance of features.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes info
7.5/10 Overall
Minimum Deposit$50
Tier-1 Licenses3
Tradeable Symbols (Total)1042

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes

The BNB token was originally issued with a supply of 200 million. Its whitepaper states, however, that Binance intends to use 20% of its profits to repurchase and destroy BNB coins each quarter until half of the global BNB supply is gone. On June 11, 2019 Binance announced that it had completed its 8th quarterly BNB token burn, consisting of 808,888 BNB tokens (equivalent to approximately US $23.8million)

BNB presently trades primarily on the Binance exchange where it can be exchanged for other cryptocurrencies, although 28 other exchanges also currently allow trading in the increasingly popular cryptocurrency. In addition, BNB has some utility to users of Asia’s Uplive video platform who can redeem their BNB for a virtual gift.

BNB is currently Binance’s native coin and will remain involved in the planned decentralised Binance exchange project known as Binance DEX. Furthermore, BNB initially conformed to the ERC20 or Ethereum token standard. This consists of rules that any Ethereum token must implement, although it recently moved to its Binance’s own BEP2 standard.

Binance announced in April of 2019 that it had launched a new tailor made blockchain called Binance Chain to support BNB. Since BNB had previously run on the Ethereum blockchain, this move off process will reportedly include the destruction of old ERC20 tokens based on the Ethereum chain as new BEP2 tokens are created on the Binance Chain.

Please note, that buying and selling cryptocurrency, including BNB, is safer when going through a well-established exchange or a regulated online broker .

How to not get Scammed when Trading BNB

Anyone who plans to trade over the Internet should be aware of the most common scams to look out for. For example, it makes sense to be wary of firms that require a start-up fee to exchange BNB or who claim to be able to double asset overnight by trading. Such claims may sound good, but they are rarely valid.

Another common scam involves phishing on social media and email. This involves a scammer impersonating a well-known business brand to let them obtain access to cryptocurrency wallets. While this fraud is usually quite easy to detect, it seems sensible to avoid making financial arrangements using emails or other forms of direct messaging. Also watch out for fake cryptocurrency exchanges, scams involving cloud coin mining and unrealistic investment or account management programs.

As a classic example of issues that can arise when dealing through exchanges is Mt Gox. MT Gox. was one of the biggest bitcoin exchanges globally and the target of a theft of 850,000 bitcoins by hackers in 2014. Unfortunately, without a client fund protection program in place, most of the exchange’s customers have not yet gotten their money back.

If traders select a regulated broker to trade their BNB through, like AvaTrade for example, they typically have a better chance of recovering their investment should a problem arise. This is partly due to AvaTrade being part of a firm with a market capitalisation of roughly $17 billion. Additionally, the broker is also regulated in Ireland, having to conform to stringent EU regulations.

Another regulated broker for cryptocurrency trading that offers social trading services is eToro. Like AvaTrade, eToro is registered in the EU, and has to comply with Europe’s Markets and Financial Instruments Directive (MiFID) rules.

Trading BNB Through AvaTrade

Regulated online brokers like AvaTrade typically provide user-friendly interfaces with all the features traders usually need. One such trading platform supported by many online brokers for cryptocurrency trading is MetaTrader 4.

Traders of varying skills and experience can use this very popular platform available in desktop, web-based and iOS or Android app versions. MT4 also has a very customisable interface where traders can change chart types and colours to suit their taste. MT4 has a comprehensive set of advanced charting features allowing traders to analyse the market in detail before pulling the trigger on a trade right from the platform’s charts. Moreover, trading BNB through AvaTrade involves a simple sign up procedure and allows the traders to execute deals in thousands of other tradeable assets as well.

While trading BNB via AvaTrade is easy, all currency trades have risks associated with them. That is especially true of cryptocurrencies like BNB, where market valuation and volatility can rise and fall due to a number of fundamental factors.

Key Influences on Binance Coin

Most cryptocurrencies like BNB are dynamic, with their relative valuation compared to benchmark currencies like the U.S. dollar. All together the BNB market can be influenced by many factors.

First of all, cryptocurrencies like BNB tend to respond appropriately to supply and demand factors. This means that if a large seller comes into the market to make a transaction, then the price of BNB will generally decline. Also, attempts to officially regulate cryptocurrencies by governments can affect their price, especially if they impose restrictions on holding or spending tokens.

Another type of fundamental influence is when people need to store their wealth to avoid a local government access. A classic example of this is the Cyprus banking crisis in 2013 that promoted a significant rally in bitcoin.

Another factor that has made waves in the crypto market is if large companies decide to accept Binance Coin or other major cryptos like bitcoin in exchange for items of value, then the value of the tokens will typically rise relative to fiat currencies like the U.S. dollar.

Moreover, exchange hacks are also something of a risk for cryptocurrencies, and news of one will tend to depress their collective values. Although on the other hand, changes in technology can also have an impact on currency value, with things like the use of a more secure blockchain tending to boost the value of a cryptocurrency.

BNB (Binance Coin) Quick Facts:

Source: CoinMarketCap.

  • Date Ethereum Classic started: July 2017.
  • Daily volume of ETC exchanged (July 3, 2019): $230,624,368.
  • High closing price in U.S. dollars: $39.30 on June 22, 2019.
  • High closing price in bitcoins: 0.00464171 BTC on April 22, 2019.
  • Market Capitalisation (July 3, 2019): $4,590,965,872.
  • Estimated Circulating Supply: 141,175,490 BNB.
  • Total Supply: 189,175,490 BNB.
  • Top social trading broker to include BNB as a trading instrument: eToro.

Chart of BNB in U.S. dollars, as well as bitcoins (BTC), during its full trading period from July 2017 until July 3, 2019 including market cap and daily volume data. Source: CoinMarketCap.

Want to trade other cryptocurrencies?

Read more about the different brokers trading some of the world’s biggest and most exciting cryptocurrencies here: 2023 Overall Rankings

To recap, here are our top forex brokers for 2023 allowing you to trade cryptocurrencies, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
eToro logoeToro 8.8 $10-$10,000 1 info 90 3479 eToro Review
Swissquote logoSwissquote 8.8 $1000 N/A info 99 472 Swissquote Review 8.7 $20 info 0.67 info 87 3119 Review
Interactive Brokers logoInteractive Brokers 9.9 $0 0.63 info 99 8500 Interactive Brokers Review
Eightcap logoEightcap 7.5 $100 1.0 info 85 736 Eightcap Review
Saxo Bank logoSaxo Bank 9.7 0 0.9 info 99 70000 Saxo Bank Review
XTB logoXTB 9.1 $0 1.07 info 96 6010 XTB Group Review

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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

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