Binance Coin (BNB) is a cryptocurrency made by the popular cryptocurrency exchange Binance. What many cryptocurrency investors don’t know is that it’s possible to buy BNB on MetaMask, and interact with decentralized applications on the BNB Chain using the wallet.
BNB uses its own set of technical standards: BEP-2, which is the original token for the Binance Chain, and BEP-20, specifically made for the decentralized BNB Chain (formerly Binance Smart Chain (BSC).
MetaMask, on the other hand, is one of the world’s most popular cryptocurrency wallets, designed for storing cryptocurrency coins, tokens, and NFTs, and also GameFi assets. It also allows users to access and explore dApps (decentralized applications) co-existing in the Web3 world.
Most people, however, associate MetaMask with Ethereum and forget about the wallet’s support for the BNB Chain, and that you can buy BNB with MetaMask.
How to Buy BNB Using MetaMask
The first step is to have MetaMask installed. It can be used on your desktop or on your mobile device. You can download it by visiting MetaMask’s official website or through the Chrome Web Store. Be careful with the download, as there are often forgeries out there trying to trick users. Only download from the official sources.
Here are the steps to follow once downloaded:
- Run MetaMask and click on Create Wallet.
- The app will provide you with a seed phrase, which works like a password that will give you access to your account, so you must store it somewhere safely (preferably off the internet).
- By default, MetaMask is set to the Ethereum blockchain. To change it, go to settings, and select the BNB network.
- Click on Approve to add the network, and you’re ready to go.
Once your MetaMask wallet is set accordingly, you can explore the dApps on the BNB ecosystem. But you need the BNB first to make purchases and pay for gas fees.
To buy BNB directly from MetaMask, you’ll have to use the third parties provided. In this case, we can use Transak, which supports credit/debit cards, bank transfers in 100+ countries, Apple Pay and MobiKwik. The second option is to use MoonPay, which supports credit/debit cards, Samsung Pay, and supports bank transfers in over 145 countries.
Let’s use Transak as an example. You’ll be redirected to a new page in which you’ll have to enter the amount of money to deposit and the payment method. Finally, check the fees, and click on Buy Now, and proceed with your payment method. Once done, the BNB will be deposited directly into your MetaMask wallet.
Other Ways to Transfer BNB to MetaMask
Unfortunately, Binance isn’t available in all jurisdictions worldwide. In the U.S. alone, there are a handful of states including Texas, Vermont, New York, and others in which Binance doesn’t operate due to regulatory hurdles.
However, we can use a different crypto exchange like Coinbase to buy BNB and other cryptocurrencies using credit cards, crypto transactions, PayPal, and other methods. The next step would be to transfer your BNB funds to your MetaMask wallet.
Also read: How to Transfer From Coinbase to MetaMask
To do so, go to your MetaMask wallet and copy the BNB address corresponding to your account. Paste the address into the exchange from which you are sending and click Send.
As you can see, it’s fairly easy to buy BNB directly from MetaMask. If your current location is not supported by Binance, there’s a workaround you can try by just using a different exchange and sending the funds to your BNB address from MetaMask. Overall, the steps are very simple:
- Install MetaMask and set up BNB Chain as your default network in Settings
- Click on Deposit and choose the available third parties
- Fill in the boxes and information needed to proceed with your purchase
- The BNB funds will be deposited into your account
Remember to keep your seed phrase stored somewhere safe, preferably offline, to avoid potential risks of hacks and other cyber-attacks.
Frequently Asked Questions
Is Binance Available Across the US?
While Binance is one of the leading exchanges globally, it’s not available for all US residents. Binance US is the regulated branch of the exchange, but it comes with limited capabilities and features.
What Happens if I Lose My Seed Phrase?
A seed phrase is a string of words generated by a wallet, specifically made for you. Losing your seed phrase means losing access to your account, and, therefore, your funds. No one else has access to the phrase, meaning the funds will be unrecoverable.
What is the Difference Between Binance Chain and BNB Chain?
Binance Chain is Binance’s centralized network that processes transactions, such as trades, swaps, p2p lending, etc, while BNB Chain is a decentralized blockchain with an ecosystem where DeFi protocols and developers can launch their projects/dApps