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BNB is the native token of the Binance ecosystem and the BNB Chain blockchain. It has grown from an exchange utility token into a widely used cryptocurrency with multiple use cases. If you want to buy BNB in India, this guide covers the steps, costs, and risks involved.
What is BNB?
BNB was originally launched in 2017 as Binance Coin, the utility token of the Binance cryptocurrency exchange. Over time, its use expanded significantly.
Today, BNB:
- Powers the BNB Chain (formerly Binance Smart Chain), a blockchain used for DeFi and dApps
- Is used to pay fees on the Binance exchange at a discount
- Is used as gas for transactions on BNB Chain
- Powers various ecosystem products across the Binance platform
BNB Chain has become one of the most active blockchains for DeFi activity, making BNB an integral part of that ecosystem. BNB has a burning mechanism where tokens are periodically destroyed, reducing its total supply over time.
Is It Legal to Buy BNB in India?
Yes, buying BNB is legal in India. BNB is classified as a Virtual Digital Asset (VDA) under the Finance Act 2022.
- Gains from BNB are taxed at 30%
- A 1% TDS applies on qualifying transactions
- Losses cannot be offset against gains from other assets
Consult a qualified tax professional for advice specific to your situation. Tax rules are subject to change.
What You Need Before Buying BNB in India
FIU-IND Registered Exchange
Use an exchange registered with India’s Financial Intelligence Unit. ZebPay, India’s oldest crypto exchange, is FIU-IND registered and supports BNB trading with INR.
KYC Documents
PAN card, Aadhaar card, and selfie.
INR Funds
Deposit via UPI, NEFT, or IMPS.
How to Buy BNB on ZebPay: Step-by-Step
Step 1: Download the ZebPay App
Available on Android and iOS.
Step 2: Register and Complete KYC
Sign up and complete KYC verification online.
Step 3: Deposit INR
Add funds to your ZebPay wallet using UPI, NEFT, or IMPS.
Step 4: Search for BNB
In the Markets section, search for BNB or Binance Coin.
Step 5: Enter Your Amount and Buy
Input the INR amount or BNB quantity and confirm via Quick Trade.
Step 6: View Your Portfolio
Your BNB will be available in your portfolio after the transaction.
BNB Price in India
BNB’s price in INR is driven by its global USD price and the USD/INR rate. BNB is one of the top 5 cryptocurrencies by market cap and tends to correlate with broader crypto market movements. Its burn mechanism has historically been a positive price factor over the long term.
You can start buying BNB with as little as ₹100 on ZebPay.
What is BNB Used For?
Trading Fee Discounts: BNB holders can use it to pay trading fees on Binance at a discount.
BNB Chain Transactions: BNB is the gas token for all transactions on the BNB Smart Chain (BSC). Any DeFi activity on BSC requires BNB for gas.
DeFi Applications: BNB is used across hundreds of DeFi protocols built on BNB Chain.
Token Sales: BNB is used to participate in token launches on Binance’s Launchpad.
Risks of Buying BNB in India
Exchange Dependency: BNB’s value is closely linked to the Binance exchange ecosystem. Any significant issues at Binance could affect BNB’s price and utility.
Centralisation Concerns: BNB Chain’s validator set is considered relatively centralised compared to Ethereum or Bitcoin. This raises questions about censorship resistance.
Price Volatility: BNB is highly volatile and can drop significantly during crypto market downturns. Past performance does not guarantee future results.
Regulatory Risk: Binance has faced regulatory scrutiny in multiple jurisdictions. Changes in Binance’s regulatory status could impact BNB.
Always conduct your own research before investing.
Frequently Asked Questions About Buying BNB in India
What is the minimum investment for BNB on ZebPay?
You can start with ₹100. Always conduct your own research before investing.
Is BNB a good investment?
BNB is a top-10 cryptocurrency with strong ecosystem backing. However, it carries risks including exchange dependency and regulatory uncertainty. Past performance does not guarantee future results. This is not financial advice.
Do I pay tax on BNB gains in India?
Yes. BNB gains are taxed at 30%. A 1% TDS applies on qualifying transactions. Consult a qualified tax professional for your specific situation.
What network should I use when withdrawing BNB?
When withdrawing BNB to an external wallet, select the BNB Chain (BEP-20) or BNB Beacon Chain (BEP-2) based on your destination wallet’s supported networks. Always verify before transferring.
How is BNB different from ETH?
Both power their respective blockchain ecosystems as gas tokens. BNB powers BNB Chain, while ETH powers Ethereum. BNB transactions tend to be faster and cheaper but the network is considered more centralised.
Can I stake BNB on ZebPay?
Check ZebPay’s Earn section for available BNB staking or yield products. Always review terms and risks before participating.
How do I sell BNB on ZebPay?
Go to Portfolio, select BNB, and place a sell order to receive INR.
Final Thoughts
BNB is a well-established cryptocurrency with clear utility within the Binance ecosystem and BNB Chain. Buying BNB in India is simple through ZebPay. Complete KYC, deposit INR, and your order can be placed in minutes.
BNB carries unique risks around its ties to the Binance exchange. Invest with full awareness of these risks and only what you can afford to lose.
Get started today and join 6 million+ registered users exploring crypto investing on ZebPay!
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The information in this article is for educational purposes only and does not constitute financial or investment advice.
