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You’ve probably been in one of these conversations, before. Someone who’s older, maybe a teacher or a family member, encourages you to start investing as soon as possible. It’s well-meaning advice.

On an academic level, you know that the younger you get started, the more you can allow the magic of compounding investment returns to work in your favor. You’re also committed to prioritizing your own financial health, and you feel inspired to work towards your own personal financial freedom.

Every new investor has to start somewhere, and there’s no better time than this year.

So, you’ve got the right idea, but you don’t have a playbook. No one taught you how to invest. You’ve heard of Roth IRAs and mutual funds, but how do you know that you’re doing the right thing?

Further, there are a lot of people with divergent opinions on the best way to invest. It’s hard to know where to go and who to listen to.

Much of learning to invest means learning to navigate the options and the conflicting advice and then distilling that down into a portfolio that makes the most sense for you and your goals.

Here are some suggestions for how to start investing in five easy steps.

1. Understanding the Options

While the universe of investment options sometimes feels limitless, it’s not. With knowledge of the core building blocks of investing, you’ll be better able to navigate the available options with ease.

Investors have a variety of options available to them, including: stocks, bonds, cash or money market funds, real estate, private equity, investment partnerships, and natural resources, like gold. These are assets, essentially, things that have economic value and can store wealth. Beginner investors may focus largely on stocks and maybe bonds.

Stocks

A stock represents a share of ownership in a company. Shareholders can make money in two ways: through the value of shares appreciating, and through dividend payouts. Although this is an oversimplification, the success of a stock will generally be correlated to the success of the underlying business. This is highly unpredictable, which leads to the volatile nature of stock prices overall.

Bonds

Bonds, on the other hand, are investments in the debt of a company or government. In this case, the bondholder is the lender, collecting a rate of interest on that debt. The terms of the contract are agreed upon at the outset. Therefore, they are typically less volatile as stocks, although they can lose value.

An investment portfolio generally includes a variety of assets, including both stocks and bonds, for diversification. The purpose of diversification is to minimize risk, especially over the long-term.

Exchange-Traded Funds (ETFs)

What about mutual funds and exchange-traded funds (ETFs)? Funds are pools of investments. It may be helpful to think of a fund as a basket that holds a bunch of investments, such as stocks, bonds, or real estate holdings. For example, an S&P 500 index mutual fund or ETF holds the 500 leading stocks in the US. Therefore, an investment in this fund is really an investment in the US stock market.

Funds are a popular and easy option for investors looking to get broad exposure to whichever market it is that you’d like to invest within. Depending on the fund, this could also be an affordable way to invest. It is a common misconception that you need to invest in individual stocks to be a good stock market investor.

2. Creating a Goals-Based Investment Plan

The decision on which asset class to be invested in, and in what proportions, is an important one. It is called asset allocation. Although it is tempting to dive right into trying to pick out the “best” stocks, it may be appropriate to first take a step back and ask whether stocks are appropriate given your goals.

The next logical question is this: How does one determine asset allocation? Start by determining what the goal or intended use of the money is. To determine your personal investment mix, conduct an examination of your financial goals, risk tolerance, and investment time horizon.

At its core, the asset allocation decision is one regarding your comfort level with the tradeoff between risk versus reward. In investing, risk and reward are intrinsically connected. In order to have the potential for more reward, you have to take more risk. Be leery of investment options that tout “all reward and no risk.” Unfortunately, such an investment may be too good to be true because risk is an inherent part of investing.

A couple of questions worth asking yourself are: What is my goal with this money? When do I need the money? Last, what kind of risk am I willing to take with this money? Then, take these answers and match them up with one or a handful of the available investment options.

It’s may be easier to wrap your noodle around when we consider two different examples of two investors:

Our first investor is saving up for a down payment on a home. They plan to use that money within one year. For them, the risk of losing any money in a potentially volatile investment outweighs the possibility of earning investment returns. Instead of investing, they decide to keep this money in cash, in a savings account.

Next, our second investor. They’re new to investing, with plans to begin investing in a retirement account. They want to focus on growth over the long-term. Because they have a long time horizon for their investments, they have the time to ride through any short-term volatility, so they are more comfortable with the risks of the stock market. They may build out a portfolio that is primarily invested in the stock market, and for diversification purposes, they may decide to include some exposure to bonds as well.

As you can probably tell, there’s no one “right” asset allocation for any one individual, nor is there a universal formula for determining asset allocation. Investors who are learning how to start investing may want to take some time thinking about what allocation makes the most sense for them.

3. Opening an Account

Here’s another common misconception about investing. A Roth IRA and a 401(k) are not investments. These are accounts, just as a brokerage account, that hold investments. Retirement accounts, such as a Roth IRA or 401k, simply have special tax treatment.

Which account you decide on depends on a few factors. First, what are you investing for?

If you are investing for the long-term, then a retirement account may be most appropriate. Retirement accounts can either be opened individually or through your employer. If your employer offers a plan, this could be a good place to start. (And yes, picking funds or a strategy within a 401(k) or 403(b) counts as investing.)

If you are self-employed or do not have a plan through work, you may want to open an individual retirement account. Some options include a traditional or Roth IRA, Solo or Individual 401(k), and SEP IRA.

Because these accounts come with some tax benefits, they also have their own special rules, like when you can withdraw money and limits on how much money can be contributed each year. To determine which type of account that makes the most sense for your personal situation, you may want to speak with a tax professional.

If you would prefer to invest with more flexibility, you may want to open a brokerage or other general-purpose investment account. Though those accounts do not have the tax benefits of a retirement account, they also don’t have restrictions on when the money can be accessed and no penalties for withdrawals before retirement age.

No matter which account type you choose, remember: this is just an account. After opening the account, it will be funded with cash, likely by hooking up an existing checking or savings account. Once the account is funded with cash, that money can be used to buy investments.

If you are opening your own investing account (as opposed to using your workplace retirement plan), you will have to choose a brokerage account or online investing platform. When choosing your account, it helps to pay attention to the fees charged by the platform. Investing costs can dig into your potential returns. SoFi knows that new investors don’t want to pay a bunch in fees just to get in the game. There are no commissions on the SoFi Invest® platform.

4. Deciding How Much to Invest

This may sound oversimplified, but start with whatever you’re comfortable with, knowing that this money will be subjected to some amount of risk. Generally, this should be money that you won’t need in the near-term. That said, one of the greatest features of investing in the modern era is that you can get started with any amount.

There are a few ways to look at this. The first is to consider where you’re at in your own financial journey. It is often recommended that people first work on saving up an emergency fund and paying off credit cards and high-interest debt. And if COVID-19 has taught us anything, it’s that having a firm financial foundation is incredibly important. If you have yet to build up a sufficient safety net or maintain expensive debt on your personal balance sheet, this could be a good place to focus.

It’s easy to get hung up on the “invest versus pay off debt” decision. Here’s a simple place to start: compare interest rates. On debt, it’s the interest rate that you’re paying. On investing, it’s on the interest that you could potentially earn. So for example, if you’re deciding between aggressively paying off a private student loan with a 12% rate of interest or investing at what you expect could be a 7% rate of return, perhaps this makes your decision for you.

That said, it’s not as if you have to be completely debt-free in order to start building wealth. Instead, take some personal inventory. If you feel like you’re missing out on achieving investment and compound returns, then perhaps you’ll want to make investing a priority. If you feel like you’re being weighed down by debt, then maybe you’ll want to give expedited debt pay-off your energy.

If you have arrived at a place of debt repayment that feels manageable, you may want to consider investing as a piece of your overall budget. (Ever hear someone say, “pay yourself first?” This is what they are referring to.) One popular budget, called the 50/30/20 budget, recommends allocating 20% of income towards saving and investing. If you’d like to reach a place of financial freedom sooner than this, then you may want to consider saving more, as a percentage of your overall income.

5. Selecting Investments

Now the fun part of learning how to invest; choosing the actual investments in a portfolio.

Hopefully, you’ve given some thought to which asset class you’d like to invest in. For example, stocks. Then, there are lots of different options to invest within the stock market: You could pick out individual stocks, or stock-based funds, whether mutual funds or ETFs.

With funds, it is possible to invest in categories of the stock market that are very broad, such as the entire global or US stock market, or that are narrower, such as technology stocks. Building simple portfolios of just two or three broad, diversified funds has been a popular method for investors. This is called “passive” or “set it and forget it” investing.

It is also possible to build a diversified portfolio with narrower funds or even individual stocks, but this may require substantial research and curation.

When purchasing funds, investigate whether they are actively managed or indexed. An index fund, as it sounds, mimics some index that measures the performance of the market. For example, a “total US stock market index fund” may be built against the Russell 3000 index, which measures the performance of all stocks in the US. The point is to return whatever the returns of the broader US stock market. Because there is no active manager, the management fee embedded within index funds tends to be lower than the fees on actively managed funds.

Investors opting to buy individual stocks, may want to consider businesses that they believe will produce some sort of future stream of income, either by an increase in the share value or through the dividend payment. Consider reviewing the following: a stock’s price-to-earnings ratio, industry competition, strength of balance sheet, the company research and development, and product pipeline. These factors can help investors determine the value of an investment.

New investors may want to consider buying stocks or ETFs on a platform that offers zero-cost trading, like active investing with SoFi Invest. Fees can eat away at the potential performance of an investment and act as a barrier to entry. Luckily, there are lots of low-cost options for new investors just getting started.

The last option is to use an automated investing service that buys funds for you. This may be an especially compelling option for new investors who want some help building out their first portfolio in a thoughtful, diversified, and goals-driven way. SoFi Invest also offers an automated investing platform.

Be proud of yourself for starting the journey. Invest in a strategy that makes sense for you, starting with any dollar amount.

SoFi Invest®
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SOIN20107

Despite the economic fallout and job loss from the pandemic, the number of US properties with foreclosure filings in February was 11,281, down 77% from last year, according to ATTOM Data Solutions . This is likely thanks to the COVID-19 foreclosure moratorium for federally guaranteed mortgages, which has been extended to June 30, 2021. (Note: President Joe Biden’s executive order also extended the mortgage payment forbearance enrollment window to June 30, 2021.)

While foreclosures were down for the month compared to last year, they were up compared to the previous month: specifically, foreclosures in February were up 16% compared to January. Read on for the top 30 states with foreclosures in February 2021—plus top counties within those states.

States with the Highest Foreclosure Rates: 1 -10

The top 10 states are not located in any one region. That said, the South had five states in the top 10: Delaware, Florida, Louisiana, South Carolina, and Georgia. The Northeast had none.

1. Utah

With a total 1,087,112 housing units, Utah’s foreclosure rate was 1 in every 3,883 homes in February. The 31st most populated state in the country, the state saw a total 280 foreclosure filings (default notices, scheduled auctions, and bank repossessions). The counties with the most foreclosures per housing unit were (in descending order): Utah, Ulintah, Beaver, Juab and Carbon.

2. Delaware

With a total 433,195 housing units, Delaware’s foreclosure rate was 1 in every 5,219 homes. Ranking 45th for population, the state had 83 foreclosure filings in February. The counties with the most foreclosures per housing unit were (in descending order): Kent, Sussex, and New Castle.

3. Florida

The third most populated state, Florida was also third for most foreclosures. Of its 9,448,159 homes, 1,516 went into foreclosure–making the state’s foreclosure rate 1 in every 6,232. The counties with the most foreclosures per housing unit were (in descending order): Highlands, Levy, Hendry, Madison and Taylor.

4. Illinois

With a total housing unit count of 5,360,315, Illinois had 846 homes go into foreclosure, resulting in the state’s foreclosure rate of 1 in every 6,336. The counties with the most foreclosures per housing unit were (in descending order): Power, Boundary, Fremont, Payette, and Bannock.

5. Louisiana

With the 25th largest population in the country, Louisiana’s foreclosure rate of 1 in every 7,923 homes put it in the number five spot. Of its total 2,059,918 housing units, 260 went into foreclosure. The counties with the most foreclosures per housing unit were (in descending order): Washington, West Baton Rouge, Caddo, Jackson, and Union.

Recommended: Tips on Buying a Foreclosed Home

6. Indiana

With a total 2,886,548 housing units in the state, Indiana’s foreclosure rate was 1 in every 7,930 homes. Ranked the 17th most populated, the state ranked 6th for foreclosures with a total 364 filings. The counties with the most foreclosures per housing unit were (in descending order): Vermillion, Clinton, Jasper, Fountain, and Huntington.

7. Ohio

Just like Florida, Ohio’s population ranking (7th) matches its foreclosure rate ranking. With 1 in every 8,310 households going into foreclosure, the state had 626 homes of a total 5,202,304 go into foreclosure. The counties with the most foreclosures per housing unit were (in descending order): Lake, Fairfield, Trumbull, Marion, and Cuyahoga.

8. South Carolina

With 1 in every 8,565 homes going into foreclosure, South Carolina was a close eighth to Ohio. Ranked 23rd for population, South Carolina has 2,286,826 housing units and saw 267 foreclosure filings. The counties with the most foreclosures per housing unit were (in descending order): Mccormick, Allendale, Fairfield, Darlington, and Bamberg.

9. Wyoming

Though it’s the least populated state in the country, Wyoming ranks 9th for foreclosures with 1 in every 8,651 homes. Of its 276,846 homes, 32 homes were foreclosed on. The counties with the most foreclosures per housing unit were (in descending order): Weston, Carbon, Uinta, Campbell, and Lincoln.

10. Georgia

Eighth for most populated state, Georgia was tenth for most foreclosures. It has 4,283,477 housing units, of which 472 went into foreclosure—making the state’s foreclosure rate 1 in every 9,075 households. The counties with the most foreclosures per housing unit were (in descending order): Berrien, Baker, Terrell, Oglethorpe, and Candler.

States with the Highest Foreclosure Rates: 11 – 20

With the next group of states, the trend of the South (North Carolina, Missouri, Oklahoma, Alabama, and Mississippi) dominating foreclosure rates continues. The Northeast appears with Maine and New Jersey and the West Coast debuts with California.

11. Maine

Ranked as the 9th least populated state, Maine saw a total 81 foreclosures in February. With a total 742,788 housing units, its foreclosure rate was 1 in every 9,170 homes. The counties with the most foreclosures per housing unit were (in descending order): Oxford, Penobscot, Franklin, Waldo, and Somerset.

12. California

The most populated state is only 12th for foreclosures. Of its 14,175,976 homes, 1,427 went into foreclosure, making for a foreclosure rate of 1 in every 9,934 homes. The counties with the most foreclosures per housing unit were (in descending order): Calaveras, Sutter, Trinity, Kern, and Butte.

13. North Carolina

The 9th most populated state has 4,627,089 homes, of which 462 homes went into foreclosure. That makes the state’s foreclosure rate 1 in every 10,015 homes. The counties with the most foreclosures per housing unit were (in descending order): Hyde, Anson, Lenoir, Onslow, and Bertie.

14. Missouri

Of Missouri’s 2,790,397 housing units, 265 homes went into foreclosure in February. The 18th most populated state’s foreclosure rate is 1 in every 10,530 households. The counties with the most foreclosures per housing unit were (in descending order): Moniteau, Pike, Montgomery, Greene, and Adair.

Recommended: What Is a Short Sale?

15. Iowa

The 30th most populated state, Iowa is 15th for most foreclosures. Of its 1,397,087 homes, 128 were foreclosed on. That puts the state’s foreclosure rate at 1 in every 10,915 households. The counties with the most foreclosures per housing unit were (in descending order): Guthrie, Wayne, Hamilton, Davis, and Adair.

16. Oklahoma

With 154 of its 1,731,632 homes going into foreclosure, Oklahoma’s foreclosure rate is 1 in every 11,244 households. In the 28th most populated state, the counties with the most foreclosures per housing unit were (in descending order): Roger Mills, Pawnee, Pontotoc, Muskogee, and Choctaw.

17. Alabama

Ranked 24th for most populated, Alabama was 17th for foreclosures. Of its 2,255,026 homes, 198 went into foreclosure, making for a foreclosure rate of 1 in every 11,389 homes. The counties with the most foreclosures per housing unit were (in descending order): Marshall, Jefferson, Coffee, Autauga, and Shelby.

18. New Jersey

New Jersey has a total of 3,616,614 housing units and 317 homes are in foreclosure. While it’s ranked 11th most populated state, its foreclosure rate of 1 in every 11,409 homes puts it in 18th place. The counties with the most foreclosures per housing unit were (in descending order): Salem, Atlantic, Sussex, Gloucester, and Cumberland.

19. Alaska

The third least populated state, Alaska has 314,670 homes, of which 26 went into foreclosure in February. That means its foreclosure rate is 1 in every 12,103 homes. The counties with the most foreclosures per housing unit were (in descending order): Matanuska-Susitna, Anchorage, Fairbanks North Star, Juneau, and Kenai Peninsula.

20. Mississippi

In the number 20 spot for most foreclosures,Mississippi ranks as 33rd for most populated–and has 1,322,808 homes. A total 107 went into foreclosure in February, making the state’s foreclosure rate 1 in every 12,363 households. The counties with the most foreclosures per housing unit were (in descending order): Scott, Simpson, Lawrence, Bolivar, and Pike.

States with the Highest Foreclosure Rates: 21 – 30

The remaining states (21 to 30) in our rankings of the highest foreclosure rates are mainly located in the Northeast: New Hampshire, Massachusetts, Connecticut, and Pennsylvania. The Midwest and Southwest were tied with two states each: Wisconsin and Nebraska and Texas and Arizona.

21. Connecticut

With housing units totaling 1,516,629, Connecticut saw 116 homes go into foreclosure. That puts the 29th most populated state in 21st place, with a foreclosure rate of 1 in every 13,074 homes. The counties with the most foreclosures per housing unit were (in descending order): Windham, Litchfield, Tolland, Hartford, and Middlesex.

22. Arizona

Though ranked as the 14th most populated state, Arizona’s total 228 foreclosures (out of 3,003,286 total housing units) puts it in 22nd place for most foreclosures. The state’s foreclosure rate is 1 in every 13,172 households. The counties with the most foreclosures per housing unit were (in descending order): Apache, Mohave, Pima, Santa Cruz, and Pinal.

23. Pennsylvania

With a total 5,693,314 housing units, Pennsylvania saw 421 homes go into foreclosure. That puts the foreclosure rate for the 5th most populated state at 1 in every 13,523 households. The counties with the most foreclosures per housing unit were (in descending order): Philadelphia, Lycoming, Cambria, Luzerne, and Wyoming.

24. Maryland

The 19th most populated state ranks 24th for foreclosures. Of its 2,448,422 housing units, 170 went into foreclosure, making for a foreclosure rate of 1 in every 14,402 homes. The counties with the most foreclosures per housing unit were (in descending order): Somerset, Allegany, Prince George’s County, Caroline, and Baltimore City.

25. Wisconsin

In Wisconsin, the 20th most populated state, there were 179 foreclosures (out of 2,694,527 housing units.) That puts its foreclosure rate at 1 in every 15,053 homes. The counties with the most foreclosures per housing unit were (in descending order): Florence, Ashland, Langlade, Vernon, and Grant.

26. Massachusetts

Ranked 15th for most populated, Massachusetts came in as 26th for foreclosures. With 2,897,259 housing units and 172 homes in foreclosure, the state’s foreclosure rate was 1 in every 16,845 households. The counties with the most foreclosures per housing unit were (in descending order): Hampden, Franklin, Berkshire, Worcester, and Barnstable.

Recommended: Home Buying 101: How Much House You Can Afford

27. Texas

The second most populated state was 27th for foreclosures. Of 10,937,026 homes, 636 went into foreclosure, making for a foreclosure rate of 1 in every 17,197 households. The counties with the most foreclosures per housing unit were (in descending order): Liberty, Atascosa, Franklin, Mills, and Mcculloch.

28. New Hampshire

New Hampshire’s total number of foreclosures was only in the double digits: 35. But in a state with the 10th smallest population (and 634,726 housing units), that number put it in the 28th spot for foreclosures, making for a foreclosure rate of 1 in every 18,135 households. The counties with the most foreclosures per housing unit were (in descending order): Cheshire, Sullivan, Merrimack, Belknap, and Strafford.

29. Nebraska

With 46 of a total 837,476 housing units in foreclosure, Nebraska’s total number is also in the double digits. But with a foreclosure rate of 1 in every 18,206 households, the 14th least populated state holds 29th for foreclosures.. The counties with the most foreclosures per housing unit were (in descending order): Cuming, Nemaha, Red Willow, Scotts Bluff, and Antelope.

30. Virginia

Last but not least, Virginia saw 192 homes go into foreclosure in February. That nabbed the 12th most populated state the 30th spot on our list. With 3,514,032 total housing units, the state’s foreclosure rate was 1 in every 18,302 households. The counties with the most foreclosures per housing unit were (in descending order): Emporia City, Norton City, Nottoway, King William, and Lancaster.

The Takeaway

Of the top 20 states with the highest foreclosure rates, half were in the South: Delaware, Florida, Louisiana, South Carolina, Georgia, North Carolina, Missouri, Oklahoma, Alabama, and Mississippi. Of the top 30 states, Florida had the most number of foreclosures (1,516) and Alaska had the least (26).

Looking to buy a home? SoFi offers competitive rates, exclusive member discounts, and guidance from mortgage loan officers and member specialists.

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SOMN21027

Binance (BNB) is a cryptocurrency token that was created to be used as a medium of exchange on Binance, one of the world’s largest cryptocurrency exchanges.

Traders who hold BNB tokens get discounts when using BNB to pay for trading fees on Binance. As of 2020, BNB users received a 6.25% rebate on trading fees. Binance Coin also serves as the native token for Binance’s decentralized exchange (DEX).

What Is Binance?

Binance is one of the world’s biggest cryptocurrency exchanges. Based in Malta, the exchange was founded in 2017 and follows all standard cryptocurrency regulations. Binance offers a variety of features, including:

•  Crypto-to-crypto trading of many different currency pairs (over 150)
•  Fiat-to-crypto trading
•  The ability to buy crypto with a credit card
•  Futures and leveraged trading for advanced traders
•  The option to choose between a basic interface for beginners or an advanced interface for experienced traders

Binance has one the highest liquidity of any crypto exchange in the world, according to data from CoinMarketCap. That means more crypto can trade hands on the exchange than anywhere else during a given period of time, making Binance a desirable place for day traders who thrive on liquid assets, which makes it easier and faster to execute trades. The exchange also has low fees, so users can make more trades for less cost.

Binance derives its name from a combination of the words “finance” and “binary.” The exchange claims to have high levels of security and is capable of processing about 1.4 million orders each second.

Eleven days before Binance went live, BNB was created through an initial coin offering. While the coin was first issued as an ERC-20 token running on the Ethereum network, these same coins were later swapped with BEP2 BNB coins in April 2019 when the Binance Chain mainnet launched (Binance’s own blockchain network). BNB can be used as “gas” payments–fees paid for computing power–to fuel transactions on the DEX.

Is Binance Coin Worth Buying?

This question might not have a single, objective answer. It depends on the individual. Someone who wants to use Binance’s decentralized exchange (DEX) might think BNB crypto is worth buying. The Binance DEX first went live in April 2019.

Traders who make a lot of trades on Binance on a regular basis might benefit from the discounts that BNB provides. They could wind up saving them a lot of money.

And finally, some cryptocurrency traders might speculate, as opposed to invest, that BNB has a promising future. These people might see BNB as a good coin to hold for some time, in hopes that the price will continue to rise. BNB crypto has risen over 34,000% since inception and over 41,000% since its all-time low.

What is Binance Coin Used For?

As far as different types of cryptocurrencies go, Binance Coin might be one of the most unique. As mentioned, BNB serves two main purposes:

•  To provide discounts to traders who use BNB on Binance, and
•  To function as “gas” for transactions on Binance’s decentralized exchange (DEX).

When someone places a trade on Binance, they are charged a 0.5% trading fee. This fee can either be paid in the form of the cryptocurrency being traded at the time or in the form of Binance Coin. When paid using BNB, a discount is applied.

Beyond that, altcoins like Binance Coin are also used for speculative purposes. Traders buy coins at a low price with the hopes of selling them later at a higher price to make a profit.

How to Buy BNB

Binance Coin can be purchased on the Binance crypto exchange. There are three primary trading pairs:

•  BNB/USDT (Binance-Tether stablecoin)
•  BNB/BTC (Binance-Bitcoin)
•  BNB/BUSD (Binance-U.S. dollar)

While BNB crypto was created by and for Binance, traders can buy BNB tokens on other exchanges as well. As of the time of writing, BNB can be traded on dozens of different exchanges.

Users who already hold some Bitcoin might find it easiest to deposit Bitcoin to an exchange that trades the BNB/BTC pair and then trade their bitcoin for BNB. Those who don’t hold Bitcoin could consider creating an account on Binance and funding it using either a stablecoin like Tether or U.S. dollars directly.

Binance Coin Price

At the time of writing, the BNB price was $40.39 or 0.001076 Bitcoin.

In July 2017, when the coin was first created, the price was closer to $0.10, with the all-time low being $0.096. The all-time high, as of January 2021, was $45.16, reached on Jan. 10, 2021.

BNB is currently ranked as the eleventh largest cryptocurrency, according to CoinMarketCap data, with a market cap of over $5.7 billion. The 24-hour trading volume on Jan. 14, 2021 was $548.3 million.

BNB crypto has a circulating supply of 142,406,561 BNB and a maximum supply of 174,152,673 coins.

Is Binance Better Than Coinbase?

Some users might compare Binance to other prominent exchanges, including Coinbase. The comparison is, however, largely subjective. For those new to crypto seeking ease-of-use and simplicity, Coinbase might be a good option. They allow for purchases and sales of many of the top cryptocurrencies.

Coinbase also has a cold storage, multi-signature feature called “vaults.” Vaults provide a more secure way to hold crypto for the long-term. To access funds held in a vault, a user must verify a withdrawal request from two different email addresses and wait through a 48-hour processing period.

On the other hand, for more active traders seeking a wider variety of tokens to choose from and higher liquidity, Binance could be preferable. At Binance, investors and traders also have the option to use a more advanced interface with detailed charts.

Is Crypto Safe On Binance?

The answer to this question depends on an individual’s definition of “safe” and how much money is in question.

Generally speaking, it might be safe to keep small amounts of crypto on a secure exchange like Binance for a short period of time. Binance boasts some of the strongest security in the industry. For larger balances to be held over longer time-frames, however, holding coins on any exchange is widely regarded as not being very secure.

Over the years, many exchanges have been hacked. This creates the most obvious security risk involved with “hot wallets,” or cryptocurrency wallets that are actively online at all times. Another risk that comes from exchanges is theft. Employees of the company could conspire to steal user funds and blame the event on outside malicious actors.

The Takeaway

Binance (BNB) coins were created to be used on the Binance cryptocurrency exchange. BNB users on BNB can get trading discounts. However, BNB has become more popular in recent years, experiencing a tremendous increase in price, and now, cryptocurrency traders and investors can find it on many other exchanges.

With SoFi Invest®, investors can buy cryptocurrencies like Bitcoin, Ethereum and Litecoin, while following the prices of others like XRP and BNB. They can also invest in stocks or exchange-traded funds (ETFs).