Binance is the biggest crypto exchange, and their native token, Binance Coin (BNB), is one of the largest coins by market cap. It can be used to reduce trading fees on Binance if you use it to pay your fees, making it incredibly popular among traders. Read this article to know where and how to buy Binance Coin(BNB) in Australia.
What is Binance Coin (BNB)?
Binance Coin (BNB) is the token issued by Binance, one of the major crypto exchanges by trading volume. The token has been among the top five cryptocurrencies by market capitalisation for some time.
The BNB token is intended to be the fuel that drives the Binance ecosystem. It serves as a token that pays transaction fees for all exchange-facilitated transactions.
Initially founded on Ethereum, BNB now runs on the BNB Chain, which is compatible with the Ethereum virtual machine (EVM). Combining Proof of Stake (PoS) and Proof of Authority (PoA), its consensus mechanism is “Proof of Staked Authority” (PoSA).
Binance uses a BNB repurchasing plan (known as “coinburn”) in which 20% of the firm’s profits are used to repurchase BNB tokens at the current market price and essentially “burn” them. This will continue until Binance has repurchased 50% of the 200 million BNB tokens in its initial supply, leaving 100 million BNB.
Where to Buy Binance Coin (BNB)?
Before choosing a cryptocurrency exchange to purchase BNB, you should determine if your country is supported and that the platform satisfies general security requirements. In addition, the crypto exchange must offer multiple options for purchasing, trading, and storing cryptocurrencies.
There are numerous cryptocurrency exchanges where you can buy BNB. Here are some of the best options:
CoinSpot – Best Exchange to Buy BNB in Australia
Since 2013, CoinSpot has offered trading in numerous cryptocurrencies. The platform supports over 380+ coins, including BTC, ETH, and MATIC, and has over 1M users in Australia and around the globe. In addition, OTC trading, crypto bundles, and live chat support are provided. Bank Transfer, OSKO, BPAY, POLI, PayID, cryptocurrencies, and cash are all accepted deposit methods. The crypto exchange features 2FA and industry best practices to prevent fraudulent attacks.
You can read our CoinSpot review for further details.
Binance – Best Crypto Platform for Coin Diversity
Binance is the world’s largest cryptocurrency exchange, with over 30 million customers trading 350+ cryptocurrencies. The platform provides markets for staking, crypto loans, and derivatives such as futures and options. All crypto spot transactions have a 0.1% trading charge, except for Bitcoin, which has no trading fees. Holders of Binance coin (BNB) receive a 25% discount on all trading fees, and there are no fees for deposits or withdrawals, but fees vary depending on the cryptocurrency.
You can read our Binance review for further details.
eToro – Reliable Crypto Exchange to Buy Binance Coin
Since 2007, eToro has provided trading services for equities, commodities, CFDs, and cryptocurrencies. The platform supports over 80 cryptocurrencies, such as BTC, ETH, MATIC and DOT. Innovative features, such as replica trading and demo trading accounts, are provided for traders of all types. Users of eToro can make fee-free deposits and benefit from reduced operational burdens.
You can read our eToro review for further details.
Swyftx – Popular Crypto Exchange Platform to BNB
Swyftx was founded in 2017 and currently supports over 270+ cryptocurrencies. It provides biometric authentication, 2FA, and security penetration testing. Users can access the platform via user-friendly and intuitive desktop or mobile apps. Trading fees are relatively low at approximately 0.6% per transaction, and debit or credit cards are not charged for deposits or withdrawals.
You can read our Swyftx review for further details.
KuCoin – Best Social Trading Exchange for Novices
KuCoin is a social trading platform with over 20 million investors in over two hundred countries. KuCoin offers trading in over 700 alternative cryptocurrencies and rewards new users up to $500. The platform offers staking services, an NFT marketplace, and margin trading. Trading fees are levied at 0.1% for trading volumes below 50 BTC in 30 days. If you pay fees in KCS or store more than 1,000 KCS in your account, you are eligible for discounts.
You can read our KuCoin review for further details.
How to buy Binance Coin (BNB) in Australia
Select a crypto exchange
To buy Binance Coin (BNB) in Australia, select a reputable and secure crypto exchange platform that meets your requirements.
Our review of the best crypto exchanges may help you determine which exchange is best for purchasing BNB (Binance Coin). If you plan to acquire and sell BNB on your mobile device, this article on the best crypto apps in Australia may be helpful.
In this instruction to purchase BNB, we will use screenshots from CoinSpot, the best crypto exchange in Australia with security and great features.
Create an account
Visit https://coinspot.com.au/ and click the “Register” icon in the upper right of the homepage. You will find a page similar to the one shown below, where you need to input your email address, select a password, check the box to verify that you are not a robot, and click Create Account.
Once your CoinSpot account has been created, the next step is verification. Click “Complete Verification” and follow the on-screen instructions. You must validate your email address, fill out your personal information, and authenticate your driver’s license. After these procedures, your verification may take some time to complete.
Fund your account
After verification, you can deposit Australian dollars into your CoinSpot account. Under the CoinSpot logo in the top-left corner, you will find the “Deposit Funds” option. Click on the “Deposit Funds” button under the CoinSpot logo in the top-left corner, and you will see a page similar to the one displayed below.
There are various deposit options, and you can choose the one that best suits your needs. Most users enjoy using POLi because it is instant, convenient, and free. Select the amount and your bank to deposit, and then click “Continue to POLi” to complete the transaction.
Buy Binance Coin
Once your funds have been deposited into your CoinSpot account, select “Buy/Sell” in the menu at the top, then search for BNB, and then select “Buy BNB.”
The price of one coin will be displayed in the centre of the screen on the purchase screen. Select the AUD amount you want to spend on BNB, then select the “Buy” icon.
A pop-up will appear displaying the number of coins you will receive, the price per coin, the fee, and the total amount you will pay. Check the transaction details and select “Confirm Buy” to conclude the purchase. You have now acquired BNB
Store your BNB
After you have bought BNB on a crypto exchange, it will be sent to your BNB Coin wallet address on this exchange. You can leave BNB on the platform or send your BNB to your wallet (either a hot wallet app or a hardware cold wallet) to store it more safely.
Ensure that the wallet you’re sending BNB to supports BNB. For instance, some wallets are only compatible with Bitcoin; if you transmit your BNB there, it will be lost forever! The crypto exchange you use may charge a fee for transferring BNB to your wallet.
BNB Price Prediction: Is It a Good Investment?
Binance Coin launched with 200 million tokens; its circulating quantity is just below 160 million BNB coins, while its maximum supply is 200 million.
The token sold for $0.15 during the ICO now sells for $334.92. Its price fell 51% from its all-time high of $690.93 on May 10, 2021. BNB has recovered 64% from June 2022, trading at $196.96.
On October 6, 2022, a hacker stole $110 million from the BNB Chain, so the chain momentarily stopped deposits and withdrawals. The issue was quickly addressed and managed, preventing the chain from collapsing. The attack raised worries about network centralisation.
Crypto-risk-monitoring firm Solidus Labs determined that 12% of BEP-20 tokens are frauds. These tokens are in the BNB ecosystem. Therefore spillover effects may affect the BNB token.
On October 31, 2022, BNB momentarily breached $330. If the price stays over $330 for a while, it might climb to $380.
Frequently Asked Questions
Is buying BNB in Australia safe?
Yes, if you use one of the top crypto exchanges in Australia, it is secure to buy, sell, and trade BNB. All of the best crypto exchanges (such as CoinSpot) feature multi-layered security and are registered with AUSTRAC, allowing you to trade with peace of mind.
How to buy BNB with PayPal?
Unfortunately, some Australian cryptocurrency exchanges do not accept PayPal as a deposit method. CoinSpot accepts bank transfers, POLi, PayID, BPAY, and cash deposits. Meanwhile, eToro Australia accepts PayPal if you cannot use any other payment method and only have access to PayPal. For further information, read this review of eToro Australia.
How to buy BNB with credit card/debit?
Swyftx is one of the few crypto exchanges in Australia that accepts credit card payments. After registering with Swyftx, you can buy BNB with a credit card.
How do I buy BNB instantly?
If you want to buy BNB without first depositing funds, you can do so on the Easy Crypto Australia exchange in Australia. You can pay directly from your bank account, and your tokens are sent directly to your wallet. You are not required to deposit funds into an exchange beforehand; your cryptocurrency is never stored on their platform. You always retain complete control over your fiat and cryptocurrency assets.
Is it legal to hold Binance (BNB)?
Yes. It is legal in Australia to hold Binance (BNB) tokens. The Binance exchange is regulated in Australia under the name Binance PTY LTD (ABN 20 634 729 285) and is authorised to operate in the country. Investing in Binance (BNB) tokens would be the same as investing in traditional equities such as Facebook or Tesla, meaning capital gains taxes would apply.
Final Thoughts
To buy Binance Coin (BNB) in Australia, start by considering their features, fees, security, and reputation to detect the most suitable one for your needs. It’s worth noting that investing in BNB is part of a larger strategy, and if you have any concerns, consult a financial advisor. After purchasing BNB, you can retain the cryptocurrency on the exchange or transfer it to your wallet, depending on our short-term and long-term goals.
