How to buy Binance Coin (BNB) from Australia

By   |   Verified by David Boyd   |   Updated 29th August 2022

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Price (AUD)

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  • Binance Coin can be bought on many crypto exchanges, not just Binance.
  • Use BNB to pay transaction fees on Binance.
  • Developers use the Binance Smart Chain to deploy applications.

The rise of Binance has been nothing short of extraordinary, thanks partly to the introduction of the Binance Smart Chain and Binance Coin.

If all that has you excited about getting in on the Binance ecosystem, here's everything you need to know about buying Binance Coin from Australia.

Not sure which exchange to use?

Where to buy Binance Coin

eToro Crypto

On eToro's website

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

Highlights

  • Access thousands of assets across multiple categories.
  • Copy trades of popular investors that trade Crypto.
  • Access powerful analysis tools and innovative social features.

Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
Binance

On Binance's website

Highlights

  • World's largest crypto exchanges.
  • Buy, sell, trade, stake 1,000's of crypto coins and trading pairs.
  • Zero-fee deposit via PayID or Osko from Australia.

Pros

  • It has some of the lowest trading fees out there. 0.1% for spot trading and 0.5% for instant buy or sell fees.
  • Credit card or debit card deposits are accepted.
  • Provides charting and trading tools suitable for advanced crypto traders.

Cons

  • The platform UI can be complicated to learn for new investors.
Swyftx

On Swyftx's website

Highlights

  • Receive $10 worth of BTC when you sign up and verify your account.
  • Trade over 260 assets on Swyftx including Bitcoin, Ethereum, Ripple and Litecoin as well as DeFi coins such as UniCoin.
  • Deposit or withdraw funds from your account using several payment methods (PayID, OSKI, POLi or bank transfers).
  • New to Crypto? Try Swyftx's demo mode, it allows you to mock trade with no financial risk while you learn the ropes of crypto trading.

Pros

  • Trade more than 300 crypto assets through the Swyftx platform.
  • Offers tight spreads and low trading fees.
  • Get support within 5 minutes through their live chat.
  • Practice trading with a demo mode.

Cons

  • Lacks access to advanced trading markets.
CoinSpot

On CoinSpot's website

Highlights

  • Buy Bitcoin, Ethereum, XRP and over 370 other digital currencies.
  • Refer a friend and earn $10 BTC.
  • Get 24/7 helpdesk support.

Pros

  • Trade for only 0.1% and withdraw in AUD for free.
  • Multiple deposit options.
  • Access CoinSpot NFT Marketplace.
  • CoinSpot is regulated by AUSTRAC and is ISO certified

Cons

  • Margin trading is not available.
Digital Surge

On Digital Surge's website

Highlights

  • Trade 270+ crypto assets in a clean design that's easy and fast to use.
  • Live chat support available 7 days a week with average response times of less than 1 minute.
  • Invest in crypto for your SMSF and get ATO compliant reporting.

Pros

  • Quick sign-up and verification process.
  • Fees are low and the fee structure is clear.
  • Has an Australian-based support team.

Cons

  • For fiat deposits, AUD is the sole choice.

First time buying?

How to to buy Binance Coin

Step 1: Choose an exchange that sells Binance Coin

BNB is available on numerous cryptocurrency exchanges. Even though it is most associated with Binance, it can be traded on many popular crypto exchanges.

An exchange is the simplest way to purchase cryptocurrency. When comparing your options, make sure to be aware of the transaction cost — both maker and taker fees — and whether there are fees associated with depositing fiat currencies, how orders can be configured, etc.

Since securing your assets is of utmost importance, look for features such as 2FA account protection and cold storage for crypto assets. At Finty, we only list reputable exchanges.

Step 2: Get verified

After signing up for an account, you will need to give personal details such as your name, phone number and email address, among other information.

You'll have to verify your identity for tax reasons. This usually means presenting an acceptable form of government-issued photo ID. The verification process takes a few minutes, but once your identity has been confirmed, you'll be able to begin trading.

Step 3: Set a budget

Only invest money you can afford to lose. This is particularly relevant since cryptocurrencies can be a highly volatile investment.

Step 4: Fund your account

Transfer funds (AUD) into your account from a bank account, or debit or credit card. Depending on the exchange, you may be able to transfer funds using Osko, PayPal, and POLi.

If you're using debit or credit cards for transferring funds, it’s likely that you will be charged a transaction fee.

It you already have crypto, you can usually fund your account by sending crypto to the exchange’s wallet and trading it for BNB.

Step 5: Buy Binance Coin

Market orders are an ideal option to purchase BNB in the shortest time frame, but only if you are not worried about the cost of slippage. Most exchanges allow you to create orders that are triggered automatically under given circumstances, i.e. when BNB reaches a particular price you are willing to pay.

Many exchanges allow you to make automated recurring purchases at specific intervals, e.g. once every week or once a month. This can help to average the cost of BNB over a period of time.

After you buy

Where to store your Binance Coin

You can keep your BNB tokens in the wallet at the exchange where you bought them, which is the most convenient option. If you want, you can transfer them to an account on another exchange in the future. Remember that hot wallets are linked to the internet. This makes them more susceptible to loss through hacking and malware on your device.

Hardware wallets, in contrast, are not connected to the Internet. They are the safer option, but there are drawbacks. If you forget or lose your key, you won’t be able to access your crypto. Also, it can be inconvenient if you want to trade frequently.