- Binance USD (BUSD) is the native stablecoin in the Binance ecosystem pegged 1:1 to the US Dollar, well regulated and audited monthly.
- BUSD is used on the Binance platform to pay zero transaction fees when its used in a trading pair.
- The BUSD stablecoin is be used widely for staking on many crypto exchanges and DeFi apps – not just Binance.
The rise of the Binance USD stablecoin has been exponential since its introduction in 2019, rocketing it into position to rival the more established Tether (USDT) and USDC stablecoins.
Here's a few helpful pointers to help you buy Binance USD from Australia.
Not sure which exchange to use?
Where to buy Binance Coin
Ready to buy digital US Dollars backed 1:1 for fiat USD?
How to buy Binance USD
Step 1: Go to Binance or another exchange that sells Binance USD
Even though BUSD is the native stablecoin to Binance, it can be traded on many popular crypto exchanges and DeFi apps.
The Binance 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 wallets for crypto assets.
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
Even BUSD is a stablecoin, only invest money you can afford to lose especially when you pair it up with more volatile coins and token for the purpose of staking or lending.
Step 4: Fund your account
Transfer your Australian money (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 small 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 BUSD.
Step 5: Buy Binance USD
Market orders are an ideal option to purchase BUSD in the shortest time frame, but only if you are not worried about the cost of slippage.
After you buy
Where to store your Binance Coin
You can keep your BUSD tokens in the "hot wallet" at the exchange where you bought them, which is the most convenient option.
However, 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.
In contrast, hardware wallets such as Ledger, Trust Wallet, or Trezor, are not connected to the Internet. They are the safer option especially if you hold a large amount of crypto, 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.