How to buy Binance USD (BUSD) from Australia

By   |   Verified by David Boyd   |   Updated 27th September 2022

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  • 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

Binance Australia

On website

Highlights

  • Sign up on Binance Australia to get a 100 USDT cashback voucher. Terms and Conditions apply.
  • World's largest crypto exchanges.
  • Buy, sell, trade, and stake 1,000s 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.
eToro Crypto

On 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.
Swyftx

On website

Highlights

  • Receive $10 worth of BTC when you sign up and verify your account.
  • Trade over 300 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 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.

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.