How to buy Binance Coin (BNB) from New Zealand

By   |   Verified by David Boyd   |   Updated 9th September 2022

  • 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 New Zealand.

Not sure which exchange to use?

Where to buy Binance Coin

Swyftx

On Swyftx's website

Swyftx

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.
Easy Crypto

On Easy Crypto's website

Easy Crypto

Highlights

  • The first crypto broker in New Zealand to offer a 100% funds safety guarantee on every order.
  • Full custodial control over your crypto at all times.
  • Convert easily and quickly between cryptocurrencies.

Pros

  • Simple and easy-to-navigate interface.
  • There is a wide range of cryptocurrencies available.
  • Includes tracker which shows your portfolio's performance.

Cons

  • High transaction fees compared to other exchanges.
Gemini Exchange

On Gemini's website

Gemini Exchange

Highlights

  • Gemini Exchange makes it simple to research the crypto market, buy bitcoin and other cryptos, and build a portfolio for the future of money.
  • Set recurring buys and dynamic price alerts.
  • All crypto held online in Gemini's exchange wallet is insured and it uses the best-in-industry cold storage coverage with leading insurance providers.

Pros

  • Suitable for both beginner and advanced traders.
  • Supports multiple fiats and cryptocurrencies.
  • You can earn interest on your cryptocurrency balances.
  • Its mobile apps are highly rated.

Cons

  • The fee structure can be expensive for both small trades and higher volume trades.
Binance

Binance

Highlights

  • Zero-fee deposit via PayID / Osko.
  • Compatible with multiple devices.
  • Take advantage of low fees and attractive VIP programs.

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.

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 (NZD) into your account from a bank account, or debit or credit card. Depending on the exchange, you may be able to transfer funds using PayPal, Skrill, etc.

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

If 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.