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Binance Coin (BNB) is the native crypto coin of the Binance exchange. Since its launch in 2017, the utility token become one of the world’s most traded digital assets.
BNB is supported at most Australian crypto exchanges, however, you may not be getting the best value for money. If you want to add BNB to your portfolio, then you can follow this step-by-step guide to buy it from a top crypto exchange in Australia.
What Is Binance Coin?
Binance Coin (BNB) is the native coin of the Binance Exchange. The coin was initially based on the Ethereum network but is now hosted on the Binance Smart Chain network. The Binance Smart Chain utilizes a Proof-of-Authority consensus mechanism and aims to be a Decentralized Financial (DeFi) ecosystem.
BNB was initially created to serve as a utility coin, however, its usage has since increased for a variety of different purposes. It can be used to pay for goods and services such as travel accommodation, entertainment vouchers, and financial services. On the Binance trading platform and mobile apps, the coin can be used to settle crypto transaction fees, participate in token sales, and reduce trading fees.
In March 2022, BNB had a market cap in excess of $95 billion and is the 4th ranked cryptocurrency behind Bitcoin, Ethereum, and USD Tether in terms of market cap.
Where to Buy Binance Coin In Australia
There are several ways to obtain cryptocurrencies in Australia. To ensure the safety of your AUD and assets, you should only purchase Binance Coin from an AUSTRAC registered and licensed crypto platform.
We have reviewed and compared several Australian-based crypto exchanges and selected the 5 best ways to purchase altcoins such as BNB. All our recommended platforms are local, offer competitive trading fees, and are easy to use.
|Exchange||Assets||Trading Fees||Our Ratings||Learn More||Promotion|
|Swyftx||312||0.6%||4.8/5||Visit Swyftx Swyftx Review||$20 Free Bitcoin for creating a new account|
|Digital Surge||300+||0.5%||4.7/5||Visit Digital Surge Digital Surge Review||None available at this time|
|CoinSpot||330+||1%||4.6/5||Visit CoinSpot CoinSpot Review||None available at this time|
|Independent Reserve||30||0.5%||4.5/5||Visit Independent Reserve Independent Reserve Review||None available at this time|
|Binance Australia||600+||0.1% (maker) and 0.1% (taker)||3.7/5||Visit Binance Australia Binance Australia Review||None available at this time|
Based on our Swyftx review, Swyftx is the best overall crypto exchange in Australia to buy, trade, and sell BNB. To aid with the explanatory process, we have used Swyftx as the example cryptocurrency exchange.
Any affiliate links with our partners may result in MoreCrypto earning a small commission or compensation at no extra cost to you whatsoever.
5 Steps To Purchase BNB In Australia
You can easily buy BNB by following the 5 steps described below.
- Open an account with a secure and reputable crypto exchange such as Swyftx.
- Complete the ID verification process and activate 2 Factor Authentication (2FA).
- Deposit Australian Dollar (AUD) funds into your account using one of the supported methods.
- Select BNB from the asset list and enter the amount to buy.
- Review the transaction details and confirm.
Guide To Buying Binance Coin In Australia
Step 1 – Opening An Account With A Crypto Exchange
Go to the Swyftx website and click on the “Sign Up” button. This will redirect you to the registration page where an email address, password, and phone number will be required to be provided.
Once your details are entered, accept the terms and conditions and click on “Create Account”.
Step 2 – Verify Your Identity
Login into your new Swyftx account to commence the ID verification process. Since Swyftx is an Australian-based crypto exchange, it is legally required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to obtain customer details and verify their identities.
This important security process must be completed before any AUD can be deposited into your account wallet.
The following will be required to complete ID verification:
- Email – login into your nominated email account and click on the email verification email sent by Swyftx.
- Phone number – Swyftx will send an SMS message to your nominated phone number. you can also use your mobile device to complete 2FA.
- Identity – Swyftx will require a copy of either your Australian passport or driver’s license.
The ID verification process with Swyftx takes less than 5 minutes to complete.
After the ID verification process is complete, we strongly recommend you set up 2 Factor Authentication (2FA). 2FA provides an additional layer of account where two devices are needed to verify account login and also when funds are withdrawn. The 2FA setup page can be found under the “About” tab on the user account dashboard.
We suggest downloading Google Authenticator on your mobile device. The process will involve the use of the authenticator to scan a QR code or alternatively input a provided code to enable authentication of the device.
Tip: If the six-digit code provided by Google Authenticator does not work, then go into the settings and sync the time correction for codes. This should rectify the issue.
Step 3 – Deposit AUD Into Your Account
Before BNB can be purchased, Australian Dollars (AUD) will need to be deposited into your account wallet. You can do this via direct bank transfer, POLi, PayID, and credit card.
Most of these methods will instantly deposit AUD into the account with the exception of bank transfers (unless via OSKO which is instant) and deposits made from credit cards.
Swyftx charges zero fees to deposit (or withdraw) AUD funds into the wallet.
Note, that Swyftx will send an automated email notifying you of the successful deposit of AUD funds into the wallet.
Step 4 – Select BNB & Enter In the Purchase
The buying window can be found under “Trade”. You can use the search function to find Binance Coin. Next, click on “Buy” to view the screen below. The page will present the following:
- Amount of AUD in the wallet and available to spend.
- The current market price of BNB ($AUD).
- Several order types (market, limit, stop, and recurring)
The default order type is “Market” which allows you to easily and quickly purchase BNB in a single transaction. The other order types are for intermediate to advanced investors and a discussion of each type is detailed in our Swyftx review. You can either enter in the amount of BNB you want to purchase or the amount of AUD you want to spend.
Step 5 – Review & Confirm The Purchase
After the amount of AUD is entered in, click on “Instant Buy” to review the transaction details and “Confirm Buy” to complete the purchase. The coins will be near-instantly transferred into your account wallet.
Note, that once the purchase is confirmed, it cannot be reversed and AUD funds are recovered.
Buying Binance Coin (BNB) In Australia: Things You Should Know
What Is Binance Coin Used For?
Binance Coin (BNB) is a utility token that is primarily used on the Binance exchange. The crypto coin allows you to settle transaction fees and access lower trading fees on the Binance exchange. However, its uses also include acting as a form of credit card payment on Crypto.com, as well as travel and entertainment merchants. BNB can also be used as collateral for crypto loans on other platforms, and as investments for stocks and ETFs.
Can I Swap ETH For BNB?
Yes, you can swap your Ethereum (ETH) for Binance Coins (BNB) on Swyftx. Swyftx is an AUSTRAC registered exchange based in Brisbane, Australia, and is licensed to provide cryptocurrency services. The platform is highly appealing to beginner and intermediate investors who value an easy trading experience, low fees, and excellent customer support.