How to Buy Binance Coin (BNB) in Australia
Binance Coin (BNB) is the utility token of the largest privately-owned decentralised exchange, Binance. The popularity of BNB rose in recent years as the platform’s.
Binance Coin (BNB) is the utility token of the largest privately-owned decentralised exchange, Binance. The popularity of BNB rose in recent years as the platform’s user base became much stronger, especially during the peak of the 2021 crypto bull run. That said, how does one buy Binance Coin (BNB) in Australia?
Of course, who doesn’t want to get in on the action? Owning some BNB means that you will profit from BNB’s capital gain, if Binance succeeds in becoming the platform of choice for crypto spot traders and futures traders alike.
This guide will highlight how you can buy Binance Coin (BNB) in Australia using nothing more than your Aussie dollars.
Is Binance Coin a good investment? Read all about it here.
How to buy Binance Coin in Australia
The quick answer
You can buy Binance Coin from a variety of sources, as it is a peer-to-peer medium of exchange. The most popular and easiest way to get some BNB is to buy them through an exchange.
However, if you are planning to buy them through an exchange, things will get slightly complicated if you want to secure your investments.
How so? Most exchanges, either centralised or decentralised, offer custodial wallets.
You get these for free and automatically whenever you create an account. A wallet is where you can store your cryptocurrencies, kind of like a bank account. When you buy your Binance Coin through an exchange, your order will be deposited into the custodial wallet.
So, what? “It’s my wallet, where I keep my crypto assets, secured under my password,” you might think, out loud.
This is where many beginners get it all wrong!
Crypto assets inside your custodial wallet are NOT yours, at least not yet. Until you withdraw your assets from your custodial wallet, they are just an IOU, a promise that there is in fact X amount of Binance Coin or any other cryptos under your name.
To truly own your Binance Coins, you need to move them to your own crypto wallet, under your own private key.
Private what? Here’s a guide on wallets to understand how to secure your crypto assets.
The better answer
For people who just want to get some Binance Coin without all the hassle, fortunately there’s one place to get them in Australia — through a crypto retailer.
Shopping for Binance Coin at a crypto retailer is as easy as buying clothes at a retail store. You pick your favorite coins, go to the checkout, and pay the exact amount that you see in the cash register. This already includes the “shipping costs” (i.e. the transaction fees and network fees).
The coins will be sent directly to your own wallet, and you pay nothing else! The payment process is different from what you see in exchanges, where you place a bid price to buy, and an ask price to sell — much like in an auction.
Exchange AUD with Binance Coin
Another great feature of crypto retailers is that they are based locally in Australia, which means you can pay directly with Aussie Dollars. You don’t need to pull out your credit card and cross your fingers for a good AUD/USD rate.
Take Easy Crypto for example.
Easy Crypto is a crypto retailer that is fully compliant with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Our Australian bank partners have helped us provide such an easy and seamless exchange between Aussie Dollars and Binance Coin, and also the 100+ cryptocurrencies that we offer.
You don’t have to convert AUD into some other foreign currencies, and you don’t need to buy stablecoins like USDT or USDC beforehand.
How to buy Binance Coin (BNB) through Easy Crypto
You’ve reached this section of the article. Awesome! Now, we’re going to give you a step-by-step guide on how to buy Binance Coins through Easy Crypto.
Time needed: 5 minutes
Step-by-step on how to buy Binance Coin (BNB) through Easy Crypto:
- Create an account or log in to Easy Crypto
Don’t have an account yet? You can click on the amazing Sign Up button to get started. We’ll need to get to know you a bit more, so you’ll be asked to follow a standard KYC procedure. Once you are verified (which should take around an hour), you are good to go.
- Choose your crypto
On Easy Crypto, you can order one or more crypto assets at once. If you are already comfortable with the platform, you can try the Auto-Buy and the Swap feature (the latter is useful for trading directly between your crypto assets).
If you choose to buy Binance Coin only, you can click on Instant buy & sell and pick Binance Coin in place of Bitcoin. - Proceed with the order and complete the payment
At this step, it is important to avoid mistyping your crypto wallet address.
Cryptocurrency transfers cannot be refunded. The best and easiest way to avoid this mistake is to simply copy-paste your address, instead of individually typing each character of your address.
Finally, you can pay with Aussie dollars. We accept transfers from major banks in Australia. For your convenience, we’ve also included POLi as a payment option. It’s an instant payment service that collaborates with most Aussie banks.
You will need to wait as we process your crypto transactions directly on the blockchain.
Can you buy more than one cryptocurrency in one go?
Why not? Nobody can stop you. With the Multi-coin order, you can diversify your crypto investments with all your favorite cryptos in one basket.
Need help with your crypto order? This article can help you.
Maximising your crypto investments
Every investor regardless of assets has one shared common goal – to grow their assets and net value.
To that end, cryptocurrencies are great additions to diversify your liquid assets. Unlike fiat currencies, they are decentralised, and are independent of the whims of central banks. Unlike stocks or bonds, there is no risk of default.
That said, you can maximise your crypto investments even further with the following features at Easy Crypto.
Track your BNB with our portfolio
Just like exercising or nutrition diet, tracking your assets is imperative to measure their growth. Easy Crypto users will have access to our exclusive portfolio feature to help you manage and track your BNB and other crypto assets with ease.
You no longer have to deal with tedious spreadsheets or price charts – we do all that for you.
Leverage our crypto portfolio tracker to keep track of the market price to calculate your earnings automatically.
Get started: Track your assets with our crypto portfolio.
Have an investment strategy
If you’re an avid investor with the experience and knowledge to read indicators for signals, you’ll likely already know the importance of having a strategy going into investing.
However, those who don’t or would like to implement a method to minimise your risk with crypto should try the dollar-cost averaging (DCA) strategy.
With DCA, you’re essentially distributing the risk of volatility by making recurring purchases over a pre-determined timeframe. This is made even easier with our automated templates, or auto-buy feature.
More on DCA: Dollar-Cost Averaging Explained.
The auto-buy feature will allow you to set a specified amount of crypto to purchase and the interval in which you want the automation to execute the purchase.
You set it once, and let it do the heavy lifting for you.
Buy Binance Coin: Click here to buy BNB in Australia.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated July 18, 2024
