How to Buy Binance Coin (BNB) in Australia
If you are looking to buy Binance Coin in Australia you’re in the right place. Binance Coin (BNB) is a popular cryptocurrency in Australia, due to the reach and size of the Binance Exchange world wide.
Our article will have you up to speed regarding this crypto-asset; and give you the tools to understand how to buy Binance Coin with your Australian Dollars quickly.
How to buy Binance Coin with Easy Crypto Australia
Time needed: 2 minutes.
Easy Crypto Australia specialises in simple and fast BNB purchasing. The following animations will help you buy Binance Coin in Australia almost instantly. If you want to dig a little deeper, we recommend you read the entire article.
- Enter the amount of Binance coin
- Enter your Binance coin address
- Pay your order
From here, you can log in to your bank via the POLiPay system (or if you don’t want to use POLi you can use a standard bank transfer, using the alternative button) pay for your order and you should have your BNB in no time!
What is Binance Coin?
Binance is arguably considered the largest cryptocurrency exchange in the world. Due to its popularity, Binance decided to launch its own cryptocurrency, aptly named the Binance Coin or BNB for short.
Binance has a goal to make BNB a cryptocurrency that works outside of the Binance ecosystem, as much as it is used within its system. You can find Binance Coin in Australia and amongst most of the world. Binance Coin can be used in point of sales or trading areas around the world to make purchases or pair with other crypto. However at this stage, it is within the Binance Ecosystem where you will receive most of your benefit. You can use Binance Coin within their trading exchange to lower trading fees. If you trade a lot (or even a little) this can save you over time. BNB can also be used to invest in other new crypto assets, which is also a great way to diversify your investment.
Investment wise, BNB has increased in value substantially since it was launched as an ICO. The coin has grown in parallel with the popularity of Binance, and with continued growth, investors continue to hold faith in further returns. Furthermore, Binance are planning to use 20% of their profits every quarter to buy back BNB tokens and burn them (remove them from circulation) increasing scarcity and potential for price growth.
Which wallet will suit you for storing your Binance Coin?
There are numerous wallets you can use to store your BNB in Australia.
Further reading: Our definitive guide regarding Crypto Wallets in Australia
When choosing a wallet to store your Binance Coin, you can opt for mobile, PC, Mac and Hardware options. You may also choose to store a small amount on your Binance Exchange account to save on fees.
One of the most popular wallets in Australia and worldwide, the Exodus wallet has compatibility to store BNB. Exodus is a user friendly, fast and simple way to quickly setup and store Binance Coin on both PC and Mac.
If you are new to crypto, you will find the Exodus wallet has a fairly straight forward setup process and minimal learning curve. It also has many advanced features that will keep experienced users happy.
Some of its features include multi-coin support, private key encryption, user privacy, 24 hour human support team, mobile app option. Another cool feature is the ability to synchronize between your desktop and mobile wallets.
Binance Coin is naturally supported by the Trust Wallet due to the company purchasing the Trust Wallet company outright in 2018. Binance recently and converted it into their official wallet. Therefore, the Trust Wallet is technically the native wallet for BNB.
Ledger Hardware Wallet
If you would like a deeper level of security, a hardware wallet might suit you better for storing your BNB in Australia. Ledger hardware wallets support Binance Coin and allow you to store your private key offline, where it is much harder to be stolen.
Ledger hardware wallets have high level security, are simple to use, support multiple cryptocurrencies and give you peace of mind. If you are storing a large amount of BNB, considering a Ledger is a good security step.
Other tips when buying Binance Coin in Australia
Prior to purchasing BNB in Australia, or any crypto for that matter, please do your research about the industry. Cryptocurrency is unpredictable in nature and there are potential for large gains, but also potential to make losses. Educate yourself on the tax implications of your BNB purchase by looking at the official ATO documents here. We recommend having a preliminary chat with a crypto friendly accountant about your investment, as well as doing your own research. In general BNB to AUD is a taxable event, as well as AUD to BNB. In both cases this attracts CGT which is dependent on time limit rules at the time of writing.
Storing your Binance Coin safely should be your priority when planning to purchase. BNB as with all cryptocurrencies has irreversible transactions, therefore you must ensure you back up your wallet, create a strong password and store it in a safe place.
As in all financial industries, you must be aware of nefarious users attempting to commit fraud. Through proactive measures, you limit the chances of losing your BNB immensely. Start with a very strong passphrase that you can memorise. See this article for some assistance. Secondly, be aware of social engineering, that is, do not give anyone your password or let someone trade for you.
Furthermore, try to keep aware of all the latest scams that are circulating. You can keep on top of the latest alerts by signing up to the Australian Government’s own Scam Watch.
Learn more about password security: Password Security Lesson
Discount on Binance Exchange
If you hold BNB on the Binance Exchange, you can use Binance Coins as your trading fee. This can reduce your trading fees up to 50% on the Binance Exchange.
Binance Coin Frequently Asked Questions (FAQ)
Q. When was BNB created?
A. July 2017.
Q. Who created BNB?
A. Binance Coin was created by the Binance Exchange company.
Q. How much did Binance Coin raise during its ICO?
A. Approximately $15 Million USD
Q. I heard that Binance Coin changed blockchain?
A. The Binance Coin was originally launched as an ERC-20 (Ethereum) token. It has since moved on to the Binance Chain (BEP-2 standard).
Q. Is Binance Coin still being burned?
A. Yes, it continues to be bought back and burned by Binance itself.
Q. How many BNB are currently in circulation?
A. At present, there are approximately 155 Million BNB in circulation.
Q. What is the future of Binance Coin and the Binance Chain?
Binance have been investing in a decentralized banking idea, with the end goal to disrupt multiple areas within the world financial markets.
Also want to learn about Ethereum? Find our guide here.