This is a table of crypto exchanges that offer Binance Coin (BNB) in Australia. It was updated on 30 May 2024.
The following exchanges let you buy BNB directly with AUD in Australia. This list was updated on 28 May 2024.
You'll need to sign up to your exchange of choice before you can buy BNB. In order to buy BNB with Australian dollars, you'll likely need to verify your identity and pass a Know Your Customer (KYC) check first.
Depending on the exchange, you'll have the choice of buying BNB with credit or debit card, bank transfer or crypto. It's worth keeping in mind that there's normally a trade-off when buying with card. It can be the simplest way to buy crypto, but also normally comes with higher fees.
As a general rule of thumb, buying BNB on the spot market using a limit order may be the cheapest way to do it. If that sentence doesn't mean anything to you, read on.
The spot market is where buyers and sellers come together to place bids for BNB on the open market. You'll normally find the spot market under a "Trade" or "Spot" heading on the site or app menu of your crypto platform of choice.
If you see colourful charts with a range of prices, you're probably in the spot market.
A limit order is when you submit a order to buy a certain amount of BNB when it hits a certain price. For example, say BNB is currently trading at $900 but you think it might drop to $800. You can set a limit order to buy $1,000 worth of BNB (minus fees) when it hits $800.
Importantly, limit orders also generally have lower fees than instant buys and other purchase methods.
You can also choose to buy BNB on the spot market using a market order, which means your order will be automatically processed using the best available price.
There are two main options for storing your crypto - keeping it on an exchange, or storing it in your own personal wallet.
While it can be more convenient to leave your crypto on an exchange, this leaves you at risk in the event the exchange is hacked, or compromised in another way.
It's generally much safer to store your crypto on a software or hardware wallet, which gives you full control and custody of your coins.
Once you're purchased your Binance Coin, you also have the option of staking it and earning a return. You can choose to stake your tokens on the BNB chain for a modest return while helping to secure the network. You can also earn a yield on your BNB using Binance's Earn feature.
As the official token of Binance, you can also use BNB to get a 25% discount on spot trading fees when using Binance's exchange.
You should always do your research before investing in volatile assets like cryptocurrency. Like other digital assets, BNB is subject to the following risks:
Price volatility. The price of BNB has had dramatic rises and falls since its launch in 2017.
Hacks and theft. Exchanges are vulnerable to hacks and theft, so choose one with good security practices and a track record of safety.
Fiscal mismanagement. A number of crypto platforms have frozen user funds after it was revealed they had engaged in irresponsible funds management.
Insurance. While some exchanges have fully-backed reserves (and insurance programs) to protect user assets, this isn't always the case.
Regulatory issues. Binance and its founder CZ have recently been charged with money laundering offences in the US. If regulators continue to clamp down on Binance, the exchange may lose users. This would mean fewer people using BNB.
Centralised BNB holdings. Binance owns or custodies over 80% of BNB. This creates a central point of failure for the asset. If Binance's BNB holdings were to be hacked, it would likely negatively impact the price of the crypto. Similarly, BNB is used for proof-of-stake consensus on the BNB Chain, which means that the blockchain is effectively centralised.
Quarterly auto-burning. Binance has a quarterly auto-burn schedule for some of the BNB it holds on its balance sheet. In other words, every quarter, Binance burns or permanently destroys an amount of its BNB holdings. This reduces the supply of BNB and, in turn, theoretically benefits the price of the asset.
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