How To Buy BNB in Australia

Binance Coin (BNB) is among the top 5 cryptocurrencies by market cap, as evidenced through our cryptocurrency prices list, just below Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and above Solana (SOL), all readily available on our exchange. 

In this guide, we explore Binance Coin and how to buy BNB in Australia with CEX.IO. 

What is Binance Coin (BNB)?

Before digging in more into how, let's first learn what Bincance Coin is. BNB was launched in 2017 as an ERC-20 token built on top of the Ethereum network. However, it later migrated to its own blockchain, now known as BNB Chain. 

BNB serves as a network utility token, providing various potential benefits within its ecosystem. It allows token holders to potentially earn crypto rewards through staking, which also contributes to the security and stability of the network. Holders of the BNB coin can participate in governance decisions related to the Binance Coin ecosystem. 

BNB has benefited from strategic collaborations with household names like Google Cloud, Amazon Web Services, PayPal, and, formerly, Visa and Mastercard, which incentivized BNB purchases.

Where to buy BNB in Australia?

As mentioned earlier, Australian participants can obtain BNB on CEX.IO. Our platform provides Aussie enthusiasts with multiple avenues to acquire crypto, including BNB using their favorite methods (which we cover in later sections).  

Eligible participants from Australia can buy BNB through Spot Trading by trading this cryptocurrency against other crypto and fiat assets. Alternatively, eligible users can acquire BNB through Instant Buy, our beginner-friendly feature that facilitates instant crypto purchases at the current market price.  

Step-by-Step Guide: How to Buy BNB in Australia

Those looking to obtain BNB through Instant Buy can follow this guide: 

1. Register and verify your account according to the AML/KYC policies. 
2. Log in to your CEX.IO account using the provided credentials. 
3. Navigate to Instant Buy through our user-friendly dashboard. 
4. Choose BNB as the preferred cryptocurrency. 
5. Select the fiat currency you want to use to fund your BNB purchase. You can choose between EUR, USD, and GBP. 
6. Specify the amount of fiat you want to spend acquiring BNB. 
7. Choose the preferred payment method. 
8. Follow the on-screen (or in-app) instructions to complete the transaction. 

Disclaimer: While CEX.IO does not directly offer Australian Dollars (AUD) deposits, we understand users' desire to participate in the cryptocurrency market. To facilitate customers' BNB purchases, our platform automatically converts deposited AUD to one of the selected fiat currencies mentioned above. 

The current exchange rate will be applied during the conversion process. For the most up-to-date exchange rates, we recommend reviewing our platform before initiating a deposit.

Payment methods

CEX.IO offers several convenient payment methods for Australian customers. Besides credit and debit cards, issued by all major banks in Australia, as well as alternative debit cards from Revolut and Wise, our platform also supports the following payment gateways: 

• Bank transfers
• Google and Apple Pay
• Skrill
• Neteller
• MoneyGram
• Other cryptocurrencies 

Please note that some payment gateways may be unavailable for Australian customers due to varying regulations. For example, although we support PayPal, this payment method is only available to U.S. users. We recommend checking the availability of specific payment methods in Australia prior to initiating the BNB purchase. 

FAQs

What is the best way to buy BNB?

The best way to buy BNB is to find a reliable crypto exchange that holds appropriate international licenses and permissions, as well as choose the platform that supports the desired payment method(s). 

How long does it take to buy BNB?

The time it takes for BNB to reflect on one's account depends on the selected payment method. Users should keep in mind that bank transfers typically take longer to process transaction requests (2-7 business days) than credit or debit cards (0-1 hour in most cases).  

What is the best app to buy Binance Coin in Australia?

The optimal app for purchasing Binance Coin (BNB) in Australia depends on users' preferences and priorities. Factors to consider include the app's user interface, security features, supported payment methods, and transaction fees. Additionally, it's essential to research the reputation and reliability of the app and the exchange platform behind it. For example, the CEX.IO Mobile app boasts a 4,4 out of 5 stars rating on Google Play, which may indicate a generally positive experience among crypto enthusiasts. 

What are the fees for buying BNB?

The fees associated with purchasing BNB can vary depending on the chosen platform, payment method, and specific transaction details. Each exchange (or app) has its own fee structure, including transaction fees, deposit fees, and withdrawal fees. We recommend Australian enthusiasts conduct their own research and select the platform that best suits their needs and financial appetites. 

Where to store BNB?

Australian participants can store their BNB holdings in custodial and non-custodial wallets. While both solutions offer their distinct advantages, most enthusiasts prefer custodial wallets, like the one Aussie users receive for free on CEX.IO, due to their user-friendliness and convenience.