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Binance Coin

What is Binance Coin (BNB)?

BNB, otherwise referred to as ‘Binance Coin’ is the native utility token of the Binance exchange, the largest cryptocurrency exchange in the world. Since its inception in 2017, Binance has become one of the largest brands in the blockchain industry. Aside from being the largest crypto exchange, it has launched an entire ecosystem of crypto-related functionalities.

Binance coin is an integral component of this ecosystem. Initially, BNB started out as an ERC-20 token as it was built on the Ethereum network. However, after the launch of Binance Chain mainnet in April 2019, the BNB tokens were swapped from ERC-20 and the Ethereum blockchain to BEP-2 tokens and hosted on the Binance Chain instead. Running parallel to the Binance Chain is the Binance Smart Chain (BSC), an EVM-compatible network that relies on a new consensus mechanism called Parlia. Parlia is a Proof-of-Staked Authority (PoSA) consensus that has elements of both Proof-of-Stake (PoS) and Proof-of-Authority (PoA).

Binance coin (BNB) is one of the largest cryptocurrencies in the world by market cap. You can use Australian dollars when buying BNB coin on the Swyftx cryptocurrency exchange. Swyftx offers users a safe, secure, and easy-to-use platform to buy and sell BNB tokens and a number of other cryptocurrency coins.

How to Buy Binance Coin in Australia

  1. Signup for free
  2. Verify your account
  3. Deposit AUD instantly
  4. Buy BNB

Frequently Asked Questions

What is BNB used for?

BNB token is a digital currency used for a variety of different network functions, including delegated staking on the authority validator, trading fee discounts, and participating on the Binance Launchpad. The total BNB supply is capped at 200 million, with an implemented burn mechanism that reduces the supply approximately every three months until it reaches 100 million.

BNB token is primarily used to pay for gas fees on the Binance Smart Chain. This is similar to how ETH is used on the Ethereum network. However, many people who buy BNB choose to hold it with the expectation that the price will increase in the future. Another use for Binance coin to provide liquidity on a decentralised crypto exchange.

How do I buy BNB in Australia?

Buying BNB in Australia is easy and you don’t have to sign up to the Binance exchange to deposit money and buy BNB in Australia. You can use multiple deposit methods and fiat currencies (AUD/NZD) to instantly buy, sell or trade Binance Coin and other cryptocurrencies in Australia using crypto exchanges. you can create a free trading account with Swyftx crypto exchange. To do this, you’ll need to provide your name, email address phone number. The next step in the process is to verify your ID. This process is typically instant and doesn’t require you to submit any documents to verify.

Once ID verification is complete, you can deposit Australian dollars directly from your bank account. You can deposit up to $50,000 AUD into your Swyftx account via bank transfer, POLi, PayID or debit card. Select how much BNB you wish to buy and click the ‘buy BNB’ button to execute an instant buy. Once you’ve purchased BNB, this will be automatically stored in your Swyftx wallet.

Where is the best place to buy Binance Coin?

The best place to buy Binance Coin is right here at Swyftx! Swyftx offers a fast, secure, and user-friendly platform that allows traders to easily deposit Australian dollars to trade Bitcoin and other cryptocurrencies instantly. We offer competitive fees and excellent customer support and we are proud to be Australia's highest-rated crypto exchange as per our Trust Pilot Reviews.

Is Swyftx Safe to buy Binance Coin?

Yes, Swyftx is a safe and secure platform to buy and sell Binance Coin (BNB). Swyftx employs a range of advanced security measures to protect user funds and personal information and has been awarded ISO27001 certification for information security.

Swyftx is a AUSTRAC registered exchange that conducts regular security audits and maintains strict compliance with Australian Anti-Money Laundering and Counter-Terrorism Financing Laws.

You can find more information on our security practices here.

How is the price of BNB determined?

The price of BNB is determined by the forces of supply and demand in the market. Similar to other assets, the price of Bitcoin is determined by the number of buyers and sellers in the market at any given time.

Some significant factors that can influence the demand for Bitcoin are adoption rates, Macro economic factors, News events, upgrades and advancements in its tech and investor sentiment.

What deposit methods does Swyftx support?

You can deposit Australian dollars (AUD) into Swyftx via a number of methods including:

  • Bank transfer
  • OSKO
  • PayID
  • POli
  • Credit or debit card

Swyftx also allows you to deposit cryptocurrency from another wallet into your account.

Can I buy Binance Coin with credit card?

Swyftx does not allow you to directly buy Binance Coin with credit card, however, we do support credit and debit card deposits. Once your deposit has arrived in your account, you can then buy BNB instantly.

What are Swyftx's trading fees?

Swyftx has a trading fee of 0.6% for all buy and sell orders. In addition to the trading fee, Swyftx applies a spread to each cryptocurrency trade.

Dislcaimer: The information is for general information purposes only and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to, buy or sell any assets. It has been prepared without regard to any particular investment objectives or financial situation and does not purport to cover any legal or regulatory requirements. Customers are encouraged to do their own independent research and seek professional advice. Swyftx makes no representation and assumes no liability as to the accuracy or completeness of the content. Any references to past performance are not, and should not be taken as a reliable indicator of future results. Make sure you understand the risks involved in trading before committing any capital. Never risk more than you are prepared to lose. Consider our Terms of Use and Risk Disclosure Statement for more.