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TradersBest.com / Best Binance Coin Trading Sites Australia 2024

Best Binance Coin Trading Sites Australia 2024

Alexander Foster
Alexander Foster
Last Updated on 16/07/2024

Many Australians invest in Binance Coin to benefit from discounted fees when trading cryptocurrencies on the Binance exchange. Binance has emerged as the world’s largest and most popular site for buying and selling crypto.

Binance Coin is the native token for the Binance exchange, and it can be used to fuel cheap transactions on the Binance Chain, so it has been a key component in many crypto enthusiasts’ portfolios.

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Pros of Binance

  • Offers discounted fees for Binance Exchange trading
  • Supply constantly dwindles due to burns
  • Reasonably broad range of real-world uses

Cons of Binance

  • Discount is being phased out
  • Binance Coin is a volatile asset
  • Low adoption compared to Bitcoin and others

History – The history of Binance Coin trading

Binance burst onto the crypto scene in 2017 and quickly established itself as the number one place to buy crypto currency online. It is a competitive sector, with the likes of Kraken, Coinbase and Huobi vying for market share, but Binance is easily the biggest of the bunch in terms of trade volume, liquidity and visits.

A tech entrepreneur called Changpeng Zhao founded Binance in China, and it has moved all over the world in the ensuing years. Regulatory pressures forced it to leave China, then Japan, Taiwan and Malta, and it now seems to have settled in the Cayman Islands.

Binance Coin (BNB) was also created in 2017 as the native cryptocurrency for the Binance exchange. Binance offered users a compelling reason to buy Binance Coin: it offered to cut trading fees by 50% if users paid in BNB. That inspired many traders to buy Binance Coin, and suddenly Binance Coin trading reviews, Binance Coin price prediction articles and searches for the best Binance Coin trading platforms took off.

The discount has been halved on a regular basis since then. It dropped to 25%, then 12.5% and then 6.25%, and it will soon reduce to zero, meaning there will no longer be discounted fees on Binance for anyone that uses BNB. Some fear that this will make BNB obsolete, but it can still be used for token sales on the Binance Launchpad, and it has an increasing number of real world uses, as this guide to the best Binance Coin trading sites explains.

Development – A use case for Binance Coin

Binance Coin was developed as an ERC20 token based on the Ethereum blockchain. Binance used the funds raised by selling BNB tokens to develop the exchange and invest in branding and marketing.

Zhang’s vision was to create a Binance ecosystem that goes beyond offering a simple exchange. Binance Coin was developed as the token that fuels transactions on the Binance Chain, and it can now be used for ICOs and IEO investments listed on the Binance Launchpad.

It is important for Binance to have a native cryptocurrency, as it reduces the platform’s dependence on traditional money. However, Binance has continually reduced the incentive for holding BNB by halving the discount it offers, and that will soon disappear completely, so it may have to come up with another motivation to buy Binance Coin if it hopes to enjoy ongoing demand.

Statistics – Everything you need to know before you buy Binance Coin

Binance Coin was pre-mined, with 200 million BNB tokens issued for use in 2017. If you want to include it in your portfolio, you have to buy Binance Coin, as all the tokens are already in circulation and it does not require mining.

Eighty million BNB coins went to the founding team, 100 million have gone to ICO participants and the final 20 million were for angel investors. Binance uses 20% of its profits to buy Binance Coin on a quarterly basis. It then burns these coins, ensuring that the overall supply continually dwindles. The aim is to eventually burn half of the total supply, bringing the circulation to 100 million.

The Binance team bought and burned 986,000 coins, equating to 0.49% of the total supply, in the first quarter. The price of BNB has increased by more than 40,000% since the ICO in 2017, but Binance’s profits have also increased, ensuring reasonably large burns each quarter.

In January 2021, Binance completed the 14th burn, which was the largest since the quarterly process began. It bought and destroyed more than 3.6 million coins, equivalent to 1.81% of supply and with a value of US$165.8 million. By that point, the price had increased to US$45.80, equivalent to AU$59.35 at the time.

Security, Features and Uses – Is Binance Coin secure?

Bitcoin Cash has evolved considerably since launching as a discount coupon back in 2017. It is now the native coin on two native blockchains in the Binance ecosystem, and its list of use cases has expanded to hundreds of applications on numerous platforms and projects.

BNB was never intended as a replacement for Bitcoin or Ethereum, and it is not trying to rival the two largest cryptocurrencies. It was designed more as an application-level token, and the aim is to facilitate billions of transactions per day. It is currently nowhere close to achieving such lofty goals, but there is still plenty of time for it to develop.

Binance Coin’s current acceptance as a viable digital currency remains low. Many retailers and businesses accept the likes of Bitcoin, Ether and Bitcoin Cash, so a lot of people buy Bitcoin and buy Ethereum with the intention of using them to fuel real-world transactions. A few sites allow you to spend Binance Coin on travel, hospitality services and consumer goods, but the list is pretty limited. People that take part in Binance Coin trading often do so in order to use BNB on the Binance ecosystem.

BNB facilitates very secure transactions from wallet to wallet. However, it is generally advisable to buy Binance Coin and hold it in a cold, offline wallet rather than at the Binance exchange.

Binance has been hit by security breaches in the past. Hackers stole 7,000 Bitcoins from Binance in Mau 2019, leading to ongoing security concerns among people that use Binance for Binance Coin trading, Bitcoin Cash trading, Litecoin trading and XRP trading. You should remain vigilant at all times, as Binance Coin trading scams are a risk.

How to Trade – Tips for Binance Coin trading

If you want to buy Binance Coin, you must identify the best Binance Coin trading site available to Australians. Coinbase offers BNB trading, and you can also buy and sell Binance Coin on eToro and a few other popular sites, but most Binance Coin trading takes place on Binance.

Visit Binance.com and click on the yellow “Register” box at the top of the homepage. You can then enter your email address or your mobile number, create a password, agree to the terms of service and click “Create Account”. You will then have to slide a puzzle piece across a box to prove that you are not a robot.

You will also have to click through a link sent to your email to confirm your address. Once you are registered, you can start to enjoy Binance Coin trading and buy crypto online. Binance features more than 300 altcoins. Click on the yellow “Buy Now” button on the homepage to get started.

Change to AUD in the “Spend” box and BNB in the “Buy” box. Select a payment method, such as a Visa, MasterCard or P2P trading, and enter your details. Enter the amount you wish to spend, and it will inform you of the amount you will receive. Click “Buy BNB” and you can then see the trading fee and confirm the transaction.

You should consider sending your crypto to an external wallet pretty quickly after you buy Binance Coin. The Binance exchange has been hacked in the past, and all crypto exchanges are vulnerable, so you can counteract that risk by moving it to a safe wallet. A hard wallet from Trezor or Ledger requires an initial investment, but it is safer than a software or web-based wallet and sturdier than a paper wallet.

You can switch from “Buy” to “Sell” if you wish to offload Binance Coin. The process is similar. You simply enter the amount you wish to sell and it informs you of how much you stand to receive in AUD. You can also exchange BNB for other cryptocurrencies. In each instance, you will have to complete a verification process, which requires you to enter codes sent to your email address and phone number. This can be slightly painstaking, but the extra level of security is welcome.

The Binance exchange facilitates cheap Binance Coin trading, and its trading fees in general are lower than many of its rivals. However, it charges significantly higher withdrawal fees than competitors like Coinbase when you withdraw Bitcoin, so that is worth bearing in mind if you plan to buy and sell Bitcoin alongside BNB and others. A site like eToro might make a good choice if you want to buy Binance Coin and some other cryptocurrencies alongside funds, stocks and other assets.

Future Outlook – The future of Binance Coin

The future outlook for Binance Coin appears mixed right now. It has increased by more than 40,000% since the ICO in 2017, which is encouraging, but whether it can maintain that momentum is another matter entirely.

There is a fear that BNB could become obsolete when it stops providing discounted trading fees on the Binance exchange. However, the Binance team would strongly rebuke those suggestions. They see Binance Coin as a key component within the Binance ecosystem, and point out that the list of use cases continues to grow longer.

Binance has strong financial backing. Investors include Vertex Ventures, Plutus21, Black Hole Capital, Funcity Capital, Sequoia Capital, Limitless Crypto Investments, Fundamental Labs. The exchange carries out billions of dollars in transactions each month, and that should keep BNB afloat for several years into the future.

Is it a good investment? It is not a viable currency replacement, and it cannot rival the likes of Bitcoin, Ether and Bitcoin Cash in terms of market acceptance. A Binance Coin price estimate for the future is difficult right now, as we need to see what impact the decision to scrap trading fees has upon BNB. A Binance Coin prediction would be more effective a few months after the discount reduces to zero.

However, NBN does power operations on the Binance exchange and it should have an inherent use years into the future. It has been subject to fluctuating prices, but on the whole it has soared over the past four years. You can certainly invest in BNB, but you might want to make it a modest part of a larger crypto portfolio that also features Bitcoin and a few other altcoins.

Reputation and Customer Feedback – Positive feedback from crypto traders

Binance has earned pretty strong feedback from its customers since launching in 2017. It would not have become the world’s leading cryptocurrency exchange without delivering a strong user experience, attractive fees and decent customer service.

Some have complained about the high withdrawal fees on Bitcoin, but high volume traders like the reduced transaction fees and the advanced analytical tools on offer. BNB has a pretty strong reputation due to its links to the Binance exchange, and customer feedback has been generally positive.

Conclusion – Fast and reliable transactions through Binance Coin

Binance Coin facilitates quick, secure and reliable transactions within two blockchains in the Binance ecosystem. Its value has skyrocketed since it was launched in 2017, and many Australians want to buy Binance Coin alongside a variety of other cryptocurrencies. You have several options at your disposal if you wish to take part in Binance Coin trading, including eToro and Coinbase, but most BNB trading is conducted at Binance.

Just remember that all cryptocurrencies are volatile, and that BNB is only the 10th largest by market cap. It is not as widely adopted as larger rivals, and it might be worth buying other coins alongside it to form a more diverse crypto portfolio. Always beware scams and try to move your coins off an exchange and onto an offline wallet after buying BNB in order to protect them from hackers.

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