What is BNB?
BNB is the native coin of the BNB Chain ecosystem. In practice, it's used to pay transaction fees when interacting with BNB Smart Chain (BSC) and opBNB. BNB also acts as a governance token, meaning holders can take part in BNB Chain's on-chain governance.
BSC supports Ethereum-compatible smart contracts and protocols.
How to trade BNB in Australia
In the Crypto.com App, the basic steps are:
- Download the App and complete identity verification.
- Fund your account.
- Head to the trading interface and choose BNB.
- Select an available BNB trading pair.
- Confirm the transaction.
What should you check before funding a BNB trade?
You can fund your account by depositing Australian dollars (AUD) via PayID, debit or credit card (Visa or Mastercard), Apple Pay or Google Pay, or by transferring existing crypto. PayID deposits are free on Crypto.com.
If you transfer BNB into the App, check the Transfer Menu first, as it's the most accurate place to confirm which cryptocurrencies are available for deposit and withdrawal. BNB on BSC is listed as supported, while BEP2 (Native) BNB is listed as paused for deposits and withdrawals.
BNB deposits require both a destination tag/memo and a deposit address. Deposits through unsupported chains cannot be credited or refunded.
What BNB trading costs and risks should you review?
Before confirming a BNB trade, check the current fee schedule and spread in the App. Through Level Up, you get zero trading fees up to the transaction limit specified per Level Up tier. Other transaction fees and spread may apply.
BNB trading carries risk. Crypto assets are volatile, and price moves can significantly change the value of your holdings.
