How to buy Wrapped BNB (WBNB) in Australia
Learn how to buy Wrapped BNB (WBNB) easily by following a step-by-step guide and compare 10+ crypto exchanges.
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How to buy Wrapped BNB
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Wrapped BNB.
- Open an account on an exchange that supports WBNB.
Unfortunately, at this time no major exchanges in Australia offer WBNB, but you may be able to purchase it with another cryptocurrency. Just be sure to follow all legal restrictions and requirements.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Wrapped BNB.
- Buy Wrapped BNB.
Complete your Wrapped BNB purchase and then find the best wallet to store WBNB.
What is Wrapped BNB?
Binance Coin or BNB is the native cryptocurrency of the Binance exchange. The Binance exchange is one of the largest cryptocurrency exchanges in the world. Binance Coin was initially built as an ERC-20 token on the Ethereum blockchain and was used by traders to access discounted trading fees on the exchange.
After the development of the native Binance Chain (BC) in 2019, BNB was also used to pay transaction fees on the blockchain network. The cryptocurrency exchange continued to grow and now BNB can also be used for online and financial services, travel bookings and even entertainment.
Following the success of the BC, the Binance Smart Chain (BSC) blockchain was launched in 2020. The BSC is aimed at smart contract functionality for decentralised application development. The token standard on the BSC is BEP20, which BNB does not conform with. Therefore, wrapped BNB (wBNB) was created as a token compatible with the Binance Smart Chain but that remains pegged to BNB at a ratio of 1:1. wBNB can be used on many dapps within the Binance Smart Chain ecosystem.
Wrapped BNB (WBNB) is in the top 1,000 cryptocurrencies in the world by market cap. The current price of Wrapped BNB is $646.47, which is 3.160% higher than yesterday. Prices have ranged between $651.09 and $615.81 over the past 24 hours. All prices are listed in US dollars and accurate as of December 01, 2021 04:12 UTC.
Where to buy Wrapped BNB
Unfortunately, at this time no major exchanges in Australia offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.
Consider buying a different cryptocurrency after comparing popular exchanges.
Wrapped BNB at a glance
|Total WBNB supply||5,733,051|
|All time high||US$687.22|
|Network||Binance Smart Chain|
Wrapped BNB price performance over time
How to sell Wrapped BNB
You can cash out your WBNB with the same exchange you bought it through:
- Sign in to the exchange you have WBNB on.
If you store your Wrapped BNB in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of WBNB you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Wrapped BNB.
What to consider when buying Wrapped BNBBefore buying a wrapped token such as wBNB, it’s important to consider its use cases and the risks involved. Here's what to consider before purchasing wBNB:
- Price: wBNB is designed to track the price of BNB tokens at a rate of 1:1. It’s important to remember that wBNB will be subject to the same level of price volatility as the Binance Coin.
- wBNB vs BNB: There are pros and cons to buying wrapped tokens. A user may get more use out of a wrapped token, but it could come at the cost of losing the security of the original.
- BNB tokenomics: As the price of wBNB is dependent on the price of the underlying asset, it's important to understand the tokenomics of BNB. Binance implements a deflationary quarterly burn of BNB coins to permanently reduce supply and increase value. The amount of BNB burned is based on Binance’s overall quarterly trading volume. Starting with an initial circulating supply of 200 million tokens, quarterly burns are set to continue until the total reduces to 100 million. To date, 30 million tokens have been destroyed.
Wrapped BNB (WBNB) in the news
Meta reverses stance, makes it easier to run cryptocurrency ads
Crypto.com acquires two exchanges from IG Group; tokens climb
Canadian Medical Startup Acquires 31 Billion SHIB Tokens — Will Now Accept Shiba Inu Payments
Disclaimer: Cryptocurrencies, including Wrapped BNB, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of WBNB is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Wrapped BNB or any other cryptocurrency discussed.
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