For Kiwis venturing into the world of cryptocurrencies, buying Binance Coin (BNB) can be an exciting task. Platforms such as Binance NZ and Easy Crypto NZ make it simple.
To get started, it’s important to understand the basics of Binance’s vision and technology. Once familiarized with BNB, selecting a secure cryptocurrency wallet is a curial step.
How to Buy Cryptocurrency in NZ – Step-by-Step Guide (2023)
Best Cryptocurrency Exchanges in NZ – NZ Crypto Guide (2023)
What is Binance Coin in NZ?
Binance Coin (BNB) is a versatile cryptocurrency used for trading and paying fees on the Binance exchange. As the largest exchange globally, with fast transaction speeds of over 1.4 million per second, Binance is popular among New Zealand traders.
BNB offers discounted fees, making it an attractive option. Additionally, Binance Coin is accepted by merchants worldwide as a payment option, providing a fast and secure alternative to traditional payment methods for New Zealand consumers.
What is the History of Binance Coin in NZ?
Binance was founded in 2017 and conducted an ICO that allocated BNB tokens. Initially, Binance Coin (BNB) was an ERC-20 token on the Ethereum blockchain, but in 2019, Binance launched its own blockchain, Binance Chain (BC), with BNB as its coin.
Binance conducted a token swap to change ERC-20 BNB tokens to Binance Chain-based BNB coins. In 2020, Binance launched Binance Smart Chain (BSC) as a compatible blockchain alongside Binance Chain.
In 2022, Binance merged Binance Chain and Binance Smart Chain under one name, BNB Chain. The move aimed to streamline the ecosystem, while both chains continued to run parallel and serve unique purposes.
How does Binance Coin work in NZ?
BNB operates on Binance Chain, a blockchain created by Binance in 2019. Binance Chain offers fast transaction speeds and minimal fees, making it an efficient option for kiwis.
Moreover, Binance Smart Chain (BSC), a compatible blockchain launched in 2020, enables New Zelanders to build decentralized applications (dApps) and smart contracts.
Can I Buy Binance Coin in NZ?
New Zealanders have a variety of options to buy Binance Coin (BNB). You can choose from a range of crypto exchanges, brokerages, and P2P marketplaces available in NZ.
These platforms offer user-friendly interfaces, making it easy for you to purchase Binance Coin using New Zealand dollars or other cryptocurrencies.
Where can you Buy Binance Coin in New Zealand?
⭐Cryptocurrency NZ Recommendation 🏆
Binance is one of the largest centralized cryptocurrency exchanges in the world. The exchange was founded in 2017 and has since grown to offer users a platform to trade over 500 digital assets, including Bitcoin, Ethereum, Binance Coin, and many more.
Binance is known for its low trading fees, high liquidity, and advanced trading features, including margin trading, futures trading, and staking.
|✔️Wide range of tokes: Binance supports a huge range of tokens, which gives New Zealanders access to a diverse range.||❌ Regulatory uncertainty: Cryptocurrency regulation in NZ is still uncertain, which can create a level of risk for users of the platform.|
|✔️ Low trading fees: Binance has some of the lowest trading fees in the industry, which can be a significant advantage for frequent traders.||❌ Limited payment options: Binance has limited payment options for New Zealanders, with bank transfers being the primary payment method.|
|✔️ High liquidity: Binance has a high trading volume, which means there is high liquidity on the platform. This makes it easier to buy and sell cryptocurrencies quickly.||❌ Security risks: As with any cryptocurrency exchange, there is a risk of hacking and theft. Binance has implemented security measures to mitigate these risks, but there is still a risk involved.|
|✔️ User-friendly interface: Binance has a user-friendly interface, which makes it easy for beginners to navigate and trade cryptocurrencies.||❌ Customer support: Some users have reported issues with Binance's customer support, which can be frustrating if you encounter any issues with the platform.|
|Spot: 0.1000%||Spot: 0.1000%|
|Futures USD: 0.0400%||Futures USD: 0.0200%|
More information on Binance exchange fees can be found here.
Easy Crypto NZ
Easy Crypto NZ is New Zealand’s most popular cryptocurrency retailer, making it safe, fast, and easy for Kiwis to buy and sell over 97+ cryptocurrencies in minutes – including Bitcoin, Ethereum, Dogecoin and XRP.
|✔️ Accepts NZD: Easy Crypto NZ is a New Zealand-based retailer, which means that users can buy and sell Ethereum using New Zealand Dollars (NZD).||❌ Limited Features: Easy Crypto may not offer as many advanced trading features as some other exchanges, which may be a drawback for experienced traders.|
|✔️ User-friendly: Easy Crypto NZ has a simple and user-friendly interface that makes it easy for individuals to buy and sell Ethereum.||❌ Trading Fees: The trading fees for less popular cryptocurrencies on Easy Crypto can be higher than on other exchanges.|
|✔️ Strong customer Support: Easy Crypto NZ offers competitive fees and is known for its strong customer support. The team is available to assist users with any questions or concerns.||❌ Limited options: Easy Crypto NZ does not currently offer margin trading or futures trading, which may limit trading options for some users.|
|✔️ Secure platform: The platform is secure and uses industry-standard security measures to protect user data and funds.|
Easy Crypto NZ has a transparent fee structure, which is included in the price of the cryptocurrency being bought or sold. The fee structure is based on a percentage of the transaction value, and the percentage varies depending on the cryptocurrency being traded.
Easy Crypto NZ fee range is from 0.70% to 0.90%.
FAQs about Binance Coin in New Zealand
What is unique about Binance Coin compared to Bitcoin?
There are several unique features that set Binance Coin (BNB) apart from Bitcoin.
Unlike Bitcoin, which operates on a decentralized network, BNB runs on Binance Chain and Binance Smart Chain, both centralized blockchains created and managed by Binance.
Additionally, Binance has a quarterly token burn mechanism in place, where they buy back and destroy a portion of the circulating BNB supply, which helps to reduce the total supply of BNB.
What is Binance Coin Burning?
BNB has a unique feature where every quarter, Binance uses 20% of its profits to buy back and permanently destroy Binance coins held in its treasury, reducing the total supply of BNB.
This process is known as "burning" and is designed to increase the value of remaining BNB tokens over time. As a result, the total supply of BNB is lower than the initial 100 million tokens that were offered during the ICO.
Is Binance Banned in New Zealand?
Binance is not banned in NZ. Binance does operate in New Zealand, offering a variety of financial services including as spot trading, NFTs, staking, and more.
How does Binance Coin have value?
The value of BNB in New Zealand is determined by its demand in the market. As with any cryptocurrency, if there is a high demand for BNB and limited supply, its price will increase. Conversely, if the supply exceeds demand, its price will decrease.
Can Binance be hacked?
Like any other centralized exchange or platform, there is always a risk of a hack or security breach at Binance. In fact, Binance has experienced a few high-profile hacks in the past, such as the one in May 2019 where hackers stole over 7,000 Bitcoin from the exchange's hot wallet.
It's important to note that Binance has implemented robust security measures and protocols to prevent such incidents from happening again.