Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Binance USD, and is trustworthy!
You can find our top 3 exchanges for buying Binance USD here, alternatively you can also check our comparison of the best Australian crypto exchanges if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Binance USD
And of course, the final step is to find Binance USD on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Binance USD (BUSD)
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How to Sell Binance USD
- Sign into the exchange
- Find where you stored your Binance USD, either on a hardware wallet or on the exchange.
- Transfer your Binance USD to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Binance USD.
Considerations when looking to buy Binance USD.
Binance USD (BUSD), a stable coin that is 1:1 USD-backed, was issued by Binance in partnership with Paxos. Approved by the New York State Department of Financial Services and regulated by NYDFS. The BUSD Monthly Audit Report can also be viewed on the official website. BUSD was launched on 5 September 2019 and aims to combine the stability of the US dollar with blockchain technology. It is a digital fiat money, which was issued as ERC-20. It supports BEP-2.
Stablecoin's price stability is a key factor in transactions, payments, settlement, and Decentralised Financing (DeFi).
These are some examples of BUSD usage cases:
- You can transfer your digital dollars (BUSD), anywhere you like in minutes. It's free and easy.
- Trade USD on various exchanges and DEX.
- To earn interest, deposit BUSD
- As payment for goods or services, you can pay in BUSD
- As collateral or loan asset, you can use BUSD.
- As collateral for Futures, you can use BUSD.
- You can store BUSD in a wallet or on an exchange.
In 2021, the BUSD ecosystem grew exponentially. Stablecoin's market capitalization grew exponentially from around US$1B in 2021 to more than US$14.6B by 2021. It is now the third largest stablecoin in market capital, just behind Tether (USDC ) and USDC . This is due to greater user adoption of wallets, platforms, and services, CEXes, and CEXes that support USDC.
Metamask and Trust Wallet are top wallets that allow you to hold USD now. BUSD is now supported by many platforms and services including Travala, a travel booking website, and Banxa payments gateways. Wyre payment APIs, Wyre, and multi-currency payment service providers like ivendPay, Paylot, and Moonpay all support it. PancakeSwap is currently the most popular DEX in BSC's ecosystem. However, many other top DEXes support BUSD too, including Uniswap and 1inch, Curve Finance and Ellipsis, MDEXs, SushiSwaps, 0x, Curve Finance and Ellipsis. BUSD can be used outside Binance and Binance.US by users of centralized exchanges, (CEXes), with top exchanges such as Gate.io and WazirX.
It is also available on central platforms such as Binance, Blockfi, and Celsius for lending USD. Users can also earn yield with top DeFi protocol like Venus, Aave and yearn.finance.