Binance Review Australia – Everything Australians Should Know Before Signing Up
If you are searching for a reliable cryptocurrency exchange, you must have heard about Binance: the world’s top exchange in terms of trading volumes.
But is it as good as they say? Does Binance Australia hold the same value for Australian residents as the rest of the world? Read our Binance review Australia to find out the pros and cons of the Binance crypto exchange.
Contents
Binance Review Australia – Is It A Reliable Platform?
Binance is often the first exchange that beginners encounter at the beginning of their journey in the crypto world.
And more so because of its veritable reputation and an empire that stretches across the globe.
But new users are often in blue, whether to go with it or not. That’s why we took a deep look at the Binance exchange in order to provide a detailed overview to our readers.
We carried out a detailed analysis of the Binance crypto exchange and checked whether the top gun among crypto exchanges justifies its good reputation.
Our detailed Binance review Australia will help users form an opinion on Binance. Let’s dive in!
| Exchange Name | Binance | |
| Country | China | |
| Currency | USD, EUR, CNY, AUD | |
| Key Features | ||
| Coins Supported | 500+ | |
| Trading Fee | 0.10% | |
| Average Spread | – | |
| Payment Type | Bank transfer, credit or debit card, and cash | |
| Security | 2FA authentication | |
| Pros | Low trading fees, no fees for staking | |
| Cons | Customer support is limited and needs expansion. | |
| Promotion | $50 spot cashback voucher |
What Is Binance Australia?
Binance is an online cryptocurrency exchange that facilitates users to buy, sell and exchange crypto coins.
It was conceived in 2017 following a fundraising event by the founder and CEO, Changpeng Zhao, in Hong Kong.
Fueled by the funds thus obtained, Binance exchange quickly rose in popularity.
Today Binance is not only the largest crypto trading platform but also boasts high trading volume. Also, a large selection of coins is available for investors to trade.
Binance crypto exchange has evolved a lot since its inception. Not only does it have a training academy, but also an incubator for blockchain projects.
Also, numerous other features have been added to the platform in recent years.
From trading to pool mining, in-house crypto debit card to futures trading: there is hardly any segment of the crypto sector in which the industry leader does not have some stakes.
Binance Supported Coins
Binance boasts a massive portfolio of crypto coins, covering the most well-known as well the smaller ones in the market.
At present, the Binance crypto trading platform allows trading of over 500 crypto coins. You have the Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Litecoin (LTC), BitcoinCash (BCH), Chainlink (LINK), Filecoin (FIL), EOS (EOS), Maker (MKR), Ethereum Classic (ETC), etc.
You can also trade in the native Binance currency: BNB or Binance coin.
Additionally, Binance also offers hundreds of cryptocurrency pairs.
But, do remember that the crypto world is dynamic and ever-changing; therefore, the future list could be more extensive.
Binance Australia Features
Now in this Binance Review Australia let’s discuss some of the features of the Binance crypto trading exchange.
Binance exchange lives up to its reputation as the industry leader when it comes to the range of functions and features available on the platform.
The below sections summarize some of the top offerings of Binance exchange that draw users in heaps to the platform.
Passive Crypto Income
Binance cryptocurrency exchange offers several avenues for making a passive income via its Binance Earn platform.
Binance offers several financial products with attractive interest rates and rewards. Staking, Auto-invest, DeFi staking, and dual investment all allow several passive income opportunities depending upon the level you are in your crypto journey.
Basic Interface For Beginners
The user interface is the first thing that strikes the user’s fancy, and Binance exchange makes a huge case for itself in this section.
A simple interface, devoid of all the frills and exuberance, allows trading a buttery smooth experience.
On top of that, Binance also includes a lite mode, which further strips down the interface to bare basics and hugely facilitates beginners’ familiarity with the crypto world.
Advanced Trading
Binance offers two trading views to ramp up the trading experience for its users. If you are a beginner, you can opt for a classic view.
However, for experienced users, the advanced trading view curates top features and additional functionality for a smoother trading experience.
The advanced trading view incorporates advanced charting options, an intricate order panel, and a spot panel to trade on the spot market.
High Liquidity And Range Of Coins
The extensive coin support leaves nothing to be desired. Almost all the big and small coins have a presence on Binance.
Additionally, there are dozens of cryptocurrency pairs to further boost trading opportunities.
Likewise, the active community of millions of users keeps the wheel turning and allows Binance to achieve liquidity unmatchable by other platforms.
Higher liquidity makes Binance the perfect exchange for bigger crypto investors.
Binance Australia Fees
Binance exchange fees are one of the most competitive in the market; therefore, Binance offers more excellent opportunities for making profits.
This section will explore the various fees associated with the Binance exchange.
Deposit Fee
One particularly attractive thing about Binance is that it offers a wide variety of deposit methods.
Incidentally, the Binance cryptocurrency exchange does not charge a deposit fee for funding your account with cryptocurrencies.
Moreover, costs for fiat money deposits via cards vary, and users have to pay between 1 to 3 percent.
Withdrawal Fee
Users have to choose a transfer network if they wish to withdraw funds from the Binance account.
Likewise, withdrawal fees at Binance depend on the respective coin. For example, for Bitcoin, users have to incur the charge of 0.0005 BTC, while for Ether withdrawals, users have to pay 0.005 ETH.
Trading Fees
Trading fees on the Binance exchange are tiered. It means trading fees depend on which level you are at.
Levels are primarily determined by the trading volume of the users. Up to 50 BTC per month, the fees are 0.1 percent per trade.
As your trading level goes up, Binance trading fees go down. Additionally, there is a 0.25% discount for those who pay their trading fees with Binance Coin (BNB).
Binance Australia Regulation & Licensing
As per Binance review Australia, Binance is not a regulated platform, which means that it’s not subject to any state or country regulation.
But it’s justifiable on the ground that, Binance operates in several countries and with different agencies and laws; therefore, abiding by them is somewhat tricky.
However, Binance’s security is top-notch, and its SAFU association puts any doubts to rest and ensures that users’ funds are always safe.
Additionally, it does comply with any necessary regulations put up by the governments in the countries where it operates.
Binance User Experience
User experience is a determining factor as it builds rapport for the platform. As per many Binance reviews Australia, the Binance crypto exchange seems to have the upper hand in this regard.
The interface is carefully articulated to support beginners as well as experienced users.
Navigation on all Binance apps – whether web, desktop, or mobile version – is clutter-free and smooth.
Recently, the mobile app of Binance has also integrated lite mode. This stripped-down version only includes core functions, like buying, selling, and exchanging cryptos.
It significantly simplifies things and speeds up the processes. Incidentally, it’s particularly helpful for trading beginners who want to avoid the technicalities of the crypto world and seamlessly interact with the core features.
It’s evident that a lot of thought process has gone into keeping the usability and simplicity of the platform upright, and it indeed covers all the points for the ease-of-use.
Binance Australia Pros And Cons
There are many Binance reviews Australia boasting only about the positive aspects of the exchange but during our research, we found some small cons that might be a major issue for some users
Pros
- In terms of trading offerings and volumes, Binance is unparalleled amongst its competitors.
- Low trading fees, and no fees for staking are other attractive feature that has no parallels on other platforms.
- The polished user interface further facilitates trading on Binance.
- A list of helpful features, like Lite mode in the mobile app, Binance academy, and fund security through SAFU
Cons
- There are some concerns about the registration and login process.
- Customer support is limited and needs expansion.
Binance Australia Customer Reviews And Complaints
Binance customer reviews are mostly positive. Users appreciate the competitive fee structures, attractive features, and solid security.
Moreover, the free staking options and the Binance academy also have an appeal amongst the users.
Additionally, users are particularly appreciative of the lite mode on the Binance mobile app.
Lite mode drastically cuts the clutter and lets the users navigate without the overwhelming number of features and functionalities.
However, users are pretty vocal about the lousy customer support—many claim it to be a mirage, almost non-existence.
We found several public forums full of countless serious complaints about Binance customer support in our test.
Binance Review Australia – Contact And Customer Service
Customer support is not robust enough and surely needs extensive revamp given the global reputation of the platform.
Customer support is available 24/7 but only via the contact form on the website. There is a live chat support option too, but we didn’t find it to be as robust as it needs to be in our test.
However, the Binance exchange maintains an extensive FAQ section that answers most of the common issues that may arise on Binance.
Additionally, it also details several functionalities of Binance so that users don’t have any difficulty operating on the platform.
How To Use Binance Australia?
The user-friendly approach allows navigating the Binance platform a breeze.
However, there are specific requirements you have to complete before you can be a part of this intuitive platform and kickstart your crypto adventure.
Step 1: Open a Binance Account
A Binance account is a gateway to the highly intuitive Binance platform. Any users who want to try Binance must have an account.
You can easily register an account on the Binance website via an email and password. Binance sends a confirmation code on the specified email.
Upon confirmation, the Binance account registration process completes.
Step 2: Verify Identity
The new users have to complete the identity verification process for full verification. During registration, the interface will prompt you to upload verification documents. Driver’s License / Government-issued photo ID,
A passport, Social security number, PAN card, and Voter ID Card are all valid documents. The interface will also ask you to upload a selfie.
Once identification is complete, users can move to deposit funds in their accounts.
Step 3: Deposit Funds / Instant Buy
Binance allows several deposit methods. To deposit funds, log in to your Binance account and expand the wallet section by clicking on it.
Choose the fiat or cryptocurrency option and proceed with the instruction. For crypto deposits, you have to specify your wallet address.
Likewise, you have to fill in your credit cards, debit cards, or bank transfer details for fiat money deposits and specify the currency you want to deposit.
Step 4: Storage
Once you have purchased cryptos on Binance, you need to store them somewhere for safekeeping.
Binance owns trust wallets, a secure hot wallet with robust security for securing your private keys. You can also use third-party wallets to secure your digital funds.
Binance Review Australia – Conclusion
As per our research for Binance Review Australia we discovered that the Binance exchange is undoubtedly a leader in the crypto space and flagship among crypto exchanges.
The competitive fee is a considerable advantage, and free staking doesn’t parallel other exchanges.
An extensive portfolio of coins offers ample opportunities for trading, while the enormous liquidity will indeed light up the eyes of big-time investors.
Additionally, the diverse range of products makes sure that both novices and experienced traders are equally catered to and makes Binance platform an attractive one-stop shop for an optimal trading experience.
Of course, not everything shines about Binance; it also has limitations.
Binance may be an industry leader but still lacks a robust customer support infrastructure: huge adjustments are needed in this section.
Additionally, the interface lags during peak traffic or volatile markets, undermining the otherwise outstanding user experience.
Comparisons
Compare Binance crypto exchange with other leading crypto exchanges in Australia
Frequently Asked Questions
In Australia, Binance is managed by InvestByBit Pty Ltd (ABN 98 621 652 579). It is an AUSTRAC registered entity and manages all the operations of Binance in Australia.
Binance is significantly cheaper than Coinbase. Moreover, its tiered fee structure incentivizes trading and rewards high-volume traders with much lower trading fees.
Yes. Similar to other crypto platforms operating in Australia, Binance also reports to ATO.
Yes. Binance allows Australians and users worldwide to easily buy, sell, or trade Bitcoins on its platform. You can even buy Bitcoin with an AUD balance.
