Binance Australia - Quick Overview
Binance was founded in 2017, taking advantage of the cryptocurrency boom, and exploded in popularity, having to temporarily suspend registrations in January 2018 as their user base grew too quickly. Today, Binance has firmly established itself as the largest crypto exchange in the world, based on trading volume. In its early days, Binance was a bit of a hassle for Australians to use, with USD base currency. Luckily for Aussies now, Binance has a dedicated Binance Australia exchange. In this review we will take a look at what makes Binance Australia a great trading platform, and see how it compares against the best Australian cryptocurrency exchanges.
Binance Australia Pros & Cons
Binance Australia Features
Largest Exchange by Trading Volume
As the largest cryptocurrency exchange in the world, Binance users can enjoy deep liquidity. Spreads on the market are low, and orders are filled quickly, even if you are buying or selling a substantial amount.
Being such a popular crypto trading platform, Binance needs to ensure their users are happy with the range of coins offered. They have successfully achieved this, with a huge range of over 600 cryptocurrencies, and regularly updating their list to add new coins.
Advanced Trading Markets & Features
Binance is built for experienced traders, and with that comes advanced trading markets that you don't find on basic crypto exchanges. Access margin trading with up to 10x leverage, futures trading, and a P2P marketplace.
There are also plenty of other features, such as an NFT marketplace, crypto borrowing and lending, and even a Binance Visa card, to spend your crypto where you like.
Earn Interest on Your Crypto
Binance Earn gives you many different ways to earn interest on your crypto. You might as well make your coins work for you while you hold them for the medium to long term. You can earn interest on over 70+ different cryptocurrencies, and there are various options, such as fixed 30, 60 or 90 day terms, or a flexible option if you prefer.
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Binance Fees & Deposit Methods
Binance has very low trading fees of just 0.1%, which can be reduced even lower, simply by paying fees using Binance's own token, BNB. By paying using BNB, you receive a 25% discount, which means your fees are now only 0.075%. If you are a large volume trader, you can also discount your fees further based on how much you traded in the previous 30 days.
Depositing AUD into Binance Australia can be done using PayID or OSKO and it is free of charge.
Withdrawing AUD from Binance Australia to your bank account is free, but note that there is a minimum withdrawal amount of $50. The transaction is instant if your bank has NPP/PayID; if not, the transaction will be processe within 1-2 business days.
Binance Australia Security
Binance Australia, just like all of the top Australian crypto exchanges, is fully licensed to operate in Australia and is registered with AUSTRAC, fulfilling strict obligations to meet KYC/AML requirements. Binance securely holds most of their crypto assets offline in cold storage to protect against cybersecurity attacks. It is appropriate to note that Binance was hacked in 2019, when over $40 million of Bitcoin was stolen. To the relief of Binance users, the exchange covered the full amount of the loss, so there was no effect on customers' funds. Only four months later, Binance was awarded the ISO 27001 certification after passing in-depth auditing on their information security management. This shows Binance's commitment to ensuring their platform is safe for all their customers, and this has paid off, as they remain the #1 largest exchange in the world.
Binance Australia Summary
Binance Australia is perfectly suited for experienced traders and intermediate cryptocurrency investors that are looking to get serious about their trading. The platform is packed full of features, so any astute investor will find something for their needs. Whether you want to spot trade, margin trade, buy NFTs, earn interest, or borrow crypto, Binance has it all. Enjoy all of the 600+ cryptocurrencies on offer, with low trading fees of just 0.1%, which can be easily reduced by paying using BNB (Binance's own coin).
If you are a crypto noob, and you need something a bit more beginner-friendly, have a look at Digital Surge. It offers 300+ coins, a simple interface, instant buying and selling options, and 24/7 customer support by live chat or email. Alternatively, take a look at our article on the best Aussie crypto exchanges (read here), with lots of information about the top platforms.
Frequently Asked Questions
Is Binance trustworthy?
Yes, Binance is a trustworthy and legitimate crypto exchange. It has been around since 2017, and is registered with AUSTRAC to operate in Australia.
Is Binance legit?
Yes, Binance is a legitimate cryptocurrency trading platform. It is the largest one in the world by trading volume. It was established in 2017 and is registered with AUSTRAC.
Is Binance good in Australia?
Yes, Binance is a good crypto exchange for Australians, but it is not recommended for those that are newcomers to the industry. It can be overwhelming for crypto beginners, so I suggest Digital Surge (read review) if you are looking for your first crypto exchange.