Binance Australia Review 2022: Features & Fees
Binance Australia Review: Our Opinion
Binance Australia is one of the best exchange for Australians who are interested in cryptocurrency trading and investing in crypto. The platform offers low trading fees, advanced trading features, a dedicated customer support team, crypto staking and rewards, and other unique features and benefits that put it ahead of other Australian exchanges. The world-class platform also has a high trading volume and robust security to keep users’ assets safe.However, our Binance Australia review shows that the trading interface is suited more for advanced investors, which makes it a little less easy for beginners to navigate.
An Overview of Binance
Binance was founded by Changpeng Zhao in 2017 and has become the world’s largest crypto exchange by trading volume.
Binance Australia is a reputable cryptocurrency exchange that allows Australian customers to easily buy, sell, trade, and invest in a wide range of cryptocurrencies with low trading fees. The platform has fulfilled its main objective upon launch: to help Australian investors access crypto without hassles. The Binance exchange now has over 1 million Australian users and has established itself as a top cryptocurrency exchange for Aussies.
Key Features of Binance Australia
Our Binance Australia review highlights that the Binance trading platform offers a wealth of awesome features to a wide range of users. Users can trade futures, stake Binance Coin and many other digital currencies, enjoy low Binance fees, utilise the Binance crypto credit card and deposit various fiat currencies.
Here are some outstanding features of the Binance Australia platform in detail that make it the best crypto exchange for Australians.
Peer-to-Peer (P2P) Marketplace
Binance Australia has a P2P marketplace where users can buy and sell different cryptocurrencies at a negotiated price. This feature makes it suitable for high-volume traders who are looking to cut down on costs.
The Binance exchange offers instant crypto loans without credit checks to its users. There are different tokens available for lending and borrowing on the platform, and this feature is perfect for investors who may need quick additional coins for transactions they don’t want to miss out on.
Note that borrowers must use cryptocurrencies as collateral before receiving loans. At the same time, lenders receive rewards for loaning out their coins.
Hold to Earn
Binance users can utilise Binance Earn to earn interest on their crypto assets by staking and holding them for a period. Typically, the period is medium to long-term, such as fixed 30, 60, or 90 days. With this feature, investors can earn interest on over 70 cryptocurrencies. For example, customers can stake Binance Coin to earn more Binance Coin.
Learn and Earn
Binance Australia further offers a “Learn & Earn” feature that investors can use to learn relevant information on cryptocurrencies. With this feature, its users can earn crypto by completing crypto-related quizzes and courses about decentralized finance (DeFi), Non-Fungible Tokens (NFTs), and others.
Binance has an NFT marketplace where users can invest in the latest and most popular Non-Fungible Token projects. The marketplace connects digital artists, creators, and crypto enthusiasts, so they can easily mint, buy, and sell NFTs. The platform features three different product lines:
- Marketplace: for traders to create, buy, sell, and swap NFTs, in-game rewards, and collectibles from across the world.
- Events: for premium and exclusive NFTs from the world’s leading artists and most influential names/brands.
- Mystery Boxes: for traders to stand a chance to win rare NFTs in a box with many surprises.
This feature is suitable for investors who want to diversify their investment portfolios.
Advanced Trading Options
Binance has advanced trading markets and features that are unavailable on other Australian crypto exchanges. For example, the exchange has seven Futures Trading options, including USD features and Binance leveraged tokens. It also has six-spot trading options, including Margin Trading, crypto-to-crypto conversion, and fiat-to-crypto instant buy.
New crypto projects launch on Binance to gain access to more crypto traders because of the platform’s reputation. The Binance Launchpad is a platform for these new and emerging tokens to launch. Usually, Binance users can also invest in these new tokens before they get listed on spot markets.
Binance Futures Battle
The Binance Futures Battle is a trading gamification feature that allows Binance users to compete and earn points. Typically, users need to predict Bitcoin’s next direction within five minutes and go long or short on the crypto. Traders with accurate predictions earn rewards and points that position them on a leaderboard.
The leaderboard allows other users to view the best traders on the platform and shadow their trades.
Cryptocurrencies Available on Binance
Binance Australia offers the world’s most traded cryptocurrencies, stablecoins, and altcoins available for sale. Users can buy, trade, and hold 350+ cryptocurrencies. These are some of the digital assets available:
- Ethereum (ETH)
- Bitcoin (BTC)
- Binance Coin (BNB)
- Bitcoin Cash (BCH)
- Tether (USDT)
- Binance USD (BUSD)
Binance customers can also use Margin Trading to increase profits across 600+ trading pairs.
Can You Buy and Sell NFTs on Binance?
Binance NFT is one of the world’s biggest centralized NFT marketplace, where anyone can access a diverse range of in-game and Metaverse products at a flat 1% trading fee. Top NFT collections on Binance include Marble Ape, Bull BTC CLUB, APE PLANET, and Bored Ape.
The platform also offers Mystery Boxes like Return of the Legends, Monsterra Treasure Box, and BurgerCities Gen 0 Hero Ticket.
Binance Australia Fees
The Binance trading platform offers one of the market’s lowest trading fees for cryptocurrency trading. Trading on Binance only attracts a fee of 0.1%, and users also receive a 25% discount on payments made with Binance Coin (BNB). That means with BNB payments (via the Binance Smart Chain), Binance users pay trading fees as low as 0.075%. High-volume traders also enjoy further discounts for trading over a 30-day period.
Binance Australia also charges zero fees for AUD deposits and withdrawals. For withdrawals, in other fiat currencies, users are charged a flat fee for the transaction.
Binance Payment Methods
With a Binance account users can choose several flexible payment methods for depositing fiat currencies. Users can deposit AUD with zero fees via PayID or Osko on the Binance app. The platform also supports PayID transfers (bank transfer) directly from an Australian bank account.
Other payment methods include crypto, credit card, and debit card. And the minimum deposit and withdrawal amount on Binance Australia is AUD 50 via PayID or Osko.
Binance Australia is not only the largest cryptocurrency exchange in the world by trading volume but also among the best Australian cryptocurrency exchanges, with a full license to operate in the country. The Australian Transaction Reports and Analysis Centre (AUSTRAC) regulates the crypto exchange. Because of this regulation, the trading platform stores investors’ cryptocurrencies and digital assets in a cold/offline wallet where it is immune to cybersecurity threats and hacks.
Binance also has an ISO 27001 certification that shows its commitment to protecting customers’ funds. The exchange passed stringent auditing of its information security management to acquire this certification.
Additionally, the platform has a Know Your Customer (KYC) process that users are required to complete to verify their identities. It also carries out anti-money laundering (AML) checks on all the transactions on the platform – especially funds deposits and withdrawals.
Furthermore, Binance offers a two-factor authentication (2FA) model that requires users to confirm their identity before signing into their Binance accounts. The platform sends a code to the user’s verified mobile phone number or email address, and they can only access the platform after entering the correct 6-digit code. This further protects customers from the possibility of third-party access or theft of funds from their accounts.
Binance Staking Rewards
Binance DeFi staking can be a rewarding investment for investors looking to earn passive income. Binance users can enter smart contracts to stake and hold the platform’s digital token, BNB, for profit. The feature is easy-to-use, as customers don’t need to manage private keys, trade crypto, or perform any tasks. There are over 60 cryptocurrencies available for Binance DeFi staking, including Bitcoin, Ethereum, and USDT. Investors also pay no gas fees for deposits into staking pools.
The minimum period for earnings calculation with Binance staking is 24 hours, and the platform will not include rewards for a lesser period in its distribution. Investors’ earnings are calculated at 00:00 (UTC) the next day.
However, investors have the power to decide when to stake tokens and the quantity to stake, as rewards depend on the lockup period and amount. But like every other investment, Binance doesn’t guarantee that investors will certainly receive any staking reward or return on investment at any point.
Opening a Binance Account
Australians looking to open accounts on Binance can do so with the simple steps described below:
Register an Account
Head to the Binance home page on the desktop version or the mobile app to begin.
Binance allows users to register through different means, including email addresses, phone numbers, and Google accounts. Email is the most popular. A trader can get started by entering their email address and choosing a password. The exchange will send a verification link to the email address, and the trader can click on it to access their account.
As a regulated crypto exchange operating in Australia, Binance requires that all users complete an ID verification process to access its full suite of services.
Users can complete their ID verification by heading to the “Identification” tab. The exchange requires details such as government-issued ID cards, basic identity information, and proof of residence. The user will also need to upload a selfie or portrait as part of this step.
Usually, ID verification on Binance takes just a few days to be completed.
Cryptocurrency holders can deposit crypto into their Binance wallers. Head to the “Wallets” section, search for the cryptocurrency and copy the Binance wallet address.
Navigate to the platform where the coins are stored, paste the wallet address, and initiate the transfer. The process should be completed in minutes, although periods of high network congestion could cause some delays.
Binance users can deposit fiat into their accounts and then use the funds to make crypto purchases. The exchange allows users to make deposits via multiple channels, including cards, wire transfers, and payment processors. However, users looking to buy crypto without depositing funds can also take advantage of Binance’s peer-to-peer trading interface, which connects them with sellers directly.
Note that the minimum deposit amount on Binance is $10 – or its equivalent in local currency.
To purchase crypto on Binance, visit the “Buy Crypto” section. Select the desired payment channel from which funds will be withdrawn, then choose the ticker for the desired cryptocurrency.
Once the details have been confirmed, the purchase will be processed, and the funds will be added to the user’s Binance wallet.
Trading Experience on Binance
Binance provides an impressive catalog of trading tools for cryptocurrency trading that help traders to improve their profitability and allows them to enjoy better control of their assets. From real-time charting tools to impressive analytics and a high-frequency trading interface, Binance ensures that traders have everything they need to easily navigate the market. Low trading fees also help securing higher profitability.
Investors can also use the Binance platform to access their trade history and portfolios and view price charts and the order book. The main order book offers different types of orders, including stop orders, stop-limit orders, stop-market orders, limit orders, and trailing stop orders. All of these help traders buy and sell coins on their own terms, with better control over the volatility of the assets in question.
Binance also allows sophisticated traders to access several advanced trading tools. From derivatives like futures and options to over-the-counter (OTC) trading and margin trading, the exchange offers a thriving environment for anyone willing to speculate based on asset prices. However, only expert, experienced traders are advised to use these advanced features.
Meanwhile, Binance appears to have some clunkiness. The platform’s trading interface requires a learning curve, especially for newbie traders who might not fully understand how trading works. However, new users get accustomed to the interface over time.
Binance Customer Support
For customers who might need assistance, the Binance team provides three primary communication channels:
- Tickets, which allow customers to submit complaints and get responses via email,
- A real-time chatbot that can be accessed on the Binance website, and
- Direct messages on social media – particularly Twitter.
Binance doesn’t make any guarantees about response time for any of the support channels.
Binance, similar to many competitor crypto exchanges, can improve on customer satisfaction, scoring a rating of just two stars out of a possible five on TrustPilot. Many people claim that they have experienced issues with withdrawals and deposits and that the exchange’s support haven’t been helpful in resolving these challenges quickly.
There are also a few complaints about withdrawal fees on the platform.
Still, there are several positive reviews on Binance. Professional traders, especially, love the abundance of trading features available on the platform.
Education on Binance
Binance offers an encompassing educational suite for crypto beginners looking to find their footing in the market. The Binance Academy, which was launched in 2018, provides access to a wealth of educational materials for users looking to expand their knowledge of the industry.
This Academy offers courses on blockchain, cryptocurrency, and general financial literacy. It serves millions of crypto beginners, offering courses in over 20 languages. And in 2022, the exchange expanded its offering, providing Binance Learn and Earn, a learn-to-earn program in which users earn cryptocurrencies for taking courses. The different educational tasks include reading articles, taking quizzes, and watching short videos.
Is Binance Right For You?
Binance has proven to be a home for everyone looking to get into crypto. The exchange offers several services, including regular crypto purchases, advanced trading, and even features that help investors make the most out of their funds.
However, the exchange’s user interface might be confusing for beginners. Getting used to Binance isn’t as easy as with some of its competitors, but users should get the hang of its workings with time.
Binance is the largest cryptocurrency exchange in the world by trading volume. With over 76 million registered users, the exchange is one of the most trusted names in the crypto market. Many crypto enthusiasts choose to trade on Binance for its impressive liquidity and top-notch trading features.
However, based on our Binance Australia review, the exchange might not be the best for beginner traders as its trading interface is best suited to advanced investors knowledgeable in charting and advanced trading strategies. Its customer support service also needs to improve.
You can also check out our review of Kucoin Australia if you want to consider an alternative to Binance.
Most frequent questions and answers
Binance is a great cryptocurrency exchange for any Australian looking to get into crypto using fiat currencies or digital assets. It is registered, safe, and reliable, and its high liquidity ensures that traders can buy and sell coins in minutes.
While Binance is the global name of the crypto exchange, Binance Australia is its subsidiary, available to Australian investors. However, both platforms are alike in function.
Binance is one of the highly-trusted names in the crypto industry. It has its longevity to prove this, along with impressive reviews from thousands of customers who use it to buy and trade coins worldwide.
Yes, Binance offers crypto futures trading to Australian investors. However, this service is only recommended for advanced traders with a Binance Australia account.
The Binance wallet is very safe. The wallet incorporates several impressive safety features to keep customers’ coins safe, including two-factor authentication (2FA), multi-signature access, and PIN security.
Beginners looking to buy crypto might initially find it a bit hard to use the Binance trading platform. However, with time, they should overcome the exchange’s learning curve.
We always try to provide the most accurate information available, and make sure our team follow through.
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Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.