If you’re a crypto trader or investor or have been active in the crypto space for some time, you’ve likely heard of Binance. Launched in Australia in July 2020, it is among the world’s leading crypto exchanges by trading volume. This review provides all the aspects of Binance’s products, services, and features for those considering trading on Binance.
Below is a quick summary of Binance Australia:
Worldwide (including Australia)
Fiat currencies supported
Spot, margin, futures
Bank transfer, POLI, PayID, credit card, P2P
0.1% (maker) and 0.1% (taker)
Yes (Android, iOS)
Binance Australia Overview
Binance is a crypto exchange founded in July 2017 by Changpeng Zhao. It is the world’s largest crypto exchange by trading volume, with over 90 million users as of 2022.
Binance Australia was launched and registered with AUSTRAC on 28 July 2020, enabling Australian users to buy and sell digital currencies using the Australian Dollar (AUD). Using PayID/OSKO, you can deposit and withdraw AUD from your Australian bank account for free.
Binance Pros & Cons
It is necessary to consider the advantages and disadvantages to select the most suitable crypto exchange. Below are some highlighting features and downsides of Binance
#1 exchange in trading volume and liquidity worldwide
Low fees of 0.1%, volume and stake discounts, and a low slippage
Advanced desktop and mobile platform for charting and trading
Attractive interest rates on 20 cryptos of up to 80% APY
All-in-one platform with a vast selection of products and services
Supported in numerous nations globally, including Australia
Difficult for novice investors and traders to navigate
A high fee of 3.6% for crypto purchases via credit cards
Binance is facing pressure from regulators in several countries
Customer service is very poor, with slow response times
Security questions were raised regarding the platform’s safety
Binance provides a great assortment of digital currencies, over 380 assets, as compared to platforms like Swyftx (320+) and CoinSpot (370+). To compare these crypto exchanges, you can read our detailed Swyftx review and CoinSpot review.
Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solano (SOL), Litecoin (LTC), and stablecoins, including Tether (USDT), Dai (DAI), and Binance USD (BUSD), are all available for purchase on Binance. Popular meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) are also supported alongside many unique and low market capitalisation coins and tokens.
There are multiple ways to fund a Binance account to begin trading with either digital coins or fiat currency. The easiest way for beginners to deposit funds to Binance is by sending Bitcoin or Ethereum to the address or QR code. Depending on the cryptocurrency, completing the transaction may take a few seconds, minutes, or even hours before the funds are deposited into your Binance wallet.
Binance offers various fiat-funding options to cater to individuals from all over the world. The exchange supports over 70 standard currencies, including USD, GBP, EUR, AUD, RUB, TRY, NGN, UAH, KZT, and INR. The exchange and its global affiliate partners support unique deposit options for each local region. Bank transfers, credit cards, debit cards, BPAY, SEPA, and Faster payments are the most frequent payment methods.
Binance’s Fee Structures
Binance’s fee structure is tier-based and depends on trading volume. Adopting a maker-and-taker model, Binance charges a 0.1% fee per transaction (e.g. buy/sell). However, you can reduce the fees further by raising the 30-day trading volume (up to 20% fee discount), keeping Binance Coins (BNB) on the platform (25% fee discount) or participating in the Binance referral program (20% fee discount).
The fees associated with trading Binance futures contracts begin at between 0.02% and 0.04%. Like the spot market, Binance Futures has very low fees compared to other platforms such as FTX, Kraken, and Bybit.
Binance does not impose a fee for the deposit of cryptocurrency assets. Users can transfer coins from other exchanges or their hardware wallets to Binance for free. Compared to crypto trading platforms such as Coinbase, which charges a deposit fee based on payment method and country, Binance users can save some money due to its minimal fees. Read our Coinbase vs Binance side-by-side comparison to learn more about their fee structure differences.
Similarly, Binance does not charge fees for transferring digital assets from a Binance wallet to an external website or wallet. The only fee is the blockchain transaction fee, which is set by the network load at the moment of the transaction and not by Binance.
For instance, an individual who wants to withdraw Bitcoin from Binance via the BTC network will have to pay a fee of 0.0002 BTC. You can visit the Binance Fee Page for a complete list of withdrawal fees for every coin.
Binance Convert is the simplest way to trade bitcoin for other digital money. This eliminates using a pricing chart and order entry window, which can be intimidating for novice traders. You can select the digital asset you want to purchase and sell using a simple window to convert in a single go.
Binance Convert covers the majority of listed coins and provides a quick method for exchanging cryptocurrency. Before completing a transaction, Binance will preview the conversion rate and amount of cryptocurrency to be received.
Binance Spot Trading
The ‘Simple’ and ‘Advanced’ user interfaces on Binance are intended for intermediate and expert bitcoin traders. It is integrated with the top cryptocurrency charting program, TradingView, which offers free charts, real-time data, technical indicators, and drawing tools.
The trading window includes conventional tools such as a price chart, order box, list of trading pairs, transaction history, recent market activity, and active/pending positions. Advanced traders can quickly navigate between currency pairings to identify trading opportunities.
The order window offers limit, market, stop-limit, and One-Cancel-Other orders (OCO). OCO is not available on many exchanges, but it is a significant feature that enables traders to make a take profit and stop-loss order with one order instead of two. The stop-loss order will be immediately deleted if the take profit level is reached, and vice versa.
You can activate margin trading or Binance Futures trading to speculate with leverage on digital currencies. This enables expert traders to use borrowed cash to trade a larger position than their capital allows. Funds must be transferred to a Binance margin wallet or the Futures wallet for use as collateral to begin trading with high leverage.
The amount that can be borrowed is proportional to the number of coins in the margin wallet at a set rate of 5:1. (5x). There is an indicator that displays the margin risk estimated on borrowed money (Total Debt) relative to the margin account funds (Total Capital).
Binance Earn Hub
The Earn Hub that Binance offers provides more options to earn crypto rewards than local Australian platforms. Three interest-earning products can create passive income, with “Simple Earn” being the most prevalent.
The “Simple Earn” feature offers an astounding 289 digital currencies that can earn up to 68% annual percentage yield (APY) in interest payments. For each supported asset, Binance offers multiple terms to choose from, ranging from “Flexible,” where you can redeem your cryptocurrency anytime, up to 120 days.
Binance VISA Card
Binance has introduced a cryptocurrency debit card for customers to convert and spend digital currencies like a conventional debit card. The Binance VISA card is accepted at over sixty million merchant locations globally. The card has no administrative or processing fees, and users can earn up to 8% crypto cashback on purchases.
The number of BNB coins invested in a Binance wallet determines the cashback incentives. Beginners who order the card can receive 1% cash back rewards without having to stake any Binance Coins. To earn a maximum 8% cashback on transactions, customers must stake a minimum of 6,000 BNB tokens, which at current rates is equal to $270,000, a considerable investment to obtain 8% cashback.
Binance has entered the market for Non-Fungible Tokens (NFTs) in response to the record-breaking prices of unique works of art, collectibles, and trading cards. Binance users can use the Binance marketplace as buyers or sellers to trade NFTs.
The Binance market intends to unite artists, creators, and crypto fans to buy, mint, and sell NFTs. On the exchange, investors can buy NFTs using a variety of currencies, including BUSD and Ethereum. Transactions incur a minimal 1% processing fee, and creators will receive a 1% royalty on subsequent exchanges.
Although Binance is among the largest crypto exchanges, its security architecture has been breached in the past. Multiple high-volume accounts kept in Binance’s hot wallet suffered a hack in August 2019, resulting in the theft of over 7,000 Bitcoin, valued at over $40 million. 2FA codes and API tokens were also stolen.
After the hack, Binance undertook a comprehensive evaluation of its security systems and data and used its emergency insurance money to repay all lost funds. Currently, Binance’s security measures include:
Verification process: Users who solely register for crypto-to-crypto exchanges do not need to be verified. If you intend to use Binance for fiat purchases, access more advanced services and raise withdrawal limits, you must give your identifying details. The verification procedure is relatively simple if the information on your photo ID matches the one you provide.
Security measures: Besides 2FA, Binance adheres to the highest industry standards for cybersecurity. Most of their funds are stored in cold storage and use multi-signature wallets for added security. The only time Binance was hacked, they replaced all funds from their reserves.
Regulations: Binance Australia is registered with AUSTRAC and authorised by law to offer spot trading between AUD and cryptocurrencies. Binance also complies with local legislation, including Know-Your-Customer (KYC) requirements, to provide these services.
Binance, like many other crypto exchanges, offers limited customer support options. On the Binance Support page, users can send a form or engage in a live chat available 24/7. If you need quick support with your account, you cannot phone or email someone directly. However, you can submit your issue via their portal, with a turnaround time of approximately 24 hours.
Users cannot speak to someone directly, so they can refer to the Binance Support page, which contains a comprehensive list of frequently asked questions. This resource may be helpful for people seeking answers to some inquiries.
On third-party sites like Trustpilot, users are overwhelmingly dissatisfied with Binance’s services and customer support. Several reviewers have reported problems with trades, deposits, withdrawals, and identification verification. The platform only received a small number of good reviews, with consumers applauding its competitive fees.
Where Is Binance located?
Binance was initially headquartered in Shanghai, China but later moved out due to China’s crypto regulation. The company and server infrastructure relocated to Malta in late 2017 and was referred to as a ‘Malta-based crypto exchange’. The parent company, Binance, is allegedly incorporated in the Cayman Islands.
Is Binance legit?
Binance seems to be a legal operation and business in numerous global regions. Some reports question if Binance operates unlawfully in some countries and is used for illicit activity and money laundering. These headlines, which assert that Binance is a member of a criminal organisation, appear to be based solely on conjecture.
Is Binance available in Australia?
Binance is accessible to Australian people who wish to purchase, trade, store, or sell cryptocurrencies using Australian Dollars (AUD). Binance Australia is a registered legal entity that complies with AML/CTF laws and regulations in Australia. The fiat-to-crypto exchange enables zero-fee local bank transfers via PayID/Osko to purchase Bitcoin using AUD.
Does Binance have a mobile app?
You can buy and trade cryptocurrencies on the go using the Binance trading app. The app is compatible with both Android and IOS operating systems and has received more than 10 million downloads. With this app, you can trade BTC and multiple cryptocurrencies from any location and anytime.
Does Binance support staking?
Binance provides a variety of coins that can be staked to gain passive rewards. Users can deposit coins like Algorand, Tezos, and Cosmos on Binance to receive staking incentives. The percentage of stake varies from coin to coin. Tezos, for instance, has an estimated staking field of 6-7%, while Yearn Finance promises an annual percentage yield of 2.49%.
Does Binance have a tax calculator?
Binance lacks a financial year summary report and a tax calculator. Therefore, users must use third-party crypto tax software, such as koinly.io or cointracker.io, to import Binance data. You can read our guide on crypto taxes in Australia to learn more.
Can I withdraw money to my bank account?
Yes. You can easily withdraw fiat currency, such as Australian Dollars (AUD), from your Binance wallet to your Australian bank account. Binance does not charge any fees to withdraw fiat money. You only need to select AUD as the asset to withdraw and verify that your bank information is correct and linked.
What are Binance Australia’s fees?
Binance Australia charges no fees for AUD deposits and withdrawals but a minimal 0.1% trading fee, which can be reduced by 25% if you pay with their coin (BNB). A network fee will apply to crypto withdrawals from Binance to external wallets.
Binance Australian is a feature-rich platform with many services and tools for investors and traders. However, as Binance has been previously hacked, its security is among the most significant concerns for users. Also, poor customer support is a drawback of this platform. If you are still considering what crypto exchange to choose, you can read our post on the best crypto exchanges in Australia to make an informed decision.