Binance is arguable the most popular and largest cryptocurrency exchange in the world, racking up US$2 billion in daily trading volume and 1.4 million transactions every second. In this Binance review, we go through the platform’s user experience, cryptos available, a Binance app review, and more.
By going through and conducting the Binance exchange review, Binance dual investment review, and Binance savings review, you’ll learn everything you need to know regarding the largest cryptocurrency exchange.
Founded in 2017 by high-frequency trading developer Changpeng Zhao, Binance is now the biggest crypto exchange in the world in terms of trading volume and one of the fastest in the world. Originally based in China, the company moved its headquarters out of the country following the regulations set out by the Chinese government on cryptocurrencies.
The company’s goal is to increase the freedom of money globally. By doing this, they hope to significantly improve the lives of everyone around the world. Motivated by this global vision, there is definitely a reason why millions use Binance. Here in this Binance Australia review, we’ll find out exactly why.
Strictly speaking, the Binance platform might not be the most optimal for any new traders looking to invest in cryptocurrencies. Because of the different services, products, and features offered, the Binance dashboard is flushed with information and clickable text. We found in our Binance app review that users may take a while to get used to the platform.
Additionally, Binance leverages the decentralized finance (DeFi) space by offering its users to earn interest in their cryptocurrencies. We found this feature from our Binance staking review. Staking essentially lets users lend their coins to give more liquidity to the platform. In return, these lenders receive rewards like tokens as a sort of interest for lending their digital assets.
Trading crypto derivatives involves a high amount of risk. You should consider whether you can afford to take the high risk of losing your money.
Binance’s wide range of products has made us perform several Binance product reviews. Alongside our Binance review Australia, we also featured a Binance exchange review and Binance Earn review. Perhaps the platform offers these different features to give value to its crypto-crazed customers.
There are plenty of ways to get into cryptocurrencies and invest in them and it seems Binance wants to tackle and give options for all of them. Some users look to mine them while others look to earn rewards from staking their tokens. There are others who look to trade crypto derivatives and scalp digital asset prices. Many more still are those who flip and trade crypto NFTs as we’ve found in our Binance AU review.
Thanks to the popularity of non-fungible tokens (NFTs), plenty have invested and started creating projects to become successful in the space. Binance’s NFT market helps Binance users to enter this ecosystem as we’ve seen in our Binance Australia review. Here, users can buy and sell NFTs offered in ETH, BUSD, BNB, and other tokens.
Later on in this Binance Australia review, we’ll go more in detail about the extensive list of features and products that the platform has to offer. The platform might be jam-packed with information, activities, and services, but hopefully, we’ll get to sift through the most important and relevant ones for you through our Binance app review and Binance review Trustpilot!
Binance Australia Pros & Cons
What we like
24/7 support available
Trade with their decentralized digital asset exchange – from the Binance Smart Chain review
Provides support for hundreds of cryptocurrency pairs
Zero deposit fees of Australian residents
Provides institutional-grade research reports and data-driven insights in the crypto space
Commissions start at just 0.1% per slide
Earn 25% discount when using Binance Coin (BNB) for fees
Earn from cryptocurrency holdings – based on the Binance Earn review
Trading crypto derivatives involves a high amount of risk. You should consider whether you can afford to take the high risk of losing your money.
Supported Coins and Markets
One of the reasons many crypto investors flock to Binance is the number of cryptocurrencies that can be traded here. Our Binance Australia review found there to be hundreds of cryptocurrencies available for trading as well as other digital assets. Crypto derivatives are also a feature wherein users can trade cryptocurrencies with margin to earn more.
In this section of the Binance review Australia, we go through the different supported coins and markets of the platform.
If you already own some cryptocurrencies, you may opt to swap them for different crypto through crypto-to-crypto pairs. These are two different digital currencies usually used to help users convert one crypto for another. One of the most popular examples of this from our Binance exchange review is the BTC/USDT pair which consists of Bitcoin and the stablecoin Tether.
Being the largest crypto exchange out there, Binance’s advantage in their crypto-to-crypto exchanges is the amount of liquidity they have available. Mainly as a central exchange, transactions can be quick and maybe in higher volumes. Again, the only thing you’ll need to consider from the Binance wallet review is if you already own crypto.
Although there are many different reasons why one would exchange crypto for another, Binance helps you do it as fast as possible with low rates. However, users often look to convert their crypto either to invest in a project using a different currency or to generally swap their coins for a better investment in the future. For example, in yourBitcoin wallet, you can find the ETH/BTC crypto pair on the Binance dual investment review to exchange your Bitcoin for Ether in your wallet.
Of course, not everyone owns crypto or even has a crypto wallet, to begin with. Another way to get cryptocurrencies is through conversion with fiat currencies like the Australian dollar. Binance offers a good selection of fiat markets to help you with this. Taking from our Binance review Australia, the peer-to-peer market lets you find other users who are selling cryptocurrencies for fiat currency.
With the peer-to-peer market of Binance fees are extremely low. This advantage makes it popular not just for buyers but for sellers as well. Takers are not charged any fees while makers are charged a small number of transaction fees upon every completed order. When finding a user, our Binance review Australia found that reputable ones are more established and reliable.
On the other hand, our Binance card review showed us that you can buy and sell crypto with over 150 payment methods, including bank transfer, cash, PayPal, Osko, and multiple e-wallets.
Direct Crypto Purchases
Our Binance review also found that users of the platform can directly buy crypto using a bank card. These types of purchases are direct crypto purchases that use the crypto exchange of Binance to find the rates of crypto.
To directly buy crypto and add it to your account, there’s an option on your dashboard that lets you use a debit/credit card to buy crypto and simply add the details of your bank card as the payment method. It’s as simple as inputting how many in Australian dollars you’d like to purchase the cryptocurrency of your choice. Many consider this a great way to buy Ethereum and Bitcoin.
Although direct crypto purchases are a quick and convenient way to add crypto to your account, you will need to pay through the spreads of the cryptocurrency exchange. However, it is a fast way to add to your account as our Binance assurance review finds that the payment will instantly have crypto funds added to your Binance wallet.
Crypto derivatives on Binance include futures trading, margins trading, leveraged tokens, and options trading.
According to the Binance leveraged tokens review, Bitcoin futures can be traded for a leveraged position of up to 125x. This means that opening a position here with just AU$100 would actually be worth AU$12,500 in terms of buying power. Of course, this is the maximum and one of the riskiest trade types available on the platform.
For this reason, our Binance review Australia also highlights the Responsible Trading with Binance tab on the Derivatives section of the dashboard. It shows that the platform encourages our users to trade responsibly and that trading derivatives carry risk, and furthermore, cryptocurrencies and other digital assets often have high levels of price volatility.
This is why the platform has its users answer a quiz that tests their knowledge on derivatives trading. It’s really more suited for seasoned investors who already know how to manage risk properly and are generally more advanced based on our Binance app review.
Earlier in this Binance exchange review, we mentioned how many different products and features the exchange offers. Because of this, there are a lot of fees and commissions on the site, but we’ll show the more relevant and must-know ones in this section of the Binance review Australia.
Note that there are actually no deposit fees and that using BNB to pay for your fees on Binance lets you earn a 25% discount. Our Binance savings review tells us that more of the platform’s specific fees can be found on their FAQ page.
On any beginner’s first time logging into the Binance platform there will be a lot to get used to in terms of the sheer amount of products and features offered on the dashboard. Findings from our Binance exchange review show that it will take some time to get used to the site. However, there are certain ways that Binance does help new users get used to the site.
Since the only real challenge in getting started is knowing where to begin, the support page of Binance has articles, dropdowns, and videos that best explain the different functions available. Accessible on the page are resources like a Binance visa card review, a Binance risk verification review, a Binance dex review, and even a Binance trading bot review through spot grid trading.
In terms of overall security, Binance has several protocols to keep accounts safe and secure. First and foremost, the platform uses two-factor authentication for any log-in attempt. This extra layer of security means that it’ll be extremely difficult for anyone who isn’t you to access your account. Aside from this, there’s also the authorized devices option. This specifically helps Binance recognize a login attempt from a new account and asks to authorize that device for future login attempts.
The main takeaway in this section of the Binance review Australia is that the initial use of the platform will be quite overwhelming. However, after a while, and once you become more accustomed to the features that you will mainly be using, going through the Binance dashboard will be seamless. Expect a user experience with a bit of a learning curve but with the benefit of a lot more features than other exchanges.
Binance Australia Features, Charting, and Analysis
In this section of the Binance Australia review, we go through the different features as well as tools that are most relevant in the platform. Even if you have different ways and strategies of investing and trading crypto, Binance makes sure that there is a way to facilitate your affairs.
One interesting feature that we found on our Binance app review is the Binance pool – a comprehensive service platform dedicated to improving the income of miners. As we found in our Binance pool review, it’s as simple as creating an account and configuring the mining URL plus worker ID to get started. After choosing the smart pool as the payment setting, you can check how much income you can make from mining BTC, BCH, and BSV.
Crypto miners essentially use computing power to solve the hashing algorithms of specific blockchains and are rewarded for solving these algorithms by being given tokens. Although you will need the necessary hardware to do this, the Binance Pool review helps users own extra earnings from mining with the system.
If mining isn’t an option for you but staking coins is, then Binance Earn is definitely a feature to check out. Binance Earn essentially offers users a way to earn from their owned cryptocurrencies. Thanks to our Binance wallet review and the Binance savings review, we found that the Binance flexible savings feature lets you deposit your crypto and gain daily interest from dormant cryptocurrencies. Unlike fixed savings, flexible savings means you can easily redeem your digital assets anytime.
Another great feature on the Binance platform is Spot Grid Trading. The best way to think about this feature is an algorithmic trading robot that lets you trade automatically without you being there. How this works is that the user will set parameters for the upper and lower price, grid number, and the coin to invest in. Then, the program will calculate the minimum investment requirement for the strategy.
Spot Grid Trading is extremely useful especially for those who have experience using trading bots in the past. If you’ve tried trading bots in popular forex apps, then this concept will not be foreign to you at all. Take it from our Binance review Australia – spot grid trading is a great way to test a strategy if you know how to.
In terms of charting, Binance actually offers a separate classic and advanced trading interface. From the Binance review Australia, the classic page is a simpler and easy to use beginners view of trading with easy buy and sell options. On the other hand, the advanced page has complete access to all trading tools that Binance has to offer.
No trading strategy is complete without proper analysis and research of the asset. On our Binance review Australia, the site offers a clear and concise overview of the instrument. A financial summary, the day range, and currency profile is shown upon checking on the crypto pair or asset you view.
Binance Australia Account Types
In this section of our Binance review Australia, we showcase the two different account types for Binance. In order to avail of the basic benefits, the entry-level Binance account is a verified account. If you want a Verified Plus account, you’ll simply need to verify your address which can be found in the assurance review Binance.
Because the crypto market runs 24/7, having a mobile platform is very typical for cryptocurrency exchanges. The Binance mobile app is a highly rated platform that offers many web-platform features but is available for iOS or Android devices.
There’s a Binance mobile app called Binance Lite, a new option that makes buying crypto much easier on mobile devices based on our Binance app review. Furthermore, our Binance Australia review shows us that the app is very much safe to use as the security features remain with the mobile platform.
It’s also recommended that users invest in a crypto wallet for storing their cryptocurrencies since this gives them full control of their crypto assets. Binance has a crypto wallet that it backs called the Trust Wallet which can be installed on iOS and Android as well.
Our Binance Trust Wallet review has shown that the application offers access to many DeFi features just like the web platform. Here, users have access to Web3 applications such as decentralized apps (dApps), a decentralized wallet, staking services, and features that allow you to earn interest on your owned crypto. You can also use this wallet to swap cryptocurrencies on different decentralized exchanges.
Australian residents can link their banks or use bank transfer to fund their accounts. Paying through PayID/OSKO on Binance Australia is free and has no transaction costs. For linking your bank account to Binance, you’ll need to provide the bank name, BSB code, and account number. For withdrawals, the minimum amount is AU$50 and will require completing security verification with preconfigured two-factor authentication methods.
Binance Australia Contact and Customer Service
The Binance Australia customer service operates 24/7, the currency cryptocurrency exchange standard. From our Binance review Australia, a live chat is available wherein recommended pages of common issues like crypto deposits, futures, p2p trading, and more can be accessed.
We’ve also found in the Binance Australia review that the FAQ page is also available as a help center. Some video tutorials and articles are even available in the help center which can be very useful for first-time crypto traders.
Is Binance Australia Exchange Safe?
After checking our Binance exchange review, we found the platform to be safe and secure. Even if the platform is not licensed under the Australian Securities and Investments Commission (ASIC), the site remains to be well established and reliable. Thanks to Binance’s user authentication features and authorized devices functions, the Binance platform remains safe for users.
How to Use Binance Australia
After learning all you need to know about the Binance platform in this Binance review, it’s now time to start trading on the site. Here’s a step-by-step guide to help you set up.
Register on Binance by filling up your email and password.
Step 2: Verify Your Identity
Afterward, you’ll need to verify your account by uploading a government-issued ID such as an Australian passport, driver’s license, or VISA with a foreign passport.
Step 3: Deposit Funds
Now that your account is verified, you can now start funding it. To deposit fiat currency into your account, you’ll need to find the Bank Deposit tab and click the option. Use the bank transfer option and fund your account via PayID/Osko with an AU$0 fee.
Step 4: Start Trading with Binance Australia
Once your account has been funded, you can now use your deposited dollars to buy cryptocurrencies! Simply head over to the market of your choice such as the P2P or the fiat markets and start trading!
If you’re looking for a platform that best immerses you into the cryptocurrency realm, then Binance is a great place to start. For most users, it will have enough features to really find the right strategy for crypto investing. Throughout this Binance review Australia, we’ve shown what you need to get started.
Start investing in crypto with Binance and experience fast trades, flexible savings, and more! Simply follow the link below and open a crypto exchange count with Binance today!
Binance is a cryptocurrency exchange that allows you to buy, sell, and trade digital currencies and supports hundreds of cryptocurrencies to trade.
Who founded Binance?
Binance was founded by Chinese-Canadian business executive Changpeng Zhao in 2017.
What is cryptocurrencies trading?
Cryptocurrencies trading is the buying and selling of cryptocurrencies, blockchain-secured digital currency.
Can I trade with leverage in Binance Australia broker?
Yes, you can trade with leverage in the Binance Australia broker. The maximum leverage for Binance is 20x.
Can I open an account with Binance in Australia?
Yes, you can! Simply head to the Binance website and create an account from their page.
Is Binance regulated by the ASIC?
No, Binance isn’t currently regulated by ASIC as of the time of writing.
About Jose Rafael Aquino
About Jose Rafael Aquino
Jose Rafael Aquino is a Filipino writer and entrepreneur that specializes in finance, technology, cryptocurrency, and sports. Versed in the startup tech space, he has written for websites such as The GUIDON, StockApps, and BuyShares.