Binance, one of the leading cryptocurrency exchanges, recently expanded its reach to Australia with Binance Australia.
While there are other options for Australians looking to trade cryptocurrency, Binance’s low trading fees, high liquidity and huge number of coins mean it could make it a fit for many people wanting to buy and sell digital currency here in Australia.
Here is the deal:
Binance are not the best when is comes to customer service and they have had some regulatory issues recently in some countries…
But even though they are not perfect, they still might be a good choice for you.
Here’s our Binance review in Australia, complete with pros and cons and concerns with regulators so you can decide if it’s the right exchange for you.
What is Binance (really)?
Binance is the largest cryptocurrency exchange in the world in terms of volume.
Most people use it to buy their cryptocurrency, but Binance also has its own coin (BNB) and other unique opportunities.
It’s probably one of my favourite exchanges due to it flexibility. For example, it it one of the few exchanges that enabled me to buy and sell some smaller altcoins.
More experienced traders will also enjoy Binance’s array of tools suited to various needs and abilities.
What Can You Trade on Binance?
Binance allows you to buy an insane number of different coins with different pairs – literally 100s.
For about 20 cryptos there is no need to buy Ethereum, Bitcoin or BNB (the Binance coin) and converting that into many of the smaller coins.
Zero-Fee Deposit via PayID / Osko
With Binance you can fund your accounts via bank transfer using PayID or Osko (pretty much every Australian bank). Apart from being really fast, you will not be charged a fee for deposits.
But there are fees, more about those in a second.
Spoiler alert: they are low, although there are some things you need to know.
Here is the deal:
Some of the less well known cryptos can make you the make (or loose) the most money. Don’t be like me and miss out on big gains just because the coin you want is not supported by the exchange you use!
You might also like: Guide to Yield Farming in Australia
Pros and Cons of Binance
There are always two sides to every coin (pardon the pun), and Binance is no exception. Like any other exchange, Binance has its own strengths and weaknesses, so let’s take a look at both.
– Hundreds of cryptocurrencies and cryptocurrency pairs.
– It has some of the lowest trading fees out there. 0.1% for spot trading and 0.75% if you hold BNB)
– Charting and trading features suitable for advanced crypto traders.
– Trading with their native token (BNB) reduces trading fees.
– Solid customer support
– Fast transaction times
– Customer service according to reviews is lacking
– Trading with their native token (BNB) means you end up holding another coin. (This could also be seen as a Pro assuming BNB keeps rising in value)
– Binance can be a bit of a learning curve for beginners (since there is so much going on)
– Binance Australia only offers spot conversion of fiat to digital currency and vice versa.
– 3.5% or $10 USD, whichever is higher for debit or credit card transfers
Possibly because Binance is so large it has become the target for regulators. The Cayman Islands, Japan, Malaysia, Malta, the Netherlands, Thailand, and the United Kingdom (UK), have taken action to stop Binance’s practice of allowing trading by residents where it is not licensed to operate.
However Binance Australia is operated by InvestbyBit Pty Ltd (Binance Australia), a digital currency exchange registered with AUSTRAC.
So in August 2021, Binance announced “users from Australia will be restricted from opening new accounts for options, margin products, and leveraged tokens …”
This we think is a good thing as they are proactively restricting access to help with compliance.
How Safe is My Money on Binance?
As with any exchange, it’s difficult to judge fully how secure you are in using Binance.
As they say, “use ones that are regulatory compliant with KYC and AML checks. Peer-to-peer trading and decentralized exchanges with audits have the best chance of security.”
As a centralized exchange, Binance can (and does) freeze accounts and funds if it sees fraudulent activity, but that comes with some risk: if you’re using a credit card or other payment method that requires you to enter personal information like an ID number, then that info might be stolen too.
The best option as always is to store your crypto in a cold storage solution like ledger.
On Trustpilot, Binance scores 2/5 on over 2700 reviews. This is considered pretty ordinary compared with some of their peers in Australia.
The only fee that Binance charges is a 0.1% trading fee. However you can get a 25% discount on fee simply by holding their native token BNB.
Binance does not charge deposit fees unless you use a credit card.
For withdrawal of crypto, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of your account.
It is free to withdrawal Aussie dollars.
Binance has got a clean design, user-friendly features, and plenty of coins to trade. The only downside is their customer service isn’t what you would hope—but when you consider everything else they offer, perhaps paying very low fees is worth it.
If you live in Australia, definitely worth checking them out!