Our honest thoughts on Binance
Our experience with Binance was extremely positive. Its trading platform is intuitive and offers 400+ cryptocurrencies to buy, sell and trade. Trading fees are only 0.1% so there’s no need to worry about how often you trade as fees are so low. Users who own Binance coin (BNB) can reduce their fees even further by 0.25%
The exchange offers a huge range of features for users to enjoy including an NFT marketplace where users can buy and sell NFTS, and a crypto Visa card allowing you to buy goods and services with your crypto.
Despite this wide array of features, Binance ran into disaster in 2023 when they were debanked by their Australia banking partners. This means that users can no longer deposit AUD onto the platform. This makes it increasingly difficult to use as you need to send crypto from other exchanges in order to trade.
Additionally, Binance can be quite complicated when using for the first time. There are several charts and numbers on the interface which can get overwhelming, especially for beginners. However once you have used the platform for a little while, you’ll realise how great it really is.
Binance is the world’s largest crypto exchange by trade Volume. It was founded in 2017 in Hong Kong by Changpeng Zhao, more commonly known as ‘CZ.’ The exchange features a robust crypto trading platform allowing users to buy, sell and trade a large range of cryptocurrencies. Binance is now available in over 180 countries and is currently one of the most popular exchanges in Australia operating under the name Binance Australia. Find out below about Binance’s trading fees, deposit options, trading features, list of cryptocurrencies and much more.
- Website: binance.com/
- Headquartered: Caymen Islands
- Trading fees: 0.1%
- Listed cryptocurrencies: 400+
- AUD Deposit and withdrawal fees: Free
- Deposit limit: $10,000
- Fiat currencies: AUD, USD, NZD & GBP
- Deposit Methods: Bank transfer, POLi, PayID & Credit/Debit card
- Australian-based customer service: No
- Great features for crypto trading
- Cheap trading fees
- Large range of cryptocurrencies
- Offers staking on a number of coins
- Futures and margin trading
- Peer-to-peer trading and exchange
- Poor customer support (does not feature live chat)
- Not based in Australia
- Cannot deposit AUD
|Exchange Website||Cryptocurrencies||Fees||Supported||Visit Website|
|330+||0.6%||AUD, USD & NZD||Join Swyftx|
|250+||Varies||AUD, USD, GBP & more||Join Crypto.com|
|280+||0.5%||AUD||Join Digital Surge|
|400+||0.1%||AUD, USD, NZD & GBP||Join Binance|
|140+||Varies||USD, NZD & GBP||Join Coinbase|
|50+||Varies||AUD & GBP||Join Coinjar Exchange|
|40+||0||USD, GBP & more||Join Nexo|
What is Binance?
Binace is a cryptocurrency exchange that boasts the biggest daily trading volume. It was founded in 2017 by Chinese entrepreneur Changpeng Zhao, also known as CZ. It was originally launched in China, however it quickly has to relocate its operations due to the Chinese government banning cryptocurrency trading 2018. Binance relocated to Taiwan before moving its headquarters to Malta which is one of the most crypto-friendly countries in the world.
Binance launched its own cryptocurrency called Binance coin (BNB) which launched in 2017. BNB has it now one of the biggest cryptocurrencies in the world, sitting only behind Bitcoin and Ethereum in terms of market capitalization. Additionally, Binance also launched the Binance Smart Chain (BSC) which is a blockchain network built for decentralized applications (dApps) and smart contracts.
Binance continues to adapt its platform, adding features and tradable cryptocurrencies for their users to enjoy.
Is Binance safe?
Blockchain security and security of cryptocurrency has been one aspect that has evolved exponentially over the years. Binance is a front runner when it comes to security of its users ‘ funds. Binance has built a robust security framework and they are constantly making updates to improve security on the platform.
Binance has implemented a number of security protocols and advanced features including Two-Factor Authentication (2FA) and Breached password detection.
Despite making vast improvements to platform security, Binance fell victim to an online hack in 2019 losing $40 USD in Bitcoin. Binance was able to cover the losses and paid back all the customers who lost funds in full. Later, Binance was awarded the ISO 270001 security which is a globally recognised standard for how to manage information security.
Binance have been hit by a number of regulatory issues in countries such as the USA, the UK, Japan, Germany and other parts of Asia in the last year. This has meant that a number of Binance users in Australia have become concerned that they will be hit hard by Australian regulators. As a result of the regulatory pressures, Binance has had to put a number of their trading features such as leverage and futures on halt.
Binance features and benefits
The Binance app and exchange platform offers a diverse range of features. These features include and benefits include low fees, 300+ cryptocurrencies, futures trading, margin trading, staking and an OTC trading desk. We have gone into depth about each of these below.
Trading fees and spreads
When it comes to trading fees, Binance is at the top of the leaderboard. Their incredibly low trading fee for buy and sell orders of 0.1% is one of the reasons making Binance the most highly traded on exchange in the world. Many experienced traders use Binance because they can make several trades often for very little cost.
This is incredibly cheap when compared to popular Australian crypto exchanges like Swyftx (0.6%) and Coinspot (1%). If you’re new to cryptocurrency and you’re deciding on a digital currency exchange then you must take into account more than just the trading fees as their are a range of other factors that will determine if n exchange is suitable for you.
Deposit and withdrawal fees
Binance has zero fees for depositing and withdrawing cryptocurrency, however, there are fees for certain deposit methods when depositing fiat currency. For instance OSKO and PayID bank transfers are fee free, yet credit card deposits and withdrawals can have a fee up to 3.5%.
Platform and app interface
The Binance platform has a reputation for being complicated to use, particularly for beginner’s. While this may be true in some cases, Binance have introduced an alternative version of their mobile app, called binance Lite, which is far more user-friendly. Binance Lite is known for its fantastic interface that makes the process of buying, selling and trading cryptocurrency extremely easy! Users can toggle between Bnance Lite and Binance Pro depending on their preferences. It should be noted that, Binance Lite does not have the same number of features as Binance Pro.
The Binance desktop trading platform is more suited for experienced cryptocurrency traders. This is because it is filled with candlestick charts, trading pairs and an abundance of trading features. At first, it can be overwhelming to navigate. However, once you have used it for a few weeks, it becomes second nature. If you’re looking to buy cryptocurrency on Binance, we recommend starting out with a small amount as a trial.
Binance lists over 300 cryptocurrencies and they are constantly adding more to their platform. This large list of tradable digital assets is one of the reasons why Binance is so popular. Binance does a lot of research to ensure that the coins and tokens they are listing for their customers to buy, sell and trade are legitimate crypto projects and not ‘pump and dumps’ or ‘rug pulls.’
Of course, Binance lists the biggest cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, Polkadot and USDT. These are the most reputable cryptocurrencies because they have large market capitalizations and have been established over several years. A lot of people like to invest in these large cap coins as they see long term potential in the project and in the industry. However Binance also lists smaller cap coins that have the potential to 10x (Increase by 10 times from their current price).
Binance offers various options for you to earn additional crypto on the crypto you already own. This feature is called ‘Earn.’ This is a great opportunity, especially if you’re considering holding your cryptocurrency for a long time. Instead of just letting your crypto sit in your wallet, you can utilis one of the Binance Earn options to grow your crypto portfolio. We have listed the Binance Earn options below:
- ETH 2.0 staking: Stake your Ethereum by locking it up for a certain period of time in order to verify the transactions on the blockchain and to contribute to the security of the network.
- Savings: Earn interest on your cryptocurrencies. Binance has both flexible and locked savings options allowing people to earn interest on the crypto they lend to Binance. Crypto assets included in this feature include BTC, USDT, CAKE, AXS, EGLD and more.
- Locked staking and DeFi staking: Assist in securing a blockchain by staking a range of different assets on Binance Earn.
- Liquid Swap: By providing liquidity you can earn high yields from transaction fees.
Binance Visa card
Binance has teamed up with Visa to provide their very own card, allowing Binance users to spend their crypto with the tap of a card. Though crypto has become very popular over the last few years, it is still uncommon for people to spend their crypto when purchasing goods and services. Well that tide is beginning to change as crypto cards are becoming more and more common.
The Binance Visa card is free to use and does not have any fees for processing transactions. The card has a range of cashback options, making this an absolute dream of a feature for the Binance exchange and trading platform.
The popularity of NFT’s has absolutely surged in the last few years. Binance has capitalised on this opportunity by launching their very own NFT marketplace. Users can buy, sell and mint a range of NTFs from multiple creators on this marketplace.
Margin and futures trading
Binance offers both crypto margin trading and futures trading on various trading pairs. Margin trading allows investors or traders to borrow funds to trade. Often, people do this when they are low on capital and want to increase they’re return on investment. Traders then have access to more money to make larger trades. Binance offer leverage up to 10x on some pairs, meaning people can borrow up to 10 times their original investment. Margin trading is very risky so we do not recommend this as a trading activity for beginners. Do you research to find out more.
Binance also offers futures trading which is a derivative financial contract whereby users can speculate on the future price of crypto assets. Users aren’t investing in crypto but rather looking to make profits by correctly speculating the rise and falls of crypto prices. Binance Futures is currently only available trading on a select cryptocurrencies.
Is Binance regulated?
Binance has been in the news recently for their regulatory issues overseas. Being the biggest crypto exchange in the world, has meant that Binance has opened up in a lot of countries very quickly. In doing so, Binance has come under fire for operating without permission in places like the US, the UK, Europe and part of Asia. It’s yet to have any issues in Australia, however, only time will tell as the Australian Government are starting to regulate the cryptocurrency industry more.
Binance vs Swyftx
Both Binance and Swyftx are two of the most popular exchanges in Australia, however they differ greatly in a number of areas. Swyftx is considered by COunware to be the best crypto exchange in Australia. This is for a number of reasons including customer support, ease of use and affordable fees. Swyftx is an Australian based and operated exchange which for some customers is very important.
Binance is an exchange that is more suitable for advanced traders due to its diverse range of features, complex trading platform and cheaper fees.
If you’ve read through this Binance review and decided Binance isn’t for you, there are several other crypto exchange options available in Australia. We have listed a few of these below.
Swyftx review – Swyftx is a Brisbane-based crypto exchange that lists 300+ cryptocurrencies for trading. It’s a popular exchange with a number of useful features. Check out of in depth comparison of Swyftx vs Binance.
Coinspot review – Coinspot is Australia’s biggest cryptocurrency exchange with over 2 million users. It has a simple navigation and fresh looking app making it a popular choice for beginner investors. Check out of in depth comparison of Coinspot vs Binance.
Coinjar review – Coinjar is another alternative Australian based crypto exchange. It features it’s own crypto mastercard, allowing users to pay for goods and services with crypto through the tap of a card.
Crypto.com review – Crypto.com is one of the worlds largest crypto exchanges that features it’s very own coin (CRO). It offers features like staking and crypto lending.
Digital Surge review – Digital Surge is an affordable Australian exchange that is suitable for beginner’s due to its easy to use trading platform and app.