Binance Australia is one of the best cryptocurrency trading platforms for Aussies, and the #1 choice if you are a serious trader. It is the largest crypto exchange in the world, based on trading volume, and it has been around since 2017. It is packed full of features, with over 600+ coins and many trading markets, as well as staking, P2P and NFT marketplace. Keep reading to learn more about what Binance can offer you, and whether it is the right choice for your needs.
Binance Australia Features
Largest exchange in the world
Binance is the largest crypto exchange in the world based on trading volume, and because of that, they have deep liquidity. This means you won't have issues when you are trying to buy or sell crypto, as there are so many users on the market. Another benefit of being the largest exchange is that the spreads on the market will be very tight, so you can get the best price on your coins, whether you are buying or selling.
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Trade over 600+ coins
Being the world's largest crypto exchange, you would expect Binance to have a large selection of cryptocurrencies, and they definitely deliver. With over 600+ coins and regular additions to their collection, Binance has an impressive range, with all the most popular coins such as BTC, ETH, ADA, BNB and SOL, down to the obscure small coin that you have never heard of. Whatever coin you want to buy, you should be able to find it on Binance.
Stake your crypto to earn rewards
Staking crypto is very popular these days, as users discover that it is a great way to grow your investment. While you HODL your investment, you can earn more of your coin if you stake it, which is similar to how you receive interest payments in a bank account. Binance Australia offers over 70+ different coins that you can stake, to earn passive income from, and this is a big drawcard to many crypto investors. Depending on the coin you want to stake, you can lock it for 10, 30, 60 or 90 days, or even keep it flexible and withdraw at any time, if you prefer.
Great for advanced users
Binance is built for serious crypto traders, and they have many additional markets to satisfy their users' needs. For example, you will find margin trading with up to 10x leverage, futures trading, and a P2P marketplace. If you want to borrow crypto, you can do so on Binance, and if you want to lend your crypto, it's another way you can earn some interest.
NFTs have made a lot of noise in recent years, with stories of digital artwork selling for millions of dollars. Whether you believe in the future of NFTs or not, there is no doubt that their popularity is increasing. Some people buy NFTs because they believe in the technology and what it means in the future, while others jump on board due to FOMO. Binance facilitates the purchasing and sale of NFTs so you can also get involved if you are interested. If you are creative enough to mint your own NFTs, you can even do so on Binance's platform.
Binance Coin (BNB)
Binance has their own native cryptocurrency called Binance Coin (BNB) which can be used to reduce your trading fees. If you pay your fees using BNB, you save 25%, so the regular trading fees of 0.1% are reduced to just 0.075%. Binance Coin is also a major cryptocurrency, valued at almost $700 per coin at the time of writing, and #3 by market capitalisation, after BTC and ETH.
Pros and Cons of Binance Australia
- Largest crypto exchange in the world
- Low trading fees of 0.1%
- More than 600+ coins
- Stake over 70+ coins to earn passive income
- NFT marketplace, futures trading, margin trading
- No customer support available
- Can be confusing for newcomers to use
Binance Australia Deposit Methods
You can easily deposit AUD into Binance using PayID/OSKO.
Binance Australia Fees
It is free to deposit money into your Binance account using PayID/OSKO. Depositing cryptocurrency is also free of charge.
Trading cryptocurrency on Binance has very low fees, of just 0.1%. If you pay using Binance Coin (BNB), then the fees are discounted by 25%, so you only pay 0.075% per trade.
Withdrawing AUD from Binance to your bank account is free, but there is a minimum $50 withdrawal amount.
Binance is a very secure crypto exchange, storing most of their cryptocurrency in offline cold storage. They are fully licensed to operate legally in Australia, are registered with AUSTRAC, and comply with all KYC and AML regulations. Binance was hacked in 2019 and over $40 million of Bitcoin was stolen. The good news is that Binance took the loss, so their users did not suffer any negative consequences from the hack. Just four months after the hack, Binance received the ISO 27001 certification, having passed stringent external auditing on their information security management. This shows the level of dedication that Binance have to keeping their exchange safe for users.
Binance Australia is the ideal choice for serious cryptocurrency traders, as well as those with intermediate knowledge and want to access lower fees and dip their toes in advanced trading markets. There are over 600+ coins available, and you can stake over 70+ coins to receive interest on your crypto. The trading fees are extremely low, at just 0.1%, with 25% discount if you pay using BNB. The only downside of Binance is their lack of customer support, so it is not very suitable for newcomers who may struggle navigating the platform. If you are a beginner to crypto, you could try an alternative such as Swyftx or CoinSpot. Alternatively, you can read my review on the best crypto exchanges in Australia (click here) for some other great options.