Binance Australia Review (May 2022): Why We Don’t Like It

January 24, 2022
Reviews

Binance is a global cryptocurrency exchange that supports a wide range of cryptocurrencies. It’s an excellent option for more seasoned traders who want to invest in a variety of digital currencies, and it has several interesting features, including Binance Earn and Binance Futures Battle.

It’s not as user-friendly as some of the other exchanges available, however, and the platform also charges a set fee of 4.5% on all debit card purchases. For these reasons, I’d recommend you to try CoinSmart instead. They provide low fees, accept a wide range of payment options, and are easy to use for beginners.

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What Is Binance?

Binance is a cryptocurrency exchange that is currently the world’s largest volume of daily trading activity. It began operations in 2017 and is based in the Cayman Islands, though today it’s also one of the most popular crypto trading platforms in Australia.

Binance’s founder, Changpeng Zhao, is a software engineer who previously created high-frequency trading software. Binance was originally founded in Hong Kong but subsequently moved its headquarters outside of the country due to growing government intervention in cryptocurrencies.

Binance Features

1. Advanced Trading Platform

The Binance trading platform is well-developed and contains all the features that an experienced trader could look for. This will be especially advantageous to you if you wish to invest in a variety of cryptocurrencies, including those that are less known.

You can use sophisticated charting features and place stop-loss and take-profit orders to protect or increase your investment returns.

2. Binance Earn

Another interesting Binance feature is Binance Earn. This feature allows you to stake certain cryptocurrencies and earn staking rewards at an APY of 0.8% to 123%, depending on how long you stake these cryptocurrencies.

You can currently stake Binance Coin (BNB), Axie Shards (AXS), Binance USD (BUSD), Bitcoin (BTC), Ethereum (ETH), Tether (USDT). You may also earn double payouts in instant trading and pooling tokens on Binance Liquid Swap.

3. Binance Futures Battle

The Binance Futures Battle is a trading platform that functions like a game. Traders can compete against one another and earn points, and all users have to do is predict Bitcoin’s movement for the next 5 minutes and either go long or short.

The leaderboards are a mix of social media and cryptocurrency trading, allowing you to see and follow the best traders on the platform.

Cryptocurrencies on Binance

Binance provides its users with support for more than 300 cryptocurrencies and over 50 fiat currencies. Concerning Australian and even international crypto exchanges, this is easily one of the most comprehensive lists of supported cryptocurrency coins available.

Here are some of the top cryptocurrencies they support at this time:

Bitcoin (BTC) Tether (USDT)
Ethereum (ETH) TrueUSD (TUSD)
Bitcoin Cash (BCH) Stellar (XLM)
Ripple (XRP) TRON (TRX)
Binance Coin (BNB) Paxos Standard (PAX)
Litecoin (LTC) Dash (DASH)
Basic Attention Token (BAT) Cosmos (ATOM)

Binance Fees Australia

Binance charges a fixed fee of 0.1% for trades. Those using Binance Coin, on the other hand, will receive a 50% discount. To verify your trading fee rate, you’ll need to log in first.

Also, it’s worth pointing out that you’ll incur a fee of 4.5% for any debit card transaction, so it’s important to keep this in mind.

You can also lookup the fee trading schedule on the website. It is here that you may discover VIP user levels and fees, which are updated every day at 2:00 a.m. (UTC).

The statistics of a cryptocurrency’s 24-hour holdings and progressive 30-day trading volume are compiled every day at 00:00 (UTC).

Our Recommendation: CoinSmart

Even though the platform has prestige as the largest crypto trading platform in the world, there is one big setback that doesn’t allow me to recommend Binance for Australians, and that would be its 4.5% debit card transaction fee.

The platform also has a few additional setbacks, like being complicated to use for beginners and not supporting many traditional payment methods, so I would be hesitant to call this platform the best crypto exchange available to Australians.

For this reason, I instead recommend that you consider using CoinSmart. Here are a few reasons why:

#1 Lowest Fees In The Industry

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Australia. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to an exchange charging 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced exchanges employ, and CoinSmart is leading the charge.

CoinSmart is also a publicly traded crypto exchange in Australia, which means it’s subject to far more financial scrutiny than any other platform. It’s regulated by AUSTRAC (the Australian Financial Transactions and Report Analysis Centre), and its financials are audited by external professionals at least once per year.

#3 Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat, and email, and their customer service reps are actually helpful rather than just following a script. I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

However, considering its high trading fees of 1%, we simply can’t recommend CoinJar as one of the top crypto exchanges to use in Australia. Instead, we recommend that you consider using CoinSmart. With its ease of use, its top-notch security, and the lowest fees across crypto exchanges in Australia, we simply can’t recommend CoinSmart enough.

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In Summary

Binance is a global cryptocurrency exchange that provides its users with a comprehensive list of supported cryptocurrencies. It’s a great choice for more experienced traders who want to invest in a variety of cryptocurrencies, and it offers many interesting features, such as an advanced trading platform, Binance Earn, and Binance Futures Battle.

However, it’s not as beginner-friendly as some of the other exchanges available, and it also charges a fixed fee of 4.5% for all debit card transactions. For these reasons, I recommend that you consider using CoinSmart instead. They offer competitive fees, support many payment methods, and are beginner-friendly.

CLAIM MY $50 BONUS
Offer ends May 19.

Binance FAQs

How To Withdraw Money From Binance Australia

To withdraw crypto funds from your Binance Australia account, you only need to follow these steps:

  1. Log in to your Binance account.
  2. Choose the “Withdraw” option.
  3. Click on the “Crypto” option.
  4. Select the right network.
  5. Choose the cryptocurrency you wish to withdraw.
  6. Click on the “Receive” option.
  7. Enter your crypto wallet address.
  8. Choose the “Send Code” option.
  9. Enter your 2-factor authentication code.

Is Binance Safe?

Yes, Binance is a secure cryptocurrency exchange. It uses a variety of security methods to safeguard your crypto funds, including:

  • Keeping your crypto funds under cold storage
  • Supports 2-factor authentication to strengthen your account’s security
  • Device whitelisting
  • Anti-phishing codes
  • Withdrawal address management
  • Security tips so that you can safeguard your account even further

Is Binance Legal In Australia?

Yes, Binance is a legitimate cryptocurrency exchange in Australia. InvestByBit Pty Ltd (ABN 98 621 652 579) is an Australian company that operates Binance, and this company is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Because of this, it must meet local legal requirements, just like any other crypto exchange operating in Australia.

Binance Referral Code

Unfortunately, there are no Binance referral codes available at this time.

Does Binance Report To The ATO?

No. Considering Binance is not based in Australia, it doesn’t have to report large transactions to the Australian Taxation Office (ATO). This means that you must report any profits you make from trading on Binance to the ATO yourself.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

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Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

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Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

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Rated 4.2/5