Binance Australia Review

March 30, 2023

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 today is also one of the most popular crypto trading platforms in Australia for purchasing bitcoin and other digital assets.

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 Ethereum and others 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. 20+ True AUD Trading Pairs

Trading pairs refer to two digital assets that can be traded with each other on an exchange platform. Crypto-to-crypto trading pairs like BTC/BUSD enable trading between two cryptocurrencies without having to exchange either for fiat currency first. On the other hand, fiat-to-crypto trading pairs, like BTC/AUD, allow you to purchase or sell bitcoin using AUD. 

Binance Australia supports 20+ AUD trading pairs, including BTC/AUD, ETH/AUD, BNB/AUD, APE/AUD, and AVAX/AUD. To trade on Binance, users need to verify their accounts and fund them with AUD. Trading can be done via Spot Trading, where users need to select the desired cryptocurrency, put in the price and amount, and click Buy.

3. Binance Academy

Binance Academy is a comprehensive educational platform that offers a variety of resources to help Australian crypto users make more informed trading decisions. The platform features a range of articles, videos, and other educational content in over 20 languages that cover various topics, including blockchain technology, cryptocurrencies, and trading strategies. 

By providing users with access to up-to-date and reliable information, Binance Academy can help Australian crypto traders stay informed about market trends, emerging technologies, and regulatory developments. This, in turn, can help users make more educated trading decisions and reduce the risks associated with cryptocurrency trading.

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) Polygon (MATIC)
Bitcoin Cash (BCH) Stellar (XLM)
Ripple (XRP) TRON (TRX)
Binance Coin (BNB) Cardano (ADA)
Litecoin (LTC) Dash (DASH)
Basic Attention Token (BAT) Cosmos (ATOM)

Binance's Fees In Australia

Binance charges a fee of 0.1% for most trades, with Zero Fees for 13 BTC Spot Trading Pairs. When trading fees are paid using Binance Coin (BNB), users will receive a 25% 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 2% fee for any debit card transaction, so it's important to keep this in mind. However, Binance Australia users can deposit AUD for free using their bank account with PayID/Osko. While this makes Binance expensive for those who want to use a debit card, it's not nearly as expensive as Coinbase in Australia.

Also, if you want to buy crypto like Bitcoin with PayPal, you'll have to find another crypto exchange because Binance doesn't allow it.

You can also look up the fee trading schedule on the Binance 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).

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, 20+ true AUD trading pairs and Binance Academy.

Binance Australia 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. Choose the cryptocurrency you wish to withdraw.
  5. Enter your crypto wallet address.
  6. Select the right network
  7. Enter the amount to withdraw.
  8. Click on the “Withdraw” button.
  9. Complete 2-factor authentication to confirm your withdrawal.

Is Binance Safe?

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

  • Storing crypto funds in hot and cold wallets
  • 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

By using our special Yore Oyster referral link, new users can earn up to 100 USDT trading fee credit by completing welcome offer tasks within 7 days of sign up. T&Cs apply.

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.

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