Binance Australia Review: Here’s What We Noticed

Last Updated on February 1, 2024 by Kevin Groves

If you’re thinking of buying cryptocurrencies or have been involved in the crypto space for a while, then you’ve come across Binance. Launched in Australia in July 2020, the exchange is already one of the leading crypto exchanges in the market.

If you’re thinking of joining Binance for the first time or are considering the move from another crypto exchange, then you should read this review. We cover all of the products, services, and features that make it an attractive option for a wide variety of investors and traders.

Quick Overview

Here is a quick summary of Binance Australia:

Exchange name	Binance Australia
Supported countries	Worldwide (including Australia)
Fiat currencies supported	AUD
Supported cryptocurrencies	380+
Markets	Spot, margin, futures
Deposit methods	Bank transfer, PayID, credit card
Deposit fees	None
Trading fees	0.1% (maker) and 0.1% (taker)
Withdrawal fees	None
Interest-earning wallet	Yes
Mobile App	Yes (Android, iOS)

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What Is Binance Australia and What Do They Offer?

Binance Australia is an independently operated branch of the global Binance brand. Launched in July 2020, Binance Australia now offers Australian investors, traders, and crypto enthusiasts cutting-edge products and services including blockchain-based features that satisfy a broad range of levels. The hugely popular exchange provides over 380+ cryptos to buy with Australian Dollars (AUD), over 1,680 trading pairs, advanced markets such as spot, margin, and futures, and innovative financial management products.

Binance is unrivaled in its trading volume and liquidity. At the time of writing, Binance is ranked #1 in the world according to CoinMarketCap for its daily trading volume which sits at more than $9 billion.

Pros & Cons

Here’s What We Think of Their Features

An abundance of crypto to choose from

Binance doesn’t offer the largest selection of digital currencies to choose from, but with over 380 assets, it is still right up there with other platforms such as Swyftx (320+) and CoinSpot (370+). The sheer abundance of digital assets makes Binance Australia an attractive option if you are more of an altcoin investor.

Binance hosts all the major currencies to buy such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Litecoin (LTC), stablecoins including Tether (USDT), Dai (DAI), and Binance USD (BUSD). Popular meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) are supported as well as a host of exotic and low market cap coins and tokens.

Pretty impressive NFT marketplace

Binance is up to date with the emerging world of Non-Fungible Tokens (NFTs) and their role in the metaverse as well as applications such as gaming. The NFT marketplace that Binance hosts is one of the best-stocked and easiest to use. You can quickly purchase digital artworks and collectibles using ETH, BUSD, and Binance Coin (BNB), or even mint your own. Binance has one of the best NFT marketplaces in Australia as it also provides the largest gaming NFT marketplace with over 300,000 participants and over $1 billion in volume.

Binance SAFU fund for peace of mind

Binance has an emergency insurance fund called the Secure Asset Fund for Users (SAFU) that is aimed at protecting trades in case of a hack. This feature was launched in mid-2018 and is funded by 10% of all trading fees. These funds are then stored in a cold wallet for more protection. Binance traders often use the term “funds are SAFU” to imply that their funds are well protected.

P2P marketplace with more payment options

The Binance Peer-to-Peer (P2P) marketplace allows you to buy and sell USDT, BTC, BUSD, BNB, ETH, SHIB, and ADA directly with other users. Instead of facilitating crypto trades on the exchange and charging fees, Binance simply provides the environment for users to trade with each other.

During our exploration of the P2P trading platform, we noted that the number of advertised assets was fairly high, suggesting that the marketplace is used regularly. Another thing we noticed is that the majority of payment methods listed were bank transfers which should suit most traders. Overall, the interface is modern and highly functional, which is to be expected of Binance.

You can earn interest on your investment

The Earn Hub that Binance Australia provides world-class and offers a wider number of opportunities to earn crypto rewards than local Australian platforms. There 3 different interest-earning products to generate passive income with “Simple Earn” being the primary mode.

The “Simple Earn” feature supports a staggering 289 digital currencies that can earn interest payments of up to 68% Annual Percentage Yield (APY). There are very few other platforms that offer this many options as well as decent interest rate returns. This means that altcoin investors have an abundance of options to grow their portfolio further and without much effort.

For each support asset, Binance provides a great deal of flexibility by offering several terms to choose from, ranging from “Flexible” where you can redeem your crypto at any stage, to the maximum duration of 120 days.

Simply put, the Binance Earn hub is a great feature that eclipses a lot of other platforms we have compared to earn crypto interest. It provides more options to earn interest payments on crypto than most and doesn’t sacrifice additional features and flexibility.

There’s staking available

In addition to the stellar interest-earning opportunities that Binance provides, you can also stake your coins and tokens to generate crypto rewards. It is one of the best staking platforms for Australians with a wide variety of PoS tokens. ETH 2.0 is supported along with 14 other decentralised projects including BTC (3.1%), BUSD (5%), XRP (1.39%), and LTC (1.4%). Compared to the Earn hub, you have less flexibility due to the fewer term options but this should bother you if you’re not planning to shift digital assets around.

If you’re comfortable with locking your digital assets for a while so as to accrue benefits, then this feature would be perfect for you. After you stake crypto, it will be automatically deducted from your wallet and added to the staking pool.

Need cash? You can obtain a crypto loan

Binance provides robust and innovative financial products where you can lend your crypto to take out a crypto-backed loan. In terms of the crypto that you can deposit as collateral, there are simply too many to name as Binance supports a multitude of options.

One of the cons is that you are unable to borrow fiat currencies, however, major assets are supported including BUSD, USDT, ETH, and BTC. If you’re looking to use crypto to borrow fiat currencies, i.e. AUD, then it might be worthwhile considering a crypto lending platform such as BlockFi.

Crypto-backed loans are available on 7, 14, 30, and 90-day loans and you can pay it back at any time. Your interest rate will be based on the Loan-to-Value (LTV) ratio and is calculated hourly.

Trade margin with leverage (for the experienced)

Margin trading allows you to access greater sums of capital with leveraged positions. A leveraged position means that the result of a trade is amplified so larger profits (and losses) can be realised.

To begin trading, funds will need to be transferred to a Binance margin wallet or the Futures wallet to use as collateral. Regarding margin trading, Binance offers cross and isolated trading where leverage up to 3x and 10x, respectively, can be applied to short and long positions.

Binance Futures offers the following markets:

• USDS-M Futures: Perpetual or Quarterly Contracts that are settled in USDT or BUSD.
• Coin-M Futures: Perpetual or Quarterly Contracts settled in Cryptocurrency.
• Leveraged Tokens: Trade with leverage without the need to put up collateral, maintain and margin level, or worry about the risk of liquidation.
• Options: Cash-settled contracts where the options can be exercised before the time expires.

The margin and futures markets that Binance offers on its cutting-edge trading platform are second to none. Only rivaled by the likes of other top margin trading platforms such as KuCoin and Bybit, the deep liquidity, world-class charting interface, advanced tools, and some of the lowest maker and taker fees going around, Binance has all the features you need to margin trade.

So, Is Binance Australia Safe To Use?

Despite the 2019 hacks, Binance Australia remains one of the most secure digital currency trading platforms to buy and sell crypto. Verification process: users who only sign up for crypto-to-crypto trades don’t have to be verified. If you’re, however, planning on using the platform for fiat purchases or want to access advanced features and higher withdrawal limits, you need to provide them with your identity information. The verification process is fairly quick as long as the information on your photo ID coincides with the one you provide them.

Advanced security features: In addition to the 2FA, Binance also complies with the best cybersecurity industry standards. They store most of their funds in cold storage and use multi-signature wallets for additional security. Binance has only been hacked once, and they replaced all the funds from their reserves.

Regulations: In Australia, Binance is registered with AUSTRAC and is legally allowed to provide spot trading between AUD and crypto services. To provide these services, Binance must comply with local regulations including Know-Your-Customer (KYC) procedures.

Has Binance Australia Been Hacked?

Although is one of the most secure crypto exchanges in the world, it has still experienced historical breaches of its security framework. In August 2019, several high-volume accounts stored in Binance’s hot wallet were compromised which resulted in the theft of over 7,000 Bitcoin, worth around $40 million at the time. 2FA codes and API tokens were also stolen. Following the attack, Binance conducted a thorough review of its security systems and data and reimbursed all lost funds using its emergency insurance fund.

In August 2021, Reuters reported that the London High Court ordered Binance to identify hackers and freeze their account after a single account was compromised and $2.6 million was lost.

Given that the daily trading volume of Binance far exceeds $10 billion, these losses are relatively insignificant and the exchange still remains the most used trading platform in the market. In addition, Binance only holds 2% of its digital assets in hot wallets that are connected to the internet. The remaining 98% are stored in offline vaults.

Do We Think Binance Australia Is Legit?

Yes, Binance Australia appears to be a legitimate and trusted digital currency exchange that has been operating under InvestbyBit Pty Ltd (ABN 98 621 652 579) and trading as Binance Australia since 2019. Binance Australia is licenced to provide spot trading between fiat and digital currencies, and their Earn service. Since the trading platform is registered with AUSTRAC, it adheres to strict government regulations which include AML/CTF and KYC procedures. 

What Are The Fees & Charges?

Deposit and withdrawal fees

Funding your Binance Australia wallet with Australian Dollars using PayID or bank transfers (OSKO) can be done without incurring any fees or charges. This also applies to transfers of digital currencies from an external wallet. The lack of deposit fees is consistent with the majority of Australian crypto exchanges.

Binance charges zero fees for withdrawing AUD funds into your Australian bank account. However, cryptocurrency transfers out of your Binance wallet will incur a minor blockchain-based fee where the amount depends on network congestion.

Fees to trade crypto

Binance Australia’s fees to trade on-the-spot markets are based on a maker-and-taker structure that starts at 0.1%. Depending on your 30-day BUSD trading volume or the amount of Binance Coins (BNB) you hold, you will be eligible to obtain discounts on your spot trading fees as your VIP level increases. Another way of reducing your trading fees by 20% is to refer people to Binance using your referral link.

Binance’s low fees make it one of the cheapest places to start a crypto trading portfolio. Whilst it is marginally more expensive than other global platforms like Huobi (0.1%) and Bybit (0.1%), it remains vastly more economical than locally owned trading platforms where fees are typically around 0.5% to 1%. This, of course, depends on whether you know how to use the Binance interface and its trading features. Aussies new to the crypto scene may be overwhelmed and may be better off with a visually intuitive interface offered by local exchanges.

How To Verify Your Account

To create an account with Binance Australia, you will need an email address, a strong password, and a mobile phone number. This will provide you with the basic account level. To access more platform features and increase trading limits, additional verification (Know Your Customer) will be required to satisfy AML and CTF regulations. There are two types of verification, Verified, and Verified Plus. Verified will require basic personal details, a government-issued form of identification, and facial recognition using a smart device.

How To Fund Your Binance Account

Binance Australia does have some limitations for Australians and the range of funding methods is one of them. Currently, you can only deposit AUD into your account wallet using PayID or bank transfers (OSKO). Popular payment methods that are commonly offered by local exchanges such as BPAY, credit/debit cards, POLi, and cash deposits are not supported. Withdrawals of AUD funds from your account can only be done using bank transfers.

Like most exchanges, you are able to transfer cryptocurrencies that you have in an external wallet (i.e. another exchange, hardware wallet) into your Binance wallet.

The Binance Trading Experience (Our Thoughts)

Buying crypto

If you’re someone who wants to buy crypto with AUD then you have plenty of options. You can fund your account with cash via PayID or transfer funds from an Australian bank account, or directly purchase via credit card. If you prefer to buy crypto directly from other traders and avoid trading fees, then the P2P marketplace might be the option for you.

Some methods of obtaining digital currencies involve the use of third-party payment providers. Whilst these open up different modes of payment such as credit cards, the associated fees are usually higher.

Overall, Binance shows its strong capabilities as a world-class provider of crypto services as it offers a plethora of options to buy digital assets. Each method has its own merits and is delivered on a state-of-the-art platform to minimise any barriers to entry for newcomers.

The spot trading interface

Beginners entering the spot trading interface may be overwhelmed by the presence of the order books, buying and selling panels, the real-time charting window, and numerous buttons for other features. However, all of the features are specifically designed to provide traders with all the tools they need to analyse the price action of crypto and identify suitable trades, assess the trading volume and spread for any given trading pair, and place market orders.

We found the responsiveness of the interface to be fast with no latency issues where switching between AUD trading pairs (on the right hand side of the interface) was quick. The TradingView powered charting window is a little on the small side but it can be expanded so you can aptly use all the advanced indicators and drawing tools that are available.

The buying and selling panels come equipped with various market orders such as limit, market, and One Cancels the Other (OCO), the latter of which is not offered by many exchanges. Overall, Binance Australia provides a world-class platform on which to trade digital currencies with AUD. Moreover, the Binance app can be downloaded which is full-featured and makes buying crypto or trading a streamlined process. Based on our reviews, Binance has one of the best Australian apps for crypto.

Using Convert to Swap assets

Reminiscent of other global crypto exchanges, you can also use Binance Convert to instantly swap one digital currency for another. To make the feature palatable to the everyday Aussie, Binance Convert consists of a simple panel where you select the assets you want to swap and enter the amount (with no fees). There are no complicated-looking charts or other features to distract or confuse.

One of the advantages that Binance Convert has over crypto swapping services offered by other platforms, is that you can swap crypto at their market price, or at a price that you set (limit orders). The limit order means that if you want to swap BTC for ETH at $34,000, then it will only execute the exchange if the actual price meets the $34,000.

Is Your Crypto Safe With Binance?

Yes and no. Binance Australia implements multiple layers of security measures and management protocols to ensure that your personal information, cash funds, and digital assets are safeguarded against loss, theft, or damage. Examples of the security technologies used to provide a safe and secure trading environment include cold wallet storage for 98% of its held assets and Two-Factor Authentication (2FA). However, it’s still a centralized platform at risk of hacks.

What Others Are Saying About Binance

Binance is currently the most popular crypto exchange platform, and this has a lot to do with how it handles its customers. While their customer support could use an upgrade, compared to its competitors, Binance is one of the best platforms. Their support team is very responsive to users and provides professional help promptly.

Currently, they provide their support in 7 different languages, and even though they don’t have a dedicated call line, you could submit your issue on their portal. The turnaround time for this is roughly 24 hrs. In addition to this, Binance also has a comprehensive FAQ section that covers most of the standard issues. Chances are, if you read through it, you may not need to contact their team. In 2018, they launched a live support feature on their site that has greatly enhanced the trading experience.

Our Verdict On Binance Australia

Binance Australia is a premium digital currency exchange that has been available to Australians since 2019. It provides a robust and feature-rich platform with a wealth of trading markets that other exchanges can only aspire to. For most, Binance Australia should provide all the crypto features to equip experienced investors and traders with the tools they need, as well as capture their interest as new products are always been released.

However, since the company is independently operated from its global brand, and due to Australian government regulations, there are a few restrictions that you should be aware of including its range of deposit options.

Binance Australia Alternatives & Comparisons

Binance is undoubtedly one of the best Australian crypto exchanges. If you’re still considering your options after this review, then you may be interested in reading about these exchanges that offer similar services.

• Bybit: An outstanding crypto exchange for spot and margin (up to 100x) traders. Bybit offers great fees for its spot and margin trading markets, all of which can be accessed on its state-of-the-art mobile app. Since the exchange is not regulated in Australia, you don’t need to complete KYC procedures.
• CoinSpot: A long-standing crypto exchange, CoinSpot is a suitable alternative for crypto beginners that want a simple and fast way to buy Bitcoin and other coins. It does not have a complicated trading interface that will suit newer investors, however, serious traders may find the platform lacking. Find out more in our CoinSpot vs Binance comparison.
• Swyftx: Swyftx is the premier cryptocurrency platform in Australia to buy and trade crypto with AUD. The Brisbane-based company provides a suite of features including over 320 digital assets, interest-earning wallets, and an advanced charting package, all on a uniquely designed interface. For more information, read our Binance vs Swyftx comparison.

Related:

• How to transfer Bitcoin from Coinbase to Binance
• How To Send Crypto From Swyftx To Binance In 5 Steps
• How To Transfer From CoinSpot To Binance