Binance Australia Review – Is This Australia’s Best Crypto Exchange?

Welcome to my Binance Australia Review. Today I’ll be covering everything that you need to know about the popular cryptocurrency exchange Binance. I’ll explore its key features, whether it’s safe, the pros and cons and help you determine whether it’s the best crypto exchange for your needs.  

Binance Australia Review – What is Binance?  

Binance Australia Review - Ecosystem

Binance is one of the most popular and well-trusted cryptocurrency exchanges in the world. Operating as a complete crypto ecosystem, Binance offers a range of unique features. These features include an exchange consisting of 100+ popular cryptocurrencies, staking, fiat deposits and withdrawals, crypto savings accounts, margin trading and crypto loans.  

Why Invest in Cryptocurrencies?  

Cryptocurrencies are an immensely unique asset class. With deflationary, finite supplies, extremely high liquidity, unique use-cases, advanced technological applications and extreme volatility, crypto can be a useful asset class to invest in. With popular cryptocurrencies such as Bitcoin and Ethereum challenging the traditional financial system, these assets can also be a good hedge against traditional financial assets such as stocks and ETFs.  

Similar to brokerage platforms with stocks, crypto exchanges such as Binance allow you to purchase cryptocurrencies. A key difference is that unlike the stock market, crypto exchanges never close. This in part allows for cryptocurrencies to fluctuate significantly in prices. If utilised correctly, returns in the range of 100s and 1000s of % can be attained. Due to this volatility, some traditional investors prefer to allocate a small portion of their overall portfolio to these assets such as Bitcoin. Whereas more modern investors with high-risk tolerances may choose to allocate all of their portfolios to cryptocurrencies to maximise on returns. Regardless of your crypto-allocation, Binance allows users to gain their desired level of exposure.  

Is Binance Safe?  

StaySAFU with Binance's Security Campaign | Binance Blog

As far as exchanges go, Binance offers one of, if not the safest exchange due to their extensive security measures. Users are asked to set up two-factor authentication (2FA) which provides an additional layer of security to the exchange. Similar security features also include address whitelisting, anti-phishing codes and google authentication among others.  

Regarding funds, Binance uses the CryptoCurrency Security Standard (CCSS) to protect accounts. The CCSS is an open standard designed to augment standard information security practices and is the standard for major-exchanges. Additionally, Binance also has the Secure Asset Fund for Users (SAFU) to protect investors. SAFU is an emergency insurance fund set up by Binance to reimburse users in the unlikely event of a hacking. Lastly, Binance Australia is operated by InvestByBit Pty Ltd (ABN 98 621 652 579) – a digital currency exchange registered with AUSTRAC. Binance Australia is therefore regulated to the same extent as other Australian cryptocurrency exchanges. 

 For these reasons, Binance is widely regarded as setting the industry standard for exchange security. As such, it is a great platform for storing and trading cryptocurrencies. 

If you’re still looking to increase security, you can store coins purchased on Binance on a hardware wallet. A hardware wallet is a device, specifically designed to hold your private keys. It is another example of ‘cold storage’ meaning that it does not connect to the internet. You only have to plug it to confirm transactions, the private keys never leave the device, making it the most secure way to store your crypto.

If you’re interested in purchasing a hardware wallet, I recommend Ledger or Trezor, as they are the most reputable wallets available. You can purchase them here:

Ledger  

Trezor  

Binance Australia Review – Pros  

Premium Vector | Thumbs up with board bitcoin gold character cartoon

Fast, Feeless Fiat Deposits and Withdrawals

Binance Australia Review - Zero-Fee AUD

A common fault among many popular exchanges is their inability to quickly deposit and withdraw fiat currencies. This can make buying crypto problematic, as well as preventing people from capitalising on their returns. Of the exchanges that have traditionally offered deposits and withdrawals, they have often charged astronomical fees for this service. Binance counters these issues by offering feeless Osko deposits and feeless bank transfer withdrawals.  
 
Osko deposits allow users to transfer funds from their bank account to Binance in one day. Sometimes, these payments can process in a matter of minutes. This fast liquidity allows users to quickly capitalise on market dips, making it a useful service. Additionally, fiat withdrawals are also feeless, allowing Binance users to maximise their profits.

Attractive Staking and Savings Rates  

Earn passive income with cryptocurrencies - Binance

Binance offers 30 locked staking cryptocurrencies, with 15, 30 and 60-day locking durations. Estimated APY ranges from 1.49% to an insane 43.2%, making this the highest yielding platform on this list for staking purposes. Furthermore, Binance offers a flexible savings account, that returns much lower interest rates, yet allows users to withdraw at any time.  

 Binance Flexible Savings allows users to earn passive income that is calculated daily. This allows users to keep their assets liquid, while also receiving additional interest in that particular asset class. As such, this unique feature gives Binance a competitive edge over the competition.

Security 

Another common issue among other popular exchanges such as KuCoin is security-risks. Currently, Binance offers some of the best security among any crypto exchange. When users sign up to Binance, they are first required to verify their identity. Once their identity is verified, they then are then asked to enable two-factor authentication (2FA). This serves as an added layer of security that sends a special code to your mobile phone every time you want to log into your Binance account. Additionally, features such as passwords, facial recognition, fingerprint identification, Google Authentication, Security Key activation, anti-phishing codes and Address Whitelisting exist.  
 
While this may sound over-the-top at first, crypto-security is essential to protect your assets. There are thousands of stories of people who have lost hundreds of thousands in crypto assets due to hacking attacks. For these reasons, I trust Binance above other popular competitors in this regard, due to their extensive security precautions.  

High-Volume Trading

Another important but often overlooked aspect of exchanges is their trading volume. Exchanges can have all the features in the world, but without a high trading volume, it can be difficult to buy and sell cryptos. This can be disastrous for people looking to quickly buy assets during dips, as they may not have been updated to reflect the price decline. Alternatively, unpopular exchanges with low-volume trading can make selling out their positions difficult. Subsequently, this can impede on the ability to purchase and sell cryptos at the best prices available. However, Binance doesn’t have this issue, due to its extensive global userbase.  

Being one of the most popular exchanges in the world, Binance offers some of the highest trading volumes. This enables users to buy cryptos at their most competitive prices. More importantly, however, it enables traders to sell their assets at a faster rate. This ability to sell quickly is imperative for maximising profit-taking. Particularly during a bull market, where many people may be looking to purchase/sell at the same time.  
 

Binance Australia Review – Cons 

Conroy's OPEL decision gets thumbs down from Liberal's Billson - Telco/ISP  - iTnews

Some Altcoins May be Unavailable

There are currently over 6,000 altcoins in circulation. While Binance offers a relatively large number of alts (100+), it is still missing a significant amount of this large supply. As such, for users who wish to purchase specific altcoins, namely those with niche use cases or low market caps, Binance is unlikely to offer that coin. Subsequently, users may find other exchanges that deal with these particular coins more useful, if they particularly like to trade in them.  
 
However, for users who wish to purchase large cap coins such as Bitcoin, Ethereum and Polkadot among others, Binance offers the vast majority of these coins. Therefore, there’s no reason that users can’t have Binance in addition to other exchanges to get a more comprehensive portfolio

Complex (Not Seen as Beginner Friendly) 

Binance offers an extensive range of coins, products, services and features. As such, it can often be overwhelming for beginner investors who are just looking to start. For people who have previously invested in stocks, they may pick it up quicker than others. Yet for investing novices, the comprehensive Binance ecosystem may be viewed as complex and hard to navigate.  

Binance offers a free online service called the Binance Academy which is designed to help beginner investors learn more about cryptocurrencies and how they work. For people just starting off, they recommend this introductory guide.  

There are also several YouTube guides that provide a step-by-step process on how to set up and use Binance.  

Binance Australia Review – Pros and Cons Summary  

ProsCons
Fast, Feeless Fiat Deposits and WithdrawalsSome Altcoins May be Unavailable
High Staking and Interest RatesComplex for Beginners
Security
High-Volume Trading (Liquidity)

Binance Australia Review – The Final Verdict

In my opinion, Binance is the best cryptocurrency platform available to Australians at this time. Regarding trading, it provides high-volume trading, fast, feeless fiat deposits and withdrawals and one of the highest degrees of security. For long-term holders, the interest rates associated with the savings account and staking options are second to none. Additionally, high-risk traders have access to margin trading and crypto-backed loans. Subsequently, the comprehensive service offered by Binance to Australians and international investors alike makes it a great exchange for a variety of investors.  
 
Conversely, for complete beginners with little knowledge of the space, people without high-risk tolerances and those who want to trade in micro-cap altcoins, there may be better alternatives. However, these can be overcome by utilising the resources provided by Binance Academy of through utilising other crypto exchanges such as Binance Dex. Barring those who fall into those categories, I highly recommend Binance for anyone looking to invest in cryptocurrencies and simultaneously earn interest on their investments.  

Want to Receive a Sign-Up Bonus?

By signing up with this referral link, we will both be entitled to a 10% reimbursement on all of your trading fees henceforth. This will help you save money on your investments, while also supporting my website.  

10% Discount on Trading Fees for Life

Need Help Signing Up?

Step 1.  

Click This Link to Sign Up  

Step 2.  

Follow the instructions and insert the email address and password you’ll use for your account. After reading carefully the Terms of Use (TOU), click on [Register]

NOTE:  

  • Your password must contain at least 8 characters, including one uppercase letter and one number. 

Step 3.

After clicking on [Register], you’ll see a sliding jigsaw verification code. Please, drag the slider to complete it. 

mceclip2.png

Step 4.

Once you have completed the jigsaw, we’ll send a confirmation email to the address you’ve specified. Please check your inbox to confirm your registration within 10 minutes. 

Binance Australia Review - Sign Up

Notice: 
For your own account security, we highly recommend you to enable the two-factor authentication (2FA) after your first login. (Google 2FA or SMS 2FA) 
*Before starting P2P trading, you may need to complete KYC and 2FA authentication. 

Want to Increase Your Security with a Crypto Hardware Wallet?

If you’d like to increase your crypto security by purchasing a hardware wallet, I recommend using Ledger and Trezor. These are two of the most reputable hardware wallet providers.

Buy Ledger Wallet Here

Buy Trezor Hardware Wallet Here

Hardware Wallets Explained

Want to Read More About Cryptocurrency? 

If you’d like to read more about cryptocurrency, I have written the following guides: 
 
Bitcoin Explained 

BlockFi Review

Celsius Network Review

Crypto.com Review 

How to Earn Passive Income with Cryptocurrency 

Swyftx Exchange Review
 

3 Comments on “Binance Australia Review – Is This Australia’s Best Crypto Exchange?

  1. Pingback: Crypto.Com Review Australia - Is This Our Best Crypto Platform? -

  2. Pingback: Celsius Network Review - Is This Revolutionary App The Future of Banking? -

  3. Pingback: BlockFi Review Australia – Can This Platform Transform The Banking World? -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: