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Crypto Trading Binance Review Australia 2021

At BitReviews.com we strive to give you the latest and most objective data and information on the Binance crypto exchange platform.

Our Binance crypto review goes into more detail about the exceptional range of altcoins and cryptos available on the platform, as well as the high trading volume and low Binance trading fees you will find. Furthermore, Binance helps to ease new users into using their platform with a number of helpful articles and FAQs on how to buy, sell and trade crypto with their platform.

binance crypto review australia
Pros & Cons of Binance
  • Incredible range of Binance cryptocurrency available
  • A much higher than average trading volume
  • 24/7 customer support
  • A demo account can only be used for Binance futures trading

Security, Usability, Look & Feel - Our Binance review for Australia

Our Binance Australia review analysed the overall usability and general feel of the trading platform to see how easy it is for newer users to try and use. To be quite honest, the platform can appear a little daunting at first and may overwhelm someone who is fairly new to the world of crypto exchanges.

With that being said, the site is easy to look at and is laid out fairly well with everything on the site fairly easy to locate with the menu at the top, or the menus at the footer of the homepage. Users can even find a Binance how to trade tutorial in the help centre to get them on their way.

Binance is the largest online cryptocurrency exchange by trading volume. This high trading volume gives Binance users greater liquidity overall. So, if you are someone who trades in higher volumes then the seamless and efficient platform coupled with its high trading volumes is the perfect place for you. As our Binance crypto review mentioned, the platform leans towards a more experienced crypto trader, despite its educational tutorial, so if you are looking for something that is more graspable we recommend checking out our Coinbase review.

How To Trade – Our guide to Binance crypto trading

Before you can get straight into Binance trading there are a couple of steps you need to take to get there. Namely, you need to create and verify your account to become a Binance Australia customer. Our Binance review analysed the process of creating an account with the broker and how to go about executing a trade.

In order to create an account with Binance you will need to click on the “register” button in the top right-hand corner of the homepage. You will then need to fill out some fairly basic information like your email address and mobile number. You may also use your Binance referral code if you were referred to the site by a friend. You will then need to verify an email sent to you by Binance.

You will need to complete the last two steps. You need to fully verify your identity by providing Binance with: your first and last name, date of birth, residential address, photo of your ID and a selfie to verify your identity.

Once you have completed these steps you can now make a Binance deposit by either buying crypto with a credit card or by depositing fiat currency or crypto into your account. After completing all the admin required you can now purchase or sell cryptos on the platform. Binance has made it a lot easier for you to understand the process by giving you step-by-step guides in their help centre.

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Payments - Binance Exchange Review of Deposit Options

Whether you are using an online broker or the Binance crypto exchange platform you should have at least a couple of different payment methods at your disposal to make your deposits. Our Binance Australia review tried to find as much information on the payment methods on the site as we could.

If you want to deposit cash into your account you can use a wire transfer or a debit/credit card. A wire transfer can take 2-5 business days to clear where your debit/credit card should generally be instant.  You can also make deposits using your crypto wallet should you want to get crypto straight into your account to try and be sold on the platform. You will need to deposit your Binance cryptocurrency with one of the supported networks which include Binance Chain, Binance Smart Chain, Ethereum, Bitcoin and TRON. We couldn’t find any information on the site about any Binance minimum deposit amounts.

Our Binance crypto review could not find much information on the platform with regards to any Binance withdrawal fees when using a credit card or wire transfer. However, we would imagine that these fees, if any, will be fairly standard. When it comes to making a Binance withdrawal with a crypto network, fees can vary greatly but there doesn’t appear to be a Binance withdrawal limit. You will also need to enter your memo details and deposit address 100% accurately the first time or risk losing your digital assets permanently.

Customer Service - 24/7 customer support from Binance

There is every chance that you will eventually run into a problem or need a question answered about some of the specifics on the platform. You should have no problem having your issues dealt with as the Binance customer support is available 24/7 and is exceptionally professional at what they do.

You can click the support button in the bottom right corner of your screen and ask the Bibi Bot a number of different questions. Our Binance crypto review tested the Bot out and found that it covered a plethora of different aspects of the site. Chances are, your questions will be resolved on this first step. However, should you need to go further you can also email the support team to have a more complex question dealt with, like what the average Binace price is for Bitcoin on the platform.

We must say we were a little disappointed by the lack of a live chat feature but all in all the professionalism shown from the email reply we received was promising.

License & Security - A secure and licensed exchange

As digital currency is not recognised as legal tender just yet, you won’t find Binance to be a part of any notable financial associations like the SIPC. However, this is the industry standard for these types of crypto-based sites so fear not.

What Binance have done very well, is curate a robust level of security on their site. Users will have their data protected in numerous different ways and Binance even gives you a few helpful articles on how you yourself can protect your data from phishing and hacking. Binance uses a YubiKey 2-Factor Authentication hardware device that enhances your account security.

There are three different ways for you to authentic a withdrawal and all three can be used if you so decide. These ways include Google authentication, email address and SMS authentication. Binance has locked up their security tighter than most sights which is really great to see. So, is Binance safe to use? We strongly believe so!

Reputation and Customer Feedback – Positive comments from Binance reviews

The range of Binance markets available on the platform have helped to build a strong foundation of positive user reviews. Binance have done ever so well over the past couple of years to increase the stature of their global brand. The Average Binance Australia customer appears to walk away from using the site with a positive feeling almost every time.

After consulting every kind of Binance review, we found them to be mostly all positive. Of course, there were a couple of people who had had bad experiences on the site. We did some more digging and found that for the most part, this was down to their own errors.

Binance Crypto

Cryptocurrencies - Current Binance crypto options

When it comes to buying and trading cryptocurrencies online, users want to see that the broker is offering a strong selection of options. This means not only the major cryptos like Bitcoin but a plethora of altcoins as well. Our Binance crypto exchange review analysed the long list of cryptocurrencies available on the site and found an incredibly diverse range.

At the time of writing our Binance review, we found just shy of 200 different coins available to trade on the platform. The most popular cryptos are all on there that include the likes of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Chainlink (LINK), Binance Coin (BNB), Basic Attention Token (BAT), Cosmos (ATOM), Dash (DASH), EOS (EOS), Nano (NANO), Paxos Standard (PAX), TRON (TRX) and Tether (USDT). Not bad from the Binance crypto exchange, we’d say.

Binance is one of the stronger crypto exchanges to use for those people looking for more diversity in the altcoins range while still maintaining a connection to the more popular cryptos as well. Users can trade with the more standard spot markets or they can venture into the Binance futures section as well to trade perpetual or quarterly futures. Not only is the range of cryptos diverse but there are a number of fiat currencies to choose from when making your purchase.

The Binance crypto exchange operates differently to your standard online broker. Binance puts buyers and sellers on the site together. More specifically, buyers and sellers who have the same idea in mind about the value of a certain quantity of crypto. Binance plays the role of intermediary, putting these people together in a seamless fashion once the user looking to buy or sell has put through their market order.

The Binance crypto exchange offers users the opportunity to buy and sell a number of different cryptos with several different fiat currencies at their disposal. We can understand if this particular site is perhaps a little overwhelming for someone just starting out in their crypto trading journey. So, we recommend checking out our Kraken review.

Fees - Our Binance Exchange Review

Fees are a staple of any online broker whether that be the Binance crypto exchange or a more standard online broker. Our Binance Australia review tried to locate some of the different fees you may have to pay in order to trade on the broker’s platform.

Our Binance crypto review found that there is a tiered list of the fees you can expect to find with your trades. The amount varies from VIP 0 to VIP 9. Your standard Binance trading fees for VIP 0 is 0.100% as the buyer and 0.100% as the seller. Or as Binance calls it the “maker/taker” fee. This fee varies as you go up the tiers to VIP 9. There is also a list for the margin borrow interest rate for each crypto as well. We highly recommend checking out this fee schedule on Binance which can be located right at the footer of the homepage under “service”.

Jurisdictions and Limits - Binance cryptocurrency trading limits

After taking a closer look at the terms and conditions our Binance review Australia found that the exchange broker operates legally in over 150 countries (including a number of smaller islands). This helps to put to rest any fear of Binance scams. The site covers so many different jurisdictions it’s impossible to see how this Binance crypto exchange could ever be a scam. With over 150 countries covered, our Australian readers can rest assured that trading on this site is completely within their legal jurisdiction.

In terms of some of the limits on the site, our Binance review Australia couldn’t find all that many except for the minimum order sizes. For BNB markets, your average minimum order size must be at least 0.1 BNB or higher. For BTC markets, the order size needs to be at least 0.001 BTC. The minimum order sizes vary for ETH and XRP as well so it is worth checking out the detailed trading rules page on the Binance platform.

Overall Conclusion - Top marks in our Binance review Australia

That brings us to the end of our Binance crypto exchange review. After conducting our Binance Australia review it’s easy to see why the platform is the go-to crypto exchange for most people. The website interface is easy to use and executing market orders is very straightforward.

While it may appear a little overwhelming at first, after some time playing around on the site you start to quickly get the hang of it. If you still struggle to use the platform there are a number of helpful articles and FAQs in the help centre that will make your experience much easier. It is impossible not to recommend the astute Binance crypto exchange platform to our readers.

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