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Binance Australia Features
Binance has arguably the largest suite of crypto trading, investing and lending features and services when compared to other centralised cryptocurrency investing platforms. Below you can find a quick overview of the features supported on Binance Australia.
- 7 Derivatives/Futures Trading Options: Seven different futures trading options including USD futures and leveraged tokens.
- 6 Spot/Margin Trading Options: Six spot trading options including Margin trading, crypto-to-crypto convert feature and fiat-to-crypto instant buy.
- 5 Cryptocurrency Staking Options: Multiple staking options including single and double sided staking, BNB staking rewards and ETH2.0 staking.
- Binance Card: A VISA card that allows users to spend their crypto for real-life purchases and offers 8% BNB cash back every time you make an eligible purchase (not available to Aussies).
- NFT Marketplace: An in-built marketplace where users can invest in popular NFT projects and mystery boxes.
- Learn & Earn: A feature where users can earn free tokens by completing quizzes and courses about crypto, DeFi, CeFi, NFTs and more.
- Crypto Loans: Get instant crypto loans on 78 different tokens on Binance and use cryptocurrencies as collateral.
- BSC/BNB Chain & BNB Token: A decentralised blockchain network referred to as Binance Smart Chain or BNB Chain, BNB is the native utility token of the Binance network.
- P2P (Peer-to-Peer) Marketplace: A platform for users to sell and buy USDT, BTC, BUSD, BSB, ETH, SHIB & ADA from other users for a pre-negotiated price.
- Launchpad: A platform for new and emerging tokens to launch on. Users get the opportunity to invest in new tokens before it comes available on the Spot markets.
- Multiple AUD Deposit Methods: On Binance, Aussies can deposit AUD via POLi, PayID, Osko, Credit/Debit Card, Bank Transfer, BANXA, Simplex & Wise.
Is Binance safe?
Binance is a fully licensed digital currency exchange in Australia and falls under the regulatory oversight of the Australian Transaction Reports and Analysis Centre (AUSTRAC). It is a secure and safe exchange that has implemented multiple security measures, including having its user's funds safely stored offline in cold storage facilities.
The Binance Australia team also recently appointed former ASX-listed company CEO Leigh Travers as their new Managing Director. Leigh formerly founded DigitalX, a blockchain and cryptocurrency infrastructure company based in Perth, Australia. They operate in accordance with AUSTRAC and comply with ass Australian laws.
Supported Assets and Trading Types
The exchange supports over 350 cryptocurrencies to invest in on Spot markets and over 200 pairs on futures markets. In addition to the supported assets, Binance offers over 10 different trading types. Refer to the list below for a detailed overview of the supported trading options on Binance:
- Binance Convert: Swap crypto-to-crypto from all tokens listed on Binance with zero fees.
- Spot: Invest in over 350 cryptocurrencies on the Spot market with advanced tools.
- Swap Farming: Trade selected tokens and pool them to earn rewards.
- P2P: A P2P marketplace that allows Binance users to trade eight tokens for pre-negotiated prices.
- Binance OTC: OTC Desk for institutional clients with tight spreads and zero fees.
- Strategy Trading: This feature is an established pre-planning method and making trades you follow. You can follow other's strategy trading methods or create your own.
- USD-M Futures: Perpetual or quarterly contracts settled in USDT or BUSD.
- Coin-M Futures: Perpetual or quarterly contracts settled cryptocurrencies that aren't USD.
- Leveraged Tokens: Cryptocurrency subscriptions that offer the ability to trade with leverage without the risk of being liquidated.
- Binance Options: Crypto options is a form of derivative contract where you choose to buy or sell an asset at a pre-determined price and date.
- Instant/Express Buy: Buy Crypto with Fiat currencies through multiple methods, including third-party payments like POLi or BPAY.
- Fan Token: Invest in 4 different sporting club fan tokens, including S.S. Lazio, FC Porto, Santos FC & BWT Alpine F1 Team. Investing in these tokens allows fans to vote on club polls.
What is BSC & BNB Chain
The Binance network consists of two chains: the Binance Chain (BNB) and the Binance Smart Chain (BSC). BNB is used for trading and transfers, while BSC is used for executing smart contracts. BSC was developed to run parallel with BNB Chain, and retains Binance Chain's fast transaction speeds and low transaction fees while also providing the ability to develop smart contracts.
The Binance team believes that having both a high-performance trading blockchain and a smart contract blockchain will create a complete ecosystem that can support a wide range of use cases. Binance Smart Chain uses a modified version of the Tendermint consensus protocol and supports Ethereum Virtual Machine (EVM) compatible smart contracts. Binance Smart Chain also uses a BEP-2 token standard, which differs from the BEP-20 token standard used on Binance Chain.
Fees Schedule
Regarding fees, Binance has an attractive pricing schedule with different prices depending on your VIP level and if you're a BNB holder. Refer to the below for a comprehensive breakdown of the trading, deposit & withdrawal fees, and discounts on Binance:
- Deposit Fees: When depositing AUD via Osko, PayID & Bank Transfer, it is free. However, depositing via credit/debit card will incur a 2% fee. All crypto deposits are free on Binance.
- Withdrawal Fees: AUD withdrawals to your bank account are free, but cryptocurrency withdrawals are subject to a small fee to cover gas costs. Refer to Binances Withdrawal Fees for details.
- Spot Trading Fees: Binance offers the lowest spot trading fees in the world, starting from 0.1% and getting as low as 0.02% for VIP 9 users (investors with high monthly trade volumes).
- Futures Trading Fees: For futures trading, the maker/taker is 0.01%/0.05%, and the USD-futures maker/taker is 0.02%/0.04%. For a full breakdown of the futures trading fees on Binance, you can refer to the Binance Fee Rate.
- BNB Discount: Users who pay fees with BNB will get a 25% discount on trading fees.
How to buy Bitcoin with Binance Australia
In this guide, we show Australian investors the easiest way to buy Bitcoin with Binance for low fees by depositing AUD through PayID or Osko. Follow the below guide to get started.
- Sign Up: Create an account on Binance Australia and verify your identity.
- Deposit AUD: Go to the 'Buy Crypto' tab, pick a method and deposit funds to Binance.
- Find Bitcoin: Go to the 'Trade' tab, select 'Spot' and type 'BTC/AUD' in the search bar.
- Buy BTC: Input the amount of BTC you want to purchase and click 'Buy BTC'.
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Does Binance Australia offer 24/7 customer support?
Binance has a myriad of support options available such as its Live Chat feature that offers 24/7 customer service in multiple languages, including English, Mandarin, Cantonese, Spanish, Korean, Italian, Japanese and 35 more. It also provides email (support@binance.com)support, an online ticketing system and phone support (depending on what country you're in).
Additionally, the Binance customer support team can be contacted via one of its many online communities, including Twitter, Instagram, Facebook, Telegram, Discord, Reddit, Medium, TikTok, YouTube & VK.
Binance Mobile App for iOS & Android
A mobile version of the Binance exchange is supported on both iOS and Android devices. For Apple users, the application is available to download on iPhone and iPad. On the Apple app store, the app is rated an impressive 4.9 stars from 100K reviews and is ranked the 49th best app in the Finance category. On the Google Play store, the application is rated 4.6 stars from 1 million reviews.
Can I stake cryptocurrencies on Binance Australia?
Yes, Binance Australia offers a few types of staking options, both fixed and flexible staking terms. However, the staking options are limited and provide small yields. Wehave provided a quick summary of the available cryptocurrency staking options on Binance Australia.
- Simple Earn - Flexible and Fixed term (30, 60, 90 & 120 Days) staking on 287 cryptocurrencies.
- Auto-Invest - This Auto-Invest crypto staking feature allows users to earn yields without needing to stake tokens manually. Only a week, three months, six months, one year and three years staking period are available. However, the ROIs (returns) are higher than other staking options.
- ETH2.0 Staking - Ethereum 2.0 staking with APR (yields) up to 5.2%.
- BNB Vault - This feature is a BNB yield aggregator that offers higher yields on Simple Earn & Launchpool staking.
- Binance Pool - The Binance Pool allows users to get higher profits by auto-switching hash rate to mine different currencies with the same algorithm.
What is the Binance NFT Marketplace?
The Binance NFT Marketplace connects creators with investors, allowing them to sell/buy NFTs, events, and mystery boxes. The NFT projects listed on Binance include STEPN x ASICS NFT Sneakers, SYN CITY: Limited Blueprint, WonderfulDay Tiger NFT, Mavia Land NFTs, CyBall, Highstreet IHO Part 1, DeRace, Gold Pandora Package, Gamma-Tier 1 (Dark Frontiers) and Big Time Studios.
Binance Learn & Earn
Users can earn free tokens on Binance Learn & Earn by completing quizzes and courses about NFTs, DeFi and specific cryptocurrencies. There are currently 24 different courses you can enrol in. It's important to note that you need to verify your identity to participate in these courses. Furthermore, all rewards must be claimed within 14 days of course completion; otherwise they will be forfeited.
Conclusion
In conclusion, Binance is a highly-rated cryptocurrency exchange with many features and trading options. Its focus on security and regulation makes it a reliable choice for investors looking to buy and sell cryptocurrencies. While it may not be the best option for all Australian investors due to limited AUD deposit methods and slower customer support, it remains a strong contender in the global market.
