Binance Review 2022

One of the most established crypto exchanges in Australia is Binance. You see, cryptocurrency enthusiasts have a wide choice of exchanges, both at home and abroad. Each exchange has its specific set of rules for trading and offers a variety of cryptocurrency. Different companies also have different fees for deposits, trading and withdrawals.

Binance Exchange Logo

This page will review Binance and how its functions have become the largest cryptocurrency exchange. Check out the Binance review to find out why a lot of Australians have chosen Binance to meet their crypto requirements.

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Table of Contents

Binance Pros

  • A huge spot market that includes more than 600 different cryptocurrencies
  • Affordable fee structure with the possibility to discount
  • Staking options to over 70 coins
  • Deposits and withdrawals that are sleek
  • Separate platforms for different markets
  • Advanced markets for professional traders

Binance Cons

  • A complex platform design for novice
  • Excellent customer support
Let’s begin from the beginning. It was the Binance creator, Changpeng Zhao, introduced the exchange with a clear goal — to create the foundation for a worldwide kind of money. The timing was right since the world had begun to move in an increasingly decentralized direction.
 
In July of 2017, Binance raised $15 million through an ICO and began pre-selling its native currency, Binance Coin (BNB). However, the place where Binance was founded was China and it was the country that decided to prohibit ICO in the year Binance first appeared.
 
The creator continued on his mission by changing from one crypto-friendly region to the next (Hong Hong Kong, Malta, etc.) and then claiming that global currency doesn’t require a physical geographical location.
 
It is interesting to note that, despite this stance led Binance to a number of legal disputes but its popularity hasn’t diminished. It has proved unstoppable in expanding its offerings to an unprecedented level. I can assure you that anything Binance is touched turns into gold.
 
The exchange began by developing the prodigal spot market which is still their primary product but it didn’t end there. Through the years, Binance released a crypto card, a separate P2P market, OTC desk, and mining pool. It has also purchased the Trust Wallet and has even created a blockchain on its own (BNB Smart Chain).
 
In the in the meantime, Changpeng Zhao admitted that the only way to achieve worldwide adoption of crypto is via legally-based regulation. In the present, Binance has a registered office in Australia as InvestbyBit Pty. Ltd. (ABN 861 651 579) fully in compliance with AUSTRAC.

Who is Binance designed for?

In my first experience with my first encounter with the Binance platform noticed that their interface might be too intimidating for novices. But they have a lot of options. Binance exchange has put together an excellent starter kit to help new users get started as part of their strategy to reach a wider audience.

Binance has introduced a distinct Basic Mode that features no complicated charting tools, and also other graphics that require the ability to use crypto. In this way, Binance also offers the Binance Academy, which, I would say is the biggest cryptocurrency library online. Therefore, despite the initial fearful impression, novices are welcomed to begin their journey into crypto with Binance.

However I’m confident that experienced traders will be delighted to spend time at the market. First, because of the endless possibilities, and secondly due to the manner in which Binance arranges the flow of trade between markets.

For instance, Margin Trading stands as an individual platform and has a distinct Margin Wallet. Anyone who is frequently opening trades across different markets will be able to tell you the advantages of effective fund management.

Supported Cryptocurrencies: Buy Bitcoin and More Than 600 Cryptos

It doesn’t matter whether you’re novice, an experienced trader or an investment firm. There are the entire range of cryptos you require on Binance. The platform is able to support more than 600 tokens and coins and the list keeps expanding on a regular basis due to the fact that Binance continuously adds new cryptocurrency with real potential for growth.

You’ll certainly find everything in the Top 100 coin list to micro and low-market cap altcoins with intriguing plans and utility.

The crypto options include BTC, ETH, LTC, BUSD, BNB, Tether (USDT) ADA, LTC, Dogecoin (DOGE), Shiba Inu (SHIB), BCH, Avalanche (AVAX), The Sandbox (SAND), Tezos (XTZ), Fantom (FTM), Basic Attention Token (BAT), Ripple (XRP), Gala Games (GALA), Polygon (MATIC), Chainlink (LINK), Apecoin (APE), and the list of names goes on.

The range of cryptocurrency options on Binance will satisfy even the most demanding traders. I tried typing in a few less well-known coins into the Binance search bar, and each coin was through the service.

Be aware that the coins with less popularity are not as liquid that result in higher spreads in the market however the prices are less than competitors’because of the extremely low trading charges.

Key Features & Advantages of Binance

The reason Binance is able to keep its high-profile all this time is in its impressive feature set and I will be updating you as I guide you through the top Binance features.

P2P Trading

In the beginning of cryptocurrency era, traders of the future were more inclined to use the P2P (peer-to-peer) platforms over traditional exchanges to conduct their purchase and sell transactions due to the decentralized nature of the environment. In other words, P2P exchanges just connect sellers and buyers under one roof, and then let them decide the terms of transactions on their own with no custodial accounts deposits, no payments processors.

Personally, I do not recommend this strategy of trading, however for those looking to achieve the same liberty, Binance offers a separate P2P platform that is a popular cryptocurrency, allowing you to join thousands of traders on the platform and select from 350 payment methods for your cryptocurrency. The Binance P2P offers an exclusive option that offers 15,000 certified local merchants who provide reliable liquidity and trading services to Binance customers.

Low Fees

You can trust me when I claim there is nothing more satisfying to a cryptocurrency trader than a fee for trading that is lower than the industry standard of 0.2 percent. This Binance price list is always generous.
While I’ll go over the fees in a separate article in the future I’d like you to be aware that among the main points in Binance’s Binance world-wide chain is its extremely affordable charges across all markets. In addition, fees are very low, but also there aren’t any hidden costs that can be a surprise during the transaction, too.

NFT Marketplace

If you’re looking to learn about the most popular trend in the world of crypto, Binance is always here to satisfy your craving for FOMO. NFTs have added an artistic design to the crypto market and have boosted the market with the potential to add an additional $17 billion in 2021. NFTs let you tokenize any form of intellectual property, including artwork and then sell it as a valuable item to collect.

Yes, Binance is always here to serve as a marketplace for selling and buying the most well-known NFTs collections. It’s true the marketplace for Binance NFT handles an impressive amount of 100,000 transactions every day.

Earn Passive Crypto Income

So far as I recall, Binance was one of the initial exchanges that attempted that attempted to “spice up” the crypto market by offering passive income opportunities. The concept is straightforwardyou secure your crypto investments on the exchange and receive a specific percentage as a reward. However, the specific terms of lock-up and incentive system differ from one exchange to another.

On Binance, you will discover a robust and well-designed program, which offers two options for earning the passive income from the savings accounts you have. You can choose to explore Flexible Savings that includes a whopping the 230 cryptos available or Locked Savings that include approximately 15 cryptocurrency assets. Each cryptocurrency included on the Earn list has its own defined APYs and lock-up times.

It’s true that the Binance Earn program operates independently with Binance Staking although both are both based on the same “earn interest” model. Staking, in essence, is a process that involves blockchain where the coins you stake can be used to control the activities that occur within the chain.

Most often, central crypto exchanges function as intermediaries aiding investors who are not familiar with the blockchain, and, thus, be free of technical challenges and limitations. Binance provides access to over 100 blockchains that are built around the proof of stake (PoS) consensus like Mina (MINA) as well as FLOW (FLOW).

In the meantime, as the world is waiting with bated breath for Ethereum to turn into an PoS cryptocurrency, Binance offers you the possibility of ETH 2.0 stakes. As per guidelines set by the Ethereum rules after staking the coins of Ethereum won’t be secured until the first phase of the Ethereum change is completed.
But, Binance is giving you another currency in exchange for each locked ETH known as Binance Ether (BETH) which is based on Ethereum in 1:1 ratio. Because the first phase 1 is still ongoing and you’ll need to hold your bets on you Binance account in the spot.

Advanced Trading Tools

Binance is a crypto paradise that is perfect for traders who trade on a daily basis. It offers a sophisticated futures section which allows you to speculate on the price of Bitcoin as well as a margin option that lets you take leveraged positions on certain amounts of cryptocurrency. It comes with a great charting program to improve your trading abilities and guide you through the newest trends in the market as well as price patterns and price movements.

The most important thing is I don’t have to use any external software for technical analysis to use for day trading on Binance. I depend on three BOLL bands to monitor fluctuations in price and my StochRSI as well as BOLL indicators to analyze my trades.

Switch to Basic Interface for Beginners

In my beginner in their shoes, I’d suggest you’ll find that Binance basic model can be extremely helpful for a start. After you sign up on Binance, you’ll be given the option of switching to a simpler platform that’s simple to navigate and offers a somewhat restricted set of features.

This feature is now more well-known with the Binance application. This default application (as I explained in the previous paragraph) will be that of the Lite version. You can switch it to Pro using a single toggle and gain access to more options like auto-investingand strategy trading and swap farming. However, let’s make it obvious that this doesn’t make the Lite option a bad choice because it’s better organized and offers all the basic trading functions (deposits as well as instant purchase, in addition to exposure to market prices).

Binance Wallet

Like other exchanges that are centralized, Binance offers storage space for the cryptocurrency you purchase “from their store” and the cryptocurrency that you import to trade on the exchange. Your crypto wallet is created in your account on exchange, which is the reason we call this type of storage a custodial online wallet.

I’m sure that exchange wallets are very useful, however they’re not a long-term solution for holding your crypto to protect your assets. As I mentioned earlier, Binance provides separate wallets for each section. I believe it is a good idea to set up your margin account and your futures wallet separately. Transfers from the internal transfer of to one Binance wallet to the next run effortlessly and quickly.

However, Trust Wallet is something that is different from what I described in the previous paragraph. It’s a Binance product that is not custodial that comes in the form of an application for mobile phones that gives you full control over personal keys. The exchange bought the wallet app from the creator Viktor Radchenko and made it an official wallet for Binance Smart Chain. Binance smart Chain.

Trust Wallet was originally designed to meet the requirements of ERC-20 tokens. However, when Binance bought it and it became an assortment of blockchains and DApps. Additionally, Trust Wallet is very well-liked by the DeFi community with more than 25 wallet users.

Binance App

I’ll acknowledge that at first, I was skeptical of the Binance mobile application. I know that Binance could be more than just a work artwork in the form of design however, I could not help but be curious about how they could manage to fit all of those features within a screen of just 5 inches?

The experience was more than what we expected. The development team has created an effective solution that provides an incredibly compact dashboard which includes a shortcut menu of the ten most commonly used options, which include Leaderboard, Order Books, P2P platform and deposits. Both iOS versions and Android versions are based on the same layout and structure.

Also, don’t overlook the fact that Binance is among the few exchanges that offers the ability to download a desktop application that is compatible to Windows, Linux, and macOS operating systems. I was very pleased to discover of the possibility that Binance has also launched the Binance Futures desktop application.

Binance Trading Platform

Since I’ve have brought the most important characteristics on the Binance platform to your notice I’m eager to provide you with the most effective Binance instruments for trading.

Binance is able to integrate high-tech features within an easy-to-use interface. And , as I’ve mentioned, Binance keeps different-level markets from each other, and also the obvious distinction between the basic and advanced interfaces.
After you have joined it is possible to go to the market you wish to access and access an interface as per the profile of the service. In other words, there’s no charting that is too extensive on the current market. This is among the reasons that I really appreciate Binance.

Notable Trading Tools

Although spot trading may be the primary business of Binance however, I’ll concentrate on some distinct tools in which Binance excels.

Cross-Collateral

Binance has introduced an creative idea to modify the borrow-and-lend options on the market for futures. In essence it is possible to make use of the crypto that you own to get the asset you require to trade futures.

In this case, for example, you could “hand” 1 BTC to the exchange to use as collateral and get Tether (USDT) as a reward in an LTV of 50. For instance, if collateral’s value is 5000 USDT, you’ll receive 2500 tradable units. My opinion is that this is a fair amount however, you must remain aware of any risks of borrowing.

Binance Asset Conversion

This is a great feature that will make the lives of futures traders a lot easier. Binance Asset Conversion allows users to directly convert one currency from the wallet that is coin-margined to another.

In other words, traders would have take the money to the local market and make an order for market/limit there, then transfer that new money back to their coin-margined wallet. This is a lot for a market that can change directions in just a few seconds.

At present, this option is only available for the following currencies: BTC, BNB, ETH, Cardano (ADA) and Polkadoit (DOT) along with Chainlink (LINK) however, Binance is expanding their list more quickly than you imagine, so it wouldn’t hurt to keep an eye on the public news site regularly.

Binance Futures Battle

There is also a Futures Battle on Binance is a type of gamification where you compete with other players to guess the correct direction of BTC price. BTC price. The rules are fairly simple and are based on the rules for futures — you can choose to take a long or short-term position i.e. you can bet what happens if the BTC price will go up or falls.

The most exciting part is the wagering timefive minutes. Prior to choosing a player you’ll have to have the Binance Futures Account as well as an account with a Bitcoin account balance (wallet). Another thing to note, Battle game supports only BTC/USD perpetual contracts. Battle game can be played with BTC/USD perpetual contracts as well as USDS-M futures only.

Binance Fees

Let’s look at how Binance has refined its pricing lists. Like I mentioned earlier that fees are the major draw cards of an exchange.

Binance Trading Fees

The fees for trading for the spot market begin at 0.1 percent, and go down because of their VIP system that estimates your trading volume over a period of 30 days. The most affordable threshold is the VIP 9 level which comes with the following fees: 0.02 percentage maker fee, and 0.04 percent taker fees.

In addition, if you make a trade using the native BNB currency Exchanges reward the user with a fee reduction of 25 percent. But, I have recently learned that this discount promotion will soon be over. I had hoped to see this happen sooner or later, as BNB is currently doing very good on its own and doesn’t require promotional campaigns to attract buyers.

Its fee structure for trading in the market for futures is an extremely competitive one in the market. The fees start at 0.02 percent or 0.04 percent for producers and takers, respectively. They can go lower to 0.00 percent / 0.01 percent using an identical VIP program.

Binance Withdrawal Fees

Paying AUD directly to the bank account of your choice is completely free. Crypto withdrawal fees are contingent on the blockchain that is native to the currency being transferred. You can find frequently updated fees lists for withdrawal and deposit charges on their official website.

Binance Deposit Fees

The fees for deposits depend on the method of payment. With the Australian cryptocurrency horizon, you can deposit money using PayID or Osko without charge. Credit and debit card transactions incur a cost, however, from what I can observe, they’re not supported from Binance Australia.

Variety of Payment Methods

It seems to me that Binance has been extremely flexible with regard to money in the form of fiat transactions that is typical from an online platform of this calibre. However, because Binance is present in more than 200 countries I also can affirm that the deposit options are different in accordance with your geographic area.

SEPA/Wire Transfers

This is the most common method to fund your account with exchange and, as you’ve probably guessed the processing times limitations, fees, and times are usually determined by the bank. Most of the time, Binance doesn’t impose any extra charges for deposits to banks.

I did some digging through Binance’s website. Binance website and discovered that Australians are able to fund the Binance cash balances with their bank accounts. However, I was unable to find any specific information on the AUD bank transfer.

Australian traders make use of PayID/Osko for a zero-cost payment to Binance. Based on my experiences, the first PayID transfer could take up to 24hrs, however, once the transfer is completed the transactions are processed almost immediately. In addition, you cannot transfer more than 10,000 Australian dollars in Your Binance account in one day.

Credit/Debit Card

Visa as well as MasterCard are the gold standard for quick crypto transactions. Binance offers a highly-tuned market that allows you to purchase Bitcoin or any other altcoins supported in a single click, with an average commission of 2 percent. But, the Binance service is only available to an extremely limited number of 20 countries. Australia isn’t included.

Is Binance Safe to Use?

To begin, I’ll provide a concise listing of the essential factors that determine a reliable cryptocurrency provider. After that, we can talk about whether Binance meets all of the criteria.

Robust Security Features for Accounts and Website Protection

Binance utilizes the most recent cybersecurity measures to provide safe grounds for trading important assets. This security set comprises Google authentication and 2FA (two-factor authentication) and anti-phishing codes as well as a cold-technique to save offline over 90 percent of the funds that circulate.

History of Cyber Attacks

With the staggering amount of money flowing on Binance and the staggering amount of money flowing through it, it is obvious that the exchange was an ideal victim for cybercriminals over the past several years. There have been a number of significant hacking incidents since 2017, however, in every case the users remain safe thanks to the cash injection of Binance’s reserves.

Compliance With Local Regulatory Norms

From the beginning at the very beginning, the Binance creator said that the exchange did not require bank accounts or headquarters. But, it was the moment when people across the globe exploded into cryptocurrency trading, which made Binace the best exchange within a matter of months.

This frenzied behavior made Changpeng Zhao open the fiat gates, which ultimately caused him to be involved in government-related disputes with Japan, Canada, the UK as well as The USA, Thailand, Malaysia, Singapore, and South Africa.

Since Binance did not have a headquarters, both governments and investors were unable to determine who and how to go to the court. In the time authorities from the Securities and Exchange Commission (SEC) looked into Binance operation, banning the exchange from the USA in the year the year 2019.

However, recent events indicate that things are heading in a new direction. I listened to Zhao’s appearance on in which he emphasized that all local laws must be put into place so that the exchange is able to target an even larger audience. Prior to this, I was awestruck by the shift of the KYC policy which was rather loose in the beginning.

In the end Binance has stopped playing with”the “invisibility card” and follows the legal guidelines in every country of operation. Being an AUSTRAC-licensed business, Binance Australia strictly complies with local AML/CFT guidelines and there is no excuse to not go through KYC identification verification.

Binance Customer Support

It is not possible to conclude that any Binance review is complete without examining how the company assists its customers.

The first point of contact for Binance customers who have queries or questions should be the firm’s extensive FAQ page. It has blog posts, tutorials, and articles that may help customers with any questions they might have.

Furthermore the highly amazing Academy provides concise and simple information on all things cryptocurrency. The Academy includes a search function which means that what the user wants to find will be readily available.
Support is available 24 hours a day.

Customers simply submit a ticket to the support team with their concerns and are waited to be addressed via the customer support department. The response time is dependent on the current amount of enquiries. Unfortunately, there’s no telephone support.

In addition, there’s an online community chat that has nearly 5000 members, around 10% of which are on the internet at any time eager to help friends who are crypto-lovers.

How to Create a Binance Account?

The interface of the Binance platform could be overwhelming, however the 3-step registration process is extremely simple.

  1. Go to Binance’s Binance official Binance website and choose Register at the top of the right-hand menu.
  2. Enter your email address, create your password to be secure and then enter the referral link, If you already have one. I suggest that you enable 2FA during the process of registration.
  3. You must confirm the activation link in your email, and it will guide users to the confirmation page. There is a particular KYC policy to be followed by Australian users regarding the requirements for documents. The entire process should not take more than 15 minutes. However, it can take as long as 10 days examine your documents.

How to Fund My Binance Account?

If you’ve received a green light by the exchange company, you’re ready to make your first deposit. All you need to do is visit your Deposit section, then select the currency AUD and enter the amount you’d like to transfer into your account at exchange. Once you have confirmed the transfer, you will need to confirm it by entering your PayID email in the app for your bank.

Binance Alternatives

It’s true that Binance is the leader on the crypto market does not mean it’s the right choice for you. I’ve gathered all of possible Australian “blue chips” so you’ll be able to spot the differences between platforms that are that are similar to Binance.

Is Binance Better Than Coinjar?

CoinJar likes CoinSpot in many ways but with a difference in that CoinJar is able to accept debit and credit card transactions. Therefore, it’s more like the same solution. The sole “force” that can make me select the CoinJar option over Binance is the requirement for instant liquidity. This can be repaid much more quickly by card transactions.

Is Binance Better Than Coinspot?

It depends. If you’re hoping to have an industry of trading cryptos I’d definitely suggest Binance. If you’re planning to make a single Bitcoin investment and want to have simplicity before anything else, you ought to consider Australian cryptocurrency expert CoinSpot.

In the end I’d prefer to spend time and effort studying the basics of crypto in lieu of having to pay CoinSpot 1percent of the total transaction amount for one instant purchase.

Is Binance Better Than Swyftx?

Swyftx is among the most diverse Australian native exchanges that maintain its top position on the crypto-currency scene in the country. In comparison to Binance and Binance, it offers an edgier approach to trading in crypto, but it’s a great choice for Aussie crypto-lovers (sure that is, unless they’re going to advanced futures or margin market trading).

Swyftx isn’t up to speed enough to offer Futures Battle, but it provides access to a liquid market, numerous choices for deposits as well as live customer service. Therefore, I’m confident that the vast majority of you will find a better option on Swyftx.

Is Binance Better Than Coinbase?

It’s interesting to note that Coinbase was the place to meet for bitcoin users around the globe prior to the advent of Binance. In the present, it’s useless to debate the ways in which Binance “de-throned” Coinbase because these two crypto exchanges differ in their fundamental values.

As Binance expands its digital assets and trading services, Coinbase operates as a easy-to-use brokerage that allows you to purchase crypto at a retail level. Coinbase is a crypto exchange based in the United States which has been operating on a strictly controlled basis since 2012. If you’re just beginning to learn, Coinbase is always a better option than Binance.

Frequently asked Questions (FAQs)

Does Binance offer an account for cryptocurrency?

Since the year 2018 it has been the Binance wallet has been officially launched. Binance wallet has been Trust Wallet. It is free and simple to download via through the Internet, Trust Wallet is secure and private. It also can support thousands of different cryptocurrency.

Does Binance has a mobile application?

Yes. Binance’s app is completely free and helps you trade and organize your cryptocurrency easy. It can be downloaded through both the Apple Store and Google Play.

How do Binance earn money?

In 2021, Binance reached a record revenue in the range of $20 billion from fees to trade in trades and fees. Additionally, Binance charges margin borrow interest, futures fees, trading, as well as cross interest rates for collateral.

Do you think it is safe to connect the bank account of a customer to Binance?

The transactions that take place on the internet is 100% secure, but according to the security measures that Binance has implemented, Binance is a reputable cryptocurrency venture.

How can I take my money from Binance?

The cash-out process using Binance is simple and rapid. Go to your Wallet page on your dashboard, and then select Spot Wallet. Just next to your AUD wallet you’ll find the option to withdraw on cash Balance tab.

If your request is approved after which you’ll get your money sent to your account within 3-5 business days.

Are you able to lose money with Binance?

Binance is doing everything to safeguard its customers, however, it cannot promise a favorable result from your transactions. The cryptocurrency market is a risky venture, particularly in the area of margin trading.

How can I earn money with Binance?

Binance provides a variety of trading options so that you can purchase and sell cryptocurrency and benefit by profiting from the advantageous price difference. Additionally, you can speculate about prices of the assets available by trading on the derivative market. Additionally, Binance features a few options for passive earnings and stakes. It is true that Binance is a great platform to make a profit, with a sound trading strategy and some luck.

Conclusion

I hope this article gave you the chance to make a solid conclusion regarding this giant crypto. At times it’s the case that the Binance platform is like an encyclopedia of cryptos since it includes every term that refers to “crypto.” This doesn’t necessarily mean that Binance is flawless — I’ve seen a variety of functions that need urgent improvements, but the point is that I haven’t seen other cryptocurrency exchange that could provide a greater array of features in one place.

 

About The Author

Gareth Johnson
Gareth Johnson

Gareth is incredibly passionate about sharing his knowledge in the crypto industry. It's important to make informed decisions in crypto and it's Crypto Wisdom's goal to make this information widely accessible.

This page was last updated on August 4, 2022