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Binance Review Australia

Last Updated: Aug 5, 2022  |  Published: Sep 19, 2021


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Founded in 2017, Binance has become one of the largest and most famous cryptocurrency exchanges in the world. However, is it actually one of the best platforms and is it good for Australians?

For this review, the RankFi team tested over 15 Australian crypto exchanges so you can compare Binance on fees, spreads, security and much more. Read on to see our results.

Binance Overview

Coins Offered

600+

Total BTC Purchase Fee

0.15% (🏆 1st place)

Total BTC Selling Fee

0.12% (4th place)

BTC Spread

0.07% (4th place)

Trading Fee

0.10% (plus discounts available)

BTC trades are free

Funding Methods

PayID, direct bank transfer, credit card, P2P exchang

AUD Deposit Fee

Free up to 4.5%

AUD Withdrawal Fee

Free

BTC Withdrawal Fee

0.0005 BTC

Notable Features

600+ coins

Advanced trading

Lowest fees in Australia

Biggest exchange in the world by trading volume

Our Review

Binance is the cheapest way for Australians to trade cryptocurrencies. The total BTC/AUD purchase fee was 0.15% (1st place) and the BTC spread was 0.07% (4th place). It has 600+ coins, advanced trading and the lowest fees and spreads in the industry. On the downside, it's not beginner friendly and some features are restricted in Australia.

Overall, you should use Binance if you want the lowest fees and spreads, the most altcoins in Australia, and advanced trading. However, if you want a beginner platform, skip to our alternatives section.

The Good

  • Cheapest Overall: From our tests, Binance had a 0.15% total purchase fee for buying Bitcoin. This was the lowest overall out of 15+ platforms
  • 600+ Cryptocurrencies: Plus more being added all the time
  • Advanced Trading: Professional trading terminal with live order books, advanced order types, charting tools and more
  • Free AUD Deposits & Withdrawals: Supports PayID and other options as well as high limits ranging from $20k to $200k daily

The Bad

  • Not Beginner-Friendly: There are so many features that it can be overwhelming for beginners. Our top pick for beginners is Digital Surge
  • Many Restricted Features: Binance restricts some features in Australia like futures, loans, and more. KuCoin is the best alternative for lots of features
Binance

About Binance

Binance is one of the largest cryptocurrency exchanges in the world with 90M+ registered users and billions in daily trading volume. They were founded in 2017 and have no official headquarters because they are a remote company.

The main appeal for Binance is they have 600+ cryptocurrencies and the lowest fees and spreads in the industry. Since it's the largest exchange in the world by trading volume, you can get great rates. And for their 5th anniversary, they even cut Bitcoin trading fees to zero globally. 

In addition, you can also use Binance for a huge selection of features like advanced trading, staking, bots, NFTs, research, data, and much more. They also have their own native utility token called Binance Coin (BNB) which is a top 10 cryptocurrency by market cap. Basically, you can do it all with Binance.

More Info

  • Founded in 2017
  • World's largest crypto exchange by trading volume
  • 90+ million registered users around the world
  • 10+ million downloads on just the Google Play app
  • 3500+ employees according to LinkedIn

User Interface

  • Web app

  • Mobile App

Platform & Features

Whether you want to make trades or explore the crypto ecosystem, Binance has a huge selection of features for everyone. However, many features are restricted in Australia so here is only a list of what is available:

List of Features:

  • Web, iOS and Android App
  • 350+ cryptocurrencies
  • Advanced trading interface
  • Binance Lite for beginners (mobile app only)
  • Liquidity Pools
  • Binance Coin (BNB - their own native token)
  • Instant buy and sell
  • Recurring buys
  • 24/7 Customer Support
  • Binance Academy and Research
  • NFT marketplace
  • Referral program

1. Web, iOS and Android App

Binance has a sleek U/X with many features that can be accessed on all of your devices. The Google Play app has over 10 million downloads with a 4.5 star rating at the time of this review.

Binance Mobile App Screenshots

2. Instant Buy and Sell

Binance offers multiple beginner and advanced ways for Australian's to purchase crypto. The easiest option is the instant buy and sell as you can see in the image below:

3. Advanced Trading

For advanced users, Binance has technical charting tools, live order books, limit, market and stop-limit orders and more. You can also customize the look and feel with light/dark theme, change the colour theme and change the layout to add more charts.

4. Binance Lite (mobile app)

Binance can be overwhelming for beginners so they rolled out Binance Lite which can be toggled on/off in the mobile app. It turns into a more simple U/X that is perfect for newcomers who want to buy, sell and trade crypto easily. 

Binance Lite

5. Binance Earn

Binance has a variety of offers that let you start earning interest on your crypto. You can pick different options based on your risk-level which range from staking, locked savings (7-90 days), flexible savings (withdraw anytime) and more. The interest rates range anywhere from 0.50% to 60% APY in some cases.

Binance Earn

6. Binance Coin (BNB)

Binance has their own native utility token called BNB. It can be traded like any other cryptocurrency and owning it can give you special perks such as reduced trading fees, access to token sales and more. 

Also, every 3 months Binance burns some BNB which permanently reduces the supply. At the time of this writing, over 31 million BNB have been burned so far. The quarterly burns will continue until 100 million BNB are destroyed forever which is 50% of the total supply.

BNB Binance Coin

7. Other Features and Products

Binance has a massive ecosystem of products that would take a long time to cover. Here's a quick list of other things they offer:

  • Referral Program - Invite friends and earn 10%-40% of their trading fees
  • Binance Learn and Research - Find educational guides and premium industry research for free
  • Binance Launchpad - Invest in brand new crypto projects
  • NFT Marketplace - Easily create and trade NFTs using the Binance Blockchain
  • Trust Wallet - One of the world's most popular crypto wallets with 10+ million users and tons of features
  • Binance Smart Chain (BSC) - A blockchain protocol with smart contract capabilities, extremely low fees and lightning fast transactions
  • Binance Visa - (not available in Australia)
  • Derivatives - (not available in Australia)
  • Crypto Loans - (not available in Australia)

Signing Up

Opening a Binance account takes under 10 minutes to complete and requires KYC. To deposit Australian dollars, Binance must verify your identity which is required by law. This is the same process for any centralized crypto exchange in Australia.

You can sign up with just an email address if you want to test Binance first. However, you won't be able to deposit Australian dollars until you verify your account. There are multiples levels of verification which offer different account limits.

Requirements

Application Time

5-10 minutes

KYC Verification

Yes

Instant Verification

Yes

Manual Verification

1-10 days

Who Is Eligible?

  • Australian residents or Australian visas

Sign Up Requirements

  • Email address
  • Full name
  • Address
  • Date of birth
  • Government-issued ID (eg. drivers license or passport)
  • Facial recognition (selfie)

AU Verification Levels and Requirements

Binance Australia Verifcation Levels and Requirements

Deposits & Withdrawals

AUD Deposit Methods

Type

Fee

Time

Limits

PayID

Free

Instant

$50k daily

POLi

Not Supported

Direct Bank Transfer

Free (OSKO only)

Instant

$50k daily

BPay

Not Supported

Credit/Debit

4.5%

Instant

$20k daily

P2P Exchange

0% to 0.35%

15 mins or less

No limits

AUD Withdrawals

Type

Fee

Time

Limits

PayID

Free

Instant

$50k daily

POLi

Not Supported

Direct Bank Transfer

Free (only with banks supporting OSKO)

Instant

$50k daily

BPay

Not Supported

P2P Exchange

0% to 0.35%

15 mins or less

No limits

Crypto Withdrawals

Coin

Fee

Minimum Withdrawal

Bitcoin

0.000005 BTC

0.00001 BTC

Ethereum

0.005 ETH (On ERC-20)

0.000068 ETH (On Binance Chain)

0.01 ETH (On ERC-20)

0.00014 ETH (On Binance Chain)

Fees & Spread

Binance is one of the cheapest platforms for buying Bitcoin and cryptocurrencies cheaply. The total BTC purchase fee with AUD was 0.15% (1st overall). The total BTC selling fee was 0.12% (3rd overall) and the BTC/AUD spread was 0.07% (4th overall). This was also tested before Binance waived BTC trading fees so it would be even lower now.

Overall, Binance has the most competitive fees in the industry. It's the largest crypto exchange in the world by trading volume so it has lots of liquidity and tight spreads. Plus, trading fees are 0.10% or less and AUD deposit and withdrawals are free.

You can see the crypto exchanges we tested here.

More Information

We tested 15 Australian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Feb 14, 2022 and is subject to change since spreads and prices change daily. However, it's a good way to compare platforms.

  • Total BTC Purchase Fee = AUD Deposit Fee + Trading Fee + Reference Price Difference
  • Total BTC Selling Fee = AUD Withdrawal Fee + Trading Fee + Reference Price Difference

You can see all platforms and the full test results here.

Fee Type

Amount

Total BTC Purchase Fee

0.15%

Total BTC Selling Fee

0.12%

Trading Fees

0.10% or less

AUD Deposits

Free

AUD Withdrawals

Free

BTC Withdrawal Fee

0.0005 BTC

Trading Fees

The Binance trading fees start at 0.10% and get lower the more you trade. Additional discounts are available by paying for fees with BNB (25% off) and opening an account with a referral link (10% off).

Binance Spot Trading Fees

Binance Price Test & Spread

We price tested Binance and over 10 platforms. Spreads and prices change daily so this data is subject to change. However, it's helpful for comparing platforms versus one another.

Price Test (On Feb 14, 2022)

Amount

Ranking

$100 Buy After All Fees

$99.85 (0.15% total fee)

1/14

$100 Sale After All Fees

$99.88 (0.12% total fee)

3/14

BTC Spread

0.07%

4/14

BTC Buy Price

$59,871 AUD

-

BTC Sell Price

$59,830 AUD

-

Ref. Price Difference

Buy: +0.05%

Sell: -0.02%

-

Reference Price (Google)

$59,840

-

Security

Overall, Binance is a secure and trustworthy platform that was founded in 2017. It's regulated in Australia to the same extent as other major crypto exchanges like Swyftx and Coinspot. Here's every security feature and detail we found:

Company Security Features

  • Assets are held in offline cold storage (not stated how much)
  • Registered Digital Currency Exchange (DCE) in Australia
  • Regulated by AUSTRAC
  • Compliant in many other countries as well such as USA, Canada and more
  • 24/7 systems are automatically monitoring for suspicious activity
  • They launched Binance DEX, a separate decentralized platform that can be used with full control of your private keys

User Security Features

  • Multiple 2FA options (Google authenticator, SMS, email or security key)
  • Withdrawal whitelist feature
  • Anti-phishing code to identify legitimate emails
  • Add and remove trusted devices
  • View account activity (logins, IP Addresses, dates, etc)
  • Disable account button for emergencies
  • SAFU (Secure Asset Fund for Users) - 10% of all trading fees are allocated to this insurance account. In the case of a hack or an extreme scenario, this will repay users

Has Binance Ever Been Hacked?

Yes, in 2019 Binance lost $40 million or about 7,000 Bitcoin to hackers. The good news is that this was only 2% of Binance's total Bitcoin holdings. Also, Binance covered these losses for its users via the SAFU insurance fund so no users actually lost any crypto.

Can You Trust Binance?

Overall, Binance is considered a trustworthy exchange. It's one of the largest crypto exchanges in the world and they have multiple security layers such as the SAFU insurance fund for users, 2FA on your account and more.

Although Binance is considered safe, you should not hold large amounts of crypto on any centralized exchange. There is always a small risk of hacks, government confiscation and more. The safest way to store your crypto is offline using a hardware wallet like the Ledger.

Customer Support

If you need to contact customer support, Binance has a 24/7 support team via live chat on their website. They also have an extensive help center with FAQs, tutorials and videos. I have not tested their support so I can't review the response time. However, I've been using Binance since 2017 and have never even needed to use their support team.

Binance Customer Support

Binance Compared

Binance vs Swyftx

Swyftx is based in Brisbane, Australia and is more beginner-friendly than Binance. Otherwise, Binance is the better choice since you get more coins and lower total fees. Binance has 600+ coins (versus 320+ on Swyftx) and a total BTC/AUD purchase fee of 0.15% (versus 0.95%).

More Comparisons

We are tracking the 15+ most popular Australian crypto exchanges. Compare the entire industry below:

Coins

Total Purchase Fee

Trading Fees

$AUD Deposits

Beginner Friendly

Advanced Features

Website

600+

0.15%

0.10%

Yes

No

Yes

18

1.24%

0.85%

Yes

No

Yes

110+

4.50%

2.90%*

No

Yes

No

50+

1.09%

0% - 2.00%

Yes

Yes

Yes

30+

0.14% + $50

0.10%

Yes

Yes

Yes

370+

1.89%

0.10% - 1%

Yes

Yes

Yes

280+

2.36%

0.05% - 0.9%

Yes

Yes

No

150+

1.30%

0.00%

Yes

Yes

Yes

270+

1.04%

0.50%

Yes

Yes

Yes

150+

1.45%

1.00%

Yes

Yes

No

30

-

0%

Yes

Yes

Yes

27+

1.68%

0.50%

Yes

Yes

Yes

50+

0.43%

0.16% / 0.26%

Yes

Yes

Yes

700+

2.23%

0.10%

Yes

No

Yes

270+

0.41%

0.08% - 0.1%

No

No

Yes

320+

0.95%

0.60%

Yes

Yes

Yes

Best Alternatives

Here are the best crypto exchanges for Australians right now. We assessed 16 platforms across 60 variables and 950+ data points.  

Swyftx
  • Best overall in Australia
  • Best for majority of investors and beginner-friendly
  • 320+ coins, staking, bundles, lots of features
  • 0.60% trading fees and cheaper options out there
  • Limited advanced tools
Binance
  • Lowest fees overall and lots of features
  • 600+ coins
  • Advanced trading
  • Less beginner-friendly
  • Some features like Futures and Options are restricted in Australia 
Digital Surge
  • Our top pick for beginners
  • Best user-interface
  • Fair spreads and fees
  • Less features versus other platforms
  • Limited advanced trading tools
Crypto.com
  • Earn rewards on 40+ coins
  • Crypto visa cards
  • Very expensive for buying & selling coins (high spreads)
  • App can be confusing
  • Slow deposit & withdrawals (1-4 days)
  • 500+ coins, margin, futures, rewards & more
  • Trade anonymously with no KYC (all you need is an email)
  • 0.10% trading fees and low spreads
  • Not beginner friendly
  • Not licensed or regulated
  • Limited AUD support

Compare Australia's Top Cryptocurrency Exchanges

Summary

Binance is one of the best choices for Australians looking to buy and sell cryptocurrencies cheaply. You'll find 600+ cryptocurrencies, <0.10% trading fees, advanced trading, and the lowest total fees in Australia. It also has free AUD deposit and withdrawals. The major downside is beginners might find it hard to use.

Who Should Use Binance?

  • If you want the lowest total fees in Australia 
  • If you want to switch exchanges to something cheaper and with more coins
  • If you want 600+ coins, advanced trading, and lots of features

Who Should Not Use Binance?

  • If you're a beginner, check out Digital Surge or Swyftx instead
  • If you want futures or less restrictions on features, check out KuCoin
Binance

Get 10% Off Trading Fees Forever And Up To $50 Free


FAQ

Does Binance Work In Australia?

Yes. Australian residents and citizens can open an account with Binance and trade over 600 cryptocurrencies. However, some features like futures and loans are restricted.

What Binance Features Are Banned In Australia?

In Australia, Binance restricts some features to comply with local regulations. Users cannot access futures, options, leveraged tokens, the Binance Visa card and Binance loans. 

Is Binance Legit?

Yes, Binance is legit. They are one of the largest and most trusted crypto exchanges in the world with millions of users. In Australia, they are a registered Digital Currency Exchange (DCE) which is regulated by AUSTRAC.

Is Binance Cheaper Than Coinbase?

Binance is significantly cheaper than Coinbase. Binance had a 0.15% total BTC purchase fee versus Coinbase which was 4.50%. You also can't withdraw AUD on Coinbase, so we don't recommend it.

What's the Difference Between Binance Australia and Binance?

Due to local regulations, Binance Australia has fewer features than Binance Global. On Binance AU, you won't get the Binance Card, loans, and some other features.


Binance

Binance AU

Get up to $50 free and 10% off trading fees forever

Best Crypto Exchanges Australia 2022

Swyftx

1. Swytfx

2. Binance

Digital Surge

3. Digital Surge