Binance International (which has more than 100 million members around the world) has facilitated trading worth trillions of dollars during the first half of 2021. Binance offers the ability to buy, sell, and trade cryptocurrency through an app through which you can access hundreds of cryptocurrencies.
The Australian branch of Binance, Binance Australia, has recently implemented Know Your Customer (KYC), which makes deposits easy and fees-free. Day trading fees for popular cryptocurrencies such as Bitcoin, Ethereum and Compound are capped at 0.1 percent, which makes them quite competitive in the market and there are ways to reduce them which will be covered later in this article. Binance has access to approximately 250 cryptocurrencies which are increasing all the time. Nonetheless, because of Binance’s platform’s myriad of possibilities, Australian beginners to crypto may find it intimidating at first, but once you get through this it will be worth your time.
Binance is a cryptocurrency exchange:
On Binance’s cryptocurrency exchange, you can purchase and sell hundreds of digital currencies. Besides allowing users to use credit/debit cards, cryptocurrencies can also be purchased via bank account transfers. With only four years in business, Binance is the biggest digital currency exchange in the world. A global total of 100 million active users used the site in May 2021, which involved 2.4 trillion dollars in trading. Besides its main exchange and brokerage service, Binance offers a number of other essential functions.
You can earn interest on your digital currency assets through the cryptocurrency savings account included in the package. Binance also offers an NFT purchase and trading marketplace. In addition to offering the Binance app, Binance is also the company behind the Trust Wallet iOS and Android app.
Buy cryptocurrency instantly:
Buying cryptocurrency is easy through Binance, and even easier when you do it right from your home. Visa or MasterCard are both accepted for use as a credit or debit card. Before you can use the Instant Buy option, you will need to submit your passport or driver’s license, as well as photo ID proof via webcam or mobile device. Typically, this process takes less than five minutes from start to finish.
The use of a debit/credit card allows you to instantly purchase many types of tokens. Bitcoin, Binance Coin, Ethereum, and Cardano are large-cap digital currencies, whereas Basic Attention Token and VeChain are smaller ones. With a debit/credit card, you can buy a number of Defi coins, including Compound, Maker and Yearn. Finance and gaming tokens such as Enjin, Theta and Sandbox. Once you have funded your account, you can manually buy the cryptos you desire.
Inflation-to-crypto exchange rates:
The Instant Buy feature on Binance allows you to buy any digital currency, regardless of whether it is supported by your favourite currency or not. It has many markets for fiat-to-crypto conversions. In other words, you are buying a digital item that is valued in real money rather than in virtual currency.
Due to several Binance markets being priced in AUD, you do not have to worry about changing exchange rates. Whether you’re looking for Dogecoin, Ethereum, Bitcoin, or Litecoin, there’s something for everyone. You can also trade cryptocurrencies against currencies like the US dollar and UK pound on Binance.
Analysis of Charts & Technical Data:
If you’re an experienced cryptocurrency trader, access to Binance’s advanced charts and indicators will certainly satisfy your requirements. If you visit the “Advanced” trading platform, you will find many charts analysis tools. By adjusting the trading interface, for example, you can align it with your specific preferences.
You can view graphing data with Trading View integration. Your pricing timeframe can be adjusted between 1 minute and a month. The platform also provides high-level order books, enabling you to monitor the markets from a bird’s eye perspective. Several charting tools and technical indicators are available on Binance, including the MACD and RSI.
There is a wide variety of order placement options available on Binance. In addition to standard buy/sell and market/limit orders, you can also place stop-loss and take-profit orders, and one cancels the other.
Crypto Savings Accounts:
In the past, the only way to make money on your cryptocurrency assets was them to go up in value, with any capital gains realized on sale.
In 2021, by depositing funds into a Binance savings account, you can earn interest on your many of the coins through either flexible or locked staking options. The rate varies depending on the cryptocurrency. A flexible account allows you to withdraw money whenever you want while locked staking ties up for your crypto for a period of time, often between seven days to three months. Generally, the longer you lock up your tokens the higher interest you receive. The interest you receive is normally paid out in the token being staked. For example, if you had 120 ADA coins and locked them up for a period of 3 months with an interest rate of 10% per annum, you would receive an additional 4 ADA coins at the end of the staking period.
Binance’s mobile application:
In addition to the Binance website, there is the Binance app, which is available for Android and iOS smartphones. As the name implies, this is Binance’s main website, but in a mobile-friendly format.
The app offers all of the same functions as the website – such as trading cryptocurrencies, viewing your portfolio, transferring funds, and performing technical analysis – as well as those of the website. With Binance, you can perform two-factor verification; use your fingerprint, and whitelist devices. Trust Wallet was also created by Binance, and is a safer way of storing your crypto if you want to move it off the Binance exchange.
Is The Binance Australia App Safe and Easy To Use For Beginners?:
According to user King_court79 on Reddit: “Binance Australia is an Australian registered and compliant crypto exchange and as such needs to gather know your customer (KYC) information. This is in order to comply with laws in Australia. In order to offer fast and free deposits of AUD via payID Osko they need to collect relevant information from its users. It also has the cheapest fees and biggest liquidity of any Australia exchange. They also have Zero spread on spot trading pairs. Also have a slick app!”
Binance International was hacked in 2019 and as a result introduced additional security measures to help protect users. It also worked with customers with a view to refunding crypto amounts stolen.
For further research, here is Binance’s response to the Squid Games crypto scam and how users can protect themselves.
How to begin:
Getting registered for Binance is fairly straightforward. You simply click on ‘Register Now’ on binance.com. You can receive a verification code by entering your e-mail or mobile number, then choosing a password. You can try checking your spam folder if you are having trouble receiving the confirmation email. Afterward, we need to verify your identity to ensure that you are the owner of that account.
Despite the fact that it is a fairly standard procedure, this step always seems strange to newcomers to the crypto industry, but all respectable exchanges require it regardless. By collecting KYC (Know Your Customer) information from someone, you are making sure they are who they claim to be. A photo and an official identification card or document is required for verification. Selecting ‘Identification’ is done by clicking on the circular account icon.
By clicking the yellow “Verify” button, you’ll be required to input your name, address, and birthdate. After that, you will be asked to verify your ID with your preferred method, before providing a clear profile photo. Trading can then begin. For those who want a higher daily transaction limit, you can also provide additional documents to verify your address. Unless you plan on completing tens of thousands of crypto transactions per day, it isn’t a concern.
What is Binance and how does it work?
Binance offers a simple interface for buying, selling, and trading digital currencies such as Bitcoin, Ethereum and Comp. In this overview, we will give you an overview of the essential steps you need to take.
Sign up for a new account:
Go to Binance’s homepage and register an account. When using cryptocurrency only for depositing and withdrawing funds, you’ll need only an email address.
Assigning a second factor of authentication:
To protect your account, Binance will prompt you to set up two-factor authentication (2FA). You will need to install an application such as Google Authenticator or Authy on your phone. In the future, you will be required to enter a unique code each time you log in or perform important account operations like withdrawals.
Deposit AUD:
To make a fiat currency deposit, log into your account and go to the “Funds” section and choose ‘Fiat’. You will then have the option to authorize a bank transfer or make a deposit using your credit card. The first time you make payment via bank transfer, there could be a delay of up to 24 hours while your bank processes the request. Future transfers should be almost instantaneous.
Deposit Crypto:
If you already hold cryptocurrency in another exchange or wallet and you want to transfer them to your Binance Australia account, log into your account, go to the “Funds” section and choose ‘Crypto’.
On the Binance deposit page, you will need to scroll through and select the coin that you wish to deposit which will then give you the wallet address to transfer to. Make sure you choose a network which is supported by both Binance and where you are sending the coins from. Choosing an unsupported network is likely to mean you lose the tokens if you proceed with the transfer.
Trade:
Once you have funded your account you can begin trading. Choose between the “Basic” or “Advanced” trading platform by hovering your mouse over “Exchange.” If you are a beginner the basic option is recommended. Right now, you are able to trade over 540 different pairs of currencies.
Most coins can be traded against Bitcoin and a stablecoin such as tether or USDT.
The Binance platform offers an API that you can use to connect your account to a variety of Crypto Trading bots and have them execute trades for you, automating your strategy and potentially generating profit.
Does Binance Support Cryptocurrencies?
While not all cryptocurrencies are listed on Binance Australia, there is a very broad selection and all of the major coins are available for purchase. More cryptos are being added all of the time.
If you are looking to purchase smaller cap coins or start up projects, you can look at alternative platforms such as UniSwap.
How Do I Minimize My Trading Fees On Binance?
User ImTheOneWhoKnocks on Reddit gives a great explanation on how to reduce your fees on Binance Australia: “You buy BNB with AUD. Hold the BNB in Binance, and change a setting on the app to use BNB to pay trading fees to get the 25% discount vs using fiat or the coin you are trading with and pay 0.1% fees. When you sell BTC for AUD, rather than take 0.1% of the BTC for the fee, Binance will subtract the fee of 0.075% from your BNB balance.”
Making Withdrawals:
You can convert your crypto back to AUD if you want to withdraw your funds off Binance Australia back into your bank account. Simply click on the ‘Wallet’ tab, choose ‘Spot Wallet (Deposit & Withdraw)’, click withdraw in the cash balance section and choose the amount you want to withdraw. Choose the amount of AUD you want to withdraw and then complete the 2FA requirements.
Customer service team:
As cryptocurrency investing and trading becomes more mainstream, Binance Australia is receiving a number of with new account applications and substantially expanding its customer support team.
Through the Binance account page, you can send a ticket request for any questions or concerns you may have and also start a live chat. It is not possible to reach Binance’s support staff via telephone.
Conclusion:
The reason Binance is one of the largest cryptocurrency exchanges in the world is low trading costs, hundreds of crypto-to-crypto trading pairs, and good security. To improve user experience with its platform for Australian residents and facilitate deposits and withdrawals in AUD, it has set up Binance Australia to comply with local Australian KYC regulation.
With its simple to use platform it is a great option for crypto beginners. As users become more experienced, they will appreciate advanced features such as API options to link to auto trading crypto bots and also record keeping software.
Sign up to Binance Australia here.
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