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Review: Binance cryptocurrency exchange
Trade a wide range of cryptocurrencies with the world's highest-volume exchange.
- Great for its popularity and good reputation
- Not so great for widely-varying fiat purchase fees
See our full list of pros and cons below.
53
Fiat currencies
261
Cryptocurrencies
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Details
| Product Name | Binance Cryptocurrency Exchange Australia |
|---|---|
| Fiat Currencies | USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more |
| Cryptocurrencies | BTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO & 245+ more |
| Deposit Methods |
Credit card Cryptocurrency Debit card Osko PayID |
| Trading Fee | 0-0.1% |
| Deposit Fees | None |
| Withdrawal Fees | Fees vary |
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What's in this guide?
What fiat and cryptocurrencies are supported?
- Supported fiat currencies: USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more
- Supported cryptocurrencies: Approximately 261 cryptocurrencies
Which payments methods are accepted?
Binance offers free AUD deposits and withdrawals via POLipay and PayID. Other accepted payment methods include:
- Credit card
- Cryptocurrency
- Debit card
- Osko
- PayID
- Credit card
- A wide range of third party payment providers
How to buy and sell crypto with fiat currency on Binance
You can buy cryptocurrency with fiat currencies directly through Binance, as well as sell cryptocurrencies for fiat currency.
Binance's supported fiat currencies as of 15 July 2020 include:
- AED
- AUD
- ARS
- BGN
- CHF
- COP
- CZK
- DKK
- EUR
- GBP
- HKD
- HRK
- HUF
- IDR
- ILS
- INR
- KES
- KRW
- KZT
- MXN
- NGN
- NOK
- NZD
- PHP
- PEN
- PLN
- RON
- RUB
- SAR
- SGD
- SEK
- THB
- TRY
- UAH
- USD
- VND
- ZAR
Although CNY is not formally supported, you can trade CNY for Bitcoin through the Binance P2P market.
To buy or sell with fiat currency on Binance:
- Go to the Binance website
- Login or create an account
- Click "Buy Crypto" from the navigation bar at the top of the screen
- Select your payment method out of: "Credit/Debit card" (usually fastest), "Third-party payment" (usually cheapest) or "P2P crypto exchange" (good for CNY purchases).
- Choose whether you want to buy or sell, select your currencies, and enter the amount you want to trade.
You will now be able to enter the amount you want to buy or sell and proceed with your purchase.
Binance fees and limits
The following fees are current as of 15 July 2020
Platform trading fees
Standard Binance cryptocurrency-to-cryptocurrency trading fees are 0-0.1%, but there are ways to get considerable discounts by using the Binance cryptocurrency (BNB) and unlocking higher trading tiers.
| Type | Fee |
|---|---|
| Standard trading fee | 0-0.1% |
| Fiat currency purchases | Varies |
Trading fee discounts
| The discount | What it is | How much it is |
|---|---|---|
| BNB discount | A discount when paying trading fees with the BNB coin. | 25% discount |
| Tiered trading fee discounts | A discount for holding different amounts of BNB in your account while meeting trade volume requirements. | Reduces base trading fees to as low as a 0.02% maker fee and a 0.04% taker fee. |
These trading fee discounts can be used cumulatively for fees as low as 0.015% maker and 0.03% taker.
Deposit and withdrawal fees
Deposit fees
Binance does not charge any deposit fees. You will still need to pay the small network fees involved with moving your cryptocurrency onto the exchange though.
There are no deposit fees for fiat purchases, as all associated costs are simply built into the transaction fee.
Withdrawal fees
Withdrawal fees are dynamically adjusted based on the current state of the relevant blockchain network.
They vary depending on the cryptocurrency, but are generally equivalent to less than a dollar.
Limits
Your limits will vary depending on your purchase method, verification level and the markets you're trading. With full identity verification, most traders are unlikely to encounter any limits, but the main limits to consider include:
| Transaction type | Limits |
|---|---|
| Fiat purchases | Varies by payment method and currency. Lower limits are often around US$5,000 equivalent maximum per 24 hour period. |
| Non-verified user crypto withdrawal limits | 2 BTC equivalent maximum per 24 hours |
| Market order limits | Varies by market liquidity. Maximum market orders in less liquid markets may be as low as ~US$50,000 equivalent |
How fast will my funds be available?
Deposits
Usually within minutes
Deposits are usually completed within minutes. But in some cases, how long it takes might also depend on how you set the transfer fees in the sending wallet and on what the cryptocurrency is.
Withdrawals
Within an hour
Withdrawals are typically posted to the blockchain within half an hour to an hour, at which point it will generally arrive in your wallet within a few minutes. Again, this may vary depending on the cryptocurrency you're withdrawing.
The Binance markets
Binance offers many different ways to trade, and you can choose whether you want to keep things simple with only basic market order trading, or show more advanced trade types such as limit orders and OCO (one cancels the other) orders. Available markets include:
- Spot markets. Trade a range of fiat to crypto markets, as well as BTC to alt and other crypto-to-crypto markets.
- Margin trading. Access up to 125x leverage, but we aware of the risks involved.
- Leveraged tokens. Easily take long or short positions by buying derivative tokens that automatically track with or against prices.
- Futures. Trade perpetual or quarterly futures.
Binance savings, loans and spending
Binance also lets you earn returns on your deposits in several ways, and access additional features. These extras include:
- Savings. Earn returns on flexible deposits that can be withdrawn at any time, or commit your crypto to a lockup period for higher returns.
- Loans. Use your crypto as collateral to get stablecoin loans.
- Staking. Easily earn returns on stakable cryptocurrencies from within your Binance wallet.
What's it like to use Binance?
1. Getting started
Explore the current promotions and see what's happening at Binance, or start browsing its markets.
2. The markets
Explore the BNB, BTC, ALTS and USDⓈ markets, or set your own favourites, and find the trading information that's most relevant to you.
3. Trading data
Find a detailed range of trading information at your fingertips when you dive into a trading pair.
4. Advanced market view
You can also set up advanced trade types and find more information in the advanced view.
5. Log in
Get started by creating an account and logging in. Note the reminder to make sure you're at the real thing and not a phishing site.
Is Binance safe to use?
- Regulation. As an international exchange Binance is regulated differently in different countries. Binance Australia is operated by InvestByBit Pty Ltd (ABN 98 621 652 579) - a digital currency exchange registered with AUSTRAC. Binance Australia is regulated to the same extent as other Australian cryptocurrency exchanges.
- Verification process. Binance does not require verification for users who only want to trade crypto for crypto, but identity verification is necessary for accessing fiat purchases, higher withdrawal limits or some extra features. The verification process is typical for most cryptocurrency exchanges.
- Security features. Binance offers 2-factor authentication and follows industry cybersecurity best practices, including the use of multisignature wallets and cold storage for customer funds. Binance has only fallen victim to one hack, in May 2019, when it lost US$40 million of cryptocurrency to a theft. It replaced all missing user funds with its own reserves.
Binance's reputation
Despite its regulatory distance and relaxed verification processes, Binance is widely regarded as one of the world's more trusted cryptocurrency exchanges, based on on its prominence and reputation.
This view of Binance as a trustworthy exchange is shared by entities such as the Blockchain Transparency Institute, which has assessed Binance trade volumes as being genuine without any of the wash trading that tends to permeate the cryptocurrency industry.
It's also widely regarded as having earned its trust the hard way. As the world's most popular cryptocurrency exchange, it holds a large fortune in cryptocurrency at any given time and is constantly being probed by sophisticated attackers.
To date, it has only succumbed to one attack, losing US$40 million worth of cyptocurrency to a hacker in May 2019. Following the attack, it replaced all lost user funds with its own reserves.
Overall, Binance has a reputation for being a very communicative cryptocurrency exchange compared to other similar-sized platforms.
How do I create an account at Binance?
What else do I need to know about Binance?
Binance is one of the most feature-rich exchanges around, offering advanced trading tools, lending, staking, a learning hub, and even a decentralised exchange powered by their own blockchain (Binance Smart Chain).
Margin trading: Binance allows users who have verified their identity to activate margin trading on their account. Margin is borrowed at a fixed rate of 5:1, with interest calculated hourly. Margin is only available on certain coin pairs with up to 10x leverage depending on the pair.
Earn: Users can earn interest on supported coins through Binance's Earn feature. Earn is a collection of interest-earning methods such as savings, staking and DeFi. Rates vary between coins and method chosen, with both fixed-rate and variable terms available.
Binance DEX: The Binance Decentralised Exchange (DEX) is a decentralised exchange which runs on Binance's own Smart Chain blockchain. It allows users to trade directly from their wallet, forgoing the need to custody funds with the exchange.
In a nutshell
Pros
- Very well known. Binance is the world's most popular and highest-volume cryptocurrency exchange by most measures.
- Competitive fee options. The standard crypto trading fees of 0-0.1% are similar to some other exchanges, but the Binance fee tiers, liquidity and BNB discounts can make it more competitive.
- Fiat options. Direct fiat currency purchases with a wide range of currencies are available.
- Additional features. In addition to direct purchases, Binance also offers advanced trading choices, staking services and more.
Cons
- Complex. Binance's very wide range of cryptocurrencies, features and options can make it challenging for beginners to navigate.
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Frequently asked questions
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
