Binance has a daily trading volume of $2.8 billion. It has become one of the top companies in the digital asset trading market. Binance lists over 500 coins. It offers ways to earn passive income with assets and complex trading tools. It can satisfy the needs of many types of investors and traders. Most users across the globe can vouch for the platform. It has 189 million users in 180+ countries.
However, for Australian investors, Binance provides many trading options with sophisticated trading utilities, analysis, training, educational materials, and the NFT market.
The exchange is licensed and complies with the Australian Transaction Reports and Analysis Centre (AUSTRAC), thus offering its users regulatory compliance to a certain extent. The exchange also has a $US1 billion of private funds known as ‘SAFU,’ an acronym for ‘Secure Asset Fund for Users,’ which adds a further layer of security for assets on the exchange.
However, potential investors considering investing with Binance should know that it has faced some problems.
The exchange has experienced regulatory concerns in Australia before; it lost its AFSL license for different complex derivative products, and depositing or withdrawing AUD with them for some time was impossible. Another revealing fact is that Binance, operating in various countries, faced legal problems. The company admitted to criminal proceedings and agreed to pay a record-high penalty in the United States.
Who is Binance good for?
Binance is quite flexible for consumers in that it can accommodate both the inexperienced consumer tendering his or her very first trade and the complex trader executing intricate trades. However, inexperienced investors might not find the platform as intuitive as expected, given that it has many features and the layout is a little crowded.
While you can’t directly invest in Binance, the platform provides advanced services for traders with advanced knowledge and tools.
It offers a variety of orders, charting features, and trading robots for those already involved in active trading while encouraging new members with straightforward, easy-to-understand instructions. A valuable feature is the large number of crypto assets offered by Binance, given that many investors are interested in expanding their asset portfolios.
Every staking option, BNB vault, and simple accounts for over 180 coins, as earning opportunities in Binance, may appeal to investors interested in passive income.
The platform’s ability to engage users in search and research activities with the help of available materials prepares it for educational use. Its upgraded version is a freely downloadable mobile application compatible with the iOS and Android platforms. In Advanced mode and Lite mode versions, users can trade anytime and anywhere.
Overall, intermediate and advanced traders can refer to Binance as a perfect exchange. They can trade the top cryptocurrencies, like Bitcoin and Ethereum. They can also try trading mid and low-cap coins. Binance is great for those who want to earn through staking.
It’s also for those who like complex trading. Though, it can be confusing for a beginner because of its vast features and layout. Experts suggest that new users start by trying a simpler exchange. They should do this when they lack experience and before using Binance.
What makes Binance a good choice
Binance has established itself as a leading exchange, offering a comprehensive suite of features and benefits that make it an attractive choice for many traders:
Extensive cryptocurrency selection: Binance, one of the largest cryptocurrency trading platforms, offers users many opportunities regarding available tokens. The platform is home to over 500 trading pairs and can provide traders with numerous investment opportunities.
Earning opportunities: It allows earning passives in the form of staking, within the BNB vault and earning accounts for over 180 coins.
Advanced trading tools: Binance offers high liquidity through numerous trading pairs and spot trading while catering to professional traders through features that include advanced order types, enriched charting tools, and API trading tools, among others.
Convenient AUD deposits: Australian users’ funding options are prompt and free of charge in AUD, allowing them to commence trading literally within minutes.
Robust asset protection: However, you also have Two-factor authentication, whitelisting the list of withdrawal addresses, and an impressive $1,000,000,000 insurance fund, proving that your assets are safe with Binance.
Competitive trading fees: Some brokerages offer trading fees starting from 0. 1%, while when paying with BNB or trading a large volume, the rates at Binance are amongst the lowest, enabling users to continue to decrease their expenses.
Mobile app with advanced and lite modes: It is very important to note that users can fully express the features on Binance for iOS and Android mobile applications. The application is available in Full and lite versions; thus, it is compatible with almost any gadget regardless of size.
Comprehensive educational resources: The exchange’s platform offers an impressive array of educational materials and resources that enable users to broaden their knowledge of cryptocurrencies and related aspects, such as trading.
Binance’s disadvantages
However, the addition and growth of Binance have been through some challenges that may be disagreeable to some traders. Let’s delve into these considerations: Let’s delve into these considerations:
A turbulent past and regulatory hurdles:
Although it has not been a smooth ride, Binanace has navigated these challenges relatively easily, as highlighted below. The global exchange was forced to quit offering AFSL licenses for complex derivate products in Australia due to an internal ASIC probe that accused the firm of miscategorizing investors. On a broader scale, Binance admitted to the criminal charges in the US and, as part of a plea bargain, accepted to pay $4. 3 billion in fines.
They were pleased to see that the exchange’s founder and previous CEO, Changpeng Zhao, or CZ, was given 4 months in jail for contravening US anti-money laundering regulations.
The volatile nature of the crypto market and the fact that Binance played a role in bringing to light the unstable nature of the FTX exchange that led to its failure also added to the worries. Despite these negative incidents that may cause concern to some users, Binance has always been able to meet withdrawal demands and has recently adopted a proof of fund auditing system.
A Complex Interface for Beginners: To sum it up, the Binance interface is filled to the brim with all the useful features, tools, and assets a trader would need, but this is also one of the reasons why the platform may be confusing when inexperienced investors use it. The number of choices and options on the platform is numerous and could take a lot of time to understand, posing a barrier to entry for some new entrants who prefer programs with less complex menus.
Limited features in Australia:
Still, some aspects of Binance are limited because of the applicable standards in Australia. However, this might confuse some users, which is still encouraging as the exchange strives to meet Australian regulators’ requirements. This alone is a disadvantage for traders, especially those needing more functionality than basic orders.
Some of these limitations may not be very APPL for every user or very severe. Binance future traders must assess the platform’s challenges and shortcomings before considering it best for trading. However, these disadvantages do not deter many people across the globe from trading using Binance, given that it provides a wide selection of cryptocurrencies, cheaper fees, and high levels of security.
Binance features
Today Binance is one of the greatest cryptocurrency exchanges that has provided traders with a wide choice of features necessary for successful work. Here’s a quick rundown of some of its standout offerings: Here’s a quick rundown of some of its standout offerings:
Advanced trading tools: The dynamic charting tools that incorporate numerous indicators and drawing tools, the multiple order variety, including limit, market, stop-limit, and one-cancel-together (OCO), and the trading bots make Binance a remarkably equipped trading platform for complex trading strategies.
AUD deposit and withdrawals: It is rather easy for users from Australia to fund their accounts and withdraw funds when needed using options like PayID, bank transfers, and credit/debit cards.
Competitive fees: The trading fee on Binance depends on the tier. You can buy the start tier at 0. 0.1% for spot operations, and if they use BNB or increase the trading volume, these indicators can be reduced even more.
NFT trading: Immerse yourself further in NFTs with Binance NFT Marketplace, focusing specifically on NFTs from the art and collectibles category and other niche categories, like gaming.
Earning opportunities: Earn steady income based on your Ethereum holdings through staking ETH (BETH), simple Earn, and BNB vault, a yield optimizer that helps you get the best return on BNB through various options.
Auto-invest plan: Start maximizing your earning potential now with Binance. This self-directed investing tool allows you to set automated investing rules and regularly invest in your favourite coins.
Comprehensive resources & support: To give a brief overview, the included channels of Binance support a wide range of options, from the extensive resource center to 24/7 live chat.
Indeed, given the variety of such options, Binance is truly universal, providing users with fantastic conditions and opportunities for hodling, trading, exchanging, and learning, no matter their experience level.
Opening a Binance account
Signing up for Binance is also an exciting process that takes relatively little time and can be completed in several easy steps:
1. Go to the Binance website and create an account.
2. You will be prompted to enter your email address, phone number, and secure password.
3. Please complete your certified and official data, including your name, date of birth, and address. This documentation involves presenting official documents such as an ID or passport and other forms of identification, including proof of residence. This ensures full compliance with the Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
4. Once you receive a verification code, please follow the steps to ensure your account is fully secured.
5. Click the “Deposit” button and enter the desired payment method, including bank transfer, credit/debit card, and other digital currencies.
6. Once you finish these procedures, your Binance account will be live for trading. It’s important to know that your account data and login information should always be secure to prevent the loss of funds or personal data.
Cryptocurrencies available on Binance
Binance is also reputable for providing its traders with over 500 crypto assets because it has one of the largest crypto markets. Such a large number of developed coins enables individuals to expand their balances and explore various possibilities in the cryptocurrency world.
Top 10 Cryptocurrencies Traded on Binance
- BNB (BNB)
- Bitcoin (BTC)
- Ethereum (ETH)
- Pepe (PEPE)
- Solana (SOL)
- Polkadot (DOT)
- Cosmos (ATOM)
- Dogwifhat (WIF)
- Voyager Token (VGX)
- Wormhole (W)
Our Methodology
To reach our conclusions, we combined approaches, including comparing almost twenty-five global and Australian-based crypto exchange platforms, trading apps, and brokerage companies offering crypto trading opportunities.
The trading fees discussed here are based on the minimum active trading volume and the bare-bones platform offerings from each brokerage and crypto exchange.
We assessed each platform using 11 key variables to determine their overall quality, evaluating factors such as We assessed each platform using 11 key variables to determine their overall quality, evaluating factors such as:
Basic trading features: include the number of cryptosystems, accepted fiat currencies, overall market liquidity, and Trading fees.
Advanced trading features: For active trading and riskier strategies, various trading options, such as conditional orders and volume discounts, are available.
Margin Trading: Assessment of any prevalent margin trading rates where the policy has been implemented.
Platform availability: The similarity inaccessibility to many features based on the country’s geographical location.
Customer service: After analyzing the above studies, it became clear that a range of customer support options could be implemented in the current project.
Educational Resources: Evaluating the educational content in the given platforms.
Crypto rewards credit card: Identifying if there exists any credit card that gives out its reward in cryptocurrencies.
Security and storage: Evaluating the options for sun storage, security, and insurance that have been used over the life of the exchange, and large-scale hacks.
Staking and rewards: Evaluation of known platforms enabling users to hold certain cryptos and earn corresponding interests.
Crypto lending: The generation of crypto exchanges lets the user lend out the digital asset.
Registration: Verifying that the exchanges surveyed were compliant, or properly licensed per AUSTRAC, for lawfully offering digital asset exchange services in Australia.
In the final step, we found the weighted importance of all the variables above. These variables influenced the benchmark of the crypto exchanges and brokerages we surveyed. They also highlighted the platforms’ scores.
