Offering over 220 cryptocurrencies, Binance is among the most macroscopical cryptocurrency exchanges in existence. Close to 80% of all cryptocurrency volume passes through the platform. With its launchpad, secure wallet, and software, Binance encourages fresh investors who are looking for more success in the crypto world and reassures experienced traders.
Who can use Binance?
The design of Binance incorporates all the tools that are required by an expert trader and therefore it caters to more experienced traders, yet providing the ability to swap between Binance Lite and Binance Pro and its own educational hub Binance Academy, the platform offers resources to and inclusive of the newbie investors.
It is also a downright crypto encyclopedia. Binance Research, a superior search program, is accessible for experienced traders seeking richer market analyses.
How safe is Binance?
Whilst being comparatively fresh to the market, Binance Australia has promptly gained a positive position within Australia. The feedback from the users of this cryptocurrency exchange indicates that the platform is one of the most trustworthy exchange services on the market.
It protects your information and funds using a multilayered 2FA two-factor authentication system and assistance that is available 7/24 for those who want or need a helping hand while trading.
In Australia, InvestByBit Pty Ltd which is registered with AUSTRAC controls Binance. The platform abides by the local regulatory criteria like any other crypto exchange platform that is running in Australia.
Useful Features of Binance
Binance offers a range of features that are tremendously beneficial to its users. You can observe what the proficient traders are doing and follow it, you can also compete with other traders to prove your trading skills and to earn points.
Binance futures battle is gamifying trading crypto. Users have to forecast Bitcoin’s movement in the next five minutes and go long or short based on their predictions. The leaderboards that this cryptocurrency exchange provides allows the top-tier investors’ positions to be seen and followed.
Binance Asset Conversion
This function lets you transfer your funds directly into your wallet, unlike some other platforms that require you to first transfer it from the spot market.
The Cross-collateralization feature allows the investors to collateralize their own cryptocurrencies to take up other cryptocurrencies.
Volatile market conditions are common in cryptocurrency trading, and the price prediction feature helps protect traders from these conditions.
The standard fee that Binance sets for traders is 0.1%. For those who are using Binance Coin, however, there is a %50 discount, which drops the price to 0.05%.
There are a couple of ways to check the fee trading rate. You can log into your account and then view it or you can go to the website and also check out VIP trader levels and fees.
Weighing the Pros and Cons
- There are so many options for cryptocurrencies to choose from.
- It is one of those platforms that take the smallest amount of trading fees.
- Only 0.5% for immediate buying and selling and 0.1% for spot trading.
- Advanced crypto traders will like the charting and trading tools.
- Cutting the trading fees by half when you choose to use Binance Coin (BNB).
- One of the safest cryptocurrency exchange platforms out there. Except for breaches where you were directly at fault, it protects its investors’ funds delicately.
- Traders who use their debit cards to purchase cryptocurrencies can face increased trade expenses.
- The interface that it uses can be confusing to newbie investors.
- Because Binance does not accept many of the standard payment methods that we are used to, your best bet is to use crypto pairings while trading.
If Binance is not providing you exactly what you are searching for as an investor, there are many other platforms that you can explore.
Swyftx. With over 250 different coins and a simpler interface that everybody can operate, Swyftx offers you a safe wallet in which you can store and retain your cryptocurrency holdings.
CoinSpot. When it began in 2013 CoinSpot was mostly concentrating on trading Bitcoin but has now expanded its operations to include other cryptocurrencies. It promises to make purchasing and trading coins incredibly simple for consumers.
Coinbase. Founded in 2012, Coinbase has a wide range of cryptocurrencies that you can choose from and it maintains a high degree of protection that defends you against hackings and security breaches.
eToro. eToro is a platform that allows all kinds of investors to purchase both stocks and crypto. eToro’s key selling point is that investors can trade without commission fees when completing crypto exchanges. A wide selection of account funding alternatives is available on eToro.
Cointree. Based in Australia, Cointree is AUSTRAC-regulated, which means it is subject to a stringent number of regulations.
Digital Surge. Using Digital Surge, especially more serious altcoin traders have a wide range of coins to choose from. Compared to other platforms like Binance, Digital Surge’s verification process is so swift that investors can start trading in less than 10 minutes after registration.
Frequently Asked Questions
- Can I use Binance as an Australian?
Yes. If you reside in Australia you can register to the platform and start your crypto adventure.
- Do I need to be over 18?
In order to buy and sell crypto, you need to be over 18 years old.
- How good is Binance’s customer support?
Binance uses a standard customer support system. It is available all hours of the day, and users can file their requests and problems and expect a response in a relatively short span of time.
- How soon can I purchase Bitcoin on Binance?
After placing the order, the trading process generally takes a few seconds to be completed but on some occasions, it can take up to 20-30 minutes.
- Does Binance have an app for mobile?
Yes, Binance has a mobile app for traders. In addition to the website, investors can trade coins via the Binance app.Share this article