Is Binance accessible in Australia?
Yes, Binance is accessible in Australia and allows deposits in Australian Dollars (AUD). The exchange functions according to the guidelines laid out by the Australian Transaction Reports and Analysis Centre (AUSTRAC), thus permitting Australian residents to use Binance for trading a diverse range of cryptocurrencies. It has obtained an AUSTRAC license and operates under Binance Australia Pty Ltd.
However, Australian investors only have access to certain features of Binance. The services currently accessible to residents of Australia include spot trading, crypto staking, the NFT marketplace, and the crypto card. Unfortunately, derivatives and options trading is not available to Australian traders as Binance lost its ASIC licence in early 2023.
How can I create a Binance account?
Creating a Binance account in Australia is a quick and straightforward process, needing only a brief period for completion and validation. Here are the steps you need to follow:
- Visit the Binance website: Go to the official Binance webpage and click on the "Register" button.
- Fill out the registration form: Provide the necessary details, such as your full name, email address, and phone number, and establish your username and password.
- Authenticate your identity: As per ASIC guidelines, you are required to confirm your identity by providing a digital copy of a government-issued ID like a passport or driver's license.
- Top up your account: Upon successfully verifying your account, you can deposit cryptocurrencies or Australian dollars using the approved methods.
- Start trading: Once you have funds in your account, you are ready to trade a diverse selection of cryptocurrencies on Binance.
Is Binance free to use?
Setting up a Binance account doesn't cost anything, however, Binance earns its income through an assortment of fees, such as maker and taker fees, deposit and withdrawal charges, among others. To fully grasp the costs associated with trading on Binance, it's crucial to thoroughly investigate Binance's fee schedule.
Supported AUD Payment Methods
Coinbase accepts deposits in Australian dollars (AUD) through several payment methods, including PayID, POLi, PayPal, Apple Pay, Google Pay, bank transfers, and debit or credit card deposits.
To sum up, Binance, the world's largest cryptocurrency exchange, extends its robust suite of services to Australia, servicing over 120 million customers globally. Despite the regulatory restrictions placed by the Australian Transaction Reports and Analysis Centre (AUSTRAC), Australian investors can leverage Binance's platform to conduct spot trading, engage in crypto staking, participate in the NFT marketplace, and utilise the crypto card. However, due to losing its ASIC license in 2023, derivatives and options trading remains unavailable.