This Binance Review takes you inside the world’s biggest crypto exchange. Where traders across the globe move millions in seconds, deposit fiat instantly, and withdraw funds with a tap.

Meanwhile, in Australia? It’s a different story. No AUD deposits. No bank transfers. Just a maze of P2P trading and crypto-only workarounds. Extra steps for Aussies, while others do it all in a single click.

If Binance is no longer the smooth experience it once was, is it still worth the effort in 2025?

Key Highlights

✅ What We Like About Binance

• Massive Crypto Selection – 400+ cryptocurrencies make it one of the most diverse major exchanges.
• Super Low Fees – Just 0.1% per trade, plus extra discounts when paying with BNB.
• More Than Just Trading – Earn passive income through staking and DeFi.
• Strong Security Measures – 2FA, anti-phishing protections, and SAFU fund for extra protection.

❌ What We Don’t Like About Binance

• Regulatory Headaches – Ongoing pressure makes future access uncertain.
• Too Many Features for Beginners – The platform can feel overwhelming at first.
• Customer Support Needs Work – Getting quick help isn’t always easy.
• No More AUD Bank Transfers – P2P trading or crypto deposits are now the only options.

At a Glance

Feature	Details
Official Website	Binance Australia
Founded	2017
Number of Cryptocurrencies	~400+
AUD Deposit Methods & Fees	❌ No direct AUD deposits available
AUD Withdrawal Methods & Fees	❌ No direct AUD bank withdrawals
Trading Fees	– Spot: 0.1% per trade (discounts with BNB)  – Futures: 0.02% maker / 0.04% taker
Best For	Active traders, those comfortable with P2P trading
Crypto Staking?	✅ Yes (Earn rewards on select assets)
Security Features	2FA, SAFU fund, withdrawal whitelisting
	✅ Yes (iOS & Android)
Customer Support	24/7 chat, email (Mixed reviews)
Regulated?	⚠️ No direct Australian regulation (operates offshore)

About Binance

Binance is the world’s largest crypto exchange, and it didn’t get there by accident. Since launching in 2017, it has become a trader’s dream with low fees, deep liquidity, and hundreds of tradable coins.

With 400+ cryptocurrencies, futures, staking, and P2P trading, it’s one of the most feature-packed platforms out there. But for Australians, banking restrictions mean no direct AUD deposits or withdrawals.

The question is: do the benefits outweigh the extra effort?

Cryptocurrencies Available on Binance

If you love having choices, Binance won’t disappoint. With 400+ cryptocurrencies, it offers enough variety across different categories.

• The Must-Haves – Bitcoin, Ethereum, and Binance Coin—these are the giants.
• New & Exciting – AI, DeFi, Web3, and gaming tokens like UNI, AAVE, SAND, and FET.
• Meme Madness – Love hype? Dogecoin and Shiba Inu are here too.

HODL, day trade, or chase trends: whatever your style, Binance gives you plenty to work with.

Binance Trading Features

Binance isn’t just about buying and selling crypto. It offers multiple ways to trade, invest, and earn. Here’s some of the features.

Spot Trading

The easiest way to trade crypto. You buy and sell at real-time market prices, with simple order types like market and limit orders.

It’s fast, straightforward, and great for everyday traders.

Binance Earn & Staking

With Binance Earn, you can stake, save, or DeFi your way to passive income.

It’s an easy way to grow your holdings over time. Yes, you don’t have to watch charts 24/7 to make money!

P2P Trading (Important for Australians)

Since direct AUD deposits are blocked, P2P trading is now the only way for Australians to fund their Binance accounts. It works by connecting buyers and sellers directly, with payments made through bank transfers, PayID, or other local methods.

Binance escrows the crypto until the payment is confirmed, to reduce the risk of scams.

Binance Fees: How Much Does It Cost to Trade?

Low fees that make trading more profitable. That’s where Binance shines the most.

Here’s what you’ll pay:

• Spot Trading – 0.1% per trade, even less with BNB.
• Futures Trading – 0.02% maker / 0.04% taker, making it one of the lowest in the market.
• Crypto Deposits – Zero fees! Deposit crypto for free.
• Crypto Withdrawals – Varies by network (BTC has a small cost).
• P2P Trading Fees – No Binance fees, but watch for third-party charges.

Binance Regulations and Legal Status in Australia

For Australian traders, Binance’s legal status is a growing concern due to increasing regulatory action.

• Derivatives Trading Shut Down – Binance lost its derivatives license in April 2023. Since then futures, options, and leveraged trading have not been available.
• Fiat On-Ramps Removed – Binance can’t process AUD bank deposits or withdrawals anymore after losing access to PayID and facing banking restrictions from major Australian banks.
• No Local Regulatory Approval – Binance is not licensed in Australia, so you have fewer protections compared to Australian-regulated exchanges.
• P2P Trading as a Workaround – The only way to move AUD in and out of Binance now is through P2P trading, which is more complex and comes with risks.

Binance is still technically available in Australia, but without regulation and banking support, it’s far riskier. Since it doesn’t have an Australian financial license, you have less protection if something goes wrong. 

P2P trading also comes with risks like scams, price manipulation, and disputes. If regulators tighten the rules further, accessing your funds could become even harder.

Where to Trade If Binance Isn’t Right for You

If Binance’s regulatory issues make you uneasy, here are some solid alternatives:

• CoinSpot – 500+ cryptos, staking rewards, and a simple interface.
• Swyftx – 440+ cryptos, low fees, and a demo mode for beginners.
• MEXC – 1,500+ coins, futures trading, and pro-level tools.
• Coinstash – 1,000+ cryptos, DeFi trading, and SMSF support.
• Coinbase – Super beginner-friendly, with fiat deposits and strong security.
• eToro – Trade crypto, stocks, and ETFs with copy trading features.
• Digital Surge – An Aussie exchange with competitive fees and easy-to-use tools.

Is Binance Safe? Security & Trustworthiness

How safe is Binance? It’s a bit of a mixed bag.

On one hand, Binance has good security, with 2FA, withdrawal whitelisting, and a SAFU fund (Secure Asset Fund for Users) to protect users.

But it’s not immune to attacks. In 2019, hackers stole $40 million, though Binance fully reimbursed users.

The bigger issue is regulation. Binance isn’t licensed in Australia, so you have fewer legal protections if something goes wrong.

Overall, Binance takes security seriously, but the lack of local regulation adds extra risk for Australians. If security is your top priority, you might be better off with a regulated exchange.

Customer Support & User Experience

Binance offers 24/7 customer support through live chat, email, and an automated help center.

But response times vary. Some users get quick help, while others face long waits or unhelpful replies.

The Binance interface is packed with features, but it can feel overwhelming for beginners. While the app and website are fast and reliable, the advanced tools take time to learn.

Overall, Binance has plenty of support options, but service quality can be hit or miss.

Binance Mobile App: Features & Performance

The Binance mobile app lets you trade anytime, anywhere.

• Full access to trading, staking, and P2P transactions
• Fast and responsive, even with advanced tools
• Lite mode available for beginners

It’s great for active traders but can feel a bit complex if you’re new to crypto. Still, if you want a powerful all-in-one trading app, Binance won’t disappoint.

How to Open a Binance Account (and Deposit Funds in Australia)

Getting started with Binance in Australia is easy, but funding your account is a bit trickier due to banking restrictions. Here’s how to do it:

1. Sign Up – Go to the Binance website or download the app. Register with your email and password.
2. Verify Your Identity – Complete KYC verification by uploading your ID and proof of address. This step is required to start trading.
3. Deposit Funds – Since bank transfers are no longer supported, you’ll need to deposit crypto from another exchange or use P2P trading to buy crypto with AUD.
4. Start Trading – Once your funds are in, you can buy, sell, stake, or trade.

P2P trading lets you buy crypto directly from other users using bank transfers or PayID. Binance holds the funds in escrow until the payment clears, adding an extra layer of security. Always choose verified sellers to avoid scams.

Final Thoughts: Should You Use Binance in 2025?

Binance was once the go-to exchange for Australians, but regulatory challenges have changed that.

Without an Australian financial license, Binance operates in a legal grey area, meaning you don’t have the same protections as you would on a locally regulated exchange. AUD deposits and withdrawals no longer work, so P2P trading is your only option. But this comes with risks like scams and disputes.

Yes, Binance still offers great features, low fees, and deep liquidity. But it’s not the safest or easiest option for beginners.

If you want a more secure and hassle-free experience, Australian exchanges like Swyftx, CoinSpot, and Digital Surge may be better suited to your needs.

The bottom line? Binance is powerful, but for Australians, it’s riskier than ever. Choose wisely.