Binance is one of the largest cryptocurrency exchanges on the planet. Though there are many competitors in the marketplace, Binance remains one of the most viable exchanges through comprehensive cryptocurrency offerings.
Users in Australia who have an account need to know the ins and outs of how to use the platform. Want to learn how to withdraw from Binance in Australia? In the guide below, we will walk you through how to get money out of your account without having to feel like you are all on your own.
What is Binance?
Binance is a cryptocurrency exchange platform. Users are able to participate in secure transactions while partaking in an environment that makes it easy to sell, buy, trade, and store their preferred cryptocurrencies. It is fantastic for users who may not be so experienced, providing a litany of different features to cater to a wide array of needs.
Among the top services and features offered by Binance, these are perhaps the most prominent:
· Spot Trading: Spot trading is the core of the Binance marketplace. Users are able to instantly buy, sell, and trade thousands of crypto tokens on the Binance exchange. The platform supports one of the largest offerings of digital assets out there.
· Binance Earn: In addition to standard buying, selling, and trading of cryptocurrencies, Binance offers the “Binance Earn” feature. This feature gives users the ability to earn passive income through options like savings, staking, and liquidity farming.
· Futures Trading: As part of its futures trading feature, Binance allows users to track cryptocurrency contracts with leverage in order to maximise their potential gains.
· NFT Marketplace: NFTs are growing in popularity, and users can access them to buy, sell, and trade through Binance’s dedicated NFT marketplace.
· Binance Wallet: Though it is possible to connect external wallets, the Binance Wallet is a built-in, secure wallet that allows you to store and access your cryptocurrencies effortlessly.
· Binance Academy: Even if you aren’t familiar with all the cryptocurrency and blockchain terms, you can learn thanks to Binance Academy.
· Binance Mobile: With online activity shifting to a mobile format these days, Binance makes it easy for users to buy, sell, and trade crypto on the go, thanks to one of the most user-friendly apps on the market.
· Referral Program: Binance users can earn additional rewards by inviting anyone they know to sign up and start trading on the Binance platform.
How to Withdraw from Binance in Australia
Making the most of your Binance account means knowing how to navigate the platform. One of the most commonly asked questions is, “How do I withdraw from my Binance account if I’m in Australia?”
As it stands, there are four different things that you can do when it comes to your crypto holdings on Binance. Let’s break down each of the options.
Sell Your Crypto
Start by going to the “Sell” page on Binance. Choose the cryptocurrency that you wish to sell, and make sure to select the AUD option for your Received Currency. Set how much you want to sell, then select Paymonade as the payment method.
Make sure to check the details before you click Sell to complete the transaction. You will then be required to enter your Paymonade card details before ultimately confirming the transaction. Just be aware of the fees – roughly 5-6% – which can be tough for larger quantities of crypto.
Move it to Another Exchange
Binance Australia may not necessarily have what you are looking for in terms of withdrawal methods. For that reason, you can withdraw your crypto and move it to another exchange of your preference, which may have different withdrawal options that are more to your liking.
You will have to go to your account and find the token that you wish to withdraw. Go to the new exchange, find the deposit address, and copy it over to Binance. Enter the amount of crypto you wish to withdraw, following the on-screen prompts, and process your transaction.
Holding Your Crypto, but Removing it from Binance
Not every transaction on Binance has to be buying or selling your crypto. Heck, you don’t even have to keep it in your Binance wallet. You can withdraw it to send to another wallet, be it on another exchange or a self-custodial wallet. The latter may be more ideal for larger quantities because cold storage tends to be a safer option.
Can You Buy Crypto with AUD on Binance?
It makes sense that users in Australia would want to make purchases on Binance using AUD. Unfortunately, Binance does not directly support AUD trading anymore. That said, you aren’t out of luck thanks to the peer-to-peer marketplace that Binance offers.
By using the marketplace, you are buying crypto from other users rather than Binance itself. You can use a variety of payment methods to do this as well. The only downside to this method is that you are going to garner higher fees than by buying crypto directly from the spot market.
Why You Can’t Withdraw AUD Directly
All of this may lead you to wonder why you can’t just transfer AUD directly from your Binance account into your adjoining bank account. The short answer to that is that Binance doesn’t have a supported banking partner in Australia.
For that reason, it is necessary to convert crypto (to Paymonade or a similar processing platform) or into another exchange before being able to cash out. Whether Binance will develop a banking partnership in the near future remains to be seen.
While it is a small inconvenience, Binance still provides access to more cryptocurrencies than virtually any other exchange in the world. Taking a few extra steps to get your money out may seem like a pain, but you still get all the perks that come from using Binance.
