Binance Review for New Zealanders | Fees, Comparisons & More

Dominic Harper // July 27 // 0 Comments

Binance was founded in 2017 and is currently the largest crypto exchange on the market. This did not happen by accident, though, as the company understood exactly what traders needed, and it built this platform accordingly before anyone else got the chance to do so.

The exchange offers two formats for trading - classic and advanced. Its versatility is notable across all devices, and in there, you can buy, sell, and trade more than 600 cryptocurrencies. It has a competitive fee structure in place, and is one of the best crypto exchanges for New Zealanders.

Let’s dive in to see what Binance offers to New Zealanders; what are the pros and cons, fees, and security measures.

What is Binance?

Binance is the biggest cryptocurrency platform in the world, and supports New Zealand residents. It is packed with a whole host of advanced features and services, and offers support for a staggering 600+ cryptocurrencies, making it an attractive platform for many traders.

The trading fees are only 0.1%, which can be lowered when you pay with Binance Coin, as well as if you are a high-volume trader, which is fantastic for frequent traders. Additionally, Binance caters to beginners with the option to toggle to a basic interface option, so it is suitable for all crypto investors.

  • More than 600+ coins available to buy, sell, or trade
  • Low trading fees of 0.1%, which can be reduced by 25% if you pay with BNB (Binance Coin)
  • Earn interest on more than 70+ coins
  • Extremely deep liquidity, as the largest exchange in the world
  • NFT marketplace so you can purchase NFTs easily 
  • P2P trading supported
  • Margin trading, derivatives trading, futures trading supported

Binance NZ Features

Binance offers a range of services and products, such as an instant buy/sell crypto exchange, and plenty of trading markets, but also various decentralised finance products and an NFT marketplace. Read about some of the best features of Binance here.

Wide Selection of Coins & High Liquidity

With over 600 cryptocurrencies on offer, Binance attracts all sorts of users. Often, traders express their genuine frustration at exchanges that do not support a new upcoming coin with huge potential. That’s not the case with Binance, as you can trade a massive array of coins, and there are new assets added regularly. 

Large trading volumes typically correlates with high liquidity, and this is one of Binance’s strongest points. Namely, due it's widespread popularity, there are plenty of trading operations conducted on a daily basis. This means that you can make purchases or sell your digital assets very quickly and efficiently.

Classic Trading Interface

When Binance was founded, the creators aimed at attracting serious traders first. However, today Binance also caters to beginners, so they can also reap the many benefits of this platform. Binance offers a "Convert" option that allows beginners and otherwise inexperienced traders to swap between currencies in a quick and simple manner. You won’t be charged any fees for this feature, although the fees are included in the spread.

NFT Marketplace

NFTs were first invented in 2014, but only in the last couple of years have they become more mainstream. Many are still not convinced of the value and future of these digital artworks, but there are plenty of users who’ve made thousands by trading these digital assets.

That said, NFTs are here to stay, and if you’re looking to get in on the action, by buying, selling, or creating your own, then Binance is the place to do so. The platform offers an NFT marketplace, but we recommend doing your research and understanding the risks first before you consider investing in these assets.

Classic & Advanced Trading

As we mentioned earlier, the Binance platform is available in two formats - classic and advanced. Now, even though there isn’t a notable distinction, the layout of the formats is slightly different in order to suit beginners and advanced users accordingly. Both are equipped with new order forms, volume indicators, order books, depth charts, trading history, and functions for order management. You can always start on the Classic layout and then progress to the Advanced interface when you gain more experience and need more technical features.

Battle Interface

Binance has developed a new gaming-type interface product based on Futures, that allows you to win money, and earn points regardless of when you win or lose. All you have to do is predict whether the price will go up (go Long), or if the price will drop (go Short) in the next 5 minutes. You will automatically be matched with another user who has chosen the opposite to you, and the battle begins. If you win the battle, you win money, and you also gain points and badges, based on your achievements. It is a fun way to trade, as it adds a gaming aspect to it, and is a popular way that users begin to learn about Futures trading.

Earn Passive Income

Many crypto enthusiasts venture into trading to make profits quickly, while others are looking to grow their investments with medium to long-term opportunities by HODL-ing their assets.

Binance Earn is the perfect place if you’re looking to earn a passive income on your cryptocurrencies while you wait for them to appreciate in value. There are over 70 coins to stake, on which you can earn rewards. The rewards are paid out in the same coin that you have staked, and the rate depends on which coin you choose, and market conditions.

Negatives of using Binance NZ

While Binance is packed full of features, the biggest problem is that it does not have any customer support. If you are stuck with an issue, you can consult the bot in the Support tab, but if it is a complicated issue, you will become increasingly frustrated going around in circles. Additionally, since Binance can be confusing to new users, the lack of live chat support is concerning.

If you are after a reliable New Zealand crypto exchange that is perfect for beginners, complete with live chat support, we suggest signing up to Swyftx. Swyftx is one of the best crypto exchanges in NZ, with over 320 cryptocurrencies, low trading fees and spreads, and staking on 20 coins. You can read our review here, or sign up here, to receive a bonus offer of $20 BTC for FREE!

Binance NZ Fees and Deposit Methods

Depositing cryptocurrency into Binance is free of charge, but depositing fiat currency is another issue altogether. Unfortunately Binance does not accept NZD deposits, unless you are trading on the P2P marketplace directly with another user who wants to accept NZD. 

If you want to use Binance's trading markets, and advanced features, but you can only make deposits using NZD, a quick way around this is to sign up with another crypto exchange. You can purchase BTC or USDT for example, then transfer it to Binance, and begin trading. Our top pick would be Swyftx (read review here), and if you sign up with our link you can even access a welcome bonus of $20 FREE Bitcoin to get you started.

The Spot trading fees on Binance are among the lowest on the market, at only 0.1% for both makers and takers. You also receive a discount if you choose BNB (Binance's native coin) as a payment method. Namely, if you pay your trading fees with BNB, you receive 25% discount, so trading fees become just 0.075%.

If you venture into margin trading, you’ll encounter two types of fees - spot trading fee and borrowing interest fee. These fees will vary depending on your VIP level (based on monthly trading volume) and the currency you borrow.

Withdrawing cryptocurrency from Binance will incur a fee that varies depending on which coin you want to transfer. 

Binance New Zealand Security

Binance is an incredibly secure exchange, with users’ data and crypto assets partially stored offline in a cold wallet storage system to avoid any losses in case of a successful cyber breach. The rest is covered and compensated by the Secure Assets Fund for Users (SAFU) in the event of a hacking attack.

Moreover, Binance is also ISO 27001 certified, there’s a two-factor authentication (2FA) requirement to access your account, and the platform collects 10% of trading fees to act as an insurance package tucked away in a safety fund.

Pros and Cons of Binance New Zealand

  • P R O S
  • One of the best crypto exchanges in New Zealand
  • Over 600+ cryptocurrencies available
  • Earn crypto interest on 70+ coins
  • Largest crypto exchange in the world
  • Very low trading fees of 0.1%
  • Margin trading, futures trading, P2P market
  • NFT marketplace
  • C O N S
  • No live chat or email support
  • Can be overwhelming for new users due to the wealth of options and features on offer

Conclusion

With so many features packed into one trading platform, it’s sometimes easy to forget that Binance is only five years old. With the great deal of advancements made since its establishment, this exchange has quickly become the largest and most popular crypto platform in the world.

Binance is the perfect place for traders who are looking to frequently trade and use advanced features like derivatives and margin trading among many others. The support for over 600 different coins, the low trading fees starting at 0.1%, and the huge discount incentives for large-volume traders, make this a playground for experienced crypto enthusiasts. Beginners though, may have a hard time using this platform, mostly due to the poor customer support and wealth of options.

If you are a beginner looking to use Binance, we suggest you use the basic interface option, which makes life easier for those who are just entering the crypto world. You can also use the simple 'Convert' option to instantly buy and sell cryptocurrencies, without having to trade on the market. 

Frequently Asked Questions

Is it safe to use Binance? 

Yes, Binance is a secure cryptocurrency exchange that has plenty of safety measures, and has been awarded the coveted ISO 27001 certification, which means it has to pass regular stringent security audits.

Is Binance allowed in New Zealand?

Yes, you can use Binance in New Zealand. However, you cannot deposit NZD into Binance, so you may need to use another crypto exchange (such as Swyftx) to purchase crypto, and then transfer it to Binance to use all its features.

Is Binance trustworthy? 

Yes, Binance is a trustworthy crypto exchange that has been around since 2017, and is the largest in the world by trading volume. It is packed full of security features, and even holds ISO 27001 certification, making it one of the safest platforms available.

Is Binance or Coinbase better?

Binance is the better choice for Kiwis. Coinbase has extremely high fees, and limited features compared to Binance.

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About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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