Binance is a global crypto exchange that was founded in 2017 by Changpeng Zhao. The exchange has quickly become one of the most popular cryptocurrency trading platforms.
Binance has a reputation for offering low trading fees, which vary depending on the user’s trading volume and whether they hold BNB. The exchange also provides advanced trading features for more experienced traders, such as margin trading and futures trading, but some might find this platform confusing given its many features.
They has also launched its own blockchain, known as Binance Chain, and its own cryptocurrency, Binance Coin (BNB). Binance Coin can be used to pay for trading fees on the Binance exchange, as well as for various other services on the Binance platform.
Pros and Cons of Binance Exchange in NZ
✔️Plethora of coins: Wide selection of cryptocurrencies available for trading.
✔️ Competitive Rates: Famously low trading fees, especially for high-volume traders and those who hold BNB.
✔️ SAFU Fund: Binance has a “SAFU’ fund to protect users in the event of a security breach or hack. Learn more.
✔️ Registered in NZ: Binance is a registered Financial Service Provider.
✔️ Advanced Features: High Quality of trading tools and charts.
✔️ IOS & Android: Mobile apps available for trading on-the-go.
❌ Regulatory exposure: Ongoing regulatory scrutiny and potential for government restrictions.
❌Mixed Reviews: Some negative user reviews and complaints about poor customer service.
❌ High withdrawal fees: Withdrawing some coins can be higher than fifty dollars, depending on market prices.
❌ Customer Support: Limited customer support during high-traffic periods
❌ Centralized Exchange: Potential for hacking or security breaches.
Binance NZ Exchange Fees
Binance offers some of the lowest fees in the cryptocurrency industry, making it an attractive option for New Zealanders looking to trade digital assets such as Bitcoin.
Binance operates on a maker/taker fee structure, and fees are dependent on both trading volume and the user’s Binance Coin (BNB) balance. Generally, larger trades attract lower fees. This fee structure makes Binance Exchange a popular choice for traders.
Security on Binance Exchange
Binance takes security very seriously, implementing a range of measures to protect users accounts and assets. Here are some of the security features on Binance New Zealand:
Two-factor authentication (2FA): Binance Exchange supports 2FA using Google Authenticator, SMS, or email, which adds an extra layer of protection to user accounts.
KYC and identity verification: Binance requires users to complete a KYC verification process to prevent fraud and comply with anti-money laundering laws.
Secure server architecture: Binance Exchange uses a secure server architecture to prevent hacking and unauthorized access.
Anti-phishing measures: Binance warns New Zealanders of potential phishing attacks and educates them on how to identify and avoid them.
SAFU fund: Binance Exchange maintains a Secure Asset Fund for Users (SAFU) to protect users’ assets in the event of a security breach.
Multi-tier and multi-cluster system architecture: Binance uses a multi-tier and multi-cluster system architecture to ensure high availability and fast processing of trades.
Opening a Binance Account in NZ
To open a Binance account in New Zealand, follow these steps:
Go to the Binance website and click on the “Register” button.
Enter your email address and create a strong password.
You will then receive a verification email from Binance. Click on the verification link in the email to activate your account.
Once your account is activated, you can log in to Binance and set up two-factor authentication (2FA) for added security.
To start trading on Binance, you will need to deposit funds into your account. Click on “Deposit” and select the cryptocurrency you wish to deposit. Binance supports several cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Once you have deposited funds into your Binance account, you can start trading by selecting the trading pair you wish to trade and placing an order.
Binance offers a range of customer support options to assist New Zealanders with their inquiries and issues. Here are some of the customer support features available:
Help Center: Binance Exchange has a comprehensive Help Center that provides answers to frequently asked questions (FAQs) about trading, deposits and withdrawals, account security, and more. Located here.
Live chat: Kiwis can access Binance’s live chat support for immediate assistance.
Email support: Users can also contact Binance NZ’s customer support team via email
Social media: Binance maintains active social media accounts such as Twitter, where users can direct their inquiries and receive updates on the exchange’s services.
Community forums: Binance has a dedicated community forum where users can interact with each other, ask questions, and receive assistance from other users.
Binance NZ has received mixed reviews on Trustpilot, with an average rating of 2 out of 5 stars across more than 2,000 reviews. While some users have praised the platform for its features and services, others have experienced issues with poor customer service.
Binance offers several options for accessing its platform, including through a desktop browser, a downloadable desktop application, and mobile apps for iOS and Android devices that can be downloaded from the Apple and Google Play stores.
Once logged in, Binance’s dashboard provides New Zealanders with various tools to view charts, market trends, their portfolio, and their current and past trades.
Making deposits and withdrawals on Binance is straightforward and can be done by navigating to the “Spot Wallet”, selecting the asset you wish to purchase or withdraw, and following the on-screen instructions. Binance supports several cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, as well as fiat currencies such as USD and NZD.
Cryptocurrency NZ Final Verdict
Binance, being the largest cryptocurrency exchange in the world, has faced regulatory scrutiny in various countries Including New Zealand, and this has caused some concern.
Moreover, its platform may be complex for novice cryptocurrency investors. However, experienced Kiwi traders who are interested in exploring different tokens and trade options can benefit from Binance’s many features.