We saw a news article on June 2 that Binance banned the transfer of Australian dollars, but still told us that we can use credit cards or ordinary debit cards to buy and sell cryptocurrencies. But after my test, we can still use Binance to trade in Australia.
Next, I will introduce to you how to use Binance in Australia from several aspects such as registration, downloading, identity verification, and purchasing virtual currency.
1. Binance Registration
1. First, we go to Binance’s official website, binance.com. You can also directly click the link below to enter Binance’s registration page.
Binance: https://www.binance.com/zh-CN/join?ref=114789569
2. Click the [Register] button in the upper right corner and select [Register by email/mobile phone number]
3. After entering, you can directly search for Australia and find the +61 mobile phone number. Of course, you can also directly use your email to register, click [Next]
4. Enter the verification code in the email and click [Submit]
5. Set a password and click [Next]
6. After the account is successfully created, click [Finish]
2. Identity Authentication
After entering the Binance account, the first step is to conduct identity authentication. We are not allowed to trade without identity authentication in Binance. The identity authentication process includes our ID information and then face liveness scanning.
1. Click [Authentication]
2. Residence information If you are in Australia, but you hold documents from other regions, you can write the documents from other regions here. For example, you can write documents from mainland China or South Korea, but don’t write Australia.
If you only have an Australian ID, then you should select Australia. Search for "Australia" and click [Continue].
The whole authentication process was very quick, and it took about 7 minutes to complete. And after you selected Australia, it did not remind you that you could not use Australian dollars, or that Australians could not use it, or that Australian IP addresses were not working, etc. There were no reminders, which means that there are no restrictions on using Binance in Australia.
3. You can use your mobile phone to scan this QR code and download the APP. Then complete the identity verification on your mobile phone. You can also complete the identity verification directly on your computer. We choose to continue to complete the verification on the computer. Click "Continue"
4. You can choose the type of document you want to submit, such as driver's license, passport, or foreign passport with Australian visa. I choose "Chinese passport with Australian visa" and fill in the passport number. It will definitely verify your visa later.
5. If you find it troublesome, you can directly enter your Australian driver's license number or use your Australian passport. After entering, click [Continue]
6. Fill in your personal information, including first name, last name, first name, last name, middle name, and date of birth. After completing the information, click [Continue]
7. At this time, we need to fill in the detailed place of residence. Please note that you must write the place of residence on your ID card. Do not write a place in Sydney or Melbourne.
8. If you do not have any of these three documents, click [Return]
9. In the authentication section, select the ID you have. For example, if you have a Korean ID or a Chinese ID, you can search in the search box and click [Continue]. Then fill in our information.
3. Security Settings
After our identity authentication is successful, we need to make an account security setting after entering.
1. Click on the "little head" in the upper right corner and find [Account Security]
2. There are 4 security settings here. We need to set up at least the email and the authenticator. You don’t need to bind your phone number. But if you want to deposit or withdraw money, you still need to bind your phone number. Click [Manage] behind the authenticator app.
3. The full name of the authenticator is Google Authenticator. When we download it, we must pay attention to the fact that its developer must be Google LLC. If you search directly in the Apple store, it may show a lot of results. But its developer may not be Google LLC, which means it is not developed by Google.
We use the Google Authenticator on our mobile phone to scan the Google Authenticator QR code generated by Binance. Once scanned, a dynamic six-digit number will appear on the authenticator on your mobile phone. This dynamic six-digit number is not connected to the Internet. Every time you withdraw money or sell money, you will be required to fill in the 6-digit dynamic verification code on the authenticator in a timely and quick manner.
The verification process is actually like this. Because the code is generated by Binance, Binance will check your code in real time in its backend to see what the number should be at that time. Then your authenticator will also generate a 6-digit verification code in real time. When your 6-digit verification code matches the 6-digit verification code on the Binance backend system, it means that the operation was done by you. So the whole process is safer. Because it does not have the so-called operators to help us transmit the mobile phone number. Because the mobile phone number may be lost or stolen. But the security logic of Google Authenticator is still very good.
4. Next, the pass key is to connect your facial data, the phone and the Apple ID logged in on your device. These three things must be kept completely consistent in order to withdraw the currency. When verification is required, you must use your phone to scan your face to pass the verification. If the Google Authenticator or the phone number is likely to be stolen, then the possibility of your facial information being stolen is actually very low. Because it needs to verify your face ID every time. So I suggest that you set it up as well.
Once we have set up all three security settings, our account security level will be very high.
4. Buy Coins
1. Click [One-click Coin Purchase] in the upper left corner.
2. When buying coins, you can choose the currency you want to pay, and select the currency you want to buy below. If we use the identity of mainland China for authentication, then we can only choose CNY for both buying and selling. If you use the identity of Australia for authentication, then you can only choose AUD for both buying and selling. Here we take AUD as an example.
For example, if I want to buy 1,000 Australian dollars worth of USDT, the conversion is roughly 641.02. I can buy 641.02 USDT with 1,000 Australian dollars.
Let's take a look at the exchange rate of Australian dollars to US dollars. For the same 1,000 Australian dollars, we can exchange for 641.8 US dollars, which corresponds to the amount of USDT we can exchange. If you think there is no problem with this exchange rate, we can choose [0 handling fee purchase]
3. Next, you can choose to use a bank debit card or local fiat currency deposit. Local fiat currency deposit means you can directly recharge Australian dollars into your Binance account. Click [Recharge] in the upper right corner and select [Recharge with Bank Card]
4. Go to the fiat currency recharge page. This method will charge you a 2% handling fee. You directly recharge the Australian dollars into Binance. Then you will have Australian dollars in your Binance account.
5. Or we can use this C2C shortcut zone to make purchases. This means that your Australian dollars are not deposited into Binance, but directly paid to merchants selling USDT on Binance. Then they will transfer USDT to you. Click [Continue]
6. In the self-selected area, we can see that I use Australian dollars to pay for what I want to buy, which is USDT. There are some merchants below. You can use Pay ID or bank debit card or Wise to buy directly. Then the purchase price you see is from low to high. It means that you buy a USDT, and the quote is 1.56. The following is 1.58, 1.59, but you have to pay attention to his likes and praise rate. Less than 90% means that this person may be a scammer. Because merchants may also do evil, so when trading with merchants, we must have a skeptical heart.
7. Let's look at "MHC". His like rate is 98.94% and his transaction rate is 100%. We can buy from him. Be sure to pay attention to his requirements and follow them. If you don't follow his requirements, it is possible that the transaction will not be completed and he will not make the transaction for you. If you are sure that there is no problem, click [Buy USDT] and then transfer the money to him privately.
You may think that if I transfer money to him privately, what if he doesn't give me the currency? Don't worry about this. Because if he wants to become a merchant on Binance, he must deposit a lot of money on Binance. At the same time, if he gives you money but doesn't give you the currency, he can't withdraw the currency. You can go to Binance with the payment record and ask Binance to deduct his USDT from you. It is especially important to note that if you want to pay with this Australian dollar, it will take about 24-48 hours for the bank to confirm. Only after the bank confirms, the merchant will dare to release the currency to you.
9. The same is true for RMB payment. We change AUD to CNY. The quote below is how much CNY we need to pay for 1 USDT. The payment method is on the right.
10. If you want to use WeChat or Alipay, you can select it in "Payment Method". For example, I want to select "Alipay". Now these merchants support Alipay to buy and sell USDT. We can transfer money to them through Alipay. Then they give us USDT. The overall operation logic is the same as the logic of buying USDT with Australian dollars.
11. After the purchase is completed, click the [Wallet] button to go to [Wallet Overview]
12. Click Transfer to transfer USDT from the fund account to the spot account. You may not be able to figure out so many accounts. We only need to know that when we use legal currency to buy and sell USDT, the coin we buy will be in the fund account. When we do transactions, we usually use the spot account. So we have to transfer USDT from the fund account to the spot account. There is no handling fee for the whole transfer process. It is equivalent to me moving my USDT from one of my warehouses to another of my warehouses. I will not charge money for moving my own things in my warehouse. After the move, our money will be in the spot account.
5. Trading
1. Click [Trade] and select [Spot Trading]. In the spot trading, you can use our USDT to purchase cryptocurrencies.
2. In the upper corner we can see that there are a lot of currencies. We need to choose USDT. Here you can see that all the following support transactions with USDT.
3. For example, if I want to buy Ethereum, I can search for ETH and select "ETH/USDT". There is a 10× next to it. We don't need to care about this 10×. This means that it supports 10 times leverage trading. If we are novices, we generally don't do this leverage trading. Just do spot trading.
4. When doing spot trading on the right, we can make our own bids, which is the form of "limit price". For example, click the green price below, and it will be automatically filled in the "price". If you want to buy at a lower price, choose a price lower than this.
5. If you want to buy quickly, you can click "Market Price". Here the platform will place an order for us at the most favorable price in the current market. We will directly increase the transaction amount and click [Buy ETH]. In this way, our ETH will be purchased successfully.
