Binance Lite Review: Convert AUD-BTC In Australia (2020)

If you have been in the crypto space for a while, then you should know Binance. It is one of the largest and most popular crypto trading exchanges in the world. In 2019, Binance partnered with Binance Lite which is a new platform to buy Bitcoin and support the adoption of cryptocurrency use in Australia. 

In this Binance Lite review, we will assess its features, deposit methods, security, trading fees and compare it to the best cryptocurrency exchanges in Australia. It's important you read this review to the end, as there are limitations with Binance Lite that you should be aware of and also a current promotion!

binance aud-btc

What Is Binance Lite?

Binance Lite offers the option to buy Bitcoin in Australia by converting AUD into Bitcoin (BTC) using a bank transfer or cash deposit at over 1300 supported news agencies. Binance has partnered with the Australian company InvestbyBit to launch Binance Lite that leverages the strengths and security of one the largest cryptocurrency exchanges in the world.

Binance Lite bridges the gap between cash and cryptocurrency with a user-friendly platform to allow the everyday investor to get started with Bitcoin. The exchange has reported that it will expand its crypto offering to buy altcoins in Australia.

Binance Lite Compared

Bank transfer is one the most popular methods to deposit AUD on Binance Lite. This comparison table lists other popular Australian cryptocurrency exchanges that allow users to buy Bitcoin with a bank transfer. 

Exchange

Fees

Rating

Website

swyftx

0.6% (low spreads)

5 / 5

independent reserve

0.5% - 0.05%

4.5 / 5

coinjar exchange

0.1% - 1%

4.3 / 5

coinspot

0.1% - 1%

4.3 / 5

binance lite

0.5%

4.1 / 5

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How To Register With Binance Lite

The process to register a Binance Lite account is simple and can be completed within a few minutes. To start, follow these steps:

  1. Visit the Binance Lite website 
  2. Click on the 'Register' link at the top right-hand corner
  3. Enter in your email and set a strong password
  4. Complete the catcha verification
  5. Verify your email address
  6. Login using your credentials
binance lite register

When you login for the first time, you will be taken to the main dashboard as shown below where you can purchase Bitcoin directly.

The website does show the live crypto prices of other altcoins such as Binance Coin and Tether, however these are not available to purchase.

binance lite australia

How To Purchase Bitcoin Using Binance Lite

Binance Lite users can only purchase Bitcoin. We expect the exchange to expand its crypto offering to include other cryptocurrencies in the future. If you want to purchase altcoins with AUD, then you should consider using another crypto exchange in Australia.

To buy Bitcoin using Binance Lite, there are two options available: 

  1. POLi Internet Bank Transfer
  2. Cash Deposit

POLi Internet Banking

Binance Lite users can send payments using POLi from a supported Australian bank account. This payment option is available 24/7 and takes about 1 business day to clear.  

Binance Lite is currently running a zero-fee promotion, so there are no trades fees to buy Bitcoin with AUD. Once the promotion ends in March 2020, the trading fee will revert back to a flat 0.5% thereafter.

To buy Bitcoin using POLi:

  1. Clink on POLi Internet Banking
  2. Enter in the amount of AUD you wish to invest
  3. The amount of BTC will calculate based on the live BTC price
  4. Enter in your hardware wallet Bitcoin address
  5. Click on 'Pay Now' once you have checked the order details
  6. Bitcoin will be sent directly to your BTC wallet address (once you complete verification - see below)
binance lite poli

Cash Deposit At Newsagent

Binance Lite Australia users can purchase BTC with a cash deposit at 1,300+ retail outlets around Australia using Blueshyft. To find your closest supported retail outlet is, you can view the interactive map on the Binance Lite website.

You should note that purchases need to be in multiples of 10 AUD. The minimum order amount is $50 and the maximum order amount is $1000. 

Cash deposits carry a 2.5% fee that is charged by the newsagent.

Related: 7 Ways To Buy Bitcoin With Cash In Australia

How To Verify Your Binance Lite Account

The last step before finalizing a Bitcoin purchase is to verify your account. KYC is required under Australian regulation and is automated through Digital ID (Australia Post) which takes only a few minutes to complete. 

binance lite verification

To verify your account, follow these steps:

  1. Proceed to the 'Verify ID' step after entering your Bitcoin order details
  2. Click on 'Verify With Digital ID' (must be Australian Resident)
  3. Upload a personnel identification document (e.g. Passport, Drivers Licence)
  4. Fill in your details as shown on the ID document
  5. Review the information
  6. Click on 'Confirm' and Submit
binance lite KYC

Binance Lite Fees

Binance Lite Australia instant Bitcoin buy and sell fee is 0.5%. Compared to other fiat-to-crypto exchanges in Australia, the trading fee is quite reasonable. There is a 2.5% surcharge for Bitcoin purchases using a cash deposit. 

binance lite zero fee

Binance Lite Security

Unlike a traditional fiat-to-crypto exchange, users have the freedom to specify their preferred BTC deposit destination.

Binance Lite does not hold custody of any bitcoin on behalf of the user, nor does it provide an option to sell Bitcoin back into AUD. This means, there is no risk of losing your funds in an exchange hack.

Exchanges Like Binance Lite

The following Australian cryptocurrency exchanges are reputable Binance Lite alternatives. 

Exchange

Deposit Method

Fees

Our Review

Website

swyftx

Swyftx

PayID

POLi

BPAY

0.6%

independent reserve

Independent Reserve

Bank Transfer (EFT)

PayID

POLi

Swift

0.05% - 0.5%

coinspot

Coinspot

PayID

POLi

BPAY

Cash Deposit

1%

coinjar exchange

Coinjar

PayID

BPAY

Cash Deposit

1%

Easy Crypto

Easy Crypto

Bank Transfer (EFT)

POLi

1%

Frequently Asked Questions

What Is Binance Lite?

Binance Lite is an AUD-BTC digital currency service where users can purchase Bitcoin by depositing fiat currency (i.e. AUD) using POLi Internet Banking, or depositing cash at supported newsagents across Australia.

Is Binance Lite Registered?

Yes, Binance Lite is operated by InvestbyBit Pty Ltd (ABN 98 621 652 579). InvestbyBit is an AUSTRAC registered digital currency exchange service provider.

Is There A Binance Lite Wallet?

No, Binance Lite does not hold custody of any Bitcoin on behalf of the user. There is also no option to sell Bitcoin like a traditional exchange. Users need to specify their preferred BTC wallet address before making a purchase.

Can I Withdraw AUD from Binance Lite?

No, Binance Lite does not support the cash out of Bitcoin into AUD. You will need to transfer your Bitcoin to another crypto exchange to sell to Australian Dollars such as Swyftx

Does Binance Lite Have A Mobile App?

No, Binance Lite does not provide a trading app for iOS or Android devices. 

Conclusion

So what's our verdict to conclude our Binance Lite Australia review? From our own personal use, we can say that it is a legit and safe crypto exchange provider to buy Bitcoin instantly. It is suitable for all types of investors to enter into the cryptocurrency market. 

With that said, there are some improvements that we would like to see: 

  • Allow the option to sell BTC and withdraw AUD direct to a bank account
  • Provide instant purchase of the major altcoins (e.g. Ethereum, XRP, Cardano, NEO and Litecoin)
  • Introduce a mobile trading app

Aside from the above, Binance Lite is an excellent option for newcomers and those wanting to purchase with a cash deposit. Taking advantage of the promotional 0% trading fees offer makes sense too.

Exchange fees are a very important consideration for any prospective cryptocurrency investor. The following exchanges - in addition to the above exchange - provide very competitive trading, deposit and withdrawal fees (with no hidden charges) with a wide variety of deposit methods that will suit all types of investors in Australia. 

  1. Swyftx
  2. Independent Reserve
  3. Mine Digital
  4. Zebpay
  5. Bitcoin Australia
  6. Digital Surge
  7. BTC Markets
  8. ZipMEX
  9. Easy Crypto
  10. Cointree

Binance Lite Australia

4.15

Ease of use

4.5/5

Reputation

4.5/5

Fees

3.8/5

Deposit methods

3.5/5

Security

4.5/5

Pros

  • Beginner friendly
  • Partnership with Binance team
  • Regulated Bitcoin exchange
  • Transfer Bitcoin direct to hardware wallet
  • Purchase Bitcoin with cash deposit

Cons

  • Cannot purchase altcoins
  • Not able to sell Bitcoin for AUD
  • No charting features
  • No mobile trading app
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Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.

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