Binance Opens Up ‘Full Fiat’ Australian Exchange - Cointelegraph

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Binance Opens Up ‘Full Fiat’ Australian Exchange - Cointelegraph

Binance Opens Up ‘Full Fiat’ Australian Exchange - Cointelegraph

Posted: 29 Jul 2020 03:32 AM PDT

Major cryptocurrency exchange Binance is launching a fiat-to-crypto trading platform in Australia, offering support for direct purchases of crypto using the Australian dollar (AUD).

Binance already operates Binance Lite Australia which offers limited services, but the new venture will be more like a fully fledged exchange providing local traders with access to the speed, deep liquidity and security controls of the flagship platform.

In a statement on July 29, Binance described the new venture as "a secure and regulated platform for trading digital currencies with AUD" that had been developed through dialogue and engagement with local government and communities.

Australian users will be able to deposit AUD from their bank accounts instantly without incurring fees by using the PayID system — which is also used by other Australian exchanges. The new exchange is launching as a desktop and mobile web service, with an app planned for future release.

Binance's global ambitions

Binance rolled out Binance Lite Australia last year, which provided limited crypto brokerage services through a network of Australian newsagents and internet banking services. Speaking to Cointelegraph Binance CEO Changpeng Zhao was coy on how successful the "lite" version had been.

"We do not disclose our user data," he said. "That said, the new Binance Australia platform is informed by our user demand and feedback."

"Through servicing Australian users with Binance Lite, we have collected valuable insights to help expand our services offered to Australian users, as well as carry over features they love -- including no-fee deposits — into Binance Australia," he added.

The exchange has also previously invested in Aussie digital currency tourism firm TravelByBit, which allows users to book flights and accommodation using cryptocurrencies.

Cash for crypto

Binance's ambitions to move beyond crypto-only trading services have spurred it to establish fiat-to-crypto trading platforms in Uganda —- the first of its fiat-to-crypto ventures —- Singapore, Korea, Jersey and the United States. 

The exchange has had to vary its services and in some cases limit them, or pursue joint ventures, in response to variations in local regulatory frameworks for cryptocurrency trading.

Recently, the exchange announced plans to launch Binance UK in the United Kingdom. It also continues to add supported fiat currencies to the Binance peer-to-peer trading platform as well as multiple fiat currency options for Visa and Mastercard purchases on its platform.

What is the exchange rate of AUD (Australian Dollar) / USD (US Dollar) on Friday July 31, 2020 - Born2Invest

Posted: 31 Jul 2020 09:14 AM PDT

Forex pairs explained

Forex trading is inherently risky and there are countless forex pairs to choose from. The only way to make a profit from forex trading is to understand how the market works. Luckily for you the Born2Invest forex team has collated some forex trading tips to get you started.

Forex trades are always made using currency pairs. Whenever you buy one currency you are selling another. In every pair there is a base currency, for example AUD (Australian Dollar) and a quote currency, which would be USD (US Dollar).

The price of a currency pair represents the amount of quote currency, or USD (US Dollar), that you will need to spend in order to purchase a single unit of AUD (Australian Dollar), the base currency. So using the current example you would need to spend 0.7186 of USD (US Dollar) in order to purchase 1 AUD (Australian Dollar).

BIGG Digital Assets Inc. Subsidiary Blockchain Intelligence Group Launches Bitcoin SV (BSV) on QLUE™ and BitRank Verified® Forensics Platforms - ForexTV.com

Posted: 31 Jul 2020 05:00 AM PDT

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