Binance is the biggest cryptocurrency exchange that offers a simple and smooth interface with a variety of features to users. From the verification procedure to trading methods, this guide has covered it all for beginners!
The growing adoption of crypto technology and new fields like DeFi and NFTs have led to a plethora of exchanges springing up to meet the surge in demand. Crypto exchanges are platforms that allow users to buy, sell, and trade different cryptocurrencies. By far the biggest crypto exchange in the world at present is Binance, first founded in 2017.
Before jumping to the features that this exchange offers, let’s discuss some basics!
What Is Binance?
Binance is the leading cryptocurrency exchange by volume in the world and its user base is widespread across over 180 countries. It has several features which are perfect for beginners and it is very easy to use. You can also take advantage of its excellent Binance Academy learning section to boost your crypto knowledge.
Binance Login offers a plethora of services that cater to anyone, from a complete crypto beginner to a “DeFi degen.” Due to the increase in regulatory pressure in certain countries,
Binance has increased its regulatory compliance b
y implementing a reliable user verification method and removing (or limiting) certain controversial services, like security tokens and high leveraged trading.
How To Verify Your Binance Login Account
Since Binance is a centralized exchange, identity verification is very important. It must meet national and global anti-money laundering (AML) and combating-terrorism-financing (CFT) regulations. It is also required to meet comprehensive Know-Your-Customer (KYC) requirements. The good news is that the ID verification process enables you to increase your Binance fiat deposit and withdrawal limits.
The verification process is quite easy and straightforward. If complications arise, Binance has a large customer support team. To complete this verification, simply login to your account, click on "get verified" and complete the basic, intermediate, and advanced verification levels with each of them having their respective fiat limits.
You’ll also need to fill in your nationality, first name, last name, date of birth, street address, postal code, and city. To upgrade to the intermediary level for a higher limit, you will have to take and upload pictures of your government-issued ID.
You can use an ID, a passport, or a driver's license, depending on the country. After this, you'll be required to take a selfie or upload a picture to complete face verification. Advanced verification will require you to upload proof of address either from your bank statement or a recent utility bill.
How To Deposit Money On Binance
Binance supports fiat deposits in up to 50 different currencies.
You can deposit fiat through a bank transfer or via debit or credit card payments. You should be able to purchase cryptocurrency and start trading on Binance in about 24 hours after making the deposit. Most deposit options are free, easy, and very convenient.
What Is Binance Coin (BNB) And How To Buy It?
Binance Coin (BNB) is the cryptocurrency that powers the Binance ecosystem. At the time of writing, it ranks third in the list of top cryptocurrencies according to market capitalization. Back in 2017, Binance Coin (BNB) was created as a utility token to offer discounts on trading fees on the exchange. Within a short span of time, its uses have expanded. The coin can now be used on Binance Launchpad to avail free tokens of new projects. It can also be used as a payment method for travel bookings, entertainment services, and financial services. It is also used to pay the transaction fees on Binance Smart Chain.
Just like any other cryptocurrency, BNB can be bought on a number of exchanges, including Binance, KuCoin, FTX, Gate.io, Bithumb, and Poloniex, among others.
How To Withdraw Crypto From Binance
Withdrawing crypto from Binance to another wallet is an easy process but may be delayed due to network congestion and verification by the receiving blockchain. To withdraw any crypto or fiat currency,
Binance login and click on "Wallet" then "Withdraw". Next, select the crypto you would like to withdraw. Some crypto can be issued on multiple networks so you need to select the exact network. After this, you will need to copy the exact wallet address and click "Submit". Tap the coin in the receiving wallet and click "Receive".
How to Withdraw Fiat From Binance
Binance supports a wide range of fiat currencies. To withdraw, log into your account, then click on "Wallet" and "fiat and spot". Click "Withdraw" then select "Fiat". Choose the currency you'll like to withdraw, then proceed to select the payment method.
This process varies depending on countries and regions. Enter the withdrawal amount and confirm. Most of the time, funds should be received within 30 minutes. You'll be charged withdrawal fees. Before every withdrawal is complete, you must complete the 2-step authentication process.
