Binance is one of the most popular crypto exchanges and the largest by volume. Founded in Hong Kong in 2017, Binance trades most of the popular cryptocurrencies, such as Bitcoin, Ethereum, and its own token, Binance Coin (BNB). People who pay using the native BNB token receive discounts. In general, Binance supports over 600 coins.
The Binance exchange boasts some of the lowest transaction costs of all cryptocurrency exchanges and is mostly recognized for trading crypto-to-crypto or trading between two cryptocurrency pairings. In addition, the trading platform prides itself on offering security and high processing throughput. The crypto exchange boasts of the capacity to process about 1.4 million orders per second.
Why You Need Crypto Exchanges
Crypto exchanges are very important in the market. They work more like brokers. They provide you with the tools you need to buy and sell cryptocurrencies such as Bitcoin and Ethereum. The best part of using crypto exchanges is that they make the whole experience simple and easier. They also provide security and confidence. Using a trustworthy exchange such as Binance offers an added sense of protection.
Tokens don’t list on Binance without going through the verification process. So, that’s a significant advantage. You can rest assured that the platform helps you filter the trash out of your view. Of course, we always advise you to do your own research before investing.
Why is Binance so Popular?
Binance is the world’s largest exchange by trade volume. It has a service network that covers different continents and nations and is used by millions of people. The platform has been around for some years, and the average crypto newbie prefers to perform trading activities on this exchange. Most crypto users love the trading site for its ability to secure a quick exchange between fiat and volatile coins. Here are some other reasons why people love Binance.
- A user-friendly interface. The Binance interface is simple but visually appealing. In addition, the site is almost self-directing, meaning it’s easy to navigate without needing a third party.
- Low fees compared to other exchanges.
- Identity verification processes (People don’t always love this one, but if you use p2p trading it’s an added protection to know the person you are dealing with is verified)
- An extremely high throughput (data processing speed).
- Educational content
How to Set up an Account With Binance
Setting up your Binance account is easy. It’s structured toward ensuring security, so it takes a few minutes. Then, the crypto exchange takes you through a KYC process to ensure every customer is verified and safe to deal with others.
So here are the setup steps
- Go to the Binance website and click on the register button.
You have the option of registering with your email or phone number.
It is advisable to use a lengthy password with a combination of upper and lower case letters and a number for better security. You’ll receive an email verification code after this.
After inputting your code, your account will have registered.
The next step would be to verify your identity. Identity verification is an important part of the whole system. Binance requires security against fraud, money laundering, terrorist financing, etc. There are different verification options or documents required for this process. They include
- A valid passport.
- Government-issued ID.
- Driver’s license.
- PAN card or your social security number.
- Your voter’s ID.
You’ll be unable to access some features of this exchange if you do not complete your KYC process. For example, customers can open accounts, use fundamental features, and execute a small number of transactions on this platform without providing any KYC details. However, they must finish the KYC verification process to acquire full access and increase higher deposit and withdrawal limits.
Binance has three verification tiers: Verified, Verified Plus, and Enterprise Verification. Each level has its own requirements and limitations. Look at the pictures below for more details.
Here are the KYC steps
- Click on Get Verified to start
2. Fill out the form with the necessary information. The information you supply here should tally with what’s on your document.
3. Choose your favorite ID option.
Provide the detail and ensure they are correct. Click “continue” to proceed.
You’ll be required to complete a facial recognition phase. Ensure you do not wear a hat or glasses. In fact, Use a well-lit room.
Scan the code to finish the face verification on your Binance app. You’ll get a notification once Binance verifies your account, and a “verified “ status will also appear when you tap your profile. As mentioned earlier, you can upgrade from one tier to another to improve your experience.
Is Binance Eligible in All Countries?
Binance is not operational in all countries. For example, US residents must use Binance US, a subsidiary of the Binance exchange. Here are other countries that do not yet support Binance operations
- Ontario, Canada
However, Binance is always working on improving its relationship with regulators and expanding its reach. So, it wouldn’t be surprising if the exchange soon gained approval in these regions.
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