Binance Crypto Exchange Review: Is it Safe?

With this overview of what Binance is and how it works, we can move on to how to sign up for Binance and thus start using the platform.

How to sign up for Binance US

How to start using the services offered by Binance? It only takes a few steps to get started. In fact, just go to the Binance official website and click on ” Register “.

Once the initial step is completed, you’ll need to enter the requested personal data and information, followed by verifying your account to finalize the process.

Moreover, the portal provides the option to enable two-factor authentication. When signing up, you have the choice to opt for this security method, which is highly recommended for bolstering the protection of your account.

Once registration is successfully done, users can begin utilizing the Binance platform to transfer or convert cryptocurrencies, engage in buying and selling digital currencies, or utilize the wallet service offered by the platform.

What do I need to sign up for Binance?

To sign up for Binance, you will need the following:

1. Valid Email Address: You will need a valid email address to create your Binance account. Binance will use this email address to send you important notifications and updates.
2. Secure Password: Create a strong and secure password for your Binance account. It’s essential to choose a password that is unique and not used for other online accounts.
3. Mobile Phone: Binance may require phone verification during the registration process for added security. You’ll need to provide your mobile phone number to receive a verification code.
4. Identity Verification (Optional): While not mandatory for basic accounts, Binance offers different verification levels for increased withdrawal limits and enhanced security. If you wish to upgrade your verification level, you may need to provide identification documents, such as a passport or driver’s license, along with a selfie for identity verification.
5. Terms and Conditions Agreement: As with any online service, you will need to agree to Binance’s terms and conditions before completing the sign-up process.

Once you have all these Binance sign up requirements, visit the official website of Binance, click on the “Register” or “Sign Up” button, and follow the on-screen instructions to create your account.

How long does Binance verification take?

The duration of Binance verification can vary depending on several factors, such as the level of verification required and the current volume of requests.

1. Basic Verification: Basic verification on Binance typically involves email verification and does not take much time. It is usually completed within a few minutes to a couple of hours.
2. Advanced Verification: For higher verification levels that require identity documents and further verification, the process may take longer. It can range from a few hours to a couple of days, depending on Binance’s verification team’s workload.
3. Peak Times: During periods of high demand or increased verification requests, the process might experience delays, and verification can take longer than usual.

To expedite the verification process, make sure to provide accurate and clear documentation as required and follow all the instructions provided by Binance. Additionally, ensuring that your documents meet Binance’s verification requirements can help avoid potential delays.

If your verification is taking longer than expected, you can reach out to Binance customer support for assistance or to check the status of your verification request.

What cryptocurrencies can I buy on Binance?

Another peculiar aspect of Binance is the large amount of crypto supported, with a very extensive list of assets on which to trade.

Naturally, the service makes available all the main cryptocurrencies, such as Bitcoin and Ethereum, but also many emerging cryptocurrencies. In fact, on Binance there are more than 350 cryptocurrencies between altcoins and stablecoins and many crypto pairs for trading.

Here is a list of all cryptocurrencies on Binance:

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether (USDT)
• Ripples (XRP)
• Bitcoin Cash (BCH)
• Litecoin (LTC)
• Binance Coin (BNB)
• Cardano (ADA)
• EOS (EOS)
• Monero (XMR)
• Cosmos (ATOM)
• Dash (DASH)
• Stellar Lumens (XLM)
• Zcash (ZEC)

The list is updated monthly: cryptocurrencies with low volumes are in fact removed from Binance, so as to make room for any new and more attractive digital coins.

Read also: What is Binance Web3 Wallet?

Binance fees

One of the most important aspects to evaluate when starting to invest online is that relating to the commissions or fees applied by the exchange that you will be using.

In this regard, what are the fees and costs to consider for Binance?

Registered users of the service will have a fixed commission of 0.1% for each operation.

It should also be known that the platform also allows the payment of fees relating to transactions in Binance Coin. As we explained in detail in our Binance Coin guide, this option gives you the chance to get significant discounts.

Investors wondering how much it costs to trade on Binance should consider that prices also vary based on trading volume. Furthermore, it should be remembered that, in the case of peer-to-peer trading, the costs are not decided by the Exchange.

There are no fees for deposits on Binance and the exchange recently decided to reduce withdrawal fees, which only apply to Bitcoin and Ethereum. As for the Binance withdrawals fees, however, the platform applies “dynamic” fees, which automatically adapt to the state of the market and the type of coin and network.

The table below shows data for some cryptocurrencies.

Binance payment methods

Crypto exchange Binance offers several payment methods to deposit funds into your account. Here are some ways you can fund your Binance account:

1. Bank Transfer: Binance allows you to deposit funds using bank transfers, which can be done via wire transfer or SEPA (Single Euro Payments Area) for European users.
2. Credit/Debit Card: Binance supports credit and debit card payments for various currencies. You can link your card to your Binance account and use it to make instant deposits.
3. Cryptocurrency Deposits: You can also deposit funds on Binance by transferring cryptocurrencies from external wallets or exchanges to your Binance wallet.
4. P2P Trading: Binance offers peer-to-peer (P2P) trading, allowing you to buy cryptocurrencies directly from other users using local payment methods, such as bank transfers, mobile payment apps, or online wallets.
5. Third-Party Payment Processors: Binance may partner with third-party payment processors in certain regions to offer additional deposit options, such as e-wallets or prepaid cards.

Remember, the availability of payment methods may differ based on your location and the currency you want to use. To find out which payment options are available to you, just go to the “Funds” section on the Binance website or app.

How to deposit money on Binance

Wondering how to deposit into Binance? In this section, we’ll walk you through the simple process of depositing USD into Binance. We’ll also answer crucial questions regarding Binance deposits. Let’s dive in!

1. Create an Account: If you haven’t already, sign up for a Binance account on their website. It’s a quick and easy process.
2. Verify Your Identity: For security purposes, Binance may ask you to verify your identity. Follow the instructions to complete the verification process.
3. Login and Navigate to Funds: Once your account is set up, log in and go to the “Funds” tab on the top menu.
4. Choose Deposit: Under the “Funds” section, select “Deposit” to see the different cryptocurrencies available for deposit.
5. Select the Cryptocurrency: Choose the cryptocurrency you want to deposit. Binance supports a wide range of digital assets.
6. Generate Deposit Address: Binance will generate a unique wallet address for the selected cryptocurrency. This address is essential for the deposit, so copy it carefully.
7. Send Funds to Binance: Now, go to your external wallet or exchange where you hold the cryptocurrency you want to deposit. Use the Binance-generated deposit address to initiate the transfer.
8. Confirm and Wait: After sending the funds, confirm the transaction. It may take some time for the transfer to complete, depending on the blockchain network’s speed.
9. Check Deposit Status: Once the transaction is confirmed on the blockchain, you can check the deposit status in your Binance account.

That’s it! You’ve successfully deposited money on Binance.

Now, let’s address some common questions.

How long does it take Binance to deposit?

The time it takes for Binance to deposit your funds depends on the cryptocurrency’s blockchain network and transaction confirmation, usually ranging from a few seconds to several minutes.

If your deposit is taking longer than expected, don’t worry.

Blockchain transactions are secure but can experience occasional delays, especially during peak times. Rest assured that your funds will eventually appear in your Binance account once the transaction is confirmed. If you encounter any issues or need assistance, Binance’s customer support is always available to help you out.

What is Binance minimum deposit?

Binance does not have a fixed minimum deposit amount across all cryptocurrencies. The minimum deposit can vary depending on the specific cryptocurrency you want to deposit and its associated network fees.

To find the minimum deposit amount for a particular cryptocurrency on Binance, you can log in to your Binance account, go to the “Funds” section, and select “Deposit.” Choose the cryptocurrency you wish to deposit, and Binance will display the minimum deposit amount, along with other relevant information.

How to increase Binance deposit limit

To increase your deposit limit on Binance, you can follow these 4 steps:

1. Complete identity verification to add an extra layer of security.
2. Consider upgrading to a higher verification level, which may come with higher deposit limits.
3. Enable Two-Factor Authentication (2FA) for enhanced account protection.
4. Submit a request to Binance customer support, explaining the reason for the increase.

By following these steps, you can potentially increase your Binance deposit limit and enjoy a smoother trading experience on Binance.

How to withdraw from Binance

Withdrawing funds from Binance is a straightforward process. Here are 9 simple steps on how to do it:

1. Log In: Sign in to your Binance account using your registered email/username and password.
2. Go to “Funds” and Select “Withdraw”: After logging in, go to the “Funds” tab on the top menu of the Binance website or app. From the drop-down menu, click on “Withdraw.”
3. Choose the Cryptocurrency: Select the cryptocurrency you want to withdraw from the list of available options. Make sure you have a sufficient balance of that cryptocurrency in your Binance account.
4. Enter the Withdrawal Address: You need to provide the wallet address of the external wallet or exchange where you want to send the withdrawn funds. Double-check the address to avoid any mistakes, as sending to the wrong address can result in the loss of funds.
5. Enter the Withdrawal Amount: Input the amount of cryptocurrency you wish to withdraw from Binance. Ensure that the amount is within your available balance and meets the minimum withdrawal requirement for that specific cryptocurrency.
6. Security Verification: For added security, you might need to complete a security verification process. This can include Two-Factor Authentication (2FA) or email verification, depending on your account settings.
7. Submit Withdrawal Request: Once you’ve entered all the necessary information and completed the security verification, click on the “Submit” or “Confirm” button to initiate the Binance withdrawal request.
8. Check Withdrawal Status: After submitting the Binance withdrawal request, you can monitor its status on the Binance platform. You may receive an email confirmation for the withdrawal, and you can also check the transaction details in your withdrawal history on Binance.
9. Wait for Confirmation: Binance withdrawal processing time depends on the blockchain network and its transaction speed. Generally, withdrawals are completed quickly, but sometimes there might be network congestion that causes delays.

That’s it! You’ve successfully withdrawn crypto from your Binance account.

How to withdraw fiat currencies from Binance

To withdraw fiat currencies from Binance, however, the procedure is different. It supports over 60 fiat currencies and different payment methods. To do this,

1. Go to the “Funds” Section: Once you’re logged in, click on the “Funds” tab on the top menu.
2. Select “Withdraw” for Fiat: Under the “Funds” section, choose the option to withdraw fiat currencies. This option may be labeled as “Withdraw” or “Withdrawal” and may have a specific section for fiat currencies.
3. Choose the Fiat Currency: From the list of supported fiat currencies, select the one you wish to withdraw.
4. Select the Withdrawal Method: Binance typically offers various withdrawal methods for fiat currencies, such as bank transfers, third-party payment processors, or P2P trading. Choose the method that suits you best.
5. Enter Withdrawal Details: Provide the necessary details for the withdrawal, such as the amount you want to withdraw and the destination account information, depending on the selected withdrawal method.
6. Confirm the Withdrawal: Review all the withdrawal details and confirm the withdrawal request. Some withdrawal methods may require additional verification steps.
7. Wait for Processing: Binance will process your withdrawal request, and the time it takes for the funds to reach your bank account or selected destination may vary depending on the withdrawal method and your location.

Please note that the specific withdrawal methods may vary depending on your country and the fiat currency you want to withdraw. So always make sure to verify the withdrawal process specific to your location.

How long do Binance withdrawals take?

For cryptocurrency withdrawals on Binance, the time varies based on the specific blockchain network of the cryptocurrency, with some offering faster transaction times. Typically, you can expect to see the funds in your external wallet within a few minutes to an hour. You can expect the same for Binance withdrawals to your bank account. However, the processing time depends on factors like the involved financial institutions and additional verification requirements.

What is Binance withdrawal minimum?

Binance does not have a fixed minimum withdrawal amount for all cryptocurrencies. The minimum withdrawal amount can vary depending on the specific cryptocurrency you wish to withdraw. For example, the minimum withdrawal for Bitcoin is set at 0.002 BTC, which amounts to approximately $55.

How to increase Binance withdrawal limit

To increase your Binance withdrawal limit, you can follow these 4 steps:

1. Complete Identity Verification
2. Upgrade to a Higher Verification Level as it may come with higher withdrawal limits.
3. Enable Two-Factor Authentication 
4. Submit a Request to Customer Support: If you need a higher withdrawal limit beyond what’s provided after verification, you can submit a request to Binance customer support, explaining the reason for the increase.

Remember that Binance may review your account and assess your trading history and activity before granting a higher withdrawal limit.

How much is Binance withdrawal fee?

Binance applies a withdrawal fee of 0.001 BTC (around $27) for BTC withdrawals.

Binance Card

The Binance cryptocurrency exchange also offers the possibility of requesting the Binance Card, a prepaid card connected to the international Visa circuit and issued completely free of charge. The request and use of the card do not involve any expense on the part of the user: in fact, Binance Card does not have commission costs or monthly or annual fees to bear.

Registered users can request it directly online, following the steps indicated on the site and providing the requested data (many of which will be pre-compiled). To make the request, you must be resident in one of the authorized countries (the complete list can be consulted on the official website Binance.com and have already verified your account.

But how does the Binance Card work?

With this handy card, you can manage and use your cryptocurrencies for online and offline purchases in over 60 million shops around the world: this is made possible by the practically immediate conversion of the cryptocurrencies you own into fiat currencies.

Furthermore, Binance Card also works in contactless mode, being compatible with the increasingly used and widespread payment systems Google Pay, Apple Pay, and Samsung Pay.

Another positive aspect of the card offered by Binance is the possibility of receiving a daily cashback (i.e. a refund) ranging from 1 to 8% for each time you use Binance Card to make your purchases. The cashback is then paid in Binance Coin (BNB), the official crypto of Binance.

Binance Marketplace NFT

So, let’s talk about Binance NFT marketsplace for a moment. It’s like this cool corner within the Binance world where you can dive into the world of NFTs. You know, those unique digital things that people go crazy for, like digital art, music, and even virtual real estate.

Binance NFT marketplace is where you buy, sell, and show off these special digital goodies. It’s a bit like an online marketplace where artists, creators, and collectors can come together and do their NFT thing.

But how can you buy and sell NFTs on Binance NFT?

Well, it’s pretty straightforward, and this Binance review will break it down for you.

Buying NFTs on Binance:

1. Get Set Up: First things first, make sure you have a Binance account. If not, sign up – it’s a breeze.
2. Explore the Marketplace: Once you’re in, head over to the Binance NFT platform. You’ll see a bunch of cool NFTs waiting for a new home.
3. Find Your Gem: Browse through the listings until you find an NFT that tickles your fancy. Click on it to get all the juicy details.
4. Make It Yours: If you’re sold on an NFT, hit that “Buy Now” button. Choose how you want to pay, confirm, and voila – it’s yours!

Selling NFTs on Binance:

1. Got Something Cool? So, you’ve got an NFT that you’re ready to part with? Awesome! Head to your Binance NFT profile.
2. List It: Find the NFT you want to sell and hit “List for Sale.” Set your price, add some details, and your NFT is up for grabs.
3. Deal Time: When someone loves your NFT and decides to buy, you’ll get a notification. Confirm the deal, and you’re good to go.
4. Get Your Gains: Once the sale is done, congrats – you’ve successfully sold your NFT! The funds will appear in your Binance account.

And that’s the scoop! Binance NFT marketplace makes buying and selling NFTs a walk in the park. It’s like your digital marketplace for all things unique and creative. So, if you’re ready to dive into the NFT world, Binance NFT is your ticket to the show.

Related: 5 Reasons Why NFTs Will Survive No Matter What

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