Binance is the world’s largest trading platform for cryptocurrencies, even though the provider has only existed since 2017. The head office is located on the island of Malta: However, the platform isn’t regulated by the local financial supervisory authority MFSA. Binance is not known only for its high trading volume, but also for the many available coins.
How To Create An Account?
New customers register on Binance with an email address and a password. The password should consist of a random series of letters and numbers. then the platform sends an activation link to the specified e-mail account, which the user still must confirm – this completes the registration process.
For complete verification, new customers should fill out their own personal details and then confirm them with a photo ID such as an identity card, driver’s license, or passport. Then, Binance will ask you to upload a selfie photo.
Once the identification process has been completed, traders can deposit up to 500 euros – in order to lift this restriction, the home address must be verified also. You can do this with proof of residence, such as a bank statement or electricity bill: However, the proof must not be older than three months.
Available Payment Methods
There are various payment options available to customers for paying in euros; The wire transfer is free of fees. For credit card payments, there are fees of 1.8% of the total amount. There is also the option to deposit money using iDeal, AdvCash or Etana. In the case of a transfer, the money should be in the account within a few days.
Binance also allows users to deposit all listed cryptocurrencies. This is relevant because most of all coins on Binance can only be exchanged for other crypto currencies.
In order to purchase Bitcoin or other cryptos on Binance, traders should select the desired crypto and get into the trading view. The layout and the amount of information seem intimidating at first. It is especially important that the correct currency exchange is selected.
In the current time, the platform supports 9 cryptocurrencies, namely:
- Binance Coin
If you want to sell your coins again, you can also do that on Binance, the principles remain the same.
The usual trading fee is 0.1% depending on the VIP status this fee can be reduced. Anyone who also trades with the in-house Binance Coin receives a 25% discount on the trading fee.
There is no deposit fee, however, there is a withdrawal fee with an exception for the fiat money. Withdrawal fees for cryptocurrencies differ from coin to coin.