How to deposit or withdraw money from Binance

In this comprehensive Binance Review we would cover all the information you need to know completely about Binance Exchange. In less than two years, Binance has become one of the largest cryptocurrency exchanges in the industry. In fact, it is not uncommon for the platform to facilitate trading activities worth more than $2 billion every day.

The website focuses exclusively on cryptocurrencies and their trading. You can buy them, transfer them to a wallet, sell them or bet on their price development. Between 250 and 500 employees work for the website and the company headquarters is in the European Union, more precisely in Malta.

The website also launched a new learning platform to introduce new users or investors to blockchain and cryptocurrencies. You can also do binance margin trading.

How does Binance Exchange work?

In its simplest form, Binance enables the buying, selling and trading of digital currencies such as Bitcoin and Ethereum. In order to give you an overview of how the platform works, we have broken down the main steps that you usually need to follow at the beginning. Additionally Binance margin trading is possible since 2019.

Step 1: Open an account

Step 2: Set up two-factor authentication

Step 3: Deposit Coins

Step 4: Trade

Step 1: Open an account

Go to the Binance homepage and open an account. If you only plan deposits and withdrawals via cryptocurrencies, you only need to enter an e-mail address.

Only if you plan to deposit or withdraw Fiat currency, identification and verification of residency address becomes obligatory. However, ID+V process is held very tight and can completed online in due course.

Step 2: Set up two-factor authentication

To secure your account, Binance will ask you to set up two-factor authentication (2FA). This means you will need to install an application such as Google Authenticator on your phone. Beside Google Authenticator you can use SMS-Authetification or a Security Key.

Then, each time you log in – or perform important account functions such as a withdrawal request – you’ll need to enter a unique code that can only be found on your phone or key.

Step 3: Deposit Coins

Although a select number of nations can now use a credit card or bank account to deposit funds, we assume that you wish to deposit using a cryptocurrency.

However, you still need to scroll through the long list of supported coins on the deposit page and click on the one you want to deposit in Binance. You can use this address to send money to the one you bought on another platform, e.g. Coinbase. Copy the unique wallet address provided to you and use it to transfer the money from your private wallet.

Step 4: Trade

Once your crypto currency is credited – which usually takes no more than 10-20 minutes – you are ready to start trading. Hover your mouse over the “Exchange” button at the top of the screen and select whether you want the “Basic” or “Advanced” trading platform. If you are just getting started, choose the former.
You now have access to over 540 individual trading pairs. If the coin you wish to buy is not paired directly against the cryptocurrency you deposited with, you will need to make an additional trade.

Which cryptocurrencies does Binance support?

As we mentioned earlier, one of Binance’s main attractions for avid cryptocurrency traders is that the platform has one of the largest lists of supported coins. While the main players – in particular Bitcoin, Ethereum, Bitcoin Cash, Litecoin and EOS – are of course supported, Binance is also suitable for much smaller, lesser known tokens.

Instead of listing every single trading pair available on Binance, we have instead listed the 164 individual cryptocurrencies that can be bought and sold on the platform at the time of writing this article.

Cryptocurrencies tradeable on Binance

Who is authorised to trade with Binance?

Binance is a global cryptocurrency exchange that traditionally accepts users from all nation states. The main reason for this is that users trade crypto-to-crypto products and therefore the rules are somewhat unclear. This is especially true considering that new users only need to provide an email address to get started.

However, the platform has recently announced that it will restrict the use of its exchange for US passport holders. The main reason for this is that Binance wants to launch its own exchange for US citizens that meets all regulatory requirements. So if you are from the US and want to use Binance, you will probably have to wait until the domestic exchange is launched.

How much does trading at Binance cost?

Although Binance offers a Maker/Taker Binance fee structure, the standard trading Binance fee you will pay is 0.1%. This is calculated each time you buy and sell a coin. If you are a market taker – i.e. you simply use the liquidity already available on the platform – you can reduce this to 0.09% if you trade more than 500 BTC (or the equivalent of a cryptocurrency) in a 30-day period. For Binance marging trading costs for the margin raise if you hold your position overnight.

The lowest Binance fee for market takers is 0.04%, but you would need to trade at least 150,000 BTC in a single month.

Is Binance marging trading possible?

Binance marging trading is possible since a while. You can lever up to 5x, but keep in mind the biggest risk from buying on margin is that you can lose much more money than you initially invested. A loss of 50 percent or more from stocks bought on Binance margin trading equates to a loss of 100 percent or more, plus interest and commissions.

Payment methods for deposits and withdrawals

Although Binance has always been known as a pure crypto money exchange, the platform can now also facilitate deposits and withdrawals of fiat currencies. At the time of writing this article, this is possible via credit cards or bank transfer. Since not all locations are supported, it is best to check this first.

If you want to buy coins with a conventional credit card, you can now do so directly on the Binance website. Both Visa and MasterCard are accepted. The platform points out that although payments can be accepted from credit cards of all currencies, an additional Binance fee may be charged if the local currency is anything other than USD or EUR. In relation to the standard processing Binance fees, this costs 3.5%.

If you wish to deposit and withdraw money by bank transfer, this can be done via the branch of the Binance Jersey platform. Currently, the countries supported are mainly the UK and Europe, along with a number of other jurisdictions such as Turkey, Singapore, Australia, New Zealand and the United Arab Emirates.

KYC is required for Fiat deposits and withdrawals

It is important to remember that Binance requires you to go through a simple KYC process before they can accept your Fiat deposit request. This is to ensure that Binance remains compliant with all relevant anti-money laundering legislation. This is particularly important for the stock exchange at a time when they are seeking the necessary regulatory approval to launch a stock exchange in the US.

To do this, you must first enter your full name, home address, country of residence and date of birth. You will then be directed to the platform’s verification partner – NetVerify. To complete the KYC process, you must upload a copy of your government-issued ID. This must be either a driver’s license, a passport or a national identity card.

Binance Academy - A very well prepared training platform

Binance not only offers one of the best trading platforms, with one of the greatest variety of cryptocurrencies and the highest level of (technical) security. With the Binance Acadamie, it provides an excellent example of how much they care about a positive user experience.

For registered users the free offer ranges from instructional videos on blockchain, cryptocurrencies, economics and security to extensive tutorials on how to use the trading platform for i.e. Binance marging trading. At the time of writing this article, there seems to be something that does not exist on a single platform and for free.

The elegance comes with the so created win-win situation between Binance and their users. It can be assumed that well-trained traders make fewer losses and trade more in the long run.

What about security?

Security is one of the most important issues for investors in online exchanges. It comes into play when storing deposited money as well as when trading itself. As soon as you are on the trading platform, you are protected via an SSL connection. Furthermore, the website gives you some tips on how to act protected online and which risk factors the investor himself can eliminate.

Safety precautions for log-in and withdrawal

After you have ticked all these points, you get to the actual platform and you can protect it by 2FA. This means that you can either authenticate yourself via Google or via SMS. Furthermore, on the start screen of the Binance platform, you can see all IP addresses and locations of the last login attempts. If a device does not look familiar to the user, he can delete it and this device will be logged off automatically. The website also advises that passwords should not be stored in the browser, but rather on a secure USB stick or in a safe place at home.

Secure Asset Fund for Users (SAFU)

We like the Secure Asset Fund for Users (SAFU) introduced by Binance 2018 very much. The SAFU works like a reserve fund in case the platform is hacked. The reserve fund SAFU is financed by withdrawing 10% of all trading fees generated by Binance. Considering the multi-billion dollar trading volumes that the platform is used to, the fund could potentially grow to a significant amount.

As great as the security features of Binance are, it is important to note that the platform was actually hacked in May 2019. The malicious players were able to remotely steal surpluses of 7,000 Bitcoin, which at that time had a market value of just over $40 million. The good news is that the platform used the SAFU fund mentioned above so that the affected Binance customers did not lose any money.

Regulation

In terms of regulatory status, binance in Malta is regulated by the newly enacted Virtual Financial Assets Act (VFA). Otherwise, Binance is not licensed by other regulatory authorities. However, this does not mean that the platform does not comply with its anti-money laundering obligations.

On the contrary, Binance requires all customers who plan to use Fiat currencies for deposits and withdrawals to go through a KYC process. If you try to withdraw more than 2 BTC within 24 hours, you will also have to go through a verification process.

It is also important to note that Binance is in the process of applying for regulatory approval in the US to launch a fully licensed exchange for US citizens. This means that it must ensure that its regulatory efforts are watertight if it is to get the green light.

At Binance Exchange it's all about Customer Service & Support

When the crypto-madness of late 2017 was in full swing, Binance experienced a significant wave of new account applications. Throughput was so high that the platform had to temporarily suspend new registrations. In the meantime, however, Binance has significantly increased its customer support team.

If you would like to contact someone at Binance, you can submit a ticket application via your account portal. Alternatively, if you are using Binance Jersey for your Fiat currency needs, you can access a 24/7 live chat facility. Unfortunately Binance does not operate a telephone support hotline.

However, the platform has a good presence in social media. These include Telegram and Twitter, so it is worth using these channels if you do not yet receive a response.

If you would like to contact someone at Binance, you can submit a ticket application via your account portal. Alternatively, if you are using Binance Jersey for your Fiat currency needs, you can access a 24/7 live chat facility. Unfortunately Binance does not operate a telephone support hotline.

However, the platform has a good presence in social media. These include Telegram and Twitter, so it is worth using these channels if you do not yet receive a response.

Binance Review & Experience - The Conclusion

In summary, it is easy to see why Binance is now one of the largest cryptocurrency exchanges in the industry. With customers offering super low trading fees, hundreds of crypto-crypto trading pairs to choose from and advanced security features. – Binance is an excellent choice if you are looking for a new exchange to join. Binance is one of the best crypto exchange

Although the exchange is less than two years old, Binance is already responsible for billions of dollars in weekly trading volume.

It is also a good step that the platform is now able to facilitate fiat currency deposits and withdrawals. While at the time of writing this article this is only available in a select number of nation states, it is likely that Binance will continue to expand its credit card and bank transfer capabilities in the coming months.

One of the things like the most is the free training program by the Binance Academie on a wide range of topics. These may be interesting for both, beginners as well as advanced traders. We believe this approach is very visionary.

Is Binance safe?

As one of the largest crypto exchanges worldwide, Binance can certainly be regarded as serious.

How much are the binance fees?

Binance fees are in the range between 0.0150 – 0.1% – Binance one of the cheapest crypto exchanges of all at. There are no additional fees.

Does Binance have an app?

Binance Apps are available for both Android and iOS smartphones and tablets.

What about you?

The majority of our readers use BINANCE as their preferred crypto exchange.

Try it now

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