Cryptocurrency exchanges have become ubiquitous in the crypto world for trading as well as for just buying and selling different coins and tokens. Binance is one such exchange. Along with a massive variety of coins and immensely low fees, Binance also educates its users about blockchain and cryptocurrency via Binance Academy.
If you think Binance is the right exchange for you, you can create an account on it to dabble in the world of cryptocurrencies.
What is Binance?
Binance is a centralized cryptocurrency exchange founded by Changpeng Zhao in 2017. With a daily trading volume of $38 billion, it is the largest cryptocurrency exchange in the world. Binance offers about 350 coins and extremely low trading fees to its users which has enabled it to grow its user base to 120+ million registered users.
Binance is, however, not available in the US because it is under investigation by the Department of Justice and Internal Revenue Service for money laundering and tax offenses. There is a separate Binance.US website for American residents but it has fewer products and features than its global counterpart.
This article also focuses on the global Binance website and app while discussing the registration process.
What is KYC?
Know Your Customer(KYC) standards are verification standards meant to protect financial institutions from fraud, money laundering, terror financing and tax offenses. KYC involves verifying the identity of the customer to establish that they are who they claim to be. It helps these institutions in minimizing the possibility of financial fraud and assess customers’ activities and the risks associated with them.
The KYC process involves photo ID verification, face verification and biometric verification in some cases.
Why Create a Binance Account?
Amidst all this, the real question is- why Binance? What exactly does Binance offer that you should choose it over cryptocurrency exchanges? Well then, let’s have a look at some features and services that Binance offers to its customers.
Low Trading Fees
Perhaps one of the most significant advantages Binance has over its peers is the low trading fees. While the fee can vary according to the type of transaction and volume, it is generally lower than 0.10%. You can further get a discount if you use Binance’s native BNB coin to pay for transactions.
A Large Number of Tradable Coins
One of the first things you look up about an exchange is the number and type of cryptocurrencies it hosts. With Binance, you get access to a huge variety of over 350 coins and tokens. You just want some Bitcoin(BTC)? Binance has it. Want something more niche like Curve(CRV) or Osmosis(OSMO? Binance has you covered.
Learn and Earn
Binance Academy has a Learn and Earn program for targeted users. You learn about blockchain and cryptocurrency, complete quizzes, and win some free crypto. There are specific terms and conditions as well as limitations on this program but overall it is a lucrative offer.
Free Bitcoin Trading
Yep, you can trade BTC without paying any trading fee on Binance. Select spot trading pairs are exempted from any taker or maker fee on the exchange. This includes pairs such as BTC/USDT, BTC/USDC, and BTC/AUD.
Binance NFT Marketplace
This is a place where you can dive into the world of NFTs. Explore NFTs from creators around the world and bid on them. You can even buy some premium and exclusive NFTs from global artists, leading brands, musicians, celebrities, and athletes including one by Christiano Ronaldo.
How to Register an account on Binance Mobile App
The Binance registration process begins with downloading the app from the Google Play Store or the Apple App Store. Do not download third-party apps as they could be phishing scams or infect your device with malware.
- Step 1: After downloading the app, the homepage screen will ask you to Log In or Sign Up. You have to tap on Sign Up to begin the process.
- Step 2: Binance gives you the option to sign up either with your Email Address, Phone Number, or your Google or Apple Account.
- Step 3: Here, you need to carefully select the type of account you want. You have to tap on Sign Up for an Entity Account if you want to make an entity account.
- Step 4: As per Binance, the account type cannot be changed once registration is done. Hence, double-check your account type before going ahead with the Sign Up process.
- Step 5: If registering with email or phone number, tap on the option and enter your email id/phone number. After that, put in a strong password for your account. Make sure your password has at least 8 characters including an uppercase letter and a number.
- Step 6: At this stage, you can enter the Referral ID if you have been referred to Binance by a friend. Then, go through the Terms of Service and Privacy Policy once, agree to them, and tap on Create Account.
- Step 7: Next, you will receive a 6-digit verification code on your registered email or phone number. You have 30 minutes to enter the same and then tap on Submit.
- Step 8: Alternatively, if you are signing up with your Google or Apple Account, tap on Continue with Google or Continue with Apple. Tap on Continue on the Sign In prompt.
- Step 9: Again, you can fill in the Referral ID if a friend has referred you to Binance, read the Terms of Service and Privacy Policy and agree to them and then tap on Confirm.
Note that this guide is only talking about the steps for creating an individual account on Binance.
How to Register an account on Binance Website
The registration process on the Binance website is similar to the mobile app.
- Step 1: Go to the Binance website on your computer. On the homepage, there is a Register button in the top-right corner. You have to click on it to begin the process.
- Step 2: You will be given the option to sign up with your Email Id/Phone Number or your Google or Apple Account.
- Step 3: Enter your email id/phone number as per the medium you choose to create your account.
- Step 4: Next, choose the type of account you want to create. Select carefully because you won’t be able to change your account type once registration is done.
- Step 5: Click on Create Personal Account. Enter your email/phone number and your password. Make your password secure by having it be at least 8 characters with one uppercase letter and one number.
- Step 6: At this stage, you can enter the Referral ID if a friend has referred you to Binance and click Yes or No for receiving Binance updates. After that, click on Next.
- Step 7: A verification code will be sent to your registered email/phone number. Enter the verification code and click on Submit.
How to Complete Identity Verification on Binance
Before you can start trading on Binance, you need to complete your KYC verification. KYC verification is mandatory for assessing customer risk and complying with Anti-Money Laundering regulations.
- Step 1: On the Binance website, log in to your account. Click on your Profile and then on Identification. However, when you first log in, you will also see a Verify button on the top of the homepage banner. You can also click on it to begin the process.
- Step 2: The deposit and withdrawal limit for Verified, Verified Plus, and Entity Verification differ from country to country. Click on Start Now and select your country of residence. Please make sure that the country of residence selected by you matches your ID documents.
- Step 3: You will now see the list of documents required for your country. Click on Continue and enter your personal information such as First Name, Last Name, Middle Name, and Date of Birth. Ensure that the details entered by you are consistent with your ID documents. Then click on Continue.
- Step 4: Now, you have to upload your ID documents. Select the country where your documents were issued and the ID type. Most people would be able to choose a passport, driver’s license, or government-issued ID card but it is better to refer to the options offered for your country.
- Step 5: Make sure you follow the instructions for uploading documents to the T. For example, you have to take pictures of the front and back of your ID card. It should be an original, full-size image and should not be cut or blurred.
- Step 6: Put your ID in front of the camera and click on Take a Photo. After ensuring that the image is colored and readable, click on Continue.
- Step 7: You will be asked for a selfie next. Upload a picture that shows your face clearly without any filters or hats or headgear. Next, face verification will be done. Click on Continue and ensure that the lighting is sufficient and you are not wearing hats or glasses or using beauty filters.
- Step 8: Wait while Binance reviews your submitted data. Do not refresh the browser while the process is underway. You will receive an email notification once your application is verified.
- Step 9: The process is the same on the Binance app except that you have to go to your Profile and tap on Unverified on the top to begin. After that, the above steps would follow.
KYC Verification on Binance is typically done in a few minutes but it may take days depending on your area of residence and the credentials submitted.
How to Enable 2-Factor Authentication on Binance
Two-Factor Authentication(2FA) is essential to provide an extra layer of security to your Binance account besides your username and password. Binance recommends that you should enable Google Authenticator on your account as soon as possible for added security.
- Step 1: After logging in to your account, click on Profile and then on Security. Click on the Enable button next to Google Authenticator.
- Step 2: In the next step, you need to download and install the Google Authenticator app on your phone. Click on Continue after that is done.
- Step 3: Open the Authenticator app and tap on the + icon at the bottom. Now, you have to scan the QR code shown on your computer screen. If unable to do so, manually enter the setup key.
- Step 4: Create a backup for the key by writing it on paper. This will help you in recovering your Google Authenticator if you lose your phone.
- Step 5: Next, verify the Google Authenticator with your other 2FA device by entering the email verification code, phone verification code, and Google verification code. After that, click on Next to complete enabling Google Authenticator.
Conclusion
Binance is a cryptocurrency exchange where users can buy, sell and trade over 350 cryptocurrencies. It has a fairly simple sign-up process but you have to follow all the instructions to avoid the possibility of rejection. Peruse the list of documents required for verification in your specific country and double-check that the details entered by you match exactly with your ID.
Be patient during facial verification and while your application is being reviewed. If you follow all the above steps, you should not have any problem registering on Binance.