Binance Withdrawal Verification Questionnaire

binance-review

Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. To ensure that transactions are secure, cryptocurrency uses cryptography as a means of security.

Cryptocurrencies do not have a regulating or central issuing power; rather, they depend on a decentralized system to record transactions and issue new units. As such, it doesn’t rely on banks to do transactions.

So what does it use? It depends on a peer-to-peer system that allows anybody to send and receive payment anywhere. This currency exists purely as digital entries and is recorded on an online database that describes specific transactions.

Each time a transaction is done with cryptocurrency funds, it will be recorded in a public ledger. Each owner of a cryptocurrency has their funds stored in a digital wallet.

Cryptocurrency is so named because of its use of encryption to keep and verify transactions. This is why cryptocurrency can only exist in the digital and virtual space, as it uses encryption methods that only computers can understand.

This advanced coding is used to store and transmit cryptocurrency data. It provides security and safety while transactions between wallets and public ledgers take place.

Bitcoin was the first Cryptocurrency and was established in 2009. It is still the most well-known cryptocurrency today. It is not the only cryptocurrency. Some others include: DogeCoin, Ethereum, BNB (Binance Coin), Tether, Solana, and Polkadot.

Meanwhile, to have these currencies exchanged or traded, one would need the services of a cryptocurrency exchange or a digital currency exchange (DCE).

A Cryptocurrency Exchange is a business that allows customers trade digital currencies and cryptocurrencies for other assets, such as fiat money or other digital currencies.

The functions of crypto exchanges are very similar to those offered by online brokerage platforms. They provide you with the tools to buy and sell digital currencies and tokens for different kinds of cryptocurrencies.

Crypto Exchanges accept wire transfers and credit card payments in exchange for digital currencies.

Binance is one such dedicated cryptocurrency exchange.

Binance and Overview Binance Withdrawal Verification Questionnaire

binance-logo
For those of you who prefer a more visual experience, here is a video review from Beau Troxclair on his YouTube channel 0xBeau. To get a comprehensive overview of Binance, you may still want to check out our article below.

When it comes to cryptocurrency exchanges, Binance continues to be one of the top cryptocurrency exchanges in the world. Binance has the largest trading volume of any cryptocurrency exchange and offers users the most trading pairs in cryptocurrency.

Binance got its start in 2017 through Changpeng “CZ” Zhao. Although it was originally based in China, it was quickly relocated to the United States due to increasing crypto restrictions. It has been moved around from Japan and Malta, but it did not have a permanent home.

However, news has come out that the company signed a memorandum with Bermuda and Malta to finally establish its home base. Binance Withdrawal Verification Questionnaire

Binance’s popularity came from a user base that preferred its low fees, many available cryptocurrencies, and innovative products. The platform currently offers many crypto-based products.

From Binance, you can avail of such services as exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs, and more.

Binance has its own unique tokens, cryptocurrencies and coins. One of which is BUSD, a stablecoin, and the other is BNB which is known as a strong performer due to its low fees.

However, Binance has its problems and dark sides.

The United States Department of Justice (Internal Revenue Service) investigated the company in 2021 for money laundering and tax crimes.

The Financial Conduct Authority of the United Kingdom ordered that the platform stop all regulated activities in June 2021. However, this ban had a limited scope and non-registered companies can still interact with UK customers.

Earlier that year, it was set up to launch its own digital asset marketplace in Britain, but it withdrew this application due to not meeting anti-money laundering requirements.

In the same year, Binance was also reported to have shared client information, including addresses and names, with the Russian government. The Russian government justified this as a way to help them fight crime.

Binance Perks

Large Selection of Cryptos

The company is one of the largest cryptocurrency platforms on the market. Hence, it is no surprise that many cryptocurrencies and other digital currencies are available. Some of them include decentralized finance (DeFi) tokens, stable coins, alt coins, and popular cryptos.

Here are some examples:

  • Binance Coins (BNB)
  • VeChain (VET)
  • Harmony (ONE)
  • VeThor (VTHO).
  • Dogecoin (DOGE).
  • Matic Network (MATIC).

Binance offers support for popular cryptocurrencies like:

  • Dash (DASH)
  • Compound (COMP)
  • Bitcoin (BTC).
  • Ethereum (ETH)
  • Litecoin (LTC).
  • Cardano (ADA)
  • Cosmos (ATOM)

Low fees

Trading currencies and tokens are not offered free on any platform. Binance is a trading platform that offers deals that are often as good as free. This is compared to other crypto exchanges that also charge fees and commissions. So far, the highest spot trading fee is 0.1%.

The platform uses a maker/taker fee structure. Fees will vary depending on trading volume or Binance Coin (BNB). balance. The fees for trades that involve high volumes are generally lower. Binance Withdrawal Verification Questionnaire

Users can get discounts on certain services, and this is not all. Such as:

  • Trades using Binance (BNB), coins
  • You can become a Very Important Person (VIP) by trading certain assets.

That said, Binance users are still subject to other fees. Different fees will apply depending on which type of withdrawal you make and what payment method you use. As a sample, you refer to the chart below

Payment Type Fees
  • Wallet
  • Debit Cards
  • ACH transfer
  • Wire transfer
  • Crypto Conversion
  • Trades
  • Buy/Sell Crypto
  • N/A
  • 4.5%
  • No cost
  • $15 for U.S. Customers
  • N/A
  • 0.00% to 0.1%
  • 0.50%

We can discuss more about fees in a later section.

binance-coins-with-dollars

> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <

Passive income from crypto assets

Binance lets you earn crypto assets. These come with different levels of risk. A few options include earning 50% APR or more on certain cryptos in its staking program or putting assets into flexible savings accounts for lower but more consistent rates.

The platform offers more staking options. They also pay higher rates than other exchanges.

For riskier opportunities, you can try to earn income by adding liquidity on pairs of tokens. It is up to you to decide if these risks are worth taking. Before you jump into these opportunities, you need to be aware of what is at stake.

Advanced Trading Tools

Binance’s advanced trading features make it easy to tailor your trading options. It is simple to set a limit on the price at which you can buy or sell crypto. It even accommodates beginner users with its “convert” function.

For veteran traders, the charting tools in the advanced trading interface are something to behold. A Bitcoin futures section allows people to speculate on the price of Bitcoin.

The platform allows you to sell leveraged tokens in connection to earning opportunities with inherent risk. Customers can multiply their currency positions by selling leveraged tokens. As stated, this is a risky strategy because it can multiply losses and may even cause traders to lose their entire position.

Binance Shortcomings

Not for Newbies

Binance is definitely not for beginners. It is a complicated platform created with experienced and veteran traders in mind. This platform’s goal is to maximize the profits of these traders.

We have already discussed the risks Binance offers its users in order to make passive income from their crypto holdings. You need to understand what these things mean and how you’re using them.

As for the risky opportunities, more often than not, this is where beginner traders and newbies lose their money. It takes years of experience and honed gut feeling to understand the inherent and hidden risks some trades carry with them.

The huge market selection and the in-depth dashboards presented by the platform can also be overwhelming and difficult to navigate, especially if you are just getting started in crypto investing.

Once you are comfortable with the platform, it will be very simple to manage your assets. Also, for what it’s worth, Binance has a simpler interface designed for first-timers. You also have a lot of educational resources.

Binance isn’t very beginner-friendly, but it has many resources that can help those who are interested. It is still not a platform where you just buy Bitcoin and then sit back and relax. Binance Withdrawal Verification Questionnaire

Regulatory Attention

As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. Major countries that have it in for Binance include Japan, the United Kingdom, Canada, Singapore, and Thailand.

The United States authorities are currently investigating the platform in regard to possible money laundering, tax fraud, and insider trading. Binance has not been charged and no criminal charges have been filed. Only time will tell if anything comes out of this.

Binance took steps to improve its compliance team, and keep regulators in line. However, this could prove to be a difficult endeavor as most of the products that make Binance attractive to customers are also the ones attracting regulatory attention.

Not Available in the U.S.

Due to US regulations, Binance.US was created as a separate platform for U.S. customers. This U.S. version of Binance has fewer features and cryptocurrencies offered.

Binance.US also trades over 120 cryptocurrencies and does not offer futures trading or leveraged token. It is also not available in all countries. It is not available in Hawaii, New York or Texas.

stock-market-data

> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <

How it all Works

We’ve seen the positive and negative aspects of Binance. Now we can talk about how it all works.

As we know, Binance functions as a cryptocurrency exchange. It offers a wide range of services. These include:

  • Trade, buy, and sell cryptocurrency
  • Set up recurring buys
  • Earn passive income
  • Advanced features like crypto derivative products, limits orders and peer-to-peer trading are available.
  • Trade non-fungible tokens (NFTs)
  • To get exposure to new cryptos, you can join Binance’s Launchpad or Launchpool
  • Access portfolio insights, plus live tracking and alerts
  • Its tax reporting tool will help you keep track of all your tax obligations

That said, it still bears repeating that the platform’s broad range of products is what landed them on the crosshairs of many regulatory bodies around the world. On their side, Binance does warn users of the risks involved with investing in the platform.

The system also features an anti-addiction feature in case traders get too involved with trading. The system warns traders about the risks involved in trading derivatives if they suffer heavy losses or a losing streak. It encourages them to rest and hold back on their trading activities.

The platform believes that responsible traders must be critical and maintain control to avoid compulsive trading and gambling.

These are all just reminders; ultimately, it is up to the retail investors how they manage the risk and how they should keep their money.

Signing Up to Your Binance Account

Creating and registering your very own Binance account is simple and can be done within a few minutes. You are also given the choice of two types of accounts: Verified and unverified accounts.

For unverified users

  1. Register on the Binance homepage
  2. Enter Email address
  3. Set up a password
  4. Accept Binance’s Terms of Use
  5. Click “Create an Account”
  6. Register by email to confirm your registration

For Verified Accounts

  1. Register now for an unverified Account
  2. Login to your account
  3. Click Identity Verification in the User Center
  4. Choose Personal
  5. Please fill in your details
  6. Choose an ID type for document verification, such as a Passport or Driver’s license
  7. Upload a file or take a picture of the document
  8. Take a photo of yourself
  9. Click confirm after you have uploaded the document and image.
  10. Binance will then review it as soon as possible. Binance Withdrawal Verification Questionnaire

From then on, you will have to wait for an email from Binance to ensure that your account has been verified.

Trading Experience

As we’ve mentioned, Binance offers a variety of trading tools. Some of these tools include their real-time charting tools with moving averages and exponential moving averages. Trades can also be made easy and accessible through the Binance mobile app, Binance website or Binance desktop application.

Traders can also use the platform to look at their portfolios and trade history. They can view the order book and price charts. You can also choose from a variety of order types. You can place stop orders, limit orders and stop-limit orders.

Users can also choose from different trading views to better understand data and view it in the way that they prefer. There are many views to choose from, including classic, margin and OTC views.

increasing-value

> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <

Trust Wallet

Binance offers a custodial wallet on its platform. Trust Wallet is also recommended by Binance, which supports thousands upon thousands of cryptocurrencies across all major blockchains. It’s easy to transfer funds from Binance to a Trust Wallet, or another external crypto wallet.

Withdrawals are usually completed in 10 minutes and the fees are very low. To verify your account, you will need to enter some personal information. You can use Binance on a variety of platforms, including mobile and desktop.

Fees

We all know that one of Binance’s selling points is its low fees. However, this does not mean that users are free from all charges. Binance users are still subjected to some fees needed for the platform.

Deposit and Withdrawal Fees

The currency used to pay and the method of payment will determine how much deposit fees are charged. Although bank transfers are usually free, debit card payments will often incur fees.

Binance may allow you to make credit card or debit card payments, bank transfer, and peer-to-peer payments depending on where you live.

As for withdrawing money, you can do so as a fiat currency to a bank account. You can also withdraw cryptocurrency to a wallet, or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Binance Withdrawal Verification Questionnaire

Trade Fees

Your trading fee percentage will depend on your trading history in the past 30 days and the volume in the past 30 days. The amount of BNB you hold will also matter.

Maker orders, which add liquidity to the market, will get lower fees than taker or remover orders.

It also encourages users to use their native currency, Binance Coin (BNB). Anyone doing so can get a 25% discount on the trading fee. Binance also offers 0% trading on selected Bitcoin and Binance USD (BUSD) pairs.

Below is a chart that shows how VIP status and the 30-day trade volume are related to maker/taker.

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Less than 1,000,000 0.10%/0.10%
1 1,000,000 to 4999,999 with at least 25 BNB 0.09%/0.10%
2 Between 5,000,000 and 19,999,999 with at least 100 BNB 0.08% / 0.10%
3 Between 20,000,000 and 119,999.999, with at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199.999.999 with at least 500 BNB 0.07% / 0.09%
5 200,000,000 to 499,999,999 and at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 999,999,999 and at least 1,750 BNB 0.05% / 0.07%
7 Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB 0.04% / 0.06%
8 Between 2,500,000,000 and 4,999,999.999999999 with at least 4,500 BNB 0.03% / 0.05%
9 More than 5,000,000,000, and at least 5,500 BNB 0.02% / 0.04%

Security

Binance is a platform that handles sensitive and high-stakes data. It should be expected that it has strong security measures to protect their assets and clients.

Binance offers two-factor authentication via the Google Authenticator app, or a short message service for customers. It also uses address whitelisting, device management, and the ability to restrict device access.

Binance claims that it has its own insurance fund. Binance stores 10% of trading fees in a safe fund. This is meant to cover any losses from hacking, an incident that Binance is familiar with (more on that later).

Although this insurance does not provide the same protection as third-party insurance, it can give some protection.

Lastly, as its main security feature, Binance keeps most of its funds offline in cold storage. This is done to prevent hackers from getting in touch.

Customers should be cautious about Binance, however, as it has a poor track record in security. In early 2019, the platform was hacked for $40 million in BTC. Another major hack occurred in October 2022. This time, it cost them $570 million in BNB.

There is a silver lining to this. Sometimes, it would be more beneficial for exchanges to experience these incidents so that they can determine which part of their security to fix. The customer side can at least see how the platform handles them and their customers when these incidents occur.

In Binance’s case, they quickly responded and immediately reimbursed anyone affected by the hack through their Secure Asset Fund for Users (SAFU). This cold storage wallet keeps enough capital to cover users’ losses.

Customer Service

In terms of customer support, Binance offers three basic options. You have three options for customer support: submit a ticket, chat with a representative, or reach out via Twitter.

To obtain tickets, you simply need to complete a form on Binance’s website. You will be able to get email assistance by submitting a ticket.

For support, all you need to do is tag or mention Binance (@BinanceHelpDesk). Binance has been known to encourage users to tweet their issues through this channel as it has more visibility.

If you need to get in touch with Binance directly, there is a chat box at the bottom right corner. This can be accessed on the Binance website.

lucky-coins

> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <

Binance Pros & Cons

Pros

  • Low fees

One of the reasons why Binance is among the top choices for crypto exchanges is its low fees. This is no surprise. After all, if a platform asks for lower fees, crypto traders and investors get to keep more of their investments and earnings to themselves.

  • Ability to earn passive income in many ways.

It is impossible to not desire passive income. Binance offers many opportunities to make passive income. It’s like being paid for nothing. These opportunities come with inherent risks. As such, these are not for the faint-hearted. Binance Withdrawal Verification Questionnaire

  • There are many Cryptocurrencies to choose from: You can purchase everything from Bitcoin to Dogecoin, Etherium and more at Binance. And that number is growing, with newly added cryptos like Fish(FISH) and Fanverse (FT).

The platform even has its crypto in the form of BNB. This allows crypto investors and traders flexibility in making their selections.

  • Advanced Trading Tools

The tools that a trading platform provides to its users will determine how good it is. Binance provides enough tools to allow users to trade more easily. Investors and traders will have no trouble trading on the platform.

  • Multiple ways of Depositing Money

You cannot start trading if you have no money at stake. That is why, Binance allows for easier access and start to crypto trading through its multitude of ways to deposit funds

  • Flexible trading Options and Order Types

Bear in mind, trading is like a gamble. The assets and stock own may be valuable now, but you will never know when their values will drop. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. Binance Withdrawal Verification Questionnaire

Cons

  • Platform can be overwhelming for beginner users.

Of course, multiple options and advanced tools are not always a good thing. A multitude of choices can overwhelm beginners and make it difficult to choose from. Binance’s numerous options can even be intimidating to some traders who are more experienced.

  • Issues with Regulation in many countries

Binance has faced several regulatory and legal issues. In fact, this is a glaring issue that has multiple investors considering other exchanges.

Despite this, the platform is working hard to resolve these regulatory issues.

  • It is not available in the United States

Due to issues with the United States regulatory bodies, Binance was somewhat banned in the country. That is why the parent company created Binance U.S., a U.S.-exclusive version of the platform.

However, Binance U.S. is more limited than the original Binance. It is not available in certain states, such as New York and Vermont.

  • No built-in digital wallet available

Most popular cryptocurrency exchange platforms have their digital wallets built-in and included in. For some reason, Binance does not. Rather it recommends a third-party service called Trust Wallet. While it has a good reputation, there might be issues as they can only offer limited support Binance Withdrawal Verification Questionnaire

Binance Last Thoughts

Let me start this final thought by saying that I am a noob when it comes to crypto. My knowledge is based on a few YouTube videos, articles here and there, as well as some Reddit threads.

Binance was the best platform for me because it charges very low fees. I entered cryptocurrency because I wanted to see what the fuss was all about. I am not planning to take this seriously (yet).

It took me no time to create my account and verify it. Within just a few minutes, I could look at the UI and everything the platform offers. And here is what I have to say…..

So with confidence, I can honestly back the opinion that Binance is not beginner friendly. Binance presented me with a lot of options that were overwhelming and intimidating. I needed a friend to help me understand the complexities of all this stuff.

With his assistance, and some tutorials from Binance Support, it was easy to get my bearings and start trading. Although it is still confusing at times, I am slowly getting the hang of trading.

As of right now, I want to bet on the right horse and not the wrong one.

coin-standing

> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <

Common Questions about Binance Binance Withdrawal Verification Questionnaire

Binance is safe?

It is safe but not with a great track record.

Binance does have its own security measures, but it has been hacked twice. Although the company increased its security, it will be determined if they can withstand attacks.

How Would You Decide if Binance is Right for You?

To be honest, it is difficult to pinpoint which platform is right for you until you read their reviews and try the services yourself.

However, for the sake of having an answer, you may deem Binance is a right fit for you if:

  • You’re not new to crypto trading and have intermediate-level experience in trading.
  • You want a service that charges low fees and carries many currencies.
  • You’re looking for advanced features in your service.
  • An institutional trader is one with a high net worth.
  • You live outside the U.S.

Bianance offers FOREX trading

Binance doesn’t offer Forex trading (Foreign Exchange Trading) traditional Forex.

It lacks the currency pairing required to join FOREX. A company must have access to thousands of currency pairings in order to be able enter FOREX-only markets. It is a far cry from Binance, which only has over 50 currency pairings.

CFD trading is offered by Binance

Binance offers CFD (Contracts For Difference) trading.

These are still controversial in the crypto industry, as many prefer to own native assets. These assets, unlike CFD’s can be easily withdrawn to a personal account. However, CFDs have their advantages. They can be extremely liquid.

error: Content is protected !!