FAQ about Binance
What is Binance and how does it work?
Binance is the world's largest cryptocurrency exchange by trading volume, offering a platform where users can buy, sell, and trade hundreds of different cryptocurrencies. The exchange works by matching buyers and sellers through an order book system, with various order types available for different trading strategies. Beyond basic trading, Binance provides numerous other services including staking, savings products, NFT marketplace, futures trading, and more. The platform generates revenue primarily through trading fees, which decrease based on trading volume and BNB token holdings. Founded in 2017, Binance has expanded from a simple exchange into a comprehensive ecosystem of crypto-related products and services.
How do I create a Binance account?
Creating a Binance account involves visiting the official Binance website or downloading the mobile app, clicking on "Register," and providing your email address and a secure password. After verifying your email through a confirmation link, you'll need to set up two-factor authentication for added security. To access full functionality and higher limits, you must complete identity verification (KYC) by providing personal information and uploading identification documents such as a passport or driver's license. The verification process typically takes from a few minutes to a few days depending on volume. Once verified, you can fund your account and begin trading. Note that U.S. residents must register specifically with Binance.US instead of the global platform.
What's the difference between Binance and Binance US?
Binance US is a separate exchange specifically designed for United States residents, operating under U.S. regulations and compliance requirements. The main differences include: a more limited selection of cryptocurrencies on Binance US compared to global Binance; different fee structures; fewer advanced trading features and products; stricter verification requirements aligned with U.S. regulations; USD as the primary fiat currency rather than multiple international options; availability restricted in certain U.S. states due to regulatory issues; and separate management and operational teams. Binance US was created to ensure compliance with U.S. securities and exchange regulations after the global Binance platform stopped serving U.S. customers directly.
How does the Binance login process work?
The Binance login process is designed with security as a priority. When accessing the platform, you'll enter your email address and password. Depending on your security settings, you'll then need to complete additional verification steps such as entering a time-based one-time password (TOTP) from an authenticator app, using a hardware security key, or responding to an email verification code. If you've enabled the anti-phishing code feature, you'll see your personalized code on legitimate login emails from Binance. The platform also monitors for unusual login attempts based on device and location, potentially requiring additional verification. These multi-layered security measures help protect your account and assets from unauthorized access attempts.
What cryptocurrencies can I trade on Binance?
Binance offers one of the largest selections of cryptocurrencies among major exchanges, with hundreds of different tokens available for trading. Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) are available alongside a wide range of altcoins, DeFi tokens, stablecoins, and newer projects. The global Binance platform typically offers more cryptocurrencies than Binance US due to regulatory differences. Available trading pairs include crypto-to-crypto options as well as fiat pairings with USD, EUR, GBP, and other currencies. Binance regularly adds new cryptocurrencies after they pass security and compliance reviews, though some tokens may be removed if they no longer meet the platform's standards.
How do I use Binance USDT trading pairs?
Using Binance USDT trading pairs involves first acquiring Tether (USDT) through deposit, purchase, or conversion, then navigating to the trading section and selecting markets denominated in USDT. When viewing the market pairs, look for those ending in USDT (e.g., BTC/USDT or ETH/USDT). These pairs allow you to trade cryptocurrencies while using USDT as the quote currency. USDT pairs often provide higher liquidity and more stable pricing compared to direct crypto-to-crypto pairs. To execute a trade, select your desired USDT pair, specify your order type (market, limit, etc.), enter the amount you wish to trade, and submit your order. During market volatility, USDT pairs can serve as a convenient way to quickly move in and out of positions while maintaining USD-pegged value.
What fees does Binance charge?
Binance implements a tiered fee structure that rewards higher trading volume and BNB token holdings. Standard spot trading fees start at 0.1% per trade, with maker fees (limit orders) sometimes lower than taker fees (market orders). Users can receive a 25% discount by paying fees with BNB tokens. As trading volume increases, fees decrease according to a tier system, with high-volume traders potentially paying as little as 0.02% or less. Beyond trading fees, Binance charges varying withdrawal fees depending on the cryptocurrency and blockchain network congestion. Most deposit methods are free, though credit card purchases typically incur higher fees (around 3-4%). Additional products like futures, margin trading, and lending have their own fee structures outlined on the Binance fee schedule page.
Is Binance safe to use?
Binance has established robust security measures to protect user assets and information, making it generally considered among the safer cryptocurrency exchanges. The platform implements security features including: cold storage for the majority of user funds; the Secure Asset Fund for Users (SAFU), which acts as an emergency insurance fund; mandatory two-factor authentication; anti-phishing codes; address whitelisting; and real-time monitoring systems. While Binance experienced a security breach in 2019, affected users were fully reimbursed through the SAFU fund. The exchange regularly undergoes security audits and offers bug bounty programs to identify vulnerabilities. However, as with any exchange, users should implement personal security best practices including using strong unique passwords, enabling all security features, and being vigilant against phishing attempts.
How do I withdraw money from Binance?
Withdrawing from Binance involves navigating to the "Wallet" section, selecting "Withdrawal," and choosing either crypto or fiat withdrawal. For cryptocurrency withdrawals, you'll need to select the desired cryptocurrency, enter or paste the destination wallet address (always double-check this), select the network (important for tokens available on multiple blockchains), and specify the amount. For fiat withdrawals, options typically include bank transfers, card withdrawals, or third-party payment processors depending on your region. Binance implements security measures during withdrawals including email confirmations, two-factor authentication verification, and potential holding periods for new withdrawal addresses. First-time withdrawals to new addresses require additional security steps. Withdrawal fees and processing times vary by method and cryptocurrency, with some blockchain networks requiring multiple confirmations before funds arrive at the destination.
What is the Binance Smart Chain and how does it relate to the exchange?
Binance Smart Chain (BSC), now known as BNB Chain after merging with Binance Chain, is a blockchain network developed by Binance that runs parallel to the Binance exchange. It's a smart contract platform compatible with Ethereum's Virtual Machine but offering faster transactions and lower fees. The chain uses Binance Coin (BNB) for transaction fees and is integrated with the exchange in several ways: users can directly withdraw and deposit tokens to BSC from Binance; the exchange offers staking and earning products for BSC-based tokens; Binance Labs incubates projects building on BSC; and the exchange often lists new BSC-based tokens. While the blockchain operates independently of the exchange from a technical perspective, they share branding, leadership, and an ecosystem approach, with each complementing the other's services in Binance's broader cryptocurrency ecosystem.
How do I use Binance US if I'm an American resident?
American residents must use Binance US rather than the global Binance platform. To get started, visit binance.us or download the Binance US app, then register by providing your email and creating a password. After verifying your email, you'll need to complete comprehensive identity verification including personal information, Social Security Number, and government ID upload to comply with U.S. regulations. Binance US supports various funding methods including ACH transfers, wire transfers, and debit card purchases. The platform is currently available in most U.S. states but remains unavailable in certain states due to regulatory requirements (check the website for current availability). While Binance US offers core trading functionality, it features fewer cryptocurrencies and services than the global platform. Trading pairs are primarily denominated in USD rather than stablecoins, though some USDT pairs are available.