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To register an account, use the link below to visit the website or the app store. Select ‘Register Account’ and follow the instructions. You will be required to inform Binance of your location as the process will change depending on where you reside. Depending on your requirements, they will also allow you to create either a personal account or a business account.
Binance mandates that the account holder’s email address and phone number be registered with the account at the time of registration. Upon completion of these initial steps, Binance further necessitates verification using a recognized form of identification, such as a driver’s license or passport.
Once you have established your account, you can freely navigate Binance. Binance offers two distinct interfaces: Binance and Binance Lite. The default interface is Binance, while Binance Lite presents a simplified version with a more user-friendly layout but a limited selection of tokens. To switch to Binance Lite, locate the human icon in the top-left corner of the homepage and click on “Binance Lite.”
To add funds to your Binance account, follow these steps:
Please be advised that due to the FCA ruling on Binance in June 2021, deposits from certain UK bank accounts may be restricted. Some cryptocurrency-friendly banks have since lifted this restriction. Before initiating a deposit, it is advisable to contact your bank to confirm whether your account is eligible to transfer funds to Binance.
Purchasing cryptocurrency on Binance may seem daunting, especially on the full site. If you’re a beginner, consider starting with Binance Lite and gradually transitioning to the full Binance platform. When depositing fiat currency into Binance, it will be credited to your spot wallet in GBP. From there, you can exchange it for a variety of cryptocurrencies. However, Binance has a limited number of trading pairs per crypto asset. To minimize transaction fees, it’s advisable to research how to trade your fiat into your desired cryptocurrency before depositing funds. This will enable you to purchase the desired asset in the fewest possible steps, saving you money.
You can also transfer cryptocurrency from another exchange or wallet into Binance. To do this, locate the coin you intend to send to Binance within the Binance spot wallet. For instance, if you’re sending USDC from an Ethereum wallet to Binance, find and open the USDC tab in the spot wallet. This represents your USDC spot wallet. Selecting the deposit option allows you to deposit your USDC into the account. You’ll need to choose the appropriate network for sending the USDC.
In this example, we’ll send USDC over the Ethereum network, so we’ll select Ethereum (ERC20). This will provide you with both a QR code and a deposit address. Either can serve as a target address. If you’re transferring funds between your own accounts on a single device, copy and paste the deposit address into the wallet from which you’ll be sending the cryptocurrency.
If you’re using two devices, you can scan the QR code. Then, following the instructions for the original wallet, send the cryptocurrency to your Binance account.
To send funds out of Binance, you must copy and paste the destination address into the address location box that appears when you select the withdraw option. Ensure you’re using the correct network to send your funds. You’ll need to input your 2FA to send cryptocurrency out of Binance.
To withdraw fiat currency from Binance, you’ll first need to exchange the cryptocurrency you want to withdraw into your fiat currency. Once this conversion is complete, navigate to your fiat wallet and select the withdraw option. You’ll then have the opportunity to choose the amount of fiat you wish to withdraw and the preferred withdrawal method. The available withdrawal methods may vary depending on your chosen fiat currency and your location. As of this writing, the only option for UK users is to withdraw to a bank card, which incurs a 1% fee.
Binance offers Two-Factor Authentication (2FA) to bolster your account security. You can choose to set up 2FA using either your mobile number, email address, or Google Authenticator. Remember to carefully record all your passwords and account information and store them securely to prevent losing access to your Binance account.
Beyond the simple purchase of crypto assets, Binance provides several other features and services.
Binance Card: The Binance Card allows users to directly spend their crypto assets. To utilize this feature, crypto assets must first be transferred to the user’s funding wallet. Once deposited, these assets can be sold, and the proceeds can be used to make real-world transactions.
Margin and Futures Trading: Binance offers Margin and Futures trading, which are financial products that leverage capital to amplify potential gains. However, these products also carry significant risks and can lead to the liquidation of a trading account. Therefore, it is crucial to thoroughly research and understand these products before engaging in them.
Binance Earn: Binance Earn is a platform where users can stake their tokens to earn fixed or variable APR (Annual Percentage Rate). Binance also offers a high-risk staking option called “Liquid Swap,” which provides increased APR but also carries the risk of incurring substantial capital losses.