FAQ about Binance
What is Binance and how does it work?
Binance is the world's largest cryptocurrency exchange by trading volume, providing 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 offers numerous other services including staking, savings products, an 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 cryptocurrency-related products and services serving millions of users globally.
How do I create a Binance account?
Creating a Binance account involves visiting the official website (binance.com) or downloading the mobile app, then clicking "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 is 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 (typically 50–100 versus 350+ on global Binance); stricter verification requirements aligned with U.S. banking regulations; fewer advanced trading features and products; different fee structures; availability restricted in certain U.S. states due to regulatory issues; primarily USD trading pairs rather than multiple fiat options; 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 in 2019.
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.
How do I use Binance US login if I'm an American resident?
American residents must use Binance US rather than the global Binance platform. To access Binance US login, 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. The Binance US login process itself is similar to global Binance, requiring two-factor authentication and offering anti-phishing protections. Binance US is currently available in most U.S. states but remains unavailable in certain states due to regulatory requirements (check the website for current availability). When using Binance US login, ensure you're on the legitimate domain (binance.us) to avoid phishing attempts.
What cryptocurrencies can I trade on Binance?
Binance offers one of the largest selections of cryptocurrencies among major exchanges, with the global platform supporting over 350 different digital assets and 1,000+ trading pairs. Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) are available alongside numerous altcoins, DeFi tokens, meme coins, and stablecoins. The platform regularly adds new cryptocurrencies after they pass security and compliance reviews. Trading pairs include crypto-to-crypto options as well as fiat pairings with USD, EUR, GBP, and other currencies. Binance US offers a more limited selection (typically 50–100 cryptocurrencies) due to regulatory considerations. Available cryptocurrencies can be viewed on the markets page of both platforms, with new listings announced through the official Binance blog and social media channels.
How does Binance USDT trading work?
Binance USDT trading involves using Tether (USDT), a stablecoin pegged to the US dollar, as the quote currency when trading cryptocurrencies. To begin, you'll need USDT in your Binance wallet, which you can obtain by depositing directly or converting other currencies. Navigate to the "Markets" section and select "USDT" to view all cryptocurrency pairs quoted in USDT (like BTC/USDT or ETH/USDT). Choose your desired trading pair, select an order type (market, limit, etc.), specify the amount you wish to trade, and submit your order. Binance USDT pairs typically offer higher liquidity than other quote currencies, making them ideal for both beginners and experienced traders. During market volatility, USDT provides a stable reference value, allowing traders to easily measure profits and losses in dollar terms and quickly move between different cryptocurrencies without converting to fiat.
What fees does Binance charge?
Binance implements a tiered fee structure that rewards higher trading volume and BNB token holdings. For spot trading, standard fees start at 0.1% per trade, with maker fees (limit orders) sometimes lower than taker fees (market orders). Using BNB to pay for fees provides a 25% discount. 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. Withdrawal fees and processing times vary by method and cryptocurrency, with some blockchain networks requiring multiple confirmations before funds arrive at the destination.
What additional products does Binance offer beyond spot trading?
Binance has expanded far beyond basic trading to create a comprehensive cryptocurrency ecosystem. Additional offerings include: Binance Earn, which encompasses flexible savings, locked staking, liquidity farming, and dual investment products; Binance Futures and Options for derivatives trading; Binance Margin for leveraged trading; Binance NFT marketplace for digital collectibles and artwork; Binance Academy providing educational resources; Binance Labs offering venture capital funding; Binance Launchpad for new token offerings; Binance Pay for cryptocurrency payments; Binance Fan Tokens supporting sports organizations; Binance Mining Pool; and Binance Visa Card allowing cryptocurrency spending at merchants. These diverse offerings reflect Binance's evolution from a simple exchange into a full-service cryptocurrency platform serving various user needs across the blockchain ecosystem.