Joining Binance and being able to trade on the World’s largest exchange is something that most crypto traders want. Thankfully, the way how to create a Binance account is relatively simple and straightforward.
The process is quite similar to joining most exchanges nowadays. We will attempt to explain it to you in a few easy steps to follow.
You now have a Binance account. It’s that simple. But, you will quickly discover that if you wish to unlock most of the functionality of the account then you will need to complete KYC. KYC stands for “Know Your Customer” and is required for legal compliance in most jurisdictions. In simple terms, KYC is identity verification.
For Binance, you will most likely be required to provide – your full name, address, date of birth, and nationality.
To verify these details and connect them to you as the individual joining Binance you will need to provide some evidence. This can be in the form of a photograph ID such as a driver’s license or passport and a selfie.
You will then be asked to take a short quiz and answer a few questions to ensure your financial suitability.
If everything is ok, then you may be verified immediately and begin trading on Binance. However, verification can sometimes take a few days up to a week and you may be asked to provide further information or evidence.
Some important things to note when joining Binance. You cannot join if you are a US citizen or resident of the United States. But do not despair, Binance have a specific site – Binance.US for Americans that is compliant with local laws. However, do not expect to find the same range of tokens or liquidity on Binance.US. If you try to join Binance as a US citizen via the use of a a VPN or other means and are discovered, then you risk losing your funds. Its not worth it.
It is also not allowed to have more than one Binance account. This is to prevent people “spoofing” orders or trading against themselves in an effort to artificially manipulate the price.
However, after all of that, trading on Binance should be a simple and safe experience for all. After several high profile hacks early in their existence, they now have some of the best security features in the business. Founder CZ also allocates 10% of all trading fees on the exchange for an insurance fund to be used in emergencies. The last major hack at Binance in 2019 saw thieves make away with more than $40M worth of crypto, yet due to the SAFU (Secure Asset Fund for Users), not a single Binance user lost a cent.
Best of luck and safe trading.