Today there are many options to obtain cryptocurrency. However, there are no exchanges or trading platforms that offer all methods of payments and most importantly the listing of all coins.
Binance is one of the largest cryptocurrency exchanges today, most popular for offering a wide range of initial coin offerings (ICO). Based in Hong Kong, the company has over 100 different coins available for exchange. As a crypto-to-crypto exchange, they do not accept fiat (Canadian/US dollars) deposits. The following is a guide on how to create an account on Binance. To find out how to get coins to exchange on Binance, read our article on How To Buy Cryptocurrency.
Registering for an account
Head to the Binance website. Click on ‘Register’ in the top right corner. Then fill out the form.
You will then need to verify your email address and enable two-factor authentication (2FA). 2FA must be enabled to withdraw any coins on your account.
Depositing funds into your account
To start trading or buying coins you will need to fund your account.
Hover your mouse over ‘Funds’ at the top right and click ‘Deposits Withdrawals’.
There is a search function to easily find the specific coin you’re looking for. Simply select the coin you’d like to deposit and click ‘Deposit’.
Note: Binance has a different address for each coin and sending any other coin other than the one specified may result in the loss of your deposit. It is very important to confirm that you are depositing the correct coin.
Submitting verification documents
Note: You can still use Binance for deposits/withdrawals without verification, however, there is a withdrawal limit of 2 BTC (Bitcoins) per 24 hours.
In your ‘My Account’ page there is a link that will bring you to a page to upload the required documents.
Binance only accepts 3 forms of ID: Passport, Driver’s License or National ID Card.
Fill in your full name, gender, country and ID number.
You will also need to submit 3 photos to verify your identity.
- A Photo of the front cover of your Passport or the front of your Driver’s License/National ID Card.
- A photo of your Passport data page or the back of your Driver’s License/National ID Card.
- A photo of you holding your ID, along with a piece of paper with the word “Binance” written as well as the date.
Now that your account is set up you will be able to buy coin. To find out how to get coins to exchange on Binance, read our article on How To Buy Cryptocurrency.