Binance questions

Top 100 Binance questions – All you need to know

Binance – General

What is locked staking in Binance?

This is where you keep your digital assets ‘locked’ in a proof-of-stake blockchain for some time to earn rewards. Redeeming funds from a ‘locked stake’ account will take some time depending on the blockchain.

How is staking different from Binance saving?

While staking involves keeping funds in a PoS network, savings are kept in the Binance margin. The latter also earns daily interest while staking varies from ont blockchain to another. 

What is BNB in Binance?

Binance Coin (BNB) is the native token for Binance chain, which is a blockchain by Binance. Its main function is to facilitate dApps on the Binance chain but holders also receive rewards just for holding it. 

Can I buy NFTs on Binance?

Yes. Binance launched an NFT marketplace to connect creators to consumers. Creators can mint and sell NFTs while buyers shop for the ones they like.

What is Binance Cloud?

It is an enterprise solution for those who want to launch their own crypto trading platform. Binance Cloud will provide the infrastructure while you only focus on the business side at an annual fee.

What are Binance Fan Tokens?

They are utility tokens meant to connect brands and teams with fans on Binance. They can include NFTs, fan badges and even voting polls where you participate in decision making. 

Is Binance a Chinese company?

It was initially founded in China but moved its headquarters to the Cayman Islands. Today, it has 40 office locations in 38 countries but Changpeng ‘CZ’ Zhao stated it didn’t need headquarters because cryptocurrencies don’t. 

Who is Binance owned by?

Binance was founded by Changpeng Zhao, popularly referred to as CZ, in July 2017 through an ICO. The company’s success has made him one of the richest people in cryptocurrency. 

What is fiat in Binance?

Fiat simply refers to regular currency issued by a central bank such as USD, EUR, GBP, etc. Binance allows you to make a deposit in fiat and convert it into crypto and vice versa. 

What is the Binance crypto-insurance fund?

It is a pool of funds meant to provide liquidity for Binance. When markets are extremely volatile, funds from the pool will be used to cover clients from losses by taking opposite trades avoiding margin calls.

How do I find my Bitcoin wallet address?

Log into your account, hover over the Wallet button > Overview > Deposit > Crypto deposit and select the coin you want to deposit. Your wallet address for that coin will be revealed including a QR code.

Which is the easiest crypto wallet to use?

Trust Wallet from Binance is one of the easiest wallets to use because it lets you store coins, NFTs and tokens all in the same place. Plus, it’s very secure and has never been hacked. 

Is Binance good for beginners?

Buying crypto on Binance is certainly easy even for beginners. However, trading crypto pairs may be a challenge at first on the desktop trading platform but you can still use the mobile app.

How reliable is Binance?

Except for a few service shutdowns due to regular system updates, Binance has been very reliable. This is why millions of traders use it and transact over $80 million every day on the platform.

Can I delete my Binance account?

Yes. Go to Security settings after logging in to your account and click on Disable account. Next click on Delete this account and then Confirm to delete. You must not have any funds in your account. 

Is Binance good for crypto?

Absolutely, and it is the most popular crypto exchange. Not only can you buy and sell over 400 cryptos, you can trade on margin through options and futures. P2P trading is also available.

Is Binance going to be shut down?

Not likely. It is still the most popular exchange all over the world. Regulators only issue warnings to customers about the dangers of crypto trading on Binance but they cannot shut it down. 

Is crypto trading still profitable?

Absolutely. The advent of new crypto products like NFTs and DeFi tokens has made crypto trading even more profitable lately. That being said, some of these products are very risky. 

How do you trade cryptocurrency for beginners?

The easiest way is by purchasing a few coins and holding them then selling when the price goes higher. Trading crypto pairs, futures,etc. requires more technical skill and may not be ideal for beginners. 

Does Binance sell your data?

No, Binance makes money by charging trading fees. In 2020, the company made about $1 billion in profit because it has so many customers even if the fees are incredibly low. 

How do I convert crypto to cash?

To receive cash, withdraw crypto and send it to your bank account or credit card. Meanwhile, Binance P2P supports over 150 payment methods so it shouldn’t be a problem.

What is USDT in Binance?

USDT represents Tether, which is a stablecoin. Its value is tied to that of the US dollar so that its value never swings too far from $1, making it the ideal store of value using crypto. 

Does Binance have a fiat wallet?

No, you can only store crypto assets in the Binance wallet. Nevertheless, it’s possible to purchase USDT using crypto and have an equivalent amount of capital in your Binance wallet. 

What is fiat money vs. cryptocurrency?

Fiat money is that issued by a central bank such as USD, EUR or GBP. It is controlled by a central authority. Meanwhile, cryptocurrency is decentralized and only issued and regulated by computer code. 

Is Bitcoin halal or haram Mufti Menk?

Most Islamic scholars agree that Bitcoin is mostly halal because holders profit when prices go up. Even sharia advisor Mufti Muhammad Abu-Bakar saif it is permissible under Shariah law.

How many customers does Binance have?

As of January 2021, Binance had over 100 million customers according to reports. Unfortunately, Binance isn’t publicly traded and it’s difficult to say an exact number. 

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How long does it take Binance to verify?

There is no standard time taken by Binance to verify a new account. It will depend on the number of applications and can take anywhere from a few minutes to 10 days.

Can Binance be made illegal?

This is extremely difficult because it simply has too many users and accounts for a majority of crypto transactions. And the company is also seeking to be licensed in most locations with CZ welcoming regulations.

Can Binance detect VPN?

Yes, it can. That being said, Binance may not restrict access to an account even through a VPN unless it notices suspicious activity. VPNs are good when you’re in a country that restricts crypto or Binance. 

What is Binance futures trading?

Futures contracts are derivative products that track the value of an underlying asset. Without buying any actual crypto, you can trade long or short, unlike spot trading where you lose money when prices go down.

Is Binance P2P profitable?

Yes. On Binance P2P, sellers get to set their own price and can make a profit when the trading volume is high. In some cases, sellers have been known to make thousands of dollars every day. 

Why is P2P more expensive?

Binance P2P involves buying crypto from individual sellers who set their own price, which is usually higher than that in the spot market. On the other hand, they accept local money transfer solutions in your currency.

Binance – Countries

Why is Binance banned in the US?

US residents are banned from using Binance Global based in the Cayman Islands but may still join Binance.US based in San Francisco, California, which is registered with FinCEN according to US regulations. 

Why is Binance banned in Canada?

Binance is not banned in Canada, but it pulled out of Ontario Province in June 2021 to avoid sanctions from the Ontario Securities Commission (OSC) that other crypto exchanges had previously faced in the region. 

Why is Binance banned in Singapore?

The Monetary Authority of Singapore (MAS) ordered Binance to stop all crypto transfers to in September 2021. After failing to secure a license, the exchange’s Singapore unit, Binance Asia Services, finally quit.

Is Binance legal in Pakistan?

Binance has not been regulated by Pakistan’s Securities & Exchange Commission. However, the exchange has not been banned or made illegal and the app is in fact one of the most downloaded apps in Pakistan. 

Which country uses Binance the most?

According to SimilarWeb, Turkey accounts for the most visits to as of December 2021. It is followed by Russia, Brazil, Philippines and Argentina. 

Which countries have banned Binance?

Binance is banned from operating in China and Malaysia. Meanwhile, countries like Japan, Thailand, the UK and in the EU have issued warnings against the exchange. US residents can use the Binance.US subsidiary. 

Can I still use Binance in the UK?

Although Binance was banned in the UK by the FCA, only Binance Markets Limited, based in the country, was affected. Nevertheless, UK residents can still continue trading on as usual. 

Is Binance banned in Germany?

No. Only its futures and derivatives products have been prohibited in Germany. German residents can continue to trade cryptos as usual but should be aware the company is not regulated by BaFin. 

Is Binance good for Canada?

Yes. Canadian traders can access over 400 coins and over 1,600 markets. Innovative products like options, futures and margin trading are also available to make trading even more exciting. 

Can Canadians use Binance?

Yes. Binance only withdrew from Ontario but is still available in the rest of the country. Cryptos are considered as commodities and you will be required to pay taxes for any profits gained while trading. 

What is the best crypto exchange in Canada?

Binance is one of the best crypto exchanges in Canada with a wide variety of coins and trading features. There may be alternatives, of course, but Binance is still one of the best choices. 

How can I get cryptocurrency in Canada?

Create an account on Binance from Canada and verify your identity. Then you can purchase any of the more than 400 coins on the platform using a credit card or bank transfer.

Which Bitcoin wallet is supported in Pakistan?

Although cryptocurrency was banned in 2018 in Pakistan, the SBP is reviewing the action. Moreover, crypto trading has still continued in Pakistan despite the ban using mobile, software and hardware wallets.

How can I deposit money in my Binance from Pakistan?

Create a Binance account and verify your identity. Go to Wallet > Fiat and Spot > Deposit and select the coin you want to deposit. You can then deposit by credit card or bank transfer. 

Is crypto banned in Pakistan?

In 2018, the SBP prohibited all dealings in cryptocurrency including holding, trading and transferring. However, cryptos have continued to be used in Pakistan and there have been no prosecutions.

Is Binance banned from the Netherlands?

Not really, but the country’s central bank did warn the company that it was operating without a license. In response, Binance stopped offering derivatives like futures to the country’s residents.

Can I still use Binance in Italy?

Consob warned Binance that it was not authorized to carry out any activities in the country. Even so, Binance stated that the warning did not affect its services and it continues to operate even in Italian. 

Why is Binance banned in Malaysia?

The Securities Commission Malaysia (SC) found that Binance was operating an illegal Digital Asset Exchange. It was thus ordered to close its website and stop signing up or marketing to Malaysian residents.

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Why is Binance banned in the UK?

In May 2021, Binance withdrew its application for becoming a crypto asset firm because the FCA found it did not meet AML requirements. It is still available but there is a warning on its website.

Binance – Funds

How long until I can withdraw from Binance?

You can withdraw funds from your account at any time but Binance requires that your account be verified. Then you can make a withdrawal freely as long as you have the funds in your account. 

Why do Binance deposits fail?

Sometimes Binance deposits may fail due to system updates. However, it is more common that your bank declines to process the transaction either due stipulations regarding fraud/money laundering issues.

Do I have to pay taxes on Binance?

You do not pay taxes to Binance but rather to your country’s tax collecting organization. This will depend on your country’s regulatory framework and whether you’re supposed to report capital gains from crypto trading.

Can the ATO see my balance?

Not directly, but crypto exchanges including Binance are required to report financial details of its Australian traders to the ATO. Therefore, they can keep track of your financial gains. 

Can I transfer from Binance to my bank account?

Yes, you can withdraw your USD balance on Binance via Swift to your bank account. Withdrawals take up to 4 business days to reflect in your bank account. 

How do you cash in at Binance?

You can make a deposit in fiat using a credit card or wire transfer by Swift. Alternatively, deposit cryptocurrency from another crypto wallet… all from the ‘Wallet’ option in your account dashboard. 

What fees does Binance charge?

Trading fees are denoted as maker/taker fees with the latter being usually slightly higher. There are also withdrawal fees for certain methods such as bank transfers and credit cards. 

Why can’t I withdraw from my Binance account?

On rare occasions, Binance performs system updates that may delay withdrawals. However, it’s usually because you either have insufficient funds to cover withdrawal fees or your account has been frozen. 

How do I cash out my Binance in Canada?

The most popular way to cash out in Canada is by bank transfer through SWIFT in USD. Alternatively, you can use Binance P2P if you wish to receive CAD through other methods.

Why are Binance prices different?

Pricing on Binance is tiered such that active traders pay less fees than others to encourage frequent trading. Moreover, holding BNB tokens further reduces trading fees, hence the differences. 

What is Binance’s withdrawal fee?

Withdrawing crypto into fiat will cost you a fee, and each coin has a different rate. You can find the complete list here. Some fees are also charged for withdrawal by bank transfer and credit card.

How do I withdraw my fiat from Binance to my bank account?

Log into your Binance account, hover on the Wallet button and click on the Fiat and Spot button. Now click on Withdraw and select Fiat then select the currency you want and your preferred method. 

What is the minimum deposit on Binance?

There is no definite minimum deposit across the board. Each coin has a different minimum deposit that can be found here.

How can I withdraw money from my Binance account in Pakistan?

You can make withdrawals from Binance in fiat to your bank account through Swift or into your credit card. On Binance P2P, you can withdraw using Jazzcash, Easypaisa, Upaisa, Skrill and many more methods. 

How do I remove a credit card from Binance?

From your Binance mobile app, click on the Deposit button and select Credit Card. Enter a random amount and tap Confirm. From the list shown, delete one by tapping the trash icon next to it. 

How long does a Binance withdrawal take?

Depends on the withdrawal method you use. Bank transfers and credit card withdrawals take up to 4 business days with SEPA being even faster. Meanwhile, withdrawals through Binance P2P can be instantaneous.

How do I withdraw GBP from Binance UK?

From your account dashboard, hover over Wallet > Fiat & Spot > Withdraw > Fiat. You will be presented with a variety of withdrawal options; choose the one you prefer and confirm the transaction. 

Why does my crypto say ‘insufficient balance’?

When making a withdrawal through certain methods such as credit card or bank transfer, a fee is charged. So, it will say ‘insufficient balance’ if you cannot cover the fee as well as the withdrawal amount. 

How long does it take Binance to deposit?

Every deposit method is different. Various cryptocurrencies require different timelines to be confirmed, for example. Bank transfers may take a few days but credit card deposits are almost instantaneous. 

Why can’t I buy anything on Binance?

You need to have a balance in your wallet to be able to buy crypto. Otherwise, your account may have been frozen because it is not properly verified or considered ‘risky’.

Does Binance accept debit cards?

Yes, both debit and credit cards are accepted. These deposits are processed almost instantaneously and can also be used to make withdrawals. 

How do I fund my Binance wallet?

Binance accepts deposits via bank transfer, credit card and other payment methods such as Advcash. For an even wider variety of options, use Binance P2P to find local payment solutions in your currency.

How do I deposit on Binance without fees?

Deposits made by crypto are not charged. Therefore, purchase crypto through Binance P2P or transfer coins you already had in another wallet.

Binance – Security

Can you get scammed on Binance?

Binance is a trusted crypto exchange and you can’t get scammed by the company itself. However, scammers may try to impersonate Binance officials to gain your credentials. 

Is Binance legal?

Yes, it is a legal entity with offices in 38 countries. That being said, it is not licensed in any jurisdiction and has faced regulatory scrutiny in the EU, US, China and even some parts of Asia.

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Is it safe to share my Binance ID?

No, not at all. Your Binance ID should be completely private and no one, not even Binance itself, should ask you to share it. Also keep your other credentials private and ensure you have 2-factor authentication. 

Is it safe to use Binance P2P?

Yes. During every transaction, the funds and coins are held by Binance in escrow until both parties agree to complete the transaction. This protects either party from fraud or bad actors. 

Is Binance approved by MAS?

No. Although Binance applied for a license, the application was withdrawn on 13 December 2021 and the subsidiary will end operations in Singapore by 13 February 2022.

Is Binance banned in Australia?

No, it is not. Binance Australia is operated by InvestbyBit, which is registered with AUSTRAC. However, Binance does not offer derivatives such as options, futures or even leveraged tokens in Australia. 

Is Binance SG safe?

As of 13 December 2021, Binance shall be winding down operations up to 13 February 2022. Singapore residents will have to switch to Binance Global to continue using the platform. 

Is Binance wallet safe?

Yes, and it has never been hacked before despite multiple attempts. Trust Wallet is also among the most secure especially if you set up 2-factor authentication using your phone number and/or email.

Why is Binance banned in Ontario?

Binance was not banned by the Ontario Securities Commission. Instead, Binance willingly decided to pull out to avoid regulatory action by the regulator suffered by other platforms like Kucoin. 

Can you get scammed in P2P Binance?

Although P2P platforms are usually riskier, Binance provides an escrow account for each transaction. This way, neither party loses money and the funds are only released after a successful transaction. 

What does the Binance ban mean?

It means that users in countries where Binance is banned can no longer use the platform. Fortunately, this is only in a handful of countries and there are still ways to get around the restrictions. 

Why has my account been frozen?

Binance strictly adheres to AML/KYC requirements especially in countries such as the US. Therefore, your account may be frozen if Binance believes your account is not fully verified.

Is cryptocurrency legal in the UK?

Yes, though they are considered commodities and not legal tender. Exchanges and ATMs are regulated by the FCA and holders are required to pay taxes for any profits made while trading crypto. 

Binance – Coins

In which cryptocurrency should I invest in 2022?

Binance offers more than 400 individual coins and over 1,600 pairs. ANy of the listed coins has the potential to be a good investment and you only need to do your research. 

Which coin is the best to invest in?

Binance has over 400 coins to invest in and each has the potential to grow in value. The decision on which one to invest in is up to you as you have no restrictions. 

What is the cheapest cryptocurrency?

The cheapest coin listed on Binance is Cindicator (CND) worth $0.01 at the time of publication. Nevertheless, even pricier coins can be bought cheaply after being divided into satoshis.

What is a good crypto portfolio?

One that includes several different coins and asset classes. On Bitcoin, you can invest in the crypto spot market, vanilla options and perpetual futures all from the same wallet.

How many coins are listed on Binance?

According to CoinMarketCap, 411 coins are currently listed on Binance. It is ranked 12th among 444 exchanges by the number of coins provided.

How many crypto pairs are listed on Binance?

According to CoinMarketCap, 1,602 markets are available on Binance showing a variety of crypto pairs. Among 444 exchanges, it is ranked 3rd behind and Hotbit.

What is the difference between spot and P2P?

Spot trading involves buying and selling crypto directy from Binance while P2P is where you trade with other individuals. The latter is ideal when you’re having difficulty perhaps due to the available deposit methods. 

Binance – Platforms

Is Binance cheaper than Coinbase?

Yes. Maker/taker fees start at 0.10% on Binance and at 0.50% on Coinbase. The fees drop even further when you increase monthly trading volume or hold BNB tokens in your wallet. 

What’s better, Coinbase or Binance?

It’s really a matter of preference. Binance is more suited to professional traders looking for a multitude of options and features while Coinbase is simplified to make crypto more efficient for everyone. 

Which crypto exchange is best?

Binance is the most popular crypto exchange by a huge margin and handles over $80 billion in daily transaction volume. It also has among the highest number of coins and coin pairs listed for trade.

Can I transfer from Binance to Coinbase?

Yes. Simply transfer your crypto holdings from your Binance wallet to your Coinbase wallet. There will be some costs involved depending on the particular coin and the transaction may take some time though. 

Is Kucoin better than Binance?

Both of these exchanges are quite similar in fee structure, coins available and additional products. Binance, though, has the advantage of having a P2P platform and deeper liquidity due to more clients.

What are the safest crypto exchanges?

Among the safest exchanges are Coinbase, Kraken and Binance.US because they are all regulated to operate in the US. Binance Global is not regulated, though, but has never been hacked.

Is Binance bigger than Coinbase?

Yes. Binance is rumoured to have over 100 million users while Coinbase has over 73 million. The former also handles a lot more trading volume than the latter: $70 billion compared to $3 billion per day.

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