Binance is one of the most popular cryptocurrency exchanges in the world. It has quickly become one of the most important players in the crypto space.
You might have heard of the exchange before, but you might not know exactly what a verified Binance account is or how it works. Binance is a decentralized exchange. That means that there is no one central authority that can make changes to the platform.Instead, the exchange is controlled by the Binance community.
What Is AVerified Binance Account? What Does AVerified Binance Account Mean?
A Verified Binance Account is a way to prove that you are who you say you are. This will allow you to access some of the more advanced features of Binance like margin trading, stop-limit orders, and more.If you want to get a verified account, all you have to do is show your passport or driver’s license. Once your ID is verified by a Binance employee, then you’ll be able to start trading with increased access.
How ToGet AVerified Binance Account?
If you are interested in buying or selling cryptocurrency on Binance, you will need to create an account. If your account is not verified, then you won’t be able to make any trades. To get a verified account, you have to submit your ID information and pass the Know Your Customer (KYC) check. This process can take up to one week.
However, the wait for verification may be worth it for some people. You will be able to deposit cryptocurrencies into your account without any restrictions after confirmation of ID information.The company offers a wide variety of coins that are traded against one another as well as Bitcoin (BTC). The exchange also has its token called Binance Coin (BNB).
It is an ERC20 token that is used to pay reduced trading fees on the platform and provides users with other benefits like discounts on listing fees for ICOs.The coin started at $0.11 per coin in 2017 but reached $24 per coin in January 2018 and quickly dropped back down again due to market conditions. However, by April 2018, the price of BNB rose again to around $9 per coin before dropping down again in May 2018.
What Does AVerified Binance Account Mean For You?
A verified Binance account means that the user has provided proof of their identity and their residency.Binance is a platform where people can trade cryptocurrencies, but to deposit money on the site, you need to have a verified account. Verified accounts must provide the company with the following:
- A valid email address
- Some form of identification (driver’s license, passport, etc.)
- Proof that they are a resident of one of these countries: China, Japan, Korea, Taiwan, Canada, U.S., Hong Kong
If you don’t pass these requirements for verification then you won’t be able to use the site. There are two ways to verify your account: through an SMS authentication or by uploading a picture of your ID card and holding it up in front of your webcam for 10 seconds.