As you get deeper and more knowledgeable about cryptocurrency, you will start giving high attention to some areas of cryptocurrency.
One of the most important areas will be related to how to open a binance account and store your cryptocurrency safely.
When faced with questions like that, how to create a binance account or how to open a coinbase account will likely be the next question you ask yourself.
This is due to the fact that the larger the crypto assets you trade or HODL, the higher you pay attention to the reliability of the crypto exchange that you use.
When it comes to exchange reliability, exchanges like binance have really made a good name for itself.
This reliability that binance has created has really drawn millions of active users to its platform.
This has made binance the largest cryptocurrency exchange by trading volume in the world.
In this comprehensive guide, you will learn about how to easily open, sign up or create binance account in a very easy way.
- How To Easily Open, Sign Up Or Create Binance Account
- Who is Binance?
- Binance Sign Up Requirements
- How Long Does It Take To Open A Binance Account
- How Much Does It Cost To Open Binance Account
- How many characters do you need to create a Binance Account?
- Advantages And Benefits Of Opening A Binance Account
- Limitations Of Binance Exchange
How To Easily Open, Sign Up Or Create Binance Account
In just few years of coming into the cryptocurrency world, binance has really brought a lot of positive contributions and innovations.
This innovations have really helped in fast tracking the success of cryptocurrency all over the world.
Before we proceed further, let us have a brief knowledge about binance.
Who is Binance?
Binance is a cryptocurrency exchange that was launched in 2017 as an exchange for cryptocurrency trading and transactions.
The award wining exchange is founded by Changpeng Zhao and had its base located in China when it was opened but has since moved to Malta.
This move was as a result of the cryptocurrency ban that was implemented by the Chinese government in 2017.
Irrespective of the few years that binance has been in operation, binance maintains the spot as the biggest crypto exchange by trading volume in the world.
This success did not come by luck as so many might think.
Before opening binance, Changpeng Zhao in 2005 had opened a trading system for stocks brokers and named it fusion systems.
In 2013, he was also an active and influencial member in blockchain.info
Changpeng Zhao has also worked as a CTO at Okcoin which is also a platform for cryptocurrency transactions.
This numerous amount of experience backed by huge tenacity to change the face of finance with cryptocurrency led Changpeng Zhao to the success that binance has been rated for.
Binance has continued to add value to cryptocurrency through the launch of projects like Binance Smart Chain(BSC), Binance coin(BNB) and other numerous projects.
Binance Sign Up Requirements
Before you can successfully sign up for a binance account, you must have the documents that are required for the process.
The documents required to sign up or open a binance account are;
- An Active Phone Number
- An Active Email Address
- A Strong Password
In order for you to sign up or open an account with binance, you need to use your active phone number or you use a functional Email address.
How To Open A Binance Account
In a very detailed way, you will learn how to open a binance account which will be explained in steps which are;
Step 1: Check If Your Country Is Supported By Binance
One of the most important things you have to consider when opening a binance account is for you to first check if your country is supported by binance.
This is the first step you must take when you want to sign up a binance account.
This will save you the stress of your documents being rejected by binance support when you submit them to verify on binance.
Most of the reasons why binance does not support some countries is as a result of the strict government regulations that is imposed in those countries against the use of cryptocurrencies.
Step 2: Sign up for Binance Account With Your Email or with your Mobile Number
After you have confirmed that your country is supported by binance, the next step is for you to open a binance account.
There are two methods that are available for you to use in order for you to open a binance account.
You can use one of them that is convenient with you for the binance account sign up.
The two methods to use and open a binance account are;
- Sign up for a Binance Account with Phone Number
- Sign up for a Binance Account with an Email Address
Make sure that the email is yours and active as information from binance concerning your account will be sent to the Email address you choose to verify that you are the owner.
Some of these informations will be your binance account verification link which is very important.
Click on the link to Open a Binance Account and then supply your information.
You will get a 10% discount on trading fees when you use the link above to open a binance account.
In this step, make sure that the information that you supply are correct as they will be checked when you want to verify your account.
The email that you supply here will be used for purposes like;
- sending you verifications codes before you log in to your account to help raise your binance account security.
- sending you confirmation codes anytime you want to make a withdrawal from binance,
- sending you updates from binance
- sending you reply from binance support anytime you want to communicate with binance.
After you have selected the method you want to use and open a binance account, go ahead and fill your phone number or Email, choose a strong password and then click the create account button.
In choosing your password to be used, make sure it contains an uppercase, special symbol like @,$,# and also make sure the password has at least 8 characters.
Step 3: Solve Binance Puzzle
After you have successfully filled your Email or phone number data with a strong password, the next thing is to solve a puzzle challenge from binance.
A puzzle challenge from binance will be shown to you to solve to make sure that it is not a robot that is automating the process.
All you have to do is to click and hold the yellow symbol and then move the symbol to align in the position of the white symbol correctly.
Make sure that the yellow symbol fits well into the position of the white symbol that is created for it.
If you do not fit it well into the white symbol position, the system will mark you as a robot and the binance sign up process will not be successful.
Step 4: Confirm Your Email Address
After you have successfully solved the binance puzzle, the next step to follow is for you to confirm the ownership of the email you used to open the binance account.
A code will be sent to your email address for you to use and confirm that the email you selected for use is functional.
To successfully finish this step, go to your email and copy the code that has been sent and then paste it into the email confirmation box.
The code is made up of 6 digits so copy them carefully to avoid being rejected as you open a binance account.
When you have inputted the correct code as sent to your email address, you will be taken to your binance account dashboard.
If you have successfully reached this stage, congratulations as you have successfully created a binance account.
How Long Does It Take To Open A Binance Account
To open a binance account does not take long to start and finish.
You can successfully open a binance account in less than 5 minutes when you have your documents ready.
The only time you might face a delay in creating a binance account is when you do not have the required documents.
When the documents that you have are not accepted by binance like an email or phone number that is not active, your binance account opening will take long.
This is because you will not be able to receive the account confirmation code that is usually sent to your email or phone number.
When this happens, it delays the binance account opening process untill you use documents that are valid.
How Much Does It Cost To Open Binance Account
To open a binance account does not require you to pay any money.
Opening a binance account is completely free irrespective of your location in the world.
How many characters do you need to create a Binance Account?
To create a binance account, you need to create a strong password that has at least 8 characters.
The 8 characters must contain one Uppercase character, one special symbol like $,@,# and also a number.
Advantages And Benefits Of Opening A Binance Account
Opening a binance account comes with a lot of advantages due to what you stand to gain when you open a binance account.
Some of the advantages of opening a binance account are;
1) Access To High Liquidity Of Crypto Assets
Binance holds the record as the crypto exchange with the highest daily trading volume in the world.
When you open a binance account you have access to a high level of liquidity attached to the cryptocurrency that you are trading.
This means that large quantity of crypto assets can be easily bought and also sold on the binance exchange easily.
This will make trading of crypto assets fast even with large amount of transactions without affecting the exchange price of the crypto asset as compared to the price of the crypto asset across other exchanges.
2) High Level Of Security
Across all the crypto exchanges in the world, binance has one of the best exchange security measures put in place to avoid hacking.
With this high level of security, members of binance trade and also store their crypto assets with peace of mind.
3) Access To Lots Of Crypto Assets
When you open an account with binance, you have access to a lot of crypto assets.
Unlike other crypto exchanges that have very little number of cryptocurrencies listed, binance has a whole lot of them to make your trading flexible.
4) Fast Customer Care Response Time
The response time from binance support team is state of the art.
When you create a ticket in order to reach out to the support team at binance, the response time is really fast.
This is a very vital attribute of a crypto exchange as it helps resolve issues early.
5) Easy Access To Crypto Staking
When you open a binance account, you have access to a whole lot of ways in which you can easily earn passive income from staking cryptocurrencies.
In one of our tutorials, Cardano staking on binance has been really explained to help you earn passive income on binance.
6) Access to Binance Flexible Savings
The ability to earn passive income with binance is large when you sign up for a binance account.
Apart from making passive income on binance through cryptocurrency staking, you can also make passive income on binance when you use flexible savings.
Just like cryptocurrency staking, flexible staking gives you the opportunity to earn passive income from binance when you save your coins with binance flexible savings pool.
7) Access To Low Trading Fees
Trading fees is a very vital point of consideration when you are choosing a crypto exchange to use.
This means that the more you trade, the more fees you pay and if the trading fee is high, it distorts your profit margin.
With binance, you have access to a very low trading fee during buyiing and selling of cryptocurrencies.
This has endeared a lot of big traders who trade with big volumes of cryptocurrency to binance as they pay a little fee when they trade their crypto as compared to other crypto exchanges that charge high fees.
You can further reduce your trading fees on binance when you choose to pay for trading fees with BNB which is the native crypto coin of binance.
Limitations Of Binance Exchange
Just like binance has a lot of advantages when it comes to using it for crypto trading and also for other crypto transactions, it also has some limitations.
Some of the limitations of binance are;
1) Limited Supported Countries
The number of countries that is supported by binance is really an issue for people that reside in the unsupported countries.
Majority of the countries that are not supported by binance is as a result of the government regulations on cryptocurrency and policies that the government implements.
These policies make it hard for binance to extend their services to the citizens of such countries.
These policies also make it hard for binance to operate well in these countries thereby affecting a lot of users who would have loved to use binance.
Irrespective of all the success that binance has achieved, it is still striving to be more valuable in rendering service.
Now is the best time for you to open a binance account and enjoy your crypto transactions.
If you have any question about how to open a binance account, comment in the comment box below so as to get a speedy answer.
Read Also: How to Open a Coinbase Account