There are a growing number of cryptocurrency exchanges out there, and Binance is one of the fastest growing. In just a short amount of time, it has evolved into a top 10 exchange when looking at volume. While there have been some bumps in the road at times since launching in 2017, the Binance Verification Time seems to continually be a hot topic for those just starting out. Here is what to expect with the company as a whole.
Signing up on Binance
Signing up for a Binance account is a pretty straightforward process. First, a person needs to just create an account to be used on the exchange. After that, a person is thrown into verification level 1. A person does not have to fully verify their account at this point, but it does have a limit of 2 BTC per day with withdrawals.
In order to have the ability to withdraw 100 BTC a day, a more detailed verification process is needed. Reaching level 2 means that a person will need to upload identification and wait for approval. There will also be an email sent for additional verification to complete the registration. For another layer of security, a person can set up a two-factor authentication by enabling the SMS authentication.
How Long does it usually take to go through the Binance Verification process?
The verification process seems to vary quite a bit, but at most it should probably take about a week. If the support staff helping to run the site is not too backed up, they can push the verification through in just a few days. It just is tough to judge at times, so people should give themselves at least a week.
The good news is that a person is allowed to trade without verification, but there is of course a limit not being able to withdraw more than 2 BTC per day can really put a damper on things, but it is usually only temporary as a person goes through verification.
Common issues of ID Verification during Process
Getting verified can sometimes be complicated because of a few common issues. It is nothing that can’t be corrected, but people should be aware when going through everything.
The ID verification process should only take 15 minutes at the most, and people are encouraged not to refresh their browser. If they do, or they take longer than 15 minutes, there is a 30 minute wait before a person can try again.
Submitting the documents needed is straightforward for the most part, but some of the most common issues are still prevalent. Here is a list of things people should always keep in mind when sending in the application.
Only photos in PNG or JPEG format are accepted.
All photos must be clear, in high-resolution and with all information displayed.
Photos can not show any signs of editing.
Only color photos are accepted.
A person’s face must be completely visible.
Only one person is allowed in the photo.
Only original documents can be presented.
The ID in the photo must be valid.
The handwritten note must have the word “Binance” on it with the exact date it is sent in.
Most people seem to get tripped up with the sign. It should not be blocking a person, and it needs to be in focus as well. This is very important to tell that the picture is current.
Binance Support – How to Get in Touch
Getting support from Binance is best done by calling them at 1-800-805-3811. They will be able to assist people who are having trouble either with the verification process, or just when using Binance in general. They have standard work hours, so keep that in mind when looking for assistance.
For slower assistance, a person is able to submit a request on Binance for answers. Support tickets usually take about 48 hours for a response. The company has not said whether or not they have ruled out live chat support in the future, but as of right now it is not available.
Binance vs. the Competition
With Binance being one of the newest exchanges out there, people are always comparing it to some of the top competitors out there. While it might not be the consensus number one option for exchanges at this point, it certainly is carving out its own little space.
Since it is a new exchange, there are still a ton of points available for purchase. People still have the opportunity to get in on everything early on. The Binance Coin is also very useful because it allows people to save on trading fees instead of using other options.
One other thing that sticks out for Binance when compared to all the others is that they have what is called the Secure Asset Fund for Users. This takes 10% of all trading fees as a collection for the company to hold in case of a hack. If a hack happens at other exchanges, a lot people are simply out of luck. This is some nice insurance for those who want to feel a little bit more comfortable.
Binance vs. Coinbase
Coinbase is one of the most well known companies connected to cryptocurrency out there. Founded in 2012, it is one of the originals in this industry. It has a high amount of trust in the industry, and user reviews are solid.
One negative for Coinbase is that their fees are medium to high for the industry. Meanwhile, Binance can bring people in with their very low fees. Those fees really add up, especially for the power users.
Binance deals with cryptocurrency only for withdrawals and deposits, while Coinbase offers more traditional options. Finally, some people trust companies based in the USA more, so while Coinbase is in San Francisco, Binance is based in Malta.
Binance vs. Poloniex
Poloniex is a smaller option for people to consider, but unfortunately it doesn’t stack up against Binance too well. For starters, they don’t support nearly the same amount of cryptocurrencies out there. The lack of an app also really hurts them.
Poloniex has developed a reputation for having terrible customer support, which really hurts them in the long run as well. Despite being a company based in Hong Kong and Tokyo, Binance has very good customer service.
Binance wins the fees competition, but not by much. Poloniex fees go up to 0.25%, but they can sometimes dip to where Binance is at 0.1%.
The only real advantage Poloniex has is that they were founded three years before Binance. Other than that, Binance wins this head to head battle.
Binance vs. Bitfinex
With both companies based in the same relative area, Binance and Bitfinex get compared quite a bit. They also are probably two of the most similarly run exchanges, with just a few minor differences.
Bitfinex, which launched in 2012, allows for wire transfers for deposits and withdrawals. With Binance, people can only use cryptocurrency.
The fees are low for both, but Binance once again wins this battle. It is simply impossible to find a well known exchange with fees at 0.1%. The company has also been able to gain a lot of trust from customers because of their ability to keep that rate where it is. Meanwhile, Bitfinex only has an average trust rating when looking at reviews online. They simply do not deliver as good of a customer experience overall for people.
Arnold Webb received a Masters Degree in Computer Science from Harvard University. Arnold currently is a full-time researcher and trader in the cryptocurrency industry. Arnold contributes content to CryptoCelebrities.co, The Bitcoin Magazine and several other publications.