Binance is an exchange platform that allows you to trade with different cryptocurrencies including Bitcoin. Even though it is a highly secure platform, the fact that there is not enough information on how the funds are secured can tick you off. There are no functions that enable direct account closure, but you can maneuver with the right guideline. Aside from centralized platforms like Binance, you can also purchase a hardware wallet that allows you to decentralize your funds. Choosing the right hardware wallet ensures you don’t have to worry about PC malware affecting your storage system.
What is Binance? / Introduction to Binanace
Binance is one of the biggest global cryptocurrency exchange platform that allows you to trade with over 100 cryptocurrencies. It was founded in 2018, and today it holds large trading volumes. The CEO, Changpeng Zhao founded the company in China, but it was later moved to Japan following the cryptocurrency ban issued by the Chinese government. Changpeng Zhao is also the founder of Fusion system that has been functional since 2005. Binance is part of the cryptocurrency wallet’s team, and it is a secure exchange platform.
Aside from moving serves to Japan, and establishing offices in Taiwan, Binance also negotiated to trade security tokens in Malta. Binance jersey is an independent entity born out of Binanace in an attempt to expand influence into Europe. In 2018, Binance Uganda enabled fiat-to-cryptocurrency; a major advancement on Binance’s part. This is a high-performance centralized exchange that allows you to trade in digital currency.
Binance has the lowest fees on the market with an excellent trading interface. This is a fast and effective exchange platform that prioritizes security, robustness and execution speed. Binanace serves a variety of cryptocurrencies including bitcoin. The platform has multiple device support including Andriod, HTML5, WebChat and many more platforms. The very high transaction processing speed and the proprietary platform technology makes it a suitable choice.
Binance only provides options for limit and market orders. This is strictly a cryptocurrency only exchange that cannot be funded with fiat currency. It is a Hong Kong-based exchange with relatively low liquidity, and it’s not very accessible to beginners.
Reasons to Close Binance Account
Due to the terms and conditions update on the Binance website, some users might be locked out of their accounts because of their country of birth. Coming from a sanctioned country, you won’t be able to use Binance, but you can access your account and transfer your cryptocurrency to another exchange platform or to a hardware wallet. Consider contacting customer support to find out more about why you can no longer use Binance.
Sometimes, cryptocurrency trends move drastically low, making it tricky to trade in digital currency. In such cases, you may want to delete your Binance account. Besides, even though it is one of the biggest cryptocurrency exchange platforms, on does not always fit all. You can opt for a solution that suits your need. In which case, deleting your Binance account is a reasonable choice.
Some of the things that can result in dissatisfaction include withdrawal issues, technical problems and delays. You can also opt out if the user interface is too complicated for you and you have a hard time finding what you are looking for. It could also be because of the annoying newsletters that keep being sent to your email.
How to Close Binance Account – Step By Step
How the Binance website is set up, you are not allowed to close your account. There are no functions that directly allow you to delete your account, but there is a manoeuvre that works. Remember to withdraw your cryptocurrency before disabling your account as you can use them on another exchange platform. Remember that once you disable your account, the action is irreversible. Make sure it is what you want to do before proceeding with the process below.
• The first step is to log into your account using a different IP Address. This can be done by using a different computer. This action will trigger the system, and you’ll get a notification from
Binance in your account.
• Go to your email and click on the login notification. The email will have a link that says ‘Disable Your Account’ and clicking on this link closes your Binance account. This is How to Delete Binance Account. Clicking on the link automatically freezes your account.
Even though Binance is one of the best exchange platforms globally, feel free to delete your account when you are not satisfied with its performance.
How to Withdraw Your Cryptocurrency from Binance
When closing your Binance account, it is important to remember to withdraw your cryptocurrency first. Below is a step by step guide on how to do just that;
• The first thing you want to do is go to the Binance website; www.binance.com and click login on the menu. Enter your login details and wait for your account to load.
• Once you access your account, click on funds and go to Deposits and Withdrawals. You’ll need to select the coin or token you want to withdraw.
• After choosing the coin or token you want, click on the withdrawal button. Key in the address, tag and amount and then click submit.
• You’ll get a notification from Binance to your registered email address. The email title should be Withdrawal Request Confirmation. Ensure you check to confirm that it is the transaction you intended before proceeding.
• Once you confirm it is the right transaction, proceed with the withdrawal. You can track the progress once the process is complete.
Best Places to Store Cryptocurrency Outside of Binance
When your crypto surges in value, you can opt for decentralized storage that allows you to have your digital currency at hand. Even though centralized platforms offer excellent opportunities to trade and multiply what you already have, the exchange platforms get unsolicited interest from hackers now and then. Even though Binance and other centralized platforms have measures put in place to guarantee the security of your funds, hackers are getting cleverer by the day.
Decentralized storage is safe since it allows you to enjoy convenience, mobility and peace of mind. Consider removing your crypto from an exchange and purchase a wallet that has the best combination of convenience, user-friendliness, security and mobility. Below are suitable options you can go for;
Trezor is one of the first movers in the market that guarantees security and mobility. This hardware wallet has gold standards when it comes to security. With such a wallet, you protect your crypto from virtual and physical theft. This hardware wallet acts as a vault since the malware on your PC does not affect its performance. The superior security features ensure that you rest easy, knowing your digital currency is safe.
• Ledger Nano S
Ledger Nano S is an affordable hardware wallet that is portable and easy to carry around. This is a small sized decentralized storage that ensures your crypto is safe.
Binance Support Review
Binance support is operated by a resourceful team that provides comprehensive run downs for any questions and requests you might have. The highly responsive team is prompt when it comes to delivering professional aid. There is however no live chat for real-time assistance. Binance does not also have a phone number you can use the customer support team. Support tickets are submitted using online forms, and you get a response on your Binance registered email.
Binance is one of the biggest cryptocurrency platforms globally. Even though no function allows you to delete your Binance account, there are manoeuvres that allow you to close your account. Always remember to withdraw your crypto funds before completely freezing your account. When you disable your account, the action is irreversible. You can opt for decentralized storage that allows you to have your crypto on hand.
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.