Is it still possible to use Binance without verification? The short answer is ‘Yes’. To go further, there are still dozens of exchanges that you can access without having to risk your personal documents and identity. And Binance is on the list.
All you need to do is to sign up using our referral link to get 20% cashback and get a 45% discount on Binance trading fees forever. Just make sure you are engaged in crypto-to-crypto trading with not more than 2BTC worth of trades a day.
Does Binance require verification?
What is Binance account verification?
Know Your Customer (KYC) legislation requires businesses to verify the identity of individuals using their service, particularly where the transmission of money is involved. Including digital currencies. As a result, the majority of crypto exchanges now enforce KYC. However, it is not mandatory to use a KYC exchange to trade. A number of exchanges legally operate in jurisdictions that do not mandate KYC or have no official headquarters, placing them in a grey area in terms of legal obligations.
There are 2 levels of verification at Binance, Level 1 which is unverified and Level 2 which is verified. In order to increase your withdrawal limits, you need to have your account verified. Binance verification documents should provide the following information:
- Country of residence
- First name
- Last name
- Gender
it’s necessary to submit 1 or 2 pieces of government-issued ID documents such as:
- Passport
- Driver’s Licence
- Medicare card
Address verification is also necessary. Applicants may submit different documentary proof. Some examples include a utility bill, account statement from a different bank or credit card issuer, or a lease agreement.
Each account is linked to a mobile number, and users should ensure to use the mobile number provided when first completing the verification process. Anyone choosing to use a new mobile number will be required to complete the ID verification process once again.
You will also be asked to take a selfie with your ID. Make sure it is a high-quality picture where it is easy to compare you and your picture on your piece of ID.
When verification is not required?
As I have mentioned earlier, account verification can be required or optional. All crypto-to-crypto transactions do not require any verification. According to the Binance Terms of Use, upon completion of the registration and identity verification for your Binance account, you may conduct Crypto-to-crypto Trading on Binance in accordance with the provisions of these Terms and Binance Platform Rules.
When verification is required?
Binance is a big international platform with multiple features and different types of operations. And each type of transaction may have its own requirements regarding user verification.
- Fiat Trading
As you may know, the platform has recently introduced a new payment processing company Simplex. It means that users can buy cryptocurrencies with their credit cards directly on Binance.com.
However, here is the drawback. If you plan on using your credit card, you will have to complete identity verification for your Binance Account. And only then you will get access to fiat transactions
- Futures Trading
Unless otherwise specified by Binance, to conduct Futures Trading, you must conclude with Binance a separate Binance Futures Service Agreement and open a special Collateral Account, following the completion of registration and Binance account verification.
- Margins Trading
Margin trading is a method of trading assets using funds provided by a third party. When compared to regular trading accounts, margin accounts allow traders to access greater sums of capital, allowing them to leverage their positions. Essentially, margin trading amplifies trading results so that traders are able to realize larger profits on successful trades. This ability to expand trading results makes margin trading especially popular in low-volatility markets, particularly the international Forex market. Still, margin trading is also used in stock, commodity, and cryptocurrency markets.
Prior to conducting Margins Trading, you must open a special Collateral Account and/or complete other related procedures, following the completion of registration and identity verification for your Binance Account.
- Binance Lending Services
Binance Lending lets you easily grow your wealth by accruing interest on your funds. Essentially, you’re lending your assets to margin traders on the platform, and they pay interest to you in return for borrowing your funds.
There are two types of lending products on Binance Lending: Fixed Deposits and Flexible Deposits. Fixed Deposits mean that you subscribe (lock) your funds for a predetermined amount of time and interest. In contrast, Flexible Deposits allow you to withdraw your funds at any time, and the interest rate changes over time. Since you have the flexibility to access your funds, the interest rates will subsequently be lower for Flexible Deposit products.
To borrow currencies, you should complete identity verification for your Binance Account.
- Binance Savings Service
Binance offers Binance Savings, a service to provide Users with value-added services for their idle Digital Assets. It is similar to your regular bank savings account.
- Choose from a wide suite of crypto saving options. Available in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and more.
- Hold your funds in the Binance Savings product you are subscribed to and grow your wealth.
- Get earnings. Interest will be distributed to you every day (for Flexible Savings) or on the redemption date (for Locked Savings) automatically.
To use the Binance Savings service, you must conclude with Binance a separate Binance Savings Service User Agreement and open a special Binance Savings service account, following the completion of registration and identity verification for your Binance Account.
How to use Binance without verification?
It’s quite simple to use Binance without verification. Just follow these three steps:
Step 1. Register
Create an account on Binance by signing up with your email address and choosing a password. If you feel like getting some extra money and trading discount, I would recommend using our referral link. Your 20% cashback will be automatically applied to your account and you will save 45% on your trading fees forever.
You can also use this link to share with friends who are crypto enthusiasts to get an additional reward.
Step 2. Make a deposit
Deposit funds onto Binance by going to “User center” -> “Deposits and withdrawal” -> “Funds.” Click “Deposit” on the cryptocurrency you want to deposit to see the address you should send funds to. You can either copy and paste it or use the QR code.
If you already have some crypto on your Coinbase account, check this article to find out how to transfer the funds.
Step 3. Start trading
Browse the markets and select your desired crypto-to-crypto trading pair to get started. You can place orders on the basic trading page, or you can find additional options such as stop limits on the advanced orders trading page.
Summary
Binance is one of those rare exchange platforms where one can still trade cryptocurrency without going through the verification and providing all the personal information. Cease your chance!