Topic: Binance is it required to verify account to withdraw coins? (Read 355 times)
I transfered some funds to my unverified binance account for trading, after making some profits I applied for withdrawal which was successful done without any hassle although all account holders are mandated to do google authentication to avoid hacking of accounts.
Most of the beginers will have a good opinion if they need to verify the in order to secure their fund. Even it is a good thought for the people who are holding the coins in the binance, it is good sign to very the account in order to withdraw the coins.
If you want to withdraw higher than 2 BTC, binance is requiring to verify your account for them to know that your account is not a hoax or for security purposes. But if you will just withdraw less than 2 BTC you don't need to verify your account they allow it in a day. Also verifying an account in binance and other exchanges are very easy, you will just provide a valid id together with your photo and a paper that is written the name of their exchanges.
Limit 2 BTC for unverified accounts is very reasonable.
Reasonable? It's insanely high. In current market that equates to an amount of +$18,000 that you can withdraw on a daily basis, which is something I can't see them continue endlessly. I have a basic verified account on Bittrex, and they lowered my daily withdrawal limit to 0.4 BTC! Unverified accounts at Bittrex can't even withdraw anything, which is quite funny and weird. If you can't withdraw anything as unverified user, why would you be able to deposit? It doesn't make any sense. It's something more exchanges do, and I find it quite shady, especially because of the fact that you as exchange are almost knowingly setting up a noob trap. Once people make the mistake to deposit, they will either leave their funds there for ever, or they will have to get themselves verified to get their coins back.
Exactly just what I have in mind. I know it must be written in the terms of agreements, but for some people are too lazy to read, but its also not right for the exchanges to let their unverified clients to deposit only to find out that the funds arent be able to be withdraw. They must've deprived the unverified client in the first attempt of deposit. That's right, this is like a set-up trap for the newbies.
Limit 2 BTC for unverified accounts is very reasonable.
Reasonable? It's insanely high. In current market that equates to an amount of +$18,000 that you can withdraw on a daily basis, which is something I can't see them continue endlessly. I have a basic verified account on Bittrex, and they lowered my daily withdrawal limit to 0.4 BTC! Unverified accounts at Bittrex can't even withdraw anything, which is quite funny and weird. If you can't withdraw anything as unverified user, why would you be able to deposit? It doesn't make any sense. It's something more exchanges do, and I find it quite shady, especially because of the fact that you as exchange are almost knowingly setting up a noob trap. Once people make the mistake to deposit, they will either leave their funds there for ever, or they will have to get themselves verified to get their coins back.
Exactly just what I have in mind. I know it must be written in the terms of agreements, but for some people are too lazy to read, but its also not right for the exchanges to let their unverified clients to deposit only to find out that the funds arent be able to be withdraw. They must've deprived the unverified client in the first attempt of deposit. That's right, this is like a set-up trap for the newbies.
Limit 2 BTC for unverified accounts is very reasonable.
Reasonable? It's insanely high. In current market that equates to an amount of +$18,000 that you can withdraw on a daily basis, which is something I can't see them continue endlessly. I have a basic verified account on Bittrex, and they lowered my daily withdrawal limit to 0.4 BTC! Unverified accounts at Bittrex can't even withdraw anything, which is quite funny and weird. If you can't withdraw anything as unverified user, why would you be able to deposit? It doesn't make any sense. It's something more exchanges do, and I find it quite shady, especially because of the fact that you as exchange are almost knowingly setting up a noob trap. Once people make the mistake to deposit, they will either leave their funds there for ever, or they will have to get themselves verified to get their coins back.
What I know is Bittrex needs a verified account to withdraw our coins but what about Binance exchange?
Now I got one account whether I can use this account without verification?
Now I got one account whether I can use this account without verification?
yeah your correct can not withdraw without indintity verification in bittrex, in binance as I know there are no need to verify your account so far but maybe in the few months if the system upgrade I think the dev's include the identity verification of every user. also poliniex have an limit amount to withdraw if the user are not verified.
unverified accounts can withdraw 2 btc in 24 hours so does this mean we can withdraw 2btc equally in altcoins?
Yeah market price of altcoin will be taken as reference and converted total amount equivalent to btc. You can withdraw multiple altcoin + bitcoin on same day as unverified user upto 2BTC equivalent. Binance can withdraw maximum 2BTC if you don't verify and free trade very cheap so I advise you to use Binance. Both Binance and Bittrex are two decks with a lot of money. 
Limit 2 BTC for unverified accounts is very reasonable. If you really want to trade with a bigger amount of money, then make a verification with Binance, everything is simple and secure so you do not have to worry about your account. What I know is Bittrex needs a verified account to withdraw our coins but what about Binance exchange?
Now I got one account whether I can use this account without verification?
I think binance is very good for very limited transactions.I had been using binance from last 5 months and is working perfectly alright witout any verification.You can use binance with it's complete feature without any verification but for small transactions only and for bigger one verification is must Now I got one account whether I can use this account without verification?
Definitely not as I am using Binance from quite long. They do have a verification process to be done but that is only if you are a big player and make huge transactions like more than 2 BTC. I don't make such big transactions which is why I never bothered to verify my account. Everything just works fine for me. So if you don't make such big transactions then there is no need to verify your account at all.
unverified accounts can withdraw 2 btc in 24 hours so does this mean we can withdraw 2btc equally in altcoins?
Binance can withdraw maximum 2BTC if you don't verify and free trade very cheap so I advise you to use Binance. Both Binance and Bittrex are two decks with a lot of money.
With unverified account you can withdraw upto 2BTC worth of any coins from binance everyday and I am actually using them without any verification. And I am getting all of my withdrawals within few minutes.
I prefer binance over bittrex and poloniex.
I prefer binance over bittrex and poloniex.
What I know is Bittrex needs a verified account to withdraw our coins but what about Binance exchange?
Now I got one account whether I can use this account without verification?
You can freely use Binance because they don't require their users to verify their accounts, you can deposit and trade as much as you want but there is 2 Bitcoin limit on what you can withdraw per 24 hours, so if you want to increase your limit you may want to verify your account, level 2 will increase your limit to 100BTC per day and higher limit for level 3. and it is always recommended to do it in any kind of trading platforms because it will also add security on your account. I just registered in binance a few days ago, and waiting for my account to complete verifiaction. Now I got one account whether I can use this account without verification?
It's not required to verify your account but you have a 2btc withdrawal limit per day if you think you don't exceed the limit better to not verify your account.
Verification at binance is easy and fast frocedure. Takes about 10 minutes for scanning documents and about 8 hours to verificate by support.
Binance allows up to 2 BTC to withdraw without any verification. But if you want to trade freely and beyond this limit then account verification is necessary. Somehow, you can say Binance has some lenient rules for verification as compare to Bitterex. Bitterex sometimes blocks your funds and then ask for verification which is not a good practice.
In several exchanges I have fully verified accounts. For me there is nothing wrong. On the passport application put watermarks and make blurred a few lines. All documents were approved and to use them no one can. I think it would be useful to do with all the documents you provide online.
I think if you seriously want to deal with bitcoin and trade it on the exchange, it should not scare you no verification. On the most popular exchanges they should go to confirm his identity.
Jump to: