Binance questions - page 2. | Bitcointalksearch.org

9thsky

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Quote from: Insanerman on February 04, 2021, 03:51:22 PM

Quote from: 9thsky on February 04, 2021, 08:14:29 AM

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Overall answer: you can use Binance without KYC yet it is preferable to do KYC once you would have a huge balance in your wallet. They would only require important IDs such as Driver's License and some selfies for a simple KYC verification. It would all depend on how much you can risk your data and money onto their system. I've been using it without KYC and I still encounter no problem so far. But again, if you are wealthy enough and would transfer mostly with huge funds, betterr to do KYC. And yes, Referral codes do gives those referrers a little bonus from each and every trade you make.

Out of curiosity, what do you consider huge funds?

Insanerman

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Quote from: 9thsky on February 04, 2021, 08:14:29 AM

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Overall answer: you can use Binance without KYC yet it is preferable to do KYC once you would have a huge balance in your wallet. They would only require important IDs such as Driver's License and some selfies for a simple KYC verification. It would all depend on how much you can risk your data and money onto their system. I've been using it without KYC and I still encounter no problem so far. But again, if you are wealthy enough and would transfer mostly with huge funds, betterr to do KYC. And yes, Referral codes do gives those referrers a little bonus from each and every trade you make.

9thsky

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Quote from: target on February 04, 2021, 01:38:31 PM

It's already 2021, its been known to everyone already that all centralize exchanges like finance will ask KYC, they may allow you to trade and deposit coins but a time comes you wanna withdraw, that's where you will need to submit KYC documents.

If you are not willing to share your data, it's best to just stick to the dex or swapping platform, its got a high transaction fee but you are safe. It's fair.

Just trying to understand how they work so I am informed. Didn't say I wasn't willing to share my data.

target

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It's already 2021, its been known to everyone already that all centralize exchanges like finance will ask KYC, they may allow you to trade and deposit coins but a time comes you wanna withdraw, that's where you will need to submit KYC documents.

If you are not willing to share your data, it's best to just stick to the dex or swapping platform, its got a high transaction fee but you are safe. It's fair.

9thsky

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Quote from: Bitcoin_Arena on February 04, 2021, 08:39:11 AM

snip

Quote from: tranthidung on February 04, 2021, 09:59:47 AM

snip

Thanks for the info guys!

OK, let's see if I got this right...

1) I can deposit as much BTC as I want and trade as much as I want and withdraw as much BTC as I want per-whatever time period with a non-KYCed account, correct?

2) I can buy and sell without KYC whatever stablecoins/cryptocurrency Binance offers using whatever cryptocurrency I have, correct?

3) It's (relatively) safe to transfer whatever amount of my BTC to my un-KYCed account, as I would be able to send the original amount plus whatever I earned in trading in Binance to any other wallet of my choosing without having to do KYC, correct?

4) What I would be able to send to another wallet without having to do KYC includes stablecoins that I bought in Binance, correct?

5) What's correct from the above should be correct under normal circumstances, correct?

akar87

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Quote from: 9thsky on February 04, 2021, 08:14:29 AM

1) Do they let your trade without KYC? What's the requirement like for their .com? I heard you can trade €5,000 worth of BTC a day without the need to KYC? Is this still the case?

2) If so, then is it something that they say but later freeze your account with KYC demands even though you kept it under 5k and you didn't break their rules? I mean, sure it "could" happen, but is it common with them?

3) What are the requirements to do so - name, phone number, email only?

4) Can you trade as soon as you sign up (no KYC level)? How long is the signing up process? Does it require approval? Can you sell directly to them?

5) Do they need KYC to withdraw?

6) Is it safe to get referral codes from strangers and use it to sign up?

Thanks all!

Binance have limited withdraw above 2 bitcoin in daily day if you not pass your KYC, you available not submit KYC on binance exchange just added 2fa so you available trade and withdraw on Binance, there not have any specification rule have to pass KYC for withdraw and trade on Binance, but if you wanna increase your limited withdraw you should pass KYC and available with 100 btc every day.

joniboini

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Don't forget to double-check from https://www.binance.com/en/support/faq, since their regulations might change without notice. It might be a good idea to read the full TOS or FAQs for any service you wanted to use in the future even if it takes some time to read.

tranthidung

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Quote from: 9thsky on February 04, 2021, 08:14:29 AM

1) Do they let your trade without KYC? What's the requirement like for their .com? I heard you can trade €5,000 worth of BTC a day without the need to KYC? Is this still the case?

You have to do KYC if you trade with Binance P2P (peer-to-peer) or OTC trading but I don't see any rule on KYC with trading limit.
They will give you a pop up message for Trading requirements, in which you see "Complete KYC Verification"

P2P Binance's' rule

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Identity Verification

Before you can start trading on Binance P2P, you need to complete identity verification, also known as KYC (Know Your Customer). KYC assures that users trade with their authentic identities, and Binance reserves the right to investigate.

OTC trading rule

Quote

To trade OTC, your Binance account needs to be verified.

With non P2P trades, you don't have trading limits per day.

Binance does not require you to do KYC but if you don't, your daily withdrawal limit is 2 BTC. If you withdraw more than 2 BTC per day, they will require you to do KYC.
Read:

Quote

If you have not completed the identity verification for your account, your withdrawal limit is set to 2 BTC for every 24 hours.

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2) If so, then is it something that they say but later freeze your account with KYC demands even though you kept it under 5k and you didn't break their rules? I mean, sure it "could" happen, but is it common with them?

They have rules to suspend or cancel your account ^[1]but it is different than KYC requirement for > 2BTC withdrawal per day. If you don't do KYC, you can wait for next day to continue your withdrawal.

[1] https://www.binance.com/en/terms

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1. Suspension of Binance Accounts
2. Cancellation of Binance Accounts

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3) What are the requirements to do so - name, phone number, email only?

When you register your account, you can use your email or your phone number.

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4) Can you trade as soon as you sign up (no KYC level)? How long is the signing up process? Does it require approval? Can you sell directly to them?

Create your account is easy, and fast and you can go to trade very quickly after you finish your registration.

Binance don't buy any crypto from users (but I could be wrong).

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5) Do they need KYC to withdraw?

Depends, see above.

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6) Is it safe to get referral codes from strangers and use it to sign up?

I don't see any risk. If you use a referral code from someone else, that person (that account) will receive passive income from your finished trade. That's all.

janggernaut

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Since bitcoin arena has answered all question, i would like Op to aware with any kind of phising site of binance. Make sure you visit

Code:

accounts.binance.com

Don't ever logged or signed up through other link except that

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

Quote from: 9thsky on February 04, 2021, 08:14:29 AM

1) Do they let your trade without KYC? What's the requirement like for their .com? I heard you can trade €5,000 worth of BTC a day without the need to KYC? Is this still the case?

Yes you can trade minus KYC so long as it doesn't involve depositing and withdrawing fiat

Quote from: 9thsky on February 04, 2021, 08:14:29 AM

2) If so, then is it something that they say but later freeze your account with KYC demands even though you kept it under 5k and you didn't break their rules? I mean, sure it "could" happen, but is it common with them?

It isn't common. I traded on Binance for 3 years, and they never froze my account.

Quote from: 9thsky on February 04, 2021, 08:14:29 AM

3) What are the requirements to do so - name, phone number, email only?

That's pretty much it and maybe country and address.

Quote from: 9thsky on February 04, 2021, 08:14:29 AM

4) Can you trade as soon as you sign up (no KYC level)? How long is the signing up process? Does it require approval? Can you sell directly to them?

Signing up take a few minutes, no approval needed except email verification. You can trade as soon as you set up your account

Quote from: 9thsky on February 04, 2021, 08:14:29 AM

5) Do they need KYC to withdraw?

Crypto withdrawals below a daily limit of 2 BTC don't need KYC
Fiat withdraws will need KYC

Quote from: 9thsky on February 04, 2021, 08:14:29 AM

6) Is it safe to get referral codes from strangers and use it to sign up?

It's safe.

9thsky

member

Activity: 240

Merit: 54

1) Do they let your trade without KYC? What's the requirement like for their .com? I heard you can trade €5,000 worth of BTC a day without the need to KYC? Is this still the case?

2) If so, then is it something that they say but later freeze your account with KYC demands even though you kept it under 5k and you didn't break their rules? I mean, sure it "could" happen, but is it common with them?

3) What are the requirements to do so - name, phone number, email only?

4) Can you trade as soon as you sign up (no KYC level)? How long is the signing up process? Does it require approval? Can you sell directly to them?

5) Do they need KYC to withdraw?

6) Is it safe to get referral codes from strangers and use it to sign up?

Thanks all!

Topic: Binance questions - page 2. (Read 290 times)