Binance has served more than 200 million people worldwide. It has created a safe and easy platform for users to trade, buy and sell different kinds of digital coins.
Almost everyone have heard of cryptocurrency because it’s everywhere. Some might have heard it on social media, close friend or a relative.
Understanding how to trade with crypto is important. However, how to actually use it, is a challenge most people encounter. A lot of individuals still don’t know if their countries is banned on the platform and also how to purchase items using cryptocurrency.
That’s why were going to look at Binance, its restricted countries and alternatives, a massive crypto platform that is globally known.
Changpeng Zhao, mostly referred to as ‘CZ’ launched Binance in 2017. Within just few years, Binance has grown to become the biggest crypto platform in the world.
Why do People Use Binance?
People use Binance for the following reasons.
- A Huge Variety: Traders can find more than 350 different kinds of cryptocurrency on Binance. You can find the most sought-after coins, including the newest coins.
- Low Costs: People dislike high fees because it tends to take so much from users, leaving them with little. But with Binance, trading digital coins is very affordable. This platform is known for its low trading fees.
- Education for Beginners: Through the Binance Academy, new users can easily catch up on how to trade cryptocurrency. It has free guides and lessons for beginners. With this, you can quickly learn the foundation of blockchain and trading.
- Multiple Ways to Start: Binance offers traders various ways to funds their account. This gives users the option to use the most convenient payment method, available to them.
When you fully understand Binance, you’ll know that this platform is a whole lot.
With Binance, you can make a long term investment. You can also choose to trade daily. Just have in mind that Binance is an easy access to the crypto world.
To progress further, let’s look at Binance Restricted Countries. However, we’ll first discuss in details what users can achieve with this platform.
What is Binance?
Binance is a large online marketplace for trading digital cryptocurrencies. It allows traders to buy, sell and swap various digital coins.
What Binance Actually Do?
- Buying and Selling: Traders can convert their local currencies like Euros into digital coins. This can be done through bank card or bank transfer.
- Trading: It let’s users swap different coins for another one. This means traders can easily exchange Litecoin for Bitcoin.
- Saving and Earning: Binance has a savings account, where traders can lock up their coins. It’s like keeping part of your asset in a fixed deposit which allows you to earn interest over a period of time.
- Safe Storage: Binance provides a safe digital wallet where traders can store their coins after purchase.
- Direct Trading (P2P): It provides a means where users can trade coins directly with the buyer or seller. This helps to ensure both parties have what they agreed on.
How Binance Works
Create an Account
- Sign up directly on the webite or download the Binance app.
- Use your email address and phone number to create your account.
- Fill in other details to complete your profile.
Confirm Who You Are (KYC)
- Every user must verify their account by uploading a picture ID and a self portrait picture. This is in accordance with Binance law.
Add Money or Crypto
To start trading, you’ll have to fund your account. This can be done in two ways:
- Deposit Money: Traders can fund their account directly with real money. Use either your bank transfer or card to deposit real money into your account.
- P2P Trading: Traders can purchase crypto directly from another trader on the app. Then use it to fund your account.
Buy Your First Coin
- With funds in your account, go to the ‘Buy’ section.
- Select any coins you want.
- Type in how much you’re willing to spend on the coins.
- The app will display how much Bitcoin you’ll get in exchange for your money.
Trading or Swapping
- Use the ‘Convert’ or Trade’ button to swap cryptocurrencies.
Keep it Safe or Earn Interest
- Wallet: Any coins you purchase stay in your Binance “Wallet.”
- Earn: Put any coins you’re not ready to sell yet into the Binance Earn. This will pay you a small amount of extra crypto everyday.
Taking Money Out
- To get your money back, sell your crypto. Then send the money to your bank account.
- You can also use P2P to sell directly to someone in exchange for cash.
List of Binance Restricted Countries
Below is the list of Binance restricted countries:
- United States
- Canada
- China
- Netherlands
- Russia
- Bolivia
- Cuba
- Iran
- Iraq
- Nepal
- Philippines
- Afghanistan
- Bangladesh
- North Korea
- Syria
- United Kingdom
- Nigeria
- Australia
- Singapore
- Germany
- Italy
- France
Note that the list of these Binance banned countries may be changed in the future so i suggest to always check on the platform.
Visit the official website at www.binance.com
Popular Binance Alternatives:
- Bybit.com
- Coinbase
- Kraken
- Bitget
- OKX
List of Binance Restricted States in the USA
The Binance.US, is what’s available to U.S. residents. The global Binance platform isn’t. This means that the United States is among the Binance restricted countries.
However, the partner exchange, Binance.US, isn’t accessible to all the U.S. states and territories. This is due to license requirement.
States Where Binance Restricted in US
- Florida
- Georgia
- Hawaii
- Maine
- Alaska
- Connecticut
- New York
- Oregon
- Texas
- Vermont
- North Carolina
- North Dakota
- Ohio
- Washington
U.S. Territories Restricted
- Northern Mariana Islands
- American Samoa
- Guam
- U.S. Virgin Islands
States with Partial Service
- Kansas and Wisconsin
- Louisiana
Conclusion
Trade cryptocurrencies on Binance, the world’s largest-scale crypto platform. Binance is a platform that has made trading very simple for traders. For new beginners, there’s a Binance Academy that guides new traders on every step they need to take to ensure they become successful traders.
This platform is quite huge, easy to understand and use. Traders can buy, sell, invest and swap various cryptocurrencies.
Unfortunately, those in Binance restricted countries can’t be part of this trading platform.
In addition, apart from being a well-recognised platform, Binance offers low fees to traders. It also uses very tough security measures to protect users’ accounts.
Finally, when dealing with money, choose Binance, a top priority trading platform.