The world of cryptocurrencies continues to expand, gaining increasing relevance in global finance. As a result, platforms like Binance have become essential tools for traders and investors. Binance is a comprehensive exchange that supports a wide range of payment options, including fiat currencies and crypto assets. One of its key advantages is its low transaction fees compared to similar platforms.
Officially launched in July 2017 in China by Chinese-Canadian entrepreneur Changpeng Zhao, Binance began with a $15 million funding round from various sources. However, when China banned cryptocurrency trading that same year, Zhao relocated the company to Japan. By March 2018, Binance had become the world's largest exchange by trading volume—a position it still holds today. The platform has since expanded its operations to multiple regions, including Taiwan, Bermuda, Israel, Malta, and several European countries.
Using Binance in Venezuela
Binance enables users in Venezuela to buy and sell cryptocurrencies like Bitcoin and Ethereum using bolívares (VES) through bank transfers or mobile payments. The platform provides a digital wallet for storing crypto assets.
In April 2020, Binance added the bolívar to its peer-to-peer (P2P) system, allowing users to exchange VES for cryptocurrencies like BTC and BNB. The company actively seeks local P2P traders with stable sources of cryptocurrencies and bolívares, offering them benefits such as zero security deposits, no transaction or advertising fees, VIP discounts, and exclusive customer support.
Binance also supports trading operations, enabling users to invest based on market analysis, calculations, and probabilities. All transactions can be conducted via its mobile apps for Android and iOS.
How to Register on Binance
To create an account, visit the Binance website and click on the registration option. You will need to provide an email address or mobile number, create a password, and accept the terms of service. After completing a simple CAPTCHA puzzle, you will receive a verification code via email or SMS. Enter the code to activate your account.
New users are then guided through a "First Steps on Binance" tutorial, which covers essential procedures like depositing cryptocurrencies, buying crypto with a credit card, and using the P2P marketplace.
Account Verification Tiers
After registering, users can verify their accounts to unlock higher limits and additional features. Binance offers three verification levels: Basic, Intermediate, and Advanced.
Basic Verification
This requires minimal personal information and takes up to one day to approve. Benefits include:
- Unlimited cryptocurrency deposits
- Daily crypto withdrawal limit of 2 BTC
Intermediate Verification
This level requires submitting a national ID and a facial photo. Approval takes up to 10 days and provides:
- Daily fiat deposit limit of $50,000
- Monthly fiat withdrawal limit of $500,000
- Unlimited P2P transactions
- Daily crypto withdrawal limit of 100 BTC
Advanced Verification
Users must provide proof of address in addition to the Intermediate requirements. Approval takes up to 10 days and grants:
- Daily fiat deposit limit of $200,000
- Monthly fiat withdrawal limit of $2,000,000
- All benefits from previous verification levels
👉 Explore advanced verification methods
Depositing and Withdrawing Funds
Depositing Funds
- Navigate to the "Wallet" section and select "Fiat and Spot."
- Choose the "Fiat" tab and select your currency.
- Enter the deposit amount and click "Continue."
- Transfer funds using the provided payment details.
Withdrawing Funds
- Go to "Fiat and Spot" > "Withdraw."
- Select your currency and choose "Bank Transfer (SEPA)."
- Enter the withdrawal amount and click "Continue."
- Provide your account information (the recipient name may auto-populate).
- Confirm all details and click "Confirm."
Additional Features of Binance
Beyond trading, Binance offers several tools and resources:
- Exchange: facilitates currency swaps and provides real-time crypto market analysis.
- Academy: offers educational content on cryptocurrencies and blockchain technology.
- Info: displays real-time coin prices, market trends, and percentage changes.
- Careers: features job opportunities and industry studies.
- Support: provides technical assistance and FAQs.
- BCF: highlights Binance's charitable projects and donations.
- News: covers updates from Binance and the broader crypto industry.
Frequently Asked Questions
Is Binance available in Venezuela?
Yes, Binance supports Venezuelan bolívares (VES) for P2P transactions, allowing users to buy and sell cryptocurrencies using bank transfers or mobile payments.
What are the benefits of verifying my Binance account?
Verification increases your deposit and withdrawal limits, enhances security, and unlocks additional features like higher transaction caps.
How do I deposit funds using bolívares?
Select "Fiat and Spot" in your wallet, choose VES as the currency, enter the amount, and follow the instructions to complete the bank transfer.
Can I trade on Binance without verification?
Yes, but with limited functionality. Unverified accounts have restricted withdrawal limits and cannot use fiat services.
What cryptocurrencies can I trade on Binance?
Binance supports over 100 digital assets, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
How secure is Binance?
Binance employs robust security measures, including two-factor authentication (2FA), cold storage for funds, and advanced encryption protocols.