HomeFintechFirst steps in Binance: how to buy cryptocurrencies from Venezuela

First steps in Binance: how to buy cryptocurrencies from Venezuela

The exchange has become an alternative to receive payments in cryptocurrencies and convert them to bolivars

The immense and volatile world of cryptocurrencies asked for a platform that would allow them to buy, sell and save these assets, with low commissions and anywhere in the world. It was under this premise that Binance emerged, the largest and most popular exchange in the entire crypto market.

Knowing how it works and what benefits it has is important to enter the world of cryptos. For that reason, in this article you will learn everything about Binance: pros, cons, advantages and how it works.

What is Binance exactly?

Launched in 2017, Binance is a cryptocurrency exchange created by Chinese-Canadian Changpeng Zhao. It emerged in China, but due to government regulations, it had to move its offices to Japan. Currently, it has alliances in countries such as Malta and Israel.

It is considered the largest exchange of all, with the largest trading volume in the world, this after trading more than 600 cryptocurrencies (BTC, USD, DOT and SHIB among them), with some of the lowest commissions in the market.

The platform registers an average of 70.000 million euros in trading volume in 24-hour periods, records that have led it to gain the trust of more than 90 million users around the world.

Although it was born with the mission of buying and selling cryptocurrencies, Binance later became an ecosystem where users can trade (intelligent buy-sell), earn crypto rewards, trade non-fungible tokens (NFT), use the P2P market , transfer crypto to third parties on Binance and join their academy.

Can I exchange cryptocurrencies for bolivars on Binance? 

The platform has its own P2P marketplace, designed for person-to-person trading. In it, it is possible to buy or sell cryptocurrencies to third parties on Binance, receiving bolivars in exchange in the case of sale. 

For this, each user has a P2P wallet in which the total balance in foreign currency is reflected (the total amount will be the equivalent of the value of each crypto in physical currency).

The cryptocurrencies are sold at the price offered by the buyers on the platform (usually with a minimum difference) and the user receives bolivars as a form of payment through mobile payment, bank transfers or cash, for the latter it is necessary to agree on the delivery with the buyer.

Binance P2P market Venezuela

The cryptocurrencies are not released until the seller indicates that they have received the agreed payment. Which makes transactions much more secure. 

In Venezuela, operations within the platform are carried out without major inconveniences, admitting almost all banking entities: Banesco, Banco de Venezuela (BDV), Mercantil, Provincial, Bancamiga, Bancaribe, Banco Nacional de Crédito (BNC) and more; including Zinli, Ubii Payments, Zelle and Skrill.

Who can have a Binance account?

By belonging to the blockchain scheme and based on the democratization of finance, Binance is open to everyone who wants to have an account, regardless of whether they are minors.

It is enough to have email, mobile device, telephone number and valid identity document. 

Why use Binance?

  1. Low commissions: Unlike other platforms, Binance offers the lowest fees of all at less than 0,10%. In fact, it does not charge commissions for converting cryptocurrencies, depositing them or selling them in P2P Commerce.
  2. Access: To register and use Binance, no funds are required. It's free, you don't charge for membership.
  3. Payment methods: Binance supports more than 150 payment methods and offers more than 50 fiat currencies such as dollars, euros, and bolívares, among others.
  4. Speed: The Binance blockchain is capable of processing up to one million transactions per second, under a secure scheme.
  5. Reliability: As the platform with the highest trading volume in the world, it is trusted and supported by the large cryptocurrency community.
  6. Training: The platform features Binance Academy, a free learning center for everyone who wants to learn about cryptocurrencies and blockchain.
  7. Safety: Binance owns the Trust Wallet, a crypto wallet that allows you to safely store, buy and sell cryptocurrencies.
  8. Rewards: Users can earn rewards by inviting their friends, family and acquaintances to sign up for Binance.

How does Binance work?

Anyone who wants to buy and sell tokens through Binance must register on their website or App available for Android and iOS. These are the steps you must follow:

1. The user can register with their email, phone number or Apple or Google account.

steps to register in binance from Venezuela
how to register on Binance from Venezuela

2. After defining what you want to register with, you need to define a password. This must contain at least eight characters, an uppercase letter and a number. If you are entered as a referral by someone else, you must provide your referral ID.

Create user in binance from Venezuela

3. The next thing is to receive the six-digit verification code by phone or email. Clever!

login to Binance from Venezuela

Upon completion of these steps, the account will be successfully opened, but the user will not be able to make transactions until the registration verification phase is completed. For this, you can do: 

Intermediate Verification: The level allows a limit of $50.000 per day, to access it, the identity verification process must be carried out, following these steps: 

4. The user must provide a photo of their national identity document or passport, taken in real time. 

5. Subsequently, it will be necessary to upload a photo of the account holder, also in real time. In it, you must hold the document entered in step 4, that is, ID or passport. 

account verification on binance

6. Next, facial recognition will come. 

If the documents issued are approved by the platform, all services can be used satisfactorily. 

Likewise, there is the type of advanced verification, very similar to the intermediate process, with the difference that some type of invoice or receipt must be provided that reflects the user's address. At this level it is possible to withdraw up to $200.

What cryptocurrencies does Binance hold? 

Binance works with more than 600 cryptocurrencies, but the main ones it converts are:

  • USDT.
  • BTC.
  • ETH. 
  • DOWRY.
  • BNB.
  • XRP.
  • DOGE.
  • SHIB.
  • ADA.

How to buy/sell cryptos on Binance in Venezuela?

Venezuelan users can buy or sell the cryptocurrency of their choice on Binance through the “P2P Account” section, which allows the use of bolivars (VES) and does not charge a commission.

These are the steps to follow:

  1. Before starting the transaction, the user must register a bank account or mobile payment on the platform, of which they must be the owner. In this, all payments for cryptocurrencies sold in the P2P market will be made. 
  2. Then you must choose the cryptocurrency to buy / sell. Many people in Venezuela usually buy USDT first and then make the exchange on Binance to BTC, ETH, etc. Regardless of the option you choose, you will need to define the payment method.
how to buy cryptocurrencies from Venezuela

3. Binance will show a list of users with whom the operation can be carried out. It is always recommended to choose verified accounts, with a high percentage of reputation. When selecting the user and defining the amount to buy, the person's data and a private chat between the two parties will then be displayed.

steps to buy cryptocurrencies from Venezuela

4. When doing the operation, the user must confirm receipt of the money or cryptos, entering a code sent to their phone or email. 

It is suggested – for those who sell their cryptos – to check the bank account and verify that the agreed amount has arrived. It is also valid to send screenshots of the operation through the chat. Once this is done, the user must click "release" and the cryptocurrencies will fall into the person's account.

buy cryptocurrencies from Venezuela Binance

Medical AttentionNote: Never make a deposit if the person you're trading with asks you to transfer to a bank account that belongs to someone else. If that happens, Binance recommends canceling the trade and finding another buyer/seller. It could be a scam.

Another way to buy cryptocurrencies is through direct shipment between Binance user wallets. Yes, all accounts have a unique wallet number.

To find out the wallet number, go to:

  • “Overview” section, “Wallet” and then “Fiat and Spot”.
  • Already in that part, the user must click on the “Deposit” option, where the address of his wallet will appear. 
  • You should copy it as it is and send it to the person who will make the transaction.

Click on “Deposit” to see Wallet number

Important: For this type of operation it is recommended to do it between trusted people, not with strangers.

Commissions on Binance

  • Withdrawal Commission: The fee varies according to the cryptocurrency to be transferred.
  • CBuy with credit card: Purchases of cryptos with plastic in credit have a commission of 4,50% of the investment.
  • Trading operations: The system charges 0,10% on these operations, while it goes to 0,50% for instant purchase and sale.

What can be done on the exchange? tools available

The Binance platform has a diverse menu serving all users. In addition to P2P Commerce and what you have read so far, the platform also allows:

  1. Analysis and information about cryptocurrencies.
  2. BCF, Binance's Charitable Foundation.
  3. Launch Pad, the platform that allows users to launch their own tokens.
  4. Trust Wallet, the official wallet of Binance.
  5. Funds section to view deposits and withdrawals.
  6. Solution to user problems.
  7. News. Real-time information about Binance, alliances, contests, rewards, etc.
  8. Markets and Trading. It offers more advanced options for token exchange.

Advantages and disadvantages

Advantages

  1. It allows you to operate with more than 100 cryptocurrencies, a plus to diversify finances.
  2. Very low commissions and many exempt, as is the case with P2P.
  3. It offers analysis about the market, which gives the user the opportunity to make a clearer decision about their investment.
  4. Many businesses in the world, including Venezuela, receive cryptocurrencies through Binance.
  5. Gifts, an important stimulus for the community.
  6. Opportunity to earn tokens in different ways.
  7. The App is quite complete, you just have to know how to use it.

Disadvantages

  1. It tends to be complicated for many users who are not familiar with the crypto market.
  2. Customer service is not always timely.
  3. They have fallen victim to hackers, but Binance has responded to affected users.
  4. The App does not run very fast on devices with low RAM.

How much money can be traded on this platform?

The amount of money that can be moved on Binance will depend on the user's verification level.

  • Basic: It is possible to withdraw 2 BTC daily. 
  • Intermediate: You can withdraw $50 daily and up to 000 BTC daily.
  • Advanced: The holder of cryptocurrencies is entitled to withdraw up to $200.000 daily and two million dollars per month.

Binance is quite a diverse exchange and cannot be 100% mastered in a matter of days. With this information, you will have enough resources to decide if it is in this exchange where you want to manage your cryptos. 

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