Guide to the Binance platform for UK users
How UK users can fund their Binance account
Step 1: Register an account
UK Users can register for a Binance account with their email or phone number from the App, website, or desktop app.
Step 2: Complete verification
UK users can complete identity verification on their Binance account to unlock the Fiat deposit and withdrawal limits, which includes verifying their basic account information, providing ID documentation, and uploading a picture.
Step 3: Buy crypto
Users can deposit up to 50+ Fiat currencies, such as EUR, BRL, and AUD, to their Binance UK account using bank transfer and bank cards. Once deposited, they can use them to buy crypto directly.
Buy crypto using a debit/credit card
Users can also buy crypto directly using their credit/debit card on the Binance website or the lite mode on the Binance app.
Buy crypto via P2P
Users can also go to the Binance P2P page, select "buy crypto", and click "P2P trading" on the top navigation.
Investors can select the currency they want to buy. They can also filter the price and the "payment" in the drop-down, select an ad, and then click "buy".
Investors must enter the amount or quantity they want and click "buy."
The payment method and amount confirmations are on the order details page.
Investors must complete their fiat transactions within the payment time limit. Then click "transferred, next" and "confirm".
Once the cryptocurrency is released and the transaction completed. Users can click "transfer to spot wallet" to transfer the digital assets to their spot wallet.
Users can also click "check my account" above the button to view the digital asset they just bought.
Make a deposit or transfer crypto from the existing wallet
Users can log in to the Binance UK account and click wallet-overview
Users then click deposit and see a pop-up window with the following options.
- Make a crypto deposit
- Make a Fiat deposit
If users choose the crypto deposit option, they can select between BTC, ETH, USDT, BNB and EOS.
Next, investors choose the deposit network; however, users must ensure the selected network is the same as the platform they are withdrawing from to avoid losing funds.
Users can select BNB, BSC, ETH, SOL, and TRX.
Users must click to copy their Binance UK wallet's deposit address and paste it to the address field on the platform that they intend to withdraw crypto.
The transaction can take time to approve, depending on the blockchain and its current network traffic.
Funds are credited to the user's Binance account right after.
Step 5: Explore Binance UK products
Users can trade hundreds of cryptocurrencies in the spot market, including BNB. As well as develop tokens on the Binance smart chain.
Be warned, Binance is cheap to buy but could cost you your coins
As a last word of caution, be weary of keeping your crypto in Binances hot storage wallet, as, they have been known to be hacked and for suspending withdrawals to UK customers.
What’s more, as they operate in an unregulated industry there is limited to no accountability and guardrails. Binance recently halted Bitcoin withdrawals, citing technical difficulties. According to a tweet, the platform momentarily suspended bitcoin withdrawals early on Monday, June 13, 2022, due to a stalled transaction producing a backlog.
It may be cost effective to buy your crypto currency on Binance and transfer it to a cold storage wallet such as a Ledger. Consider transaction costs (network fee’s) to transfer coins out from the Binance and understand the risks of buying and holding your coins on the platform.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.