Binance | Business24-7

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Written by Braden Chase Edited by Giles Thomas Fact Checked by Tomislav Turcin

7 February 2024

4 March 2023

Page Summary

Founded in 2019, Binance is a leading crypto exchange offering easy to use and well designed trading platforms for mobile and desktop. It offers trading services for individuals and institutions around the globe and supports 50+ cryptocurrencies, including Bitcoin, Ripple and Ethereum. Binance is a top choice for UAE residents because of its great overall offer, great staking rewards and secure storage solutions and security.

Summary:

Binance is a secure exchange for investing and trading digital coins.
It offers access to 50+ currencies, including Bitcoin.
It has a minimum trade of $10
It offers an option for recurring investments with dollar-cost averaging.
Binance UAE is the American partner of Binance.

Trading Experience

Binance is a top choice for traders at all levels. It has a simple-to-understand interface for its desktop and mobile apps. Clients receive access to instant buy for cryptocurrencies with a debit card. Binance offers an excellent trading experience and lets users link crypto wallets to their platform.

Buying and selling digital coins in UAE is straightforward. We recommend this crypto exchange to experience traders. Its trading platforms are challenging for beginners. It offers an advanced trading option with access to flexible order types and charting tools.

Binance doesn’t offer a native hot wallet in UAE. It encourages users to use the free Trust Wallet. This exchange supports most digital wallets. It may not provide support in Arabic language for UAE users if there are any problems.

Cryptocurrencies Available

Binance supports 50+ different cryptocurrencies. It offers popular digital coins, including Bitcoin, Ripple and Ethereum. It also offers these altcoins:

PAX Gold (PAXG)
Harmony (ONE)
Orchid (OXT)
Helium (HNT)
Chainlink (LINK)
Cardano (ADA)
Stellar (XLM)
Tether (USDT)

Fees

Binance has an interesting fee structure. It offers an automatic buy/sell option using US dollars. Each transaction has a standard 0.5% fee.

Its competitive 0.1% standard fee is available for spot trades. Spot trading means you trade AED for cryptocurrency at the current market price. A limit order allows you to set a price at which you want the trade to happen. When your currency reaches that price, the trade happens automatically.

Withdrawal and deposit fees in UAE are minimal. Debit card deposit fee is 4.5%, wire transfer minimum withdrawal is $100 and the deposit fee is $0.

Fees Structure

Method	Minimum Withdrawal	Deposit Fee	Withdrawal Fee
ACH (automated clearing house)	$1	$0	0
Wire transfer	$100	$0	$15 domestic, $35 international
Debit card	N/A	4.5%	N/A

Regulation & Reputation

Binance is a trustworthy cryptocurrency exchange that uses premium security practices in UAE. It has top storage technology to protect your coins and AED assets. There is no available data about what percentage of assets Binance keeps in offline storage vs. hot wallets.

Account-holders from UAE get access to powerful safety measures. This exchange uses top security measures, including 1-step authentication. Check our in-depth reviews to learn more about cryptocurrency trading and safety.

Account Opening

Opening a Binance account in UAE is straightforward. You’ll receive access to a free account using your email address and a password. After verifying your email, you have to follow the account verification steps.

To set up an account in UAE, follow the steps below:

To set up an account, follow the steps below:

Access Binance from a PC or download the mobile app.
Click on Get Started.
Submit personal information, including email address and full name.
Agree to the User Agreement and Privacy Policy.
Click on Create Account.
Verify your email address and phone number.
Follow the steps necessary for ID verification.
Add a payment method to your account and get started

Customer Support

Binance has average customer support, as it is difficult to reach one of their team members. It offers email support, and users might reach out by filling a support request form. This exchange offers limited access to help articles and educational materials for UAE users. Support is not available in Arabic language.

Binance UAE Minimum Deposit

Binance has no minimum deposit for UAE users. They can start trading with as low as 1AED. Deposit fees range from 2-4% when using a credit card and are free when users deposit using cryptocurrencies.

How Do You Withdraw Funds From Binance To a UAE Bank Account?

There are no “straight from the shoulder” options to withdraw money from your Binance account to an UAE bank account. The most common way to withdraw funds from Binance to a UAE bank account is to:

how-to-withdraw-miney-from-Binance-to-UAE

Access the Wallet Menu and click on Funding Wallet;
Select the currency you want to withdraw;
Select the amount of USDT you want to transfer from Spot Wallet to Funding Wallet;
Sell your USDT through P2P;
Change the currency to AED;
Select the Bank Transfer Option;
Select the best exchange rate and click on Sell USDT;
Add a payment method;
Submit your bank account information;
Wait until you receive a notification that your transaction was successful

Binance Vs. Other Cryptocurrency Companies

Binance is a low-fee exchange for residents including UAE. It has major competitors like Gemini, Binance, and Kraken. Crypto traders use exchanges and digital wallets to access different coins.

Broker comparison

	Binance	Gemini	Coinbase
Coins	50+ cryptocurrencies	40+ cryptocurrencies	50+ cryptocurrencies
Fees	0.1% trading feeCan get a 25% discount on your fee if you hold Binance coin	0.50% convenience fee$0.99 to $2.99 transaction fee; 1.49% transaction fee for trades over $200	0.50% spreadTrading fee between 1.49% and 3.99% (or $0.99 to $2.99 flat fee)
Wallet storage	Keep coins in Binance account or transfer to your own wallet	Keep coins on Gemini account, Gemini Wallet option, or transfer to your own wallet	Keep coins on Coinbase account, Coinbase Wallet option, or transfer to your own wallet
Minimum Trade	$10	Equal to the smallest amount of each coin that can be traded (0.00001 BTC)	$2

Gemini

Gemini is the direct competitor of Binance. Both offer impressive services and fees, but there are key differences worth considering:

Gemini provides access to crypto custodial services. It secures digital assets in offline storage with insurance coverage. Binance does not have this service.

Binance has a competitive fee structure with fees as low as 0.10%. Gemini has a standard fee that starts at 1.49%.
Gemini offers trustworthy insurance on its native digital wallet. Binance.US doesn’t have a native digital wallet.

Binance is a great choice for traders looking for low trading fees in the UAE. Gemini is a better fit for investors who focus on security. Read our in-depth reviews to learn more about the services available at Gemini.

Coinbase

Coinbase is another competitor. Both are best known for their trustworthy services. But there are main differences worth considering:

Binance has average reviews for customer support. Coinbase has negative testimonials because of the slow support response times.
Coinbase Pro offers lower fees and reliable trading features.
Coinbase has a beginner-friendly interface.

Coinbase stands out as a reliable Bitcoin exchange platform. It has a competitive fee structure and simple-to-understand services. Read our in-depth reviews to learn more about the services available at Coinbase.

Kraken

Kraken is a popular exchange available in 185 countries. It is an excellent choice for traders at all levels. It offers two platforms and access to 50+ altcoins. Kraken is a competitor of Binance with key differences worth considering:

Kraken has beginner-friendly services and premium active trading platforms.
Kraken Pro is a premium trading platform. It focuses on professional traders.
Kraken Pro has lower fees than other cryptocurrency exchanges.

Kraken is a leading cryptocurrency exchange. It offers powerful services for beginners and professionals. Read our in-depth reviews to learn more about the services available at Kraken.

Summary

Binance is the leading cryptocurrency exchange in the UAE. It has a straightforward interface and reliable security features. We recommend it to beginner and medium traders looking for a reliable trading platform and great coin selection.

FAQ

Is Binance Safe And Legit?

Trading digital coins is risky. Cryptocurrencies remain speculative assets. Binance.US is a safe exchange to use for traders at all levels. Read our in-depth reviews to learn more about safety and cryptocurrency exchanges.

Is My Money Safe With Binance?

Binance.US recommends that all its account holders use all safety measures available. This exchange uses leading security measures, including two-factor authentication. It offers device management and address whitelisting. Check our in-depth reviews to discover how to protect your digital assets.

Are Binance US and Binance the same?

Binance.US appeared in 2019 after Binance stopped accepting US traders. The platforms and features are the same. The differences are in the assets available in the US vs. other areas of the world. Our in-depth reviews offer more information on assets availability and countries.

Is Binance A Good Fit For Beginners?

Binance.US has a user-friendly interface. This exchange is simple to use by new traders. It offers 50+ coins and features for expert traders. It is a top choice for traders at all levels.

How Do I Get My Money Out Of Binance.US?

Withdrawing funds from Binance is simple and requires two steps: 1. Sell your cryptocurrency on the exchange. (The money from the sale will show in your digital wallet.) 2. Start a withdrawal of USD from your Binance account to your bank account. Another way to withdraw funds is by withdrawing to a digital wallet. Check our in-depth reviews to read more about withdrawing funds and fees.

What Is Binance Staking?

Staking refers to holding funds in a digital wallet to support the operations of a blockchain. Users receive rewards for depositing and holding coins on the exchange. Staking is similar to putting money in a savings account and the rewards are like earning interest on your savings.

Which Coins Are Available For Staking?

Binance supports 50+ coins. Staking is available for VET, XTZ, ATOM, EOS, ONE, and ALGO.

What Is BNB?

BNB or Binance Coin is a cryptocurrency used to trade/pay fees on the Binance exchange. It started as part of the Ethereum blockchain. But it became the native currency of Binance’s blockchain, the Binance Chain.

What Is BNB deduction?

If you have BNB in your account, this exchange deducts trading fees from your BNB balance. It gets you a 25% discount on your trading fees. Traders receive a 20% discount on referring friends. Read our in-depth reviews to learn more about cryptocurrency exchanges and loyalty programs.

How Do You Use BNB?

The Binance Coin has two purposes. Account holders use it for one of the following actions: – Trading – BNB is tradable for other digital coins on crypto exchanges. Keep in mind that exchanges might set restrictions on coins. Check our in-depth reviews to discover which crypto exchanges accept BNB. – Transaction fees – BNB is a top choice for paying for transactions on the Exchange. Users receive a discount for paying with BNB. For example, a trader might save 25% on Spot and Margin Trading fees. VIP account holders are eligible for higher discounts.

Disclaimer

Braden Chase

Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

Binance UAE Review 2023 | Everything You Need To Know As a UAE User