Cryptocurrencies continue to become a full-fledged means of payment. However, for the full functioning of digital coins, there is not enough garter for fiat funds, which help to carry out the operations necessary for the user. To make it easier for the client to operate with crypto assets, Binance has created a system for using fiat funds.
The distribution of digital coins is very fast, but at the same time, USD or EUR is the main payment method. It was to provide investors with access to their native fiat currency that Binance created an appropriate balance of funds. As of April 2022, there are over 50 different fiat government funds available on the platform.
KYC procedure on Binance/ photo: binance.com
So what simple steps a user has to do for getting Binance fiat account verification. To activate and verify the fiat service in Binance, the user needs to take several actions that will secure his activities in the future.
- The easiest way is to provide your data, such as passport data and residential address. However, it is important to understand that this option is not suitable for everyone, as it involves limitations. Investors who pass this level of security will be able to deposit and withdraw up to $300 in fiat per day and withdraw up to two bitcoins. Therefore, this method may not be suitable for everyone.
- The second level of fiat verification Binance involves a deeper analysis of the Binance crypto exchange of its new client. Here, the investor needs to provide a scanned copy of their ID, as well as take a selfie on Binance. After verification, which can take up to a day, the client has much wider opportunities for action: invest and take profits in fiat up to $50,000 per day, but up to $500,000 per month, as well as deposit and withdraw up to 100 BTC per day.
- And the final version is suitable for those who are used to playing big and have great investment opportunities. In addition to all the other requirements that we described above, the user will have to confirm their place of residence. If everything is done correctly and the Binance support service has confirmed the data, then the client will be able to invest and fix up to $200k per day and up to two million bucks per month in fiat.
Got it sorted out. How can you top up your fiat wallet? There are several ways and in many ways, they are similar to crypto operations. You can replenish via bank cards using well-known payment systems such as Visa, Mastercard, and so on. But in this case, you need to be prepared for bank commissions.
- If the client wants to remain more flexible, then it is better to replenish from his card, and not through a bank. Thanks to this simple method, the user instantly gets the crypt at his disposal. During operations through a bank, the client replenishes only a separate wallet, and then converted into a digital coin is required.
- And of course, users can buy fiat through a P2P service. Binance P2P has created many different filters and other conditions that the user sets before finding the coveted counterparty that will allow the investor to plunge into the crypto world. But how to withdraw fiat from Binance to a bank account? To do this, the user needs to link his card, which will receive fixed fiat profit from trading. Then, in the field in the main menu, you must click “output” and select the required card.
Cash to crypto with Binance fiat balance/ photo: Binance.com
A wallet for ordinary classic money is very important for beginners. Thanks to the presence of fiat money, the user manages his funds more freely and easily. In addition, a fiat balance allows you to make a profit in USD or EUR familiar to your heart, which is also very convenient and important for any investor. Indeed, at the current stage, digital currencies have not yet become a full-fledged means of payment.