Binance cryptocurrency exchange - We operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume. Binance quietly doubled minimum trade from BTC to BTC with no announcement or warning about 2 hours ago. Now I'm stuck in a trade that I can't get out of. Binance quietly doubled minimum trade from BTC to BTC with no announcement or warning about 2 hours ago. Now I'm stuck in a trade that I can't get out of.
Binance minimum trade btcBinance Affiliate Program | Binance Blog
We highly recommend you check out Binance's full list of available cryptocurrencies and their fees to stay up to date, as they can suddenly change due to network congestion or downtime. Thankfully, network fees associated with blockchain transfers are included in Binance's withdrawal fees, regardless of digital currency. Regardless of cryptocurrency, withdrawal fees are automatically subtracted from your withdrawal amount once you finalize the transfer.
Keep in mind that minimum withdrawal amounts can be almost as low as the fees with some digital currencies BCC and LTC, for example. With these coins, it's obviously not a good idea to withdraw the minimum amount, as the fee will eat up a significant chunk of your withdrawal. The withdrawal fee of 0. Binance doesn't place any limits on making deposits or executing trades on its exchange, though it does have a daily limit on the amount of cryptocurrency you can withdraw.
To increase your withdrawal limits even further, you'll need to contact Binance. Though you can sign in, execute trades, and make deposits on Binance, you'll have to enable two-factor authentication 2FA on your account before making withdrawals. While users from China have the option of receiving SMS-based authentication to get into their accounts securely, US residents have to rely on Google Authenticator to stay safe from hacks. Linking your Binance account with Google Authenticator is a straightforward process — download the Google Authenticator app for iPhone or Android , enable it on Binance through your web browser and note the secret key that's provided, then add Binance to your Google Authenticator app.
If you'd like a more thorough guide on this topic, be sure to check out the following link. While transaction times are extremely fast when executing trades on Binance, transfer times for deposits and withdrawals between Binance and your personal wallets can wildly vary from coin to coin. While lesser known alt-coins like XLM and EOS have snappy transaction times that take only seconds, seasoned coins such as BTC and ETH have been known to take up to five hours or more to transfer, due in large part to the sheer number of transactions being processed on their blockchain.
Like Coinbase, Binance places sole responsibility on its users when it comes to keeping their account and other important personal information secure, as evidenced by Section 2 of their User Agreement. This means you should use security measures such as strong passwords and two-factor authentication to keep cybercriminals out. Keeping your wallet as secure as possible can't be stressed enough, because once your bitcoins, bitcoin cash, litecoins, or ether are gone, your chances of getting them back are almost zero.
To back this up, Binance doesn't currently offer any form of insurance policy to help cover any losses due to hacks and security breaches. In addition to the current lack of insurance to help cover individual losses due to hacks, Binance makes no mention of safeguards and security measures that it may have in place to guard against potential breaches that can result in monetary loss or identity theft.
The closest mention of any security protocols comes to us courtesy of Reddit , which is still pretty vague:. Regarding security, Binance platform is engineered from the ground up with security, efficiency, speed and scalability taken into utmost consideration. The team has decades of combined experience building and maintaining a world class financial systems.
Unfortunately, not everyone in the US can technically use Binance to buy and sell digital currencies. Both New York and Washington states have laws that tightly regulate cryptocurrency exchanges. As a result, several popular exchanges such as Poloniex and Kraken have placed a ban on users with IP addresses that originate from these states. Despite these prohibitions, however, several users from New York and Washington state report being able to trade cryptocurrencies just fine using Binance.
This means the popular exhcange has yet to impose an IP address ban for these two states, and as long as residents stay under the radar by not verifying their residences, they should be able to continue to do so.
That said, we highly recommend that you transfer all your cryptocurrency holdings to a secure, personal wallet as soon as possible if you live in either NY or WA. Because cryptocurrency trading on a non-compliant exchange is illegal in those states, Binance might ban your IP Address at any time, which could result in losing all or part of your funds.
Back in March , the IRS declared cryptocurrency as property rather than currency. This clear definition — one that made cryptocurrency akin to stocks and real estate — made bitcoins and alt-coins subject to capital gains taxes. These taxes vary in rates, and primarily depend on how long you hold a virtual currency. In addition to this, the GOP tax reform bill has closed a loophole that previously let you freely exchange cryptocurrencies — such as buying ETH with BTC — without the fear of being taxed.
This is a significant development if you trade cryptocurrencies, as all digital currency transactions can now be taxed by the government. How individual trades will be taxed, however, remain unclear. As such, we'll update this section as a clearer picture emerges regarding this matter.
With the addition of an astounding , new users in a single day , it comes as no surprise that Binance has struggled to keep pace with demand. As new users were flooding in, Binance temporarily suspended new user registration to help with server demand. While Binance has since reopened at the time of this writing, it's only on a limited basis. So if you have trouble registering a new account, we recommend trying once a day, as the site will only let an undisclosed amount of new users in on a day to day basis until it's back to running at peak efficiency.
We'll be sure to keep you posted as congestion eases, so check back regularly to stay up to date. Bear in mind, however, that some users have reported running into some issues on Binance regarding their referral commissions, so make sure to stay on top of your earnings. Don't hesitate to contact Binance if you encounter some discrepancies with regards to your commissions — you did earn them, after all.
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Install Binance: Android iOS. Our Best Phone Hacks Delivered daily to your inbox. It is not a question of allowing whales and sardines to both play the game. It is a matter of honesty and transparency towards their users.
They cannot simply change the rules of the game without informing the users AND updating their website's information. If binance wants to kick the sardines out, have they tell them. It is not with sneaky tactics that they will maintain a good reputation.
Yep, this is BS. I have tons of dust I can't do anything with. I want to take out all of my positions into wallets and the amount of money that one will lose is insane.
Especially since they have a 0. Complain all you want, binance is the best. Im sorry but there are plenty of us people that are getting into cryptos but don't have a life savings to piss around with. What the hell. I just moved around some funds across many currencies and then when I wanted to consolidate again I've been locked out. Now I can't make a single trade it's all spread too thin. Does it means that if you have an open order from days ago with a value less than 0.
I'm a bot, bleep , bloop. Someone has linked to this thread from another place on reddit:. If you follow any of the above links, please respect the rules of reddit and don't vote in the other threads. Well, you could calculate what amount, after fees, you need to boost your dust and then clear it all out Everyday I hear more new about Binance, the more it seems like a full on scam. Why the cryptocurrency community at large so heavily advertised this shit is beyond me.
Yeah I understand that this could be the reason why they changed it. And yeah that makes sense. But they can't send out a tweet? Give a little warning that they're changing the rules? Update the website to reflect the rules? Where is the consistency? Your not stuck.
Just buy more of the coin so your well over the min, then sell out of it for the full amount. I wrote an app for that, or at least source code to start your own app.
Someone just got pissy last week claiming exchanges never do this. Kinda wished I saved the thread. I wasn't really worried about that.
I'm just pissed about the minimum order value. It means I can't buy and sell small amounts even if the units are whole. Like XLM for example..
Want to add to the discussion? Post a comment! Create an account. I only trade with small amounts. All of my current trades are problems now. My ref code: 1cKxd.
Kucoin's 0. Yesterday was 1 BNB minimum, now it's 5 lol. I am starting to dislike this exchange! I'm writing a trading bot. This put a huge damper on my testing.
And fuck you for being so degrading. If you bought an IOTA for example you would get 0. They must have millions locked away in tiny amounts.
But you're right, this is suck. I didn't know that. Thats a crazy rule. Adapt and overcome. Please try to explain it more clearly. That actually works? Who would have thunk. I liked Binance till they did this.