Binance is the world’s largest exchange by volume. Approximately 45% of all trading in the world is done on Binance. That number would surely be a lot larger if Binance did not restrict some countries and locations from accessing its servers. Don’t be upset if you are living in a restricted country. Binance is just doing its best to protect itself.
The problem is not that Binance does not want more users to access its services. The problem is that the countries are trying to impose limitations or restrictions on some exchanges. These are in an attempt to “regulate” cryptocurrency and the transfer of digital assets between parties. And the best exchanges simply won’t conform to some countries’ impositions. How do those exchanges get around the legal issues presented? They simply ban all access from those countries IP addresses. This keeps a mass of users from accessing their servers so the exchanges can avoid legal drama.
Something that you don’t usually find a lot of information about is VPN’s. What is a VPN? It stands for “Virtual Private Network” and it basically masks your web traffic. A lot of traders use them for many reasons. The main reason a cryptocurrency trader uses a VPN is to gain access to a forbidden exchange, like Binance. If you want to trade on the world’s largest exchange by volume but your country forbids you, simply download a trusted VPN to re-route your web traffic. Private Internet Access is an example of a trusted VPN.
Once you have downloaded your VPN you can enable it to route your web traffic through a country that does not have restricted access, like Ireland or Sweden for example. By masking your web traffic through one of these locations, you can gain access to Binance servers and create an account.
You may have to create a new email address, as your existing email address may have been created on a restricted IP address. That’s okay, you should keep your crypto accounts separate anyway to protect yourself against phishers and hackers. ProtonMail is an example of a widely used encrypted email service.
Now a question we face here is, “How do I get verified?” You don’t. You simply do not get verified. There are a few reasons anyone would want to get verified, but if you are in a restricted country and you submit your KYC information or ID, you will get banned and you will have to start over. You do not need to get verified in order to trade on Binance. You simply need to create an account with a new email address. The most important limitation to observe by not getting verified with Binance is that your withdrawals will be limited to 2 Bitcoins per day. You can not withdraw more than 2 BTC per day as an unverified user. There are not many other key differences or limits, you can still trade like normal.
“What if I forget to turn on my VPN or I just plain get caught?” Well don’t worry, it’s happened before and it may happen again. You will be prompted to withdraw your funds. Once your IP is disclosed, you can no longer deposit funds, however you can still withdraw your funds. You can even still trade on the account in order to get your funds ready for extraction.
“Now what since I got busted?” Simply create another account and send your funds there.
“That sounds like a lot of trouble. Why not just use an exchange that’s allowed for me?” That’s a great question. The main reason anyone would want to use Binance is for its liquidity. There are plenty of trading options and opportunities available at any given moment, more so than any other centralized exchange. Another reason is to be able to connect to API services like 3commas to manage your funds.
If this sounds like a hassle to you, then just trade with the limits on your locally approved exchange. If you want to trade on the world’s largest exchange by volume but your country forbids you, then there’s an answer and an option to most of the issues you will encounter.
Using a VPN will help you in the long run on your cryptocurrency journey. It’s often overlooked and not talked about. As stated, there are ways around most obstacles you will face when dealing with cryptocurrency. If you are serious about wanting to change your financial situation then you will have to be ruthless in your pursuit. Someone is trading every minute of every day on any and every exchange you can think of. Go out there and get you some coins!
By viewing any material or using the information within this publication you understand that this is general education material and you can not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here. Trading cryptocurrency has potential rewards, but also potential risks. You must be aware of the risks and be willing to accept them in order to invest in the markets. Only trade with funds you can afford to lose. This publication is neither a solicitation nor an offer to buy/sell cryptocurrency or other financial assets. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
Written by Edward Gonzales © Crypto University 2021