Binance non-verification question

[Indiladhar]

I’m looking to buy some smaller altcoins through binance. I have spare Litecoin (that I can switch into bitcoin/Ethereum through Exodus) to use as currency to purchase coins. I’ve just created an account but have done zero verification steps.

Would I still be able to purchase coins using my coins and have them sent to a wallet without verifying?

I’m trying to delay because I bought extra litecoin at 250-300, and would rather have it at least hit that value before I trade, so if I must verify I guess that allows more time for potential Litecoin price increases.

[Snarks]

So let me get this right, what you're really asking for is an excuse not to sell your Litecoin at a loss? What you need is a pair of iron hands, not an exchange.

But if you must know, there is a 2 BTC withdraw limit for unverified accounts. 

[maereglapo]

I’m looking to buy some smaller altcoins through binance. I have spare Litecoin (that I can switch into bitcoin/Ethereum through Exodus) to use as currency to purchase coins. I’ve just created an account but have done zero verification steps.

Would I still be able to purchase coins using my coins and have them sent to a wallet without verifying?

I’m trying to delay because I bought extra litecoin at 250-300, and would rather have it at least hit that value before I trade, so if I must verify I guess that allows more time for potential Litecoin price increases.

There are widrawal restriction if you didnt verify your account thats why you really need to process your ids if you are holding a lot of BTC,

[Nubitcoinerr]

If you're going to trade on Binance, make sure you see this service:

https://bitcointalk.org/index.php?topic=2669522.0

[malikusama]

Yes you can purchase coins using your own coins present in your exchange wallet, there isn't any restriction to buy coins but there is a limit over withdrawal of BTC. For unverified accounts (i.e Lv 1) as snarks have said that the limit is 2 BTC for withdrawal. No doubt to get verified and ranked up will benefit you in future but your capital is not that high so you don't need it now.

[sangkler11]

Yes you can purchase coins using your own coins present in your exchange wallet, there isn't any restriction to buy coins but there is a limit over withdrawal of BTC. For unverified accounts (i.e Lv 1) as snarks have said that the limit is 2 BTC for withdrawal. No doubt to get verified and ranked up will benefit you in future but your capital is not that high so you don't need it now.

good information, very helpful
Binance will be a big market like bittrex
it's better to verify right now
so no more withdrawal limit

[X-ray]

Would I still be able to purchase coins using my coins and have them sent to a wallet without verifying?

Because the binance gives you a limit up to 2 bitcoin for all time transaction. if your account is no verified with kyc verification. It might better for you to read the more about that on the binance site.

If you are wanna get the more limit and do kyc process to make it becomes more higher than 2 bitcoin.

[jerry0]

Is that 2 btc per day or total ever?  Im confused because i thought it was 2 btc daily?  That is enough for most ppl i believe.


Also what about if you are withdrawing other coins like eth or altcoins that are 1 dollar?  What are the limits with those altcoins then?  I assume around 2 btc equivalent?  Thus if you have a coin that is worth 1 dollar, you could withdraw over 20000 of it etc?

[Indiladhar]

It’s not an excuse to not sell lite coins, I don’t think anybody would want to sell at a loss. I have 14 different long term coins, I bought 6 Litecoin on top of the 36 I currently own and was planning on selling once the price rose for a quick profit. I then started looking into altcoins that aren’t on the sites I use and are cheap, looking for a possible big profit increase.

I wouldn’t be using anything close to even 0.5 of a btc so verifying didn’t seem necessary, I just wanted to ensure I could still trade and more importantly, withdraw to a wallet, without verifying.

More likely than not I might trade to get the altcoins desired, and then verify later.

Thanks to all that replied.

[Snarks]

You said you are trying to delay. To me that reads as if you want exchanges to refuse you, so you can't submit to the urge to sell. That's why I thought this was more a psychological question than a technical question.

[Indiladhar]

Sorry if it read and gave that impression!

[sky2moon]

I’m looking to buy some smaller altcoins through binance. I have spare Litecoin (that I can switch into bitcoin/Ethereum through Exodus) to use as currency to purchase coins. I’ve just created an account but have done zero verification steps.

Would I still be able to purchase coins using my coins and have them sent to a wallet without verifying?

I’m trying to delay because I bought extra litecoin at 250-300, and would rather have it at least hit that value before I trade, so if I must verify I guess that allows more time for potential Litecoin price increases.

For binance exchange verification got 3 level.
The 1st level you only can withdraw 2 bitcoin per day,
The 2nd level you only can withdraw 100 bitcoin per day,
For the highest level you need to contact binance exchange management.
You still can buy or trade with the 1st level.
Hope this help you..

[bitcoingeek94]

I've had SO many people ask me this question.

Here is a nice piece explaining whether or not you have to be verified on Binance to start trading: https://cryptoguidepro.com/make-trade-withdraw-funds-without-verification-binance/