If you are Pakistani and passionate about crypto, you would have heard of the name Binance as it is one of the most used Crypto trading Exchange across Pakistan as well as in other parts of the world, ranking #1 worldwide with average liquidity of 924 and trust score of 9.9/10, followed by Coinbase and Kraken.
In this Binance Pakistan review, we are going to do an in-depth analysis of the exchange to find out how good it is for an average Pakistani crypto trader. So, if you are a Pakistani user interested in knowing that too then stay with us and read this review till the end.
Coin-Labs has been granted a fee discount benefit code from Binance in 2021. Therefore, if you sign up for Binance Pakistan through Coin-Labs, you can participate in the event with discounts on fees and bonuses of up to $500.
What is Binance?
Binance is the world’s leading crypto exchange with 90 million+ users, according to the latest official data. The exchange offers multiple trading features, including Spot trading and Future trading with up to 125x leverage on major cryptocurrencies like Bitcoin and Ethereum in multiple and Single-assets modes.
In case Pakistani users are not satisfied with their wallet security, they can set up DeFi Wallet, which is integrated on both Binance desktop and Mobile App versions.
To make trading easier for beginners, Platform supports multiple fiat currencies, including GBP, USD, EUR, and PKR, the local currency of Pakistan. By doing, P2P trading on Exchange, investors can easily convert PKR to USDT, BNB, BTC, ADA and other listed currencies.
How does Binance work in Pakistan?
As the Global version of Exchange is available in Pakistan, Pakistani users can trade in over 384 coins, including popular cryptocurrencies such as Bitcoin, Ethereum, and various stablecoins, with more than 1300 trading pairs.
Binance, primarily recognized for crypto-to-crypto trading, is known for having low transaction fees and high liquidity, offering discounts for users holding the native currency of the platform BNB. According to CEO CZ, Binance prioritizes safety and security with its multi-tier and multi-clustered architecture and is capable of smoothly processing 1.4 million orders per second.
Who owns Binance?
Binance was founded by Changpeng Zhao, also known as CZ Binance on Twitter and other social media sites in the year 2017. Changpeng Zhao is an experienced trader and passionate software developer who also developed high-frequency trading software before launching its own Exchange to make it easy to trade Cryptocurrencies.
CZ, a passionate Bitcoin supporter, has accumulated wealth in cryptocurrencies, with most of his $4.5 billion net worth coming from his stake in Binance Holdings Ltd.
How to use Binance in Pakistan
How to buy on Binance app from Pakistan
- Download Binance App: The easiest way to buy cryptocurrency from Pakistan is to download the Binance app on your mobile device. Go to App Store or Google Play Store and download the Binance app.
- Log In: Once you have the Binance app, open it and log in to your Binance account. If you don’t have a Binance account, you will need to create one.
- Go to the Buy Tab: After logging in, go to the “Buy” tab on the Binance app. This is where users can buy cryptocurrencies, including Bitcoin, Ethereum, and many others.
- Select the Cryptocurrency to Buy: In the Buy tab, select the cryptocurrency you want to buy. Users can search for the cryptocurrency by name or symbol as well.
- Enter the Amount to Buy: Once cryptocurrency is selected, enter the amount you want to buy in either the cryptocurrency or your local currency. The app will calculate the conversion rate and display the total amount in your local currency.
- Complete the Purchase: Review the details of the purchase, including the price, amount, and any fees. If everything is correct, complete the purchase by clicking “Buy.” Once the purchase is complete, you can view your holdings by going to the “Balances” tab.
Your newly purchased cryptocurrency will be listed, along with the current market value, under your holdings.
How to stake on Binance as Pakistani user
To stake assets on Binance if you are Pakistani or from the associated region of Pakistan, follow the steps below:
- Login to your account, and go to the Earn section from the menu navigation bar.
- There are multiple options for staking available including Defi Staking, Simple Earn, Dual Investment, Auto-Invest, ETH.20 Staking, Liquidity farming and more importantly BNB vault.
- Select whatever you like for example Click [DeFi Staking] to view available staking options with estimated yields, staking duration, minimum locked amount, and staking status.
- Click [Stake Now] for the desired staking option to see details.
- Choose between Flexible or Locked staking, adjust the duration and see the estimated annual percentage yield (APY.)
- “Flexible” allows redeeming staked assets at any time, while “Locked” staking offers higher yields by locking assets for a set time frame.
Redeeming before the end of the lock period forfeits interest earned during staking.
How to close Binance account as Pakistani user
To close an account, follow these simple steps:
- Login to your account
- Go to [Account] – [Account Verification]
- Scroll down to the bottom of the page and click [Close Account]
- Verify your identity and provide a reason for closing the account
- Confirm the account closure
Before closing the account, ensure to withdraw any remaining funds and cancel any open orders. Also, be aware that account closure is irreversible, and you will not be able to recover your account once it is closed.
How to deposit money in Binance from Pakistan
The easiest way for Pakistani to deposit money in Binance is through Coinbase deposit. As both Exchanges are accessible in Pakistan, users can easily deposit their assets from Coinbase to Binance using below simple method.
- Log In to Coinbase and Binance Accounts: To deposit from Coinbase to Binance, users need to have accounts with both Coinbase and Binance. Log in to both accounts similar to how we did previously.
- Check deposit Eligibility: Before initiating the deposit, check if both platforms support the currency you are trying to transfer.
- Obtain Binance Deposit Address: On Binance, go to the “Deposit” tab and select the cryptocurrency you want to deposit. For example, in our case, we are selecting ETH and then select the network. Now, obtain the deposit address, which will be used as the destination for the transfer from Coinbase.
- Initiate deposit on Coinbase: On Coinbase, go to the “Send” tab and select again the same currency you are willing to deposit on Binance. Enter the deposit address as the destination and the amount. Confirm the transfer details and initiate the transfer.
There are multiple network options available in both exchanges which users can use including Erc-20, Bep20, Bep2, Tron and more.
How to Withdraw Money from Binance in Pakistan
Repeat steps 1 & 2 from the previous section.
- Obtain Coinbase Deposit Address: On Coinbase, go to the “Accounts” tab and select the cryptocurrency you want to withdraw. Obtain the deposit address for that cryptocurrency, which will be used as the destination for the withdrawal from Binance.
- Initiate withdrawal on Binance: On Binance, go to the “Withdraw” tab and select the cryptocurrency you want to withdraw. Enter the Coinbase deposit address as the destination and the amount. Confirm the withdrawal details and initiate the withdrawal.
Pros and Cons of Binance Pakistan
Pros 👍
- Low fees: Binance Pakistan has competitive trading fees compared to other exchanges and provides discounts for users who use BNB, to pay fees.
- Large selection of Cryptos: Platform offers an extensive range of cryptocurrencies to trade, including both popular and niche assets.
- Strong security measures: Exchange has robust security measures, including multi-tier system architecture, secure wallet solutions, and two-factor authentication.
- Proof of Reserves: After the recent events with FTX, Binance underwent PoR that every customer can now view as they made it public.
Cons 👎
- Potential for downtime: Like any other centralized exchange, it is susceptible to downtime during high-traffic periods or system upgrades.
- Customer support issues: The entity has a large user base, which often results in long wait times for customer support.
- Geographical restrictions: In some countries, the platform isn’t available, including the United States, due to regulatory restrictions.
One of the best pros is that Binance is fully accessible in Pakistan and associated regions.
Binance NFT in Pakistan
After, the success of Non-Fungible tokens in the industry, such as OpenSea, and some art pieces being sold for millions of dollars such as The Merge, Beeple Collection and Cryptopunk #5822, Binance platform launched its NFT marketplace to allow Pakistani users to buy and sell NFTs directly from Biancne exchange.
Binance enables its users to buy and sell their NFTs including users from Pakistan.
How to sell NFT on Binance from Pakistan
If you are a Pakistani then do follow the below guidelines on how to sell NFT on Binance.
- Login: To sell an NFT on Binance Pakistan, you need to have a Binance account and be logged in similarly to when buying.
- Go to NFT Sales Page: Once you are logged in, go to the “NFT” page and click on the “Sell” tab.
- List NFT: Select NFT and click “Sell NFT.” Fill out the details of the NFT you want to sell, including the floor price and other relevant information.
- Complete the Sale: Review your listing and make sure all the information is correct. Once you have confirmed the listing, complete the sale by clicking “Submit” or “List for Sale.”
- Withdraw Funds: Once NFT is sold, funds will be credited to your Binance account. Go to the “Withdraw” page and select your preferred method of withdrawal.
How to buy NFT on Binance from Pakistan
With these simple 4 steps, from anywhere in Pakistan, you can purchase an NFT in your Binance App.
- Create Binance Account: The first step in purchasing NFT is to have an account on the Site. Go to the website or app and sign up for a new account by filling out your personal information.
- Top Up Your Account: After creating an account, the second step is to have funds in your wallet. If you don’t have funds, go to the “Deposit” page, select your preferred method of deposit, and add funds.
- Browse Available NFTs: Once your account is funded, go to the “NFT” page to browse the available NFTs.
- Whatever, Non-Fungible token appeals to you the most, add it to Cart and Checkout: Review your order, then complete the checkout process using the funds in your Binance account.
Make sure to review the terms and conditions of the marketplace before making an NFT purchase.
How to add Binance Smart Chain to Metamask
Here are the steps to add Binance Smart Chain (BSC) to your Metamask wallet:
- Install Metamask: To add Binance Smart Chain to Metamask, you need to have Metamask installed. Go to the Metamask website and install a browser extension for your preferred browser. If you already have a Metamask account, log in to your account.
- Go to the Network Menu: In Metamask, click on the network from the dropdown menu and select “Custom RPC.” This will take you to the “Add Network” page.
- Add Binance Smart Chain: On the “Add Network” page, fill out the following information:
- Network Name: Binance Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- Chain ID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com/
- Save Network: Once you have filled out the information, click “Save.” Binance Smart Chain will now appear in the network dropdown menu in your Metamask wallet.
- Switch to Binance Smart Chain: In the network dropdown menu, select “Binance Smart Chain.” Metamask will now be connected to the Binance Smart Chain network.
How to buy Shiba Inu on Binance
Binance recently delisted several trading pairs, including the SHIB/GBP pair. This caused some concerns among investors, but the Shiba Inu token (SHIB) is still listed on the exchange and continues to be popular, ranking as the third-most-watched cryptocurrency in 2022 after Ethereum and Bitcoin. The reason behind the delisting of SHIB/GBP pair according to official sources was low liquidity.
When will Shiba be on Binance?
Shiba Inu (SHIB) is still available on the exchange as only one trading pair has been removed. Currently, users can trade Shiba Inu with pairs SHIB/USDT, SHIB/BUSD, SHIB/AUD, SHIB/BRL, SHIB/DOGE, SHIB/EUR, SHIB/TRY. However, there is no SHIB/PKR yet for buying Shiba Inu.
To buy Shiba, you can follow our step-by-step guide in the previous section above on this Binance review.
How Binance became the world’s biggest exchange
If we have to explain Binance in a few words as a Pakistani, we would say, “when it comes to crypto exchanges, Binance is the king.” The company has climbed its ranks in a remarkably short space of time, appearing from seemingly nowhere and growing its total users from 1.5 million in 2017 to over 90 million by 2023.
During the bull run of 2021, when BTC almost touched $70K, Binance trading volume was also at a peak and hit $76 billion in 24-hour trading volume. Of course, highs don’t last so long, but despite now being in a long and painful bear market, the Platform still manages a very healthy average of $14-20 billion trading volume per day.
There are various speculations on why Binance become so successful. One major factor is the marketing strategy of expansion.
On the 2nd of April 2020, the platform completed the purchase of the popular aggregated cryptocurrency data website CoinMarketCap. The rumoured purchase amount was $400 million, although both sides never officially disclosed exact figures. The deal with CMC was just one of many expansion routes. To date, Company boasts a complex ecosystem comprising myriad additional subsidiaries such as Binance Labs, Launchpad, Academy, Trust Wallet, and Binance Charity.
Another reason for its success could be the out-of-box UX of the Binance App. After downloading the mobile application and completing KYC, a user is first presented with Binance Lite – a simplified version of the platform specifically designed for and aimed toward a wider, less tech-savvy audience.
From a UI and UX standpoint, the Binance Pakistan platform is very intuitive to navigate.
Money laundering on Binance with Ryuk gang
Money laundering through Binance by the Ryuk gang became a major concern and controversy for the Exchange back in 2019 and 2020. Ryuk Gang, a notorious cybercrime group, infects target networks with malware, encrypts data, and demands a ransom. They used Exchange to launder their proceeds from these attacks by converting funds into cryptocurrencies and stablecoins.
Ryuk Ransomware Group is estimated to have earned over $150 million in Bitcoin from ransom payments globally. Today’s report shows that Ryuk has maintained its position as the most profitable ransomware group.
Despite the Binance platform’s efforts to prevent such illicit activities, the challenge of money laundering remains prevalent in the whole crypto industry which no one can deny.
FAQs
Is Binance Legal in Pakistan?
Yes, it's legal in Pakistan. Binance Global is available in Pakistan, however, users won’t be able to use Binance US which is a separate entity and doesn’t support Pakistani users for trading. All the features of the Exchange are accessible to Pakistani users including P2P trading, an NFT marketplace for both buying and selling NFTs, DeFi wallet and more.
Where is Binance located?
In the beginning, Binance announced its headquarters to be based in Singapore. However, they changed location multiple times before becoming headquarter less due to regulation issues. The Platform claims to be a centralized exchange with no headquarter.
Can I use Binance in Pakistan?
Yes, Binance is available in Pakistan.
