Binance is a famous cryptocurrency exchange that allows users to buy and sell a variety of cryptocurrencies, including Bitcoin. Buying cryptocurrency on Binance may initially seem daunting if you’re new to cryptocurrency. However, the process is relatively straightforward once you follow the right way.
Stay tuned; I will walk you through the steps you need to take to purchase cryptocurrency on Binance. From creating an account to making your first purchase, I will cover everything you need to know to get started.
What is Binance?
Binance US, in partnership with BAM Trading Services, is now open for business in the US. Over 120 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano, can be traded, converted, and staked on the platform (ADA). This exchange has some of the lowest trading fees available, making it a good choice for those who trade frequently or in large amounts.
Investing in cryptocurrency, Decentralized Finance (DeFi), or any other type of Initial Coin Offering (ICO) is a high-risk endeavor due to the unpredictability of the market. It’s wise to consult a professional before making any drastic changes to one’s financial situation. Neither Investopedia nor the author can guarantee the accuracy or timeliness of the information presented herein, and the reader should not treat it as such.
Key Feature:
Make-and-take fees on Binance.US are 0% to 1%, while instant buy fees are 0.50%. The fees on this platform are extremely low when compared to its rivals.
Learning Materials Currently Available:
The Binance.US Blog features video lessons and written guides on blockchain technology and cryptocurrency trading for investors of all skill levels.
Discounts on Trading Fees are as follows: Users who hold Build and Build (BNB) are eligible for a 25% reduction in trading fees.
Company Overview
Despite Binance.wide US’s variety of supported cryptocurrencies and the fact that it is accessible from everywhere except Hawaii, New York, Texas, and Vermont, it does not accept users from those states. However, the U.S. platform may be a good choice for some investors because of its trading features, low fees, and extensive educational materials. Unfortunately, the interface could be more user-friendly.
Cryptocurrencies Available on Binance.US
One can choose from more than 120 different cryptocurrencies in the US. Trading in Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Solana (SOL), Cardano (ADA), and other cryptocurrencies is possible, as is trading in lesser-known cryptocurrencies like VeChain (VET) and Orchid (ORCHID) (OXT).
Trading Experience
Users can access the dashboard via a web browser, and mobile apps are available for both iOS and Android.
After logging into your account, go to the “Buy Crypto” tab. You can check market performance and place trades by clicking on “Trade,” which will take you to the platform’s OTC and advanced trading portals. By integrating with TradeView, the cutting-edge platform consolidates the viewing of order history, real-time price tracking, and historical data. Direct negotiations between buyers and sellers are made possible by OTC trading. Please remember that OTC trades cannot be made for amounts less than $10,000.
Traders with more experience will fare better on this platform. There is a possibility that the sophisticated features of this trade will put newcomers off.
Fees
The low trading costs are a major selling point. Binance.US is the only major cryptocurrency exchange in the US to provide commission-free Bitcoin (BTC) spot trading in all four major trading pairs (BTC/USD, BTC/USDT, BTC/BUSD, and BTC/USDC) to all traders, regardless of account size.
Trading fees from rivals begin at 0.50%, while maker/taker fees sit at 0% to 0.01%. There is a 0.50 percent fee for instantaneous purchases. Users who hold BNC are also eligible for a discount of 0.25% on trading fees.
While the trading fees are low, the debit card deposit fee is quite high at 4.5%. Users are better off making deposits through free alternatives like ACH and wire transfers. Although wire transfers cost $15 within the United States and $35 internationally, ACH withdrawals are free.
Customer Service
The cryptocurrency exchange industry is notorious for its need for robust customer service options. Visitors to the Support page are always welcome to submit a form or initiate a live chat session whenever they encounter any issues. However, you can only reach people by phone or email if you have an emergency with your account.
Instead of a live chat feature, it has an extensive collection of frequently asked questions on its support page. These materials may be helpful for those seeking general explanations.
Account Management
features a handy app and web-based dashboard for keeping track of all your accounts. Mobile and desktop versions provide the same features. After logging in, you’ll be able to see your account’s current balance, purchase history, and the devices you’ve used to access your account. You can make deposits and withdrawals, as well as buy, sell, and trade cryptocurrencies.
Why choose Binance?
Binance is the most popular cryptocurrency trading platform, used by millions daily. They make buying digital currency simple, safe, and quick. The company has a 24-hour support team for customers.
Buying cryptocurrency on Binance[ Easy Step-by-Step guide]
Here are the simple steps to follow when buying cryptocurrency on Binance.
Step 1: Create an Account on Binance
The first step to buying cryptocurrency on Binance is creating an exchange account. Head over to the Binance website, and click the “Register” button on the top right corner of the page. Enter your email address, create a strong password, and agree to the terms of use. Once you’ve done this, click “Create Account” to proceed.
Step 2: Verify Your Identity
You need to verify your identity to use Binance’s full range of features. This involves providing Binance with some personal information and a valid government-issued ID. Click on “Verify” under your account information and follow the instructions to complete the verification process.
Step 3: Add Funds to Your Account
Now that you’ve set up your account and verified your identity, it’s time to add funds to your Binance account. Navigate to your account’s “Deposit” section and select the currency you want to deposit. Follow the instructions to transfer funds to your Binance account.
Step 4: Navigate to the “Buy Crypto” Section
Once you have deposited funds into your binance account, navigate to the “Buy Crypto” section of your account. Here you’ll see a list of available cryptocurrencies you can buy, such as bitcoin, etherum etc.
Step 5: Choose Your Desired Cryptocurrency
Select desired cryptocurrency from the list of cryptocurrencies to buy. You’ll be asked to select the currency you want to pay with, usually the currency you deposited earlier. Binance supports many different currencies, so you should be able to find the one you need.
Step 6: Choose Your Payment Method
Binance offers various payment methods, including credit cards, debit cards, bank transfers, and third-party payment providers. Choose the most convenient for you, and follow the prompts to complete the payment.
Step 7: Confirm Your Purchase
Once you’ve completed the payment, you’ll be taken to a confirmation page. Review the details of your purchase carefully, and make sure everything is correct. Once you’re happy with the details, click “Confirm” to complete the transaction.
Step 8: Transfer Your cryptocurrency into Your Wallet
Congratulations! You’ve now successfully bought your desired cryptocurrency on Binance. The final step is to transfer your cryptocurrency to your wallet, where you’ll have complete control over your digital assets. To do this, navigate to your account’s “Withdraw” section and select cryptocurrency you want to withdraw. Enter the wallet address to which you want to send the cryptocurrency and follow the instructions to complete the transaction.
Method 2- How to buy cryptocurrency on Binance [Fiat currency]?
The Fiat method allows you to purchase cryptocurrency with traditional currency, such as USD or EUR. Here are the steps you can follow:
Step 1: Create an account on Binance
First, create an account on Binance. Go to Binance.com and click the “Register” button on the upper right side of the page. Follow the prompts to create an account by providing your email address and password.
Step 2: Verify your account
After creating your account, you must verify your identity by providing personal information and documents. Binance requires you to complete the Know Your Customer (KYC) process before you can buy cryptocurrency with Fiat. Follow the prompts to upload your ID and a selfie.
Step 3: Add Fiat currency to your account
Once your account is verified, you can add Fiat currency. Go to the “Buy Crypto” section of the Binance website, and select the Fiat currency you want to use (e.g., USD or EUR). Follow the prompts to add funds to your account.
Step 4: Buy cryptocurrency
After you have added Fiat currency to your account, you can buy cryptocurrency . Go to the “Buy Crypto” section of the Binance website, and select “Bitcoin ,Ethereum or any” as the cryptocurrency you want to buy. Then choose the Fiat currency you want to use to buy cryptocurrency and enter the amount you want to spend. Binance will show you the current exchange rate and the amount of cryptocurrency you’ll receive. Click “Buy” to confirm the transaction.
Step 5: Withdraw your cryptocurrency
After you’ve bought cryptocurrency , you can withdraw it to an external wallet or keep it in your Binance account. To withdraw, go to the “Wallet” section of the Binance website and select “Withdraw” next to cryptocurrency. Enter the wallet address to send the cryptocurrency and the amount you want to withdraw. Binance will ask you to confirm the transaction by entering a code in your email.
Method 4- How to buy cryptocurrency on Binance [Credit/ Debit Card]?
To buy cryptocurrency on Binance using a credit or debit card. Here are the instructions:
Step 1- Sign up for an account on Binance
To start, you need to create an account on the Binance website. Click on the “Register” button at the top right corner of Binance.com. Follow the prompts to create a new account and verify your identity.
Step 2- Complete the KYC verification
Once you’ve signed up, complete the Know Your Customer (KYC) verification process. This involves providing Binance with your personal information, such as your name, address, and ID documents. The verification process usually takes a few minutes to complete.
Step 3- Add your credit or debit card
Once your account is verified, go to the “Buy Crypto” section on the website of Binance and choose the “Credit/Debit Card” option. Click the “Add a Card” button and follow the prompts to add your card details.
Step 4- Select the cryptocurrency to buy
After adding your card, select the cryptocurrency you want to buy. You can also choose the currency you want to pay with (e.g., USD, EUR, GBP, etc.).
Step 5- Enter the amount to buy
Next, enter the amount of cryptocurrency you want to buy. Binance will show you the current exchange rate and the fiat currency you must pay. Check the transaction fees, as they can vary depending on the payment method and the amount of cryptocurrency you’re buying.
Step 6- Confirm the transaction
Once you’ve entered the amount you want to buy and review the transaction details, click the “Buy BTC , ETH etc” button to confirm the transaction. Binance will ask you to enter your card’s security code (CVV) and may also send you a verification code via SMS or email to confirm your identity.
Step 7- Receive your cryptocurrency
After confirming the transaction, your cryptocurrency will be credited to your Binance account. You can view your cryptocurrency balance by going to the “Wallet” section on the Binance website.
Method 5- How to buy cryptocurrency on Binance [ Peer-to-Peer Trading]?
To buy cryptocurrency on Binance using the Peer-to-Peer (P2P) Trading feature, follow the steps below.
Step 1: Create an account on Binance
To start, you’ll need to create an account on Binance if you still need to create one. You can do this by visiting their website, clicking “Register” at the top right corner of the screen, and following the prompts to create an account.
Step 2: Complete your KYC verification
To trade on Binance, you must complete the Know Your Customer (KYC) process. This is done to ensure compliance with anti-money laundering laws and to keep the platform secure. To complete the KYC process, you must provide some personal information and upload a government-issued ID.
Step 3: Navigate to the P2P Trading platform
Once your account is set up and verified, navigate to the P2P Trading platform on Binance. Click on the “Buy Crypto” option in the top menu bar, then select “P2P Trading” from the drop-down menu.
Step 4: Choose your payment method and currency
On the P2P Trading platform, you can choose your payment method and the currency you’d like to use to buy cryptocurrency . Binance supports a variety of payment methods, including bank transfers, cash deposits, and online payment platforms like PayPal and Alipay.
Step 5: Browse available offers
Once you’ve selected your payment method and currency, you can browse the available offers from other traders on the platform. You can filter these offers by price, payment method, and trade limits to find the best option.
Step 6: Initiate the trade
Once you’ve found an offer that you’re interested in, click the “Buy” button to initiate the trade. You’ll be prompted to enter the amount of cryptocurrency you’d like to buy and any additional details the seller requires.
Step 7: Make the payment
Once you confirm the trade details, you must pay using the selected payment method. Be sure to follow the seller’s instructions carefully to ensure that the payment is processed correctly.
Step 8: Receive your cryptocurrency
Once the seller has confirmed receipt of your payment, they will release the cryptocurrency to your Binance account. If desired, you can view your cryptocurrency balance on the Binance platform and withdraw it to an external wallet.
Method 6- How to buy cryptocurrency on Binance [Third-Party Payment Providers]?
If you want to buy cryptocurrency on Binance using third-party payment providers. Here are the steps:
Step 1: Register for a Binance account
To buy cryptocurrency on Binance, you must first create an account on their website. Visit binance.com and click the “Register” button at the top right corner. Follow the instructions to complete the registration process.
Step 2: Verify your account
Before you can buy cryptocurrency on Binance, you need to verify your account. To do this, log in to your Binance account and click the “Verify” button in the top right corner. Follow the instructions to complete the verification process.
Step 3: Go to the “Buy Crypto” page
Once your account is verified, go to the “Buy Crypto” page on Binance by clicking the “Buy Crypto” button at the top. On the “Buy Crypto” page, select “Credit/Debit Card” as the payment method.
Step 4: Choose a third-party payment provider
Binance lets you buy cryptocurrency using third-party payment providers such as Simplex, Koinal, and Banxa. Choose the payment provider you prefer and click on the “Buy Now” button next to it.
Step 5: Enter the amount of cryptocurrency you want to buy
On the payment provider’s page, enter the amount of cryptocurrency you want to buy in your local currency. The minimum and maximum limits for buying cryptocurrency vary depending on the payment provider.
Step 6: Enter your cryptocurrency wallet address
Next, you need to enter your cryptocurrency wallet address. Make sure you double-check the address to avoid any errors.
Step 7: Enter your personal information and payment details
The payment provider will ask you to provide your personal information and payment details, such as your credit card number, expiry date, and CVV code. Enter the required information and click on the “Pay Now” button.
Step 8: Verify your purchase
Once your payment is processed, you will receive a verification code via SMS or email. Enter the code on the payment provider’s page to verify your purchase.
Step 9: Receive your cryptocurrency
Once your purchase is verified, the cryptocurrency will be sent to your Binance wallet. You can check your Binance wallet balance to confirm that the cryptocurrency has been deposited.
Frequently Asked Questions
Can I buy cryptocurrency on Binance for free?
No, there are fees associated with buying cryptocurrency on Binance. The fees vary depending on the payment method used and the amount of cryptocurrency purchased. It’s essential to check the fees before making a purchase.
What happens when I buy cryptocurrency on Binance?
When you buy cryptocurrency on Binance, you exchange your fiat currency for cryptocurrency at the current market price. The cryptocurrency is then credited to your Binance account, where you can hold or use it to trade for other cryptocurrencies or fiat currencies.
Can I cash out my cryptocurrency on Binance?
Yes, you can cash out your cryptocurrency on Binance by selling it for a supported fiat currency, such as USD or EUR, and withdrawing the funds to your bank account.
Can I buy cryptocurrency on Binance through a bank transfer?
Yes, you can buy cryptocurrency on Binance through bank transfer by depositing funds in your Binance account using a wire transfer from your bank account.
Is it safe to link a bank account to Binance?
Linking your bank account to Binance can have certain risks, such as the potential for fraud or hacking. However, Binance has security measures to protect user accounts and uses encryption to secure sensitive information. Using strong passwords and enabling two-factor authentication is essential to enhance account security.
Conclusion
Buying cryptocurrency using Binance is a relatively straightforward process. You need to sign up for an account, complete the verification process, and deposit funds into your account. From there, you can use the funds to buy cryptocurrency by navigating to the trading platform and selecting the cryptocurrency trading pair you want. With the right strategy and knowledge, Binance can be an excellent platform for buying and trading cryptocurrency.