How To Buy Crypto On Binance Exchange? 

What is Binance?

Binance is the largest centralized cryptocurrency exchange where users can buy, sell and trade cryptocurrencies. Founded by Chanpeng Zhao in 2017, the exchange offers a range of services like buying and selling crypto on the spot market and futures market. Besides this, the exchange also offers other services like crypto staking, copy trading, crypto earn and margin trading. 

What Do You Need to Create an Account on Binance? 

• A laptop or smartphone with a stable internet connection. 
•  Please do not use public wifi to do this. 
• Your Identity card – local ID and your bank details. 
• A distraction free place. 

Now, let’s move on to the real topic: creating your account!

How To Create An Account on Binance Exchange? [Using Web App]

Creating an account on Binance is a fairly straightforward process. In this section, we will take you through a step-by-step guide on how to get started.

• First visit the official website of Binance and head over to sign up.

Next, enter your details to create an account. 

Once done, Binance will prompt you to complete your ID verification. This is done to make sure that your account is secured. 

Next, upload your ID and also do a liveness check to register your account. 

Click on Verify Now. 

To complete your verification, you can either enable ‘Take photo with camera’ or you can download the Binance app. 

Once you have submitted your id, it will prompt you to upload your selfie. Once done, Binance will verify your details and update you on your KYC status over mail. 

How to securely trade and invest on Binance?

Before we dive into this section, please make sure you enable two-factor authentication on your Binance web or mobile app. This will prevent anyone from getting authorization to access your Binance account/ wallet. Besides 2FA, please check the 9 Crypto Security Practices You Must Follow To Secure Your Assets 

You can invest in crypto via two main methods: bank transfer and peer to peer trading. Let’s understand how these work. You can directly buy crypto by depositing fiat currency in your account. 

For trading on the spot market, go to the “Markets” section and select your desired coin (e.g., BTC, ETH, USDT). Note that you need to first buy USDT or USDC to invest in cryptocurrencies. Since stablecoins are pegged to the US dollar, it is easier for you to invest in stablecoin pairs like ETH/USDT , BTC/USDT amongst others. You can place a market or limit buy order. 

A limit order allows you to buy or set the desired price at which you would like to buy the asset. A market order allows you to buy the asset at the current trading price. 

The difference is that in a limit order your order gets filled when the asset falls to your desired price but in a market price your order fills in immediately. 

Besides direct buying you can also buy crypto via p2p. In this type of purchase, you will see seller ads on p2p Binance with sellers stating their preferred mode of payment, amount, selling price and minimum amount of crypto you will have to buy. 

How To Buy Bitcoin on Binance? 

In the paragraph above, we discussed how you can buy crypto. Before you proceed further, remember you need to first buy a stablecoin like USDT or USDC. 

Next, click on Markets to open the cryptocurrencies list. Now, from the top left hand corner, under the hot section, click on BTC. 

Next, enter the amount of USDT you wish to spend. To buy BTC at the market price simply choose the market option. To buy BTC at your preferred price choose limit and enter the price you wish to buy at. 

How to secure your crypto even better? 

The best practice in crypto investing is that you take matters in your  own hands and secure your crypto by opting to transfer it in your own wallet. By this, we mean that you must create a self custodial wallet and transfer your crypto into it. To help you choose the best self custodial crypto wallet, please read Top 6 Hot Wallets for Crypto 

Wrapping Up 

To sum up, investing/buying crypto on Binance is easy and secure. Whether you decide to purchase directly via bank transfer or through P2P trading, the platform offers multiple secure options to suit your needs. 

Frequently Asked Questions 

Is Binance Safe To Buy Crypto?

Like most major exchanges, Binance requires identity verification to meet government regulations. The platform is considered secure for sharing your information, as it uses encryption to safeguard your personal data. 

How Long Does KYC Verification Take On Binance?

Usually anywhere from a few minutes to 24 hours.

What Is The Minimum Amount Needed To Buy Crypto On Binance? 

It varies per coin, but you can start with as little as $10 (This may vary from country to country) 

How To Buy Cryptocurrency?

You can buy cryptocurrency on trusted exchanges like Binance, OKX and Bybit.