Investing in cryptocurrency has become one of the ways to bring home the bacon these days. But to do this, cryptocurrency exchanges are required to trade cryptocurrencies for other assets such as fiat currency. Binance is one of the most used cryptocurrency exchanges in the world. This is not unconnected to its high reputation and reliability and a huge variety of other promising features. A lot of people buy crypto on Binance and it is a favourite to many.
Changpeng Zhao, a software developer, founded Binance in 2013. It was based in China. Later moved out after strict regulation of cryptocurrency in the South Asian country. It is currently headquartered in Malta and Taiwan.
Trading cryptocurrencies on Binance requires ensuring you know the protocols. For beginners, we have crafted this guide to enable you to figure out the necessary details required to trade on the Binance platform. Binance may look like a complex and intricate platform. However, after going through this tutorial, you will be able to buy crypto on Binance.
How to Open an Account on Binance
Before you perform a cryptocurrency exchange on Binance, you are required to register a Binance account. Registering is free and easy and all you require is a password and an email address or phone number. To open a Binance account you have to adhere to the following instruction:
- Visit Binance or access the Binance app
- At the top right corner of the homepage click on “Register” on the website or simply open the app
- Insert the email or mobile number, and the password you will use for the registration in the provided boxes. We will be using email for this tutorial.
- If you are referred to Binance by a user ensure that you provide the referral ID in the box provided, though it is optional
- Click on “Create Account” and you will be required to perform a security check
- The security check is a jigsaw that you have to drag till you complete a missing slide
- Once the jigsaw is completed an email verification code will be sent to the email you provided
- Copy the verification code sent to your email to complete the registration
How to Secure Binance Account
The security of your new Binance account is very important. You will not want to lose your funds to the bad actors online because of a poorly secured account.
To secure your account
- Go to your Dashboard and click on “Security” on the left-hand side.
- Enable Google Authentication and SMS Authentication
- You may optionally set up the YubiKey. YubiKey is security hardware that offers you protection against password theft and highjack.
How to Verify Self on Binance
To get the full benefit of Binance exchange, you must verify your identity. This is similar to doing your KYC with your financial institution. And it takes just a few minutes to get done. The approval may take a few minutes to some days to arrive.
To verify your Binance account:
- Visit your Dashboard
- Click on “Security” and then on “Verify” on the next page
- Choose Nationality and click “Start”. You will need your basic information and a government-issued ID (passport or driver’s license) for verification. In some countries, the Bank Verification Number (BVN) can be used to verify a Binance account. Ensure your internet connection is strong to avoid interruptions during the process.
- Enter your personal information and click “Continue”
- Choose the document to upload. The international passport was chosen for this guide
- Take or upload a picture of your identification card (international passport)
- Click “Submit & Continue” to go to the facial verification page
- Follow the next prompts and complete facial recognition.
How to Buy Crypto on Binance with Bank Deposit
You can buy bitcoin or Ethereum through various methods and one of them is via bank deposit. To buy crypto on Binance using a bank deposit:
- Log in to your Binance account or open the Binance app
- On the homepage, hover the mouse cursor over the “Buy Crypto” tab and select “Bank Deposit”
- Choose currency and payment method
- Enter into a provided box the quantity you want to buy and click on Continue to complete the transaction
- Note that it may take 2 – 4 business days for deposits sent through bank deposit to arrive at Binance. USD sent to Binance via bank deposit is stored as the stable Binance coin (BUSD) at a ratio of 1:1
How to Buy Crypto on Binance with Credit/Debit Cards
Buying Bitcoin/Ethereum with credit or debit cards is another way to buy cryptocurrencies on Binance. To do this:
- Log in to your Binance account on the app or website
- Go to the home page and hover the mouse cursor over the “Buy Crypto” tab
- Select“Credit/Debit Card”
From the supported fiat currencies displayed on the following page, choose the fiat currency that you want to buy the cryptocurrency with
- Select the fiat currency and enter the amount of fiat currency you want to trade for cryptocurrency. BTC is originally selected by the system. Click on it to choose the cryptocurrency you want to purchase
- Select the card you want to use for the purchase or add a new card
- Click on “Buy”
- Review your card details and the amount you want to spend before you tap “Confirm” at the bottom of the screen
- Congratulations, you have purchased your cryptocurrency
How to Trade Crypto on Binance
Trading on Binance entails buying and selling cryptocurrencies for definite compensation. The sole aim of trading on Binance is to earn a return on investment over a period; it could be hours, days, months or years.
The methods that traders engage in to yield profits are different. Some may capitalize on market volatility. Some may follow a market trend towards where the value of the asset is going.
In the cryptocurrency market, there are two trends; bull and bear markets. A bull market consists of a trend where the cryptocurrency price keeps soaring while a bear market is on a steady decline.
Trading cryptocurrencies require regular analysis to detect price fluctuations, and major changes as these are basic in determining profitability.
To trade on Binance, go to the homepage and hover over the “Trade” button at the upper section of the page. A drop-down menu will emerge highlighting the various transactions that you can perform.
Among the options in the drop-down menu are layouts constructed that the user can use to perform a transaction depending on their experience. If you are just a beginner, you can opt for the “Convert” interface. The classic and advanced interfaces are more tailored to experienced cryptocurrency dealers.
Binance P2P
Binance P2P is a platform that allows for cryptocurrency trading. On this cryptocurrency exchange, a wide variety of cryptocurrencies can be exchanged such as Bitcoin, Ethereum, Litecoin, and more. It allows you to pay directly to the seller via an agreed-upon payment method. It acts as an escrow service that both trading parties are satisfied with trading requirements completion before finalization. In other words, it ensures that no one is cheated on. Read the Binance P2P guide for a full step-by-step tutorial on how to use the Binance P2P platform.
Transfer Fees
The low fees charged by Binance have continued to encourage the surging population of cryptocurrency enthusiasts to buy crypto on Binance. Binance P2P allows users to buy and sell Bitcoin, Ethereum, and other cryptocurrencies at zero fees.
Final Take
By now, you should have gotten the knowledge required to make use of Binance to invest in emerging blockchain technology. You should have known by now that Binance is not as complex as it appears. Binance is an extraordinary cryptocurrency platform that allows you to purchase cryptocurrency via bank transfer, credit, or debit card. Furthermore, users gain from its analytics in making informed decisions to buy Bitcoin on Binance. Move over to Binance and create your account today.