How to buy Bitcoin on Binance
In a previous article, I explained how to buy Bitcoins on the Coinbase platform. Nevertheless, I think as you progress in the cryptocurrency space, it would be wise to turn to a platform with more possibilities. However, even though Binance offers more possibilities, it is also still a more complicated platform than Coinbase. In this article, I’ll teach you how to take your first steps on the platform and buy your first cryptocurrencies.
In addition to the many possibilities offered by the platform, Binance offers the exchange of several hundred cryptocurrencies. This, therefore, represents a much larger “catalog” of cryptocurrencies than that of Coinbase.
Binance – Platform overview
Binance is the leading platform in the global cryptocurrency exchange, founded in July 2017 by Changpeng Zhao. Its popularity soared so much during the famous Bitcoin surge in 2017 that the platform was forced to temporarily block listings. The situation has recovered well now and given the further increases in Bitcoin, it may be worth turning to this platform.
In terms of numbers, Binance represents:
- An average daily volume of 2 billion.
- Over 1,400,000 transactions per second.
- 24/7 technical assistance.
Binance allows the majority of existing currencies to be exchanged for cryptocurrencies. Once these initial exchanges have been completed, you can easily trade these cryptocurrencies with others from the large catalog offered by Binance.
The platform has set up a kind of eco-system bringing together a whole series of services around cryptocurrency and even making it possible to earn interest on them, etc. All with low transaction fees of 0.1% per transaction. These can even be reduced to 0.075% if you decide to pay for them with BNB (token created by Binance).
Binance – Tutorial
Create an account
The first step will therefore be to create an account. To do this, I invite you to click on the button below:
Note: I invite you to use the links in this article to the Binance platform which are affiliate links. By using this link, it will allow you to recover 5% of your transaction fees without costing you anything more.
By clicking on the button above, you will arrive on a page similar to the one shown below. All you need to do is enter your email address and password. You will note that the sponsorship ID is already encoded, this allows you to support this blog while allowing you to save 5% of your transaction costs.
Once this information is filled in, you just have to click on “Create an account” and validate the confirmation code via the email that you should have received on this subject. Once these steps have been validated, you will have officially created your Binance account.
Before moving on to the next step, I recommend that you set up two-factor authentication security. The first step being the filling in of the password, the second is the indication of the unique and temporary code generated by your two-factor authentication application. This method will allow you to better secure your account. If you want to know more, I invite you to consult this article on the subject. But to set up this security, just go to your profile as shown below.
Verify your account
The next step will be to start verifying your account. This will increase the daily withdrawal limit that you can make from the platform. This step is optional as the base cap is 2 BTC per day. Once your account is verified, this threshold increases to 100 BTC every 24 hours. All you have to do is go to the Identification section of your profile and follow the steps:
This step being optional, I will not stick on it, I invite you to consult the tutorial produced by Binance on this subject.
Buy Bitcoin on Binance
When we want to buy Bitcoin on Binance, from USD, for example, two choices are available to us. On the one hand, it is possible to purchase via a credit card or to charge our account via bank transfer. The first option, although faster or even instantaneous, is very expensive. I, therefore, recommend that you use the bank transfer to fill your account.
Note : Binance recently launch the instant SEPA Bank transfer 27/4. This means that if your bank issues instant transfers, you might receive your funds on Binance in the minute.
By clicking on “Buy cryptos“, several choices are available to you. In particular, you can choose the purchase currency (here dollars) by clicking on “USD”. The options relating to third-party payment and P2P trading will not be developed because they are too complex for this initiation.
Purchase by credit / debit card
You understand, this is not the option that I recommend, but if you are in a hurry, you always have this possibility. By selecting this option, you arrive on the screen below.
You just have to indicate the amount of dollars you are willing to pay, select the desired cryptocurrency (here Bitcoin) and click on “Buy”.
You will then have to complete the bank card information. and finalize the transaction.
For information, the transaction fee for purchasing cryptocurrency with a credit card on Binance is approximately 2% of the transaction amount.
Deposit money on Binance
Buying Bitcoins with a credit card isn’t the best thing about the transaction costs. An alternative solution is therefore to go through a bank transfer to deposit funds in your Binance account.
The positive point of this method is above all that the deposit of money in your account does not generate additional costs. In addition, even if the platform announces 1 to 2 working days for the receipt of funds, the reality is faster. Usually, I send my funds in the morning and get them around noon. The transfer, therefore, takes less than half a day.
Note: As mentioned earlier, instant bank transfers in the Europe zone is possible on Binance
To do this, nothing could be simpler, click on your wallet at the top of your screen and go to the “Spot wallet” option.
You just need to click on Deposit at the top of your screen or directly on “Deposits” in the row associated with the currencies you wish to deposit.
In the new screen that you get, you can again select the currency you want to deposit and the deposit method (here bank transfer (SEPA)).
Note: You will notice that the charge for a deposit from a credit card is 1.8%. Previously, we mentioned a 2% charge for any purchase by credit card. This 2% corresponds to the loading costs added to the transaction costs.
By indicating the amount you wish to deposit and clicking on continue, you will obtain the relevant banking information to make your transfer. All you have to do is make this famous transfer and wait for your funds to arrive.
Buy Bitcoin with funds deposited on Binance
Now that we have deposited funds on the platform, it remains for us to use them. To do this, simply select the option “Buy cryptos” at the top of the screen and choose the option “Cash balance”.
You will arrive on the screen below where you just have to indicate the amount you are ready to pay (note the minimum amount is 50 euros). Finally, click on “Buy BTC” and after a final validation of the transaction, you will have made your first acquisition of Bitcoin on Binance.
Voila, you were able to take your first steps on the Binance Platform. We were only able to cover the base of the platform’s possibilities. We still have a lot to discover. I will be doing other articles later to go deeper into what Binance has to offer.
Even if Coinbase remains the easiest and most basic platform to take your first steps in the world of Cryptocurrencies, I remain convinced that as it evolves, it becomes wise to turn to Binance.
And you, have you already used the platform? What did you think? What would be your advice for our other readers? Do not hesitate to give us your feedback in the comments!
Note: The links in this article to the Binance platform are affiliate links. By using this link, it will allow you to recover 5% of your transaction fees without costing you anything more. I also earn a small commission.
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