Binance is a top cryptocurrency exchange website with a user base in more than 180 countries. The site has many excellent features for beginners, and it’s easy to use. If you are new to using an exchange site, you can join the Binance Academy learning section. Here, you will learn more about cryptocurrency and buying and selling coins.
Binance offers several services that cater to people looking to invest in crypto. You can move from being a crypto beginner to a pro on this exchange site. In many countries, there is a surge in regulatory pressure; thus, Binance has also increased its regulatory compliance policy. Learn more about Binance and how to buy crypto on this guide.
Step-by-step Guide on How to Buy Crypto
To start off, you have to open a Binance account. For experienced crypto traders, open an account, sign up, or download the Binance app. Generally, here are the instructions on how to buy crypto:
- Create a Binance Account
Creating an account is easy, you just sign up using your email address or phone number. Next, choose a strong password and finish up the setup process. Alternatively, you can download the Binance crypto trading app from Google PlayStore or the App Store.
- Account Verification
Due to increased regulatory policies, you have to verify your account before proceeding to the next steps. Binance is a centralized exchange, so identity verification is vital. They have to meet national and world anti-money laundering regulations. They are also required to meet Know-Your-Customer (KYC) requirements. The advantage to customers is that the ID verification process gives you an opportunity to increase your fiat deposit and withdrawal limits.
The process is straightforward, only taking a few minutes. To start the process, log in to your Binance account click on “Get Verified” to complete the various verification levels. The levels include basic, intermediate and advanced, and each of them has its fiat limits. Fill in your nationality, full name, date of birth, postal code, street address and city. By doing so, you will have completed the basic level. If you intend to upgrade to the intermediate level, upload your national ID to Binance’s customer support. You can upload an ID, a driver’s license or a passport. You are also required to complete face verification by taking a selfie and uploading it. For the advanced level, you are required to upload proof of address which can be from the latest utility bill or a bank statement.
- Start Buying Crypto
Buying Crypto Using a Debit/Credit Card or Bank Transfer
You can link your debit, credit card or bank account to your Binance account. It is one of the simplest ways to buy crypto. You can buy crypto for a minimum of around £15 (the amount is bound to change depending on your currency).
Buy Bitcoin with P2P Trading
Cryptocurrency use is on the rise, and there are so many merchants ready to sell their coins. Binance P2P gives you a chance to buy crypto from other Binance users using a local fiat currency. You can browse the various Crypto listings to get the best offers on crypto from the other selling users.
Buy Crypto Using Third-Party Payment Methods
Binance gives you an opportunity to buy crypto using other payment methods. Once you log into your account, choose another payment option that is available in your region.
The Process of Buying Crypto on Binance
For the actual purchasing process, log into your Binance account navigate to the upper-right side of the screen. Look for the ‘Buy Crypto” button and click it. It will display five different crypto buying options; credit cards, debit cards, bank deposits, cash balance, P2P trading, and third-party payments. Choose the option you want to work with. Assuming you have picked a credit/debit card, click the option, and a screen will pop up. You will be redirected to another page where you enter the amount of money you wish to spend buying your Binance crypto. Press “Buy,” and you will have initiated the purchasing process. The platform will ask you to complete the verification process (check above in this guide). As long as you have verified your account, you will successfully make your first trade.
At this point, you now have the know-how of buying crypto on Binance. You can easily buy Bitcoin, Ethereum, Dogecoin, and many more cryptos on this exchange platform following the guidelines explained above. The process isn’t so complex, so both beginners and advanced users should get their cryptos quickly. However, if you encounter any challenges during the purchase, feel free to contact Binance’s customer support team, who are always readily available.