With Binance
Enhanced with Gemini, by Google.
Enhanced with Gemini, by Google.
Visit the Binance website or download the Binance app.
Sign up for a new account by providing your email address and creating a secure password. Binance offers tiered account levels with varying verification requirements. For basic buying and selling, you might consider starting with basic verification which involves providing your name and address.
Unlike Coinbase, Binance doesn't directly connect to your bank account for purchases. You'll need to fund your Binance wallet with funds first. There are several options depending on your region:
Depositing Fiat Currency: You can transfer fiat currency (USD, EUR, etc.) from your bank account via wire transfer or third-party payment processors (availability may vary).
Buying Crypto with Credit/Debit Card: In some regions, Binance allows direct purchase of crypto using a credit or debit card (fees may apply).
Once your Binance wallet has funds, you can choose how you want to buy your cryptocurrency. Here are the main options:
Buying with Cash Balance: If you deposited fiat currency, you can directly purchase your chosen crypto using your fiat wallet balance.
Buying with P2P Trading: Binance offers a peer-to-peer (P2P) marketplace where you can buy crypto directly from other users using various payment methods.
Binance offers a wide range of cryptocurrencies for purchase. Explore the options and select the one you're interested in (e.g., Bitcoin, Ethereum, etc.).
Decide how much cryptocurrency you want to buy. Binance offers various order types, but for a simple purchase, you can use a "Market Order" which buys at the current market price.
Binance will display an order confirmation screen, showing the amount of crypto you'll receive, the total price including fees, and the chosen payment method (if applicable).
Double-check the details before confirming your order.
Once confirmed, Binance will process your order. The speed may vary depending on the chosen purchase method (P2P transactions might involve additional steps with the seller).
Your purchased cryptocurrency will be deposited into your Binance wallet. This is a hot wallet connected to the internet. For long-term holdings, consider transferring your crypto to a cold wallet for enhanced
Binance charges fees for transactions, including trading fees and potential deposit/withdrawal fees. Be aware of these costs before buying.
Verification requirements may vary depending on your location and regulations.
Binance offers a vast array of features beyond basic buying and selling. It's recommended to explore their resources and tutorials to understand the platform better before diving into more complex functionalities.