How to Buy Coins on Binance

Binance is one of the most popular and trusted exchanges that offer a wide variety of coins and user-friendly features. But if you are new to the game, the process of buying coins on Binance may look difficult at first.

In this article we have structured out steps to help you purchase your first coin on binance.

Setting Up Your Binance Account

Before you can start buying coins on Binance, you’ll need to create an account. Head over to the Binance website and click on the “Register” button in the top right corner. You’ll be asked to provide an email address and create a secure password. Once you’ve filled in your details, click on the verification link sent to your email to activate your account. 

Read also: How to Buy Cryptocurrency Through an Exchange

To ensure the safety of your funds and comply with regulations, Binance requires users to complete a Know Your Customer (KYC) verification process. This involves submitting a valid government-issued ID and a selfie for proof of identity. While it may seem like an extra step, KYC verification helps protect both you and the exchange from fraudulent activities.

Funding Your Binance Account

When your account is set up and verified, you need to add some funds. Binance offers several options for depositing money, including bank transfer, credit/debit card, and peer-to-peer (P2P) trading. 

For beginners, using a credit or debit card is often the most straightforward method. Simply click on the “Buy Crypto” button on the Binance homepage and select “Credit/Debit Card.” Choose the currency you want to deposit (e.g., USD, EUR) and the amount you wish to add to your account. Keep in mind that card purchases may come with higher fees compared to other funding methods.

If you prefer bank transfers, Binance supports SEPA and wire transfers for various currencies. The process may take a bit longer than card payments, but the fees are generally lower. To initiate a bank transfer, go to the “Wallet” tab, click on “Fiat and Spot,” and select the currency you want to deposit. Follow the provided instructions to complete the transfer from your bank account.

P2P trading is another option that allows you to buy cryptocurrencies directly from other users. This can be useful if you prefer to deal with individuals rather than the exchange itself. To access P2P trading, click on the “P2P Trading” button on the Binance homepage and follow the prompts to find a suitable seller.

Buying Coins on Binance

Binance exchange offers a vast selection of cryptocurrencies, from well-known coins like Bitcoin (BTC) and Ethereum (ETH) to smaller altcoins and tokens.

To buy a specific coin, start by navigating to the “Markets” tab on the Binance homepage. Here, you’ll see a list of trading pairs, which show the various coins available for trading against other cryptocurrencies or fiat currencies. For example, if you want to buy BTC using USD, you’ll look for the BTC/USD trading pair.

Click on the trading pair you’re interested in to open the trading page. On this page, you’ll see a chart displaying the coin’s price history, an order book showing current buy and sell orders, and an order placement section where you can enter your own trades.

Binance offers several types of orders to cater to different trading strategies:

• Market Order: This type of order allows you to buy coins instantly at the current market price. Simply enter the amount of the coin you want to purchase, and Binance will automatically fill your order at the best available price.
• Limit Order: With a limit order, you set a specific price at which you want to buy the coin. Your order will only be filled if the market price reaches or drops below your set price. This is useful if you believe the coin’s price will drop in the near future, allowing you to buy at a lower price.
• Stop-Limit Order: A stop-limit order is a more advanced trading tool that combines the features of a stop order and a limit order. You set a “stop” price that triggers the order when reached, and a “limit” price that defines the maximum price you’re willing to pay. This helps manage risk by automatically buying coins when certain price conditions are met.

Once you’ve selected your order type and entered the desired amount, double-check the details and click “Buy” to place your order. If you placed a market order, your coins should appear in your Binance wallet almost instantly. For limit and stop-limit orders, your order will be filled when the specified price conditions are met.

Securely Storing Your Coins

After successfully buying coins on Binance, it’s crucial to consider the safety of your investments. It is generally recommended to store your coins in a personal wallet rather than leaving them on the exchange.

Binance offers a built-in wallet for each coin, which you can access under the “Wallet” tab. However, for long-term storage or large amounts of cryptocurrencies, consider transferring your coins to a hardware wallet or a secure software wallet that gives you control over your private keys.

Hardware wallets, such as Ledger or Trezor, are physical devices that store your coins offline, providing an extra layer of security against online threats. Software wallets, like MyEtherWallet or Exodus, are digital wallets that you can install on your computer or mobile device, offering convenience and flexibility.

Frequently Asked Questions

1. Can I buy coins on Binance with any fiat currency?

Binance supports a wide range of fiat currencies, including USD, EUR, GBP, and many others. However, the availability of specific fiat currencies may vary depending on your location and the payment methods you use. Make sure to check the supported currencies for your region on the Binance website or within the app.

2. What are the fees for buying coins on Binance?

Binance charges a small fee for each trade, which varies depending on your trading volume and whether you’re using Binance Coin (BNB) to pay for the fees. Generally, the fees are very competitive compared to other exchanges. You can find the current fee structure on the Binance website under the “Fees” section.

3. Is there a minimum amount required to buy coins on Binance?

Yes, Binance has a minimum trade amount for each coin, which can vary depending on the current market price. The minimum amounts are usually quite low, making it accessible for most traders. You can check the minimum trade amount for a specific coin on the trading page before placing your order.

4. How long does it take to buy coins on Binance?

If you’re using a market order, your coins should be available in your Binance wallet almost instantly after placing the order. However, if you’re using a limit or stop-limit order, the time it takes for your order to be filled will depend on market conditions and whether the price reaches your set limits.

5. Can I buy coins on Binance using a credit or debit card?

Yes, Binance allows users to buy coins using a credit or debit card. Keep in mind that card purchases may come with higher fees compared to other funding methods, and some banks may block transactions related to cryptocurrencies. Make sure to check with your bank or card issuer before attempting a purchase.

6. How secure is Binance for buying and storing coins?

Binance is one of the most secure and trusted cryptocurrency exchanges, employing various security measures such as two-factor authentication, SSL encryption, and a secure cold storage system for user funds. However, it’s always recommended to store your coins in a personal wallet, especially for long-term holding or large amounts.

7. Can I buy coins on Binance if I’m a beginner?

Yes, Binance is suitable for both beginners and experienced traders. The platform offers a user-friendly interface and educational resources to help new users get started. However, it’s essential to take the time to learn about cryptocurrencies, trading strategies, and risk management before investing significant amounts.