Are you looking for Guide on how to buy Cryptocurrency on Binance? Here’s a beginner-friendly step by step guide on how to use Binance. After you read this blog and follow the steps you will be available to buy, sell and trade crypto on Binance.
First of all, I would like to start off with – you’re not alone. Maybe, at first, it might seem a little complex, but if you follow the guide, it will be a piece of cake. That’s why we are here, to simplify things for you. Also would like to point out at the beginning that I’m not a financial advisor, you shouldn’t take my advice regarding your finance. You take full responsibilty for your actions. Always be sure to do your own due diligence.
So you have to understand that you can’t use fiat money in Binance. You can’t buy Bitcoun, Ethereum or any other coin with Euros, Dollars or GBP on Binance. You will have to start with another crypto exchange. I would suggest Coinbase. Since it’s easy to use and I’m kind calling it the gateway to crypto world.
Step 1 – Create an account at Coinbase
Go to – Coinbase
From there, it’s pretty straightforward. Click on the “Sign up” button and fill out the details. They will ask you your name, last name, email and of course password. Afterward, they will send you a confirmation email.
Step 2 – Set up Coinbase Payment Method
When you have created your account – go to setting, linked account. Add your bank account and add your credit card. Coinbase might ask you to transfer ~$0.01 just to verify your bank account. It might take up to 48-hours to get the confirmation. They might also ask for your ID and picture of you to confirm your identity, to prevent any kind of fraud.
Step 3 – But Crypto: Bitcoin, Ethereum, Litecoin, Bitcoin Cash (more ETC-20 coins will be available soon, according to Coinbase)
P.S I would suggest you buy Ethereum in this part since we’re going to use Ethereum as an example.
When you have submitted your credit card and bank account and it’s finally approved it’s time to buy some coins, that you will be able to transfer later on to Binance. Like I said in the beginning before you can actually buy crypto on Binance, you have to buy it on Coinbase.
Simple as that – go to Buy/Sell, pick the coin you want to buy. Bitcoin, Ethereum, Litecoin or Bitcoin Cash, add the amount you want to buy and proceed. It will transfer to your banks’ page to confirm the transaction, although that might depend on your bank. In a couple of seconds/minutes, you will have your coins in your account. Coinbase takes fees for every transaction you make and there’s a way to avoid the fees. We’ve written a blog post how to Avoid Coinbase Fees.
Now when that’s done and you have your coins in your account it’s time to send them to Binance.
Step 4 – Create an account at Binance
Go to – Binance
In the right top corner, there’s a “Register” button. Click on that. After that, you will be asked to enter your name, last name, email, and set up a password. After you have done that press register and they will send you an email confirmation.
Step 5 – Send funds from Coinbase to Binance
Now that you’ve logged in Binance you should see this page.
Now next step is to click on Funds > Deposits (top right corner)
This part depends on the coin you decided to buy on Coinbase, in this tutorial I will assume and show example specifically with Ethereum. How to Buy Ethereum in Binance
Now that you’ve pressed Funds>Deposits and found Ethereum, you need to Copy the address and go back to Coinbase.
Coinbase > Your Account, find Ethereum that you just have bought and press “Send”
A popup will come up and Coinbase will ask you to enter a ETH address, and you should enter the address you copied from Binance. Enter the amount you’re willing to transfer to your binance account/wallet.
Double check if the address is correct.
Keep in mind, you can only send Ethereum to Ethereum wallet. You can only send Bitcoin to Bitcoin wallet. Don’t mix it up or else you will lose your digital assets. Be careful.
That’s it. You’re done. You sent your Ethereum/Bitcoin to Binance account and you can finanly invest in the coins you actually want to invest in. The transfer should happen in 1-hour. Check your email, it might ask for confirmation. Just for your own safety.
Step 6 – Buy Cryptocurrency on Binance
This is probably the most important part when it comes to answering the question how to buy on binance.
Go to Binance Main Page and click in the top left corner – Exchange>Advance. You can go with Basic as well, but I would suggest going with Advanced Exchange since the interface is a lot friendlier.
Now you should see something like this. In the top right corner, you can choose what do you want to trade. In this case, scenario, since you transfer Ethereum to Binance, you should pick ETH. Now you can trade your ETH to any altcoin you want and desire. Whether it’s OmiseGO, EOS, IOTA, BAT(Basic Attention Token), SALT, basically, every altcoin that is listed on Binance you can now buy or invest in.
For the sake of argument, let’s assume you want to buy OmiseGO. You type in the search bar OMG and you click on it. Since you’re a beginner most likely I would suggest you switch to Market Tab (Lower right corner in the screenshot, next to “Limit”) Now you just fill out how many OMG coins/tokens you would like to buy and press “Buy”.
That’s it. That’s how to buy on Binance.
In any case, if you’re not willing to pay the current market price, you should switch back to Limit Tab and set up the exact price you’re willing to pay for the specific coin.
Step 7 – Check your Cryptocurrency Balance
Go back to Binance Homepage click Fund>Balances. You will see all the coins you have bought and the estimated value in Etheruem and Bitcoin.
And that’s how to use Binance to buy cryptocurrency.
After signing up for any service I would highly recommend setting up 2FA(2-factor authentication) to any account, try to keep your account safe. Both of the platforms allow you to do so (Binance and Coinbase). I would suggest activating 2FA to all of your crypto accounts. You can never be too safe when it comes to money. Better safe than sorry.
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