How to purchase a Bitcoin on Binance

By Eduware - 17 March 2022

The drive to enable a decentralized financial economy is proving to be one of humankind's most successful inventions. Cryptocurrency, which came to light not long after the global market crash in 2008, has continued to revolutionize the financial industry as we know it and doesn’t look like stopping anytime soon.

What is Cryptocurrency?

A cryptocurrency is a digital or virtual currency protected by cryptography, making counterfeiting or double-spending nearly impossible. Cryptocurrencies are distinguished because they are generally not issued or governed by any central authority, making them theoretically impervious to government interference or manipulation.

The first cryptocurrency to start the financial revolution is Bitcoin.

What is Bitcoin?

Bitcoin, commonly abbreviated as "BTC," is the world's most popular and globally used cryptocurrency. It was launched in 2009 and until today is traded in fractions. Unlike fiat currency, Bitcoin is created, distributed, traded, and stored in a decentralized ledger system known as a blockchain.

Bitcoin has proven to be a worthwhile investment as a revolutionary technology over time. From being worthless on the day of birth, Bitcoin has risen to over $69,000 as its all-time high, attracting more investors.

Many aspiring investors have pondered on how to adequately and safely acquire Bitcoin. This article lays out a proper guideline for that.

How to Purchase Bitcoin on Binance

To enable cryptocurrency or Bitcoin trading, one must use a Contract for Differences (CFD) trading account or exchange. In this article, Binance exchange is recommended to buy and sell Bitcoin.

Why Choose Binance

Binance is a cryptocurrency exchange for aspiring and experienced crypto investors and traders. It provides a relatively safe, cheap and versatile platform for investing in and trading cryptocurrencies. Binance is very simple for beginners to use, and it also has enough coins and features to satisfy experienced traders. 

For experienced traders, you can sign up to Binance.com or download the Binance crypto trading app. Otherwise, below are step-by-step instructions on using Binance to purchase Bitcoin. 

Create your Binance Account

Sign up with your email address or mobile phone number, and choose a strong password. Or, download the Binance crypto trading app from the App Store or Google Play store and open an account there.

Purchase your Bitcoin

You can buy Bitcoin on Binance in three different ways: 

  • Link your debit/credit card or bank account.
  • Buy with Cash Balance
  • Purchase directly from other users on Binance P2P.

How to Purchase Bitcoin with Debit/Credit Card or Bank Account

Step 1

Log in to your Binance account and click [Buy Now] on the homepage banner.

Step 2

You can purchase Bitcoin using a variety of fiat currencies. Enter the amount of fiat money you want to buy with, and the system will calculate the amount of Bitcoin you will get. Then click [Continue].

Step 3

Here you can select your preferred payment method. To purchase with a credit or debit card, click on [Visa/Mastercard] - [Continue].

Step 4

Follow the instructions and enter your card information.

Step 5

Your card has been added. Click [Continue].

Step 6

Please double-check the payment details and charges, and confirm your order within 1 minute, or the amount of Bitcoin you can receive will be recalculated based on the current market price. To see the updated order amount, click [Refresh].

Step 7

You will be redirected to your bank's OTP Transaction Page. Follow the on-screen instructions to verify the payment. After that, you can see the purchased crypto in your Binance Spot Wallet instantly.

How to Purchase Bitcoin with Cash Balance

Step 1

Log in to your Binance account and click [Buy Now] on the homepage banner.

Step 2

Enter the amount of fiat money you want to buy with, and the system will calculate the amount of cryptocurrency you will get. Then click [Continue].

Step 3

Click [Cash Balance] - [Continue].

Please note that if you don’t have sufficient balance in your account, you will be redirected to the [Deposits] page to deposit. 

Step 4

Please check the payment details and fees and confirm your order within 1 minute, or the amount of crypto you can get would be recalculated based on the current market price. You can click [Refresh] to see the new order amount.

How to Purchase Bitcoin with P2P

Step 1

Log in to your Binance account and click [Buy Now] on the homepage banner.

Step 2

Enter the amount of fiat money you want to buy with, and the system will calculate the amount of Bitcoin you will get. Then click [Continue].

Step 3

Select your desired payment method under [P2P] and click [Continue].

Step 4

The system will automatically match your buy order with a seller’s ad on the market. You will see the payment details here. Please transfer the funds within the time specified by the seller and click [Transferred, Next] once completed.

Step 5

The seller will then confirm receipt of your payment before releasing the bitcoin to your account.

For more information on P2P trading, please visit Binance P2P trading FAQ

Conclusion

Buying crypto using an exchange has never been this easy. Binance provides crypto enthusiasts with a reliable platform to buy and sell Bitcoin and other cryptocurrencies. To successfully purchase Bitcoin on Binance, all you have to do is carefully follow the steps listed above, and you will be acquainted with the platform in no time.

It is important to note that Binance only works with verified and trusted partners to provide users with a secure and seamless crypto-buying experience.

They also accept various currencies and make it simple to buy cryptocurrency with USD, EUR, AUD, CNY, RUB, INR, and other fiat currencies. You can also buy crypto with a variety of accepted stablecoins, such as Binance USD (BUSD), Tether (USDT), and Coinbase USD coin (USDC).

Once you have completed your purchase, Binance will deposit your new cryptocurrency directly into your Binance wallet while providing you with a safe and straightforward way to manage these crypto assets. You can instantly trade your acquired cryptocurrency on the Binance Platform's numerous products and services.

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