How to buy Bitcoin with Binance?
Yes, Bitcoin has been through another major correction in the last year or so, but it’s not the first time.
Remember this picture?
It’s only the beginning!
Keep in mind that even when it experienced a massive correction in 2018, Bitcoin and other cryptos bounced back on track. And Bitcoin was still 2019’s best-performing asset.
*UPDATED for 2021 – Bitcoin was also more recently the best performing asset of 2020, and Bitcoin alone outperformed U.S. tech stocks by 31%.
In 2019, Bitcoin was recognized by Goldman Sachs as the best performer since the year started, and Bitcoin’s price went on to more than doubled in 2019. Yes, then price of Bitcoin has fallen again since then, but it is expected to rise once more over the next 1-2 years.
But if you are here it’s because you are a bit lost and don’t know how to invest in this asset class, right? That’s why I’ve written this easy to follow guide for you.
And if you feel like you’re coming in late, keep in mind that we are still very much at the “early stages” if you’re looking to buy into cryptocurrencies today. We can compare it to the stages of the Internet in 1996-1997.
And let’s face it buying Bitcoin has never been so easy!
I’m going to show you how to buy your first bitcoin (BTC) in this guide.
I will now lead you through the purchasing process of your very first Bitcoin via Binance…
Binance is one of the largest and most popular cryptocurrencie exchange platforms, and it’s also very easy to use.
Binance allows you to buy Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) and more 500 other cryptocurrencies. It even has localised Crypto exchanges, such as Binance Jersey, which serves the UK and Europe *(Binance Jersey is now closed).
Binance is the world’s biggest crypto exchange based on transaction volume and one of the fastest-growing exchanges in the world.
As an example, on average – between 5 and 10 billion ($USD) is traded daily on Binance, pretty incredible isn’t it?
In addition, it is an immense and reputable organization that offers various security services (2-factor authentication and vault for your cryptos, all-risk insured). So even in the event of a minor security breach (it happened in May 2019), Binance refunded the victims through its secure asset fund.
How to buy Bitcoin with Binance – 1st step: Registration on Binance
Click on this link to visit the Binance Sign-Up page, and then enter the following information.
Tip: Choose a password that is strong enough and don’t forget it!
How to buy Bitcoin with Binance – 2nd step: Validate your registration (via email)
Go to your inbox and validate your registration.
After clicking the validation link over email, you will just have to login with the correct information via the login page.
The first time you login to Binance, they will show you a 2 minute security quiz which explains how to best secure your account and also how to spot scammers. I highly encourage you to do it, its only 2 minutes and well worth spending the time to secure your money!
After that, you will see a message to enable 2FA (Two-Factor-Authentication). You may well already be familiar with 2FA, if you use it in your workplace for example. Do this and implement the 2FA as it’s beneficial. I would also recommend using Google Authenticator rather than SMS authentication (even if it’s not very common, some scammers can still hijack text messages).
After that, I would recommend to validate your identity through the KYC process (Know Your Customer – an industry standard procedure across the finance industry).
You can do this by providing photos of your passport or driver’s license, for instance, using your mobile phone or webcam.
Once you submit your KYC documents, it will typically take from a few minutes to several hours to confirm your identity (for more information, you can check out this Binance help article on How to Complete Identity Verification).
Your identity documents will be entirely secure with Binance and will never be transmitted to third parties
How to buy Bitcoin with Binance – How can I buy Bitcoin BTC or another crypto with a credit card on Binance?
As soon as your identity verification has been validated, you will be ready to buy some BTC directly by credit card or by bank transfer by clicking on the “buy crypto” page.
From here, you will have to provide your bank card information, your customer details and then you will be free to trade and purchase your your first cryptocurrencies (pop the champagne!).
If you want to buy any other crypto, then you must first buy some BTC, and with it, you can then trade to buy almost any other crypto via the “exchange” page.
Update: some of the other top 2-3 Cryptos alongside Bitcoin (such as Ethereum and Litecoin) are also now available to buy direct, without the need to buy Bitcoin to trade with first.
How to buy Bitcoin with Binance – How can I buy BTC or another crypto with Bank Transfer?
Alternatively, you can fund your Binance account by wire transfer. This will require you to purchase stable coins listed on Binance by moving money from your account to the suppliers of those coins. Then use these stablecoins to buy Bitcoin on Binance.
How to buy Bitcoin with Binance – In Conclusion
On a personal note, I think Binance is the most trusted way to buy cryptos and the most cost-effective if you choose to use wire transfers. Although you have to wait a few days (for the deposit), the buying process is secure and the company is trustworthy.
The Binance platform is probably one of (if not THE) easiest to use, and certainly offers the widest range of trading pairs (crypto coins to exchange).
If you want to learn more, you can check out our other articles or subscribe to our newsletter to get more useful tips and recommendations.
Read about how you can now buy Crypto on Binance with a Credit Card.