How to Buy Cryptocurrency: A Quick Guide from Binance
By Binance Club
About BitcoinWhat is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. It is decentralized, meaning that it is not controlled by any government or financial institution. Instead, it relies on a distributed ledger technology called blockchain, which is a continuously growing list of records, called blocks, that are linked and secured using cryptography. Cryptocurrencies can be used for online purchases and peer-to-peer transactions without the need for a middleman, such as a bank or payment processor. Some of the most well-known cryptocurrencies include Bitcoin, Ethereum, Litecoin, and Ripple. Cryptocurrencies have gained popularity due to their potential for anonymity, security, and the ability to operate across borders without government intervention. What is Bitcoin?
Bitcoin is the most popular and widely used cryptocurrency in the world. Launched in 2009, Bitcoin is traded in fractions and unlike fiat currency, bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger system, known as a blockchain.
Bitcoin is the most popular cryptocurrency and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is commonly abbreviated as "BTC."
Do I need to buy a whole Bitcoin?
Buying Bitcoin doesn’t have to be expensive. With Binance, you can buy a fraction of one Bitcoin for as little as $15. Take note: All investments carry risk. Never invest more than you can afford to lose.
How does Bitcoin make money?
Bitcoin value follows the law of supply and demand — and the cryptocurrency’s price fluctuates with the number of users willing to use it.
Besides mining bitcoin, which requires technical expertise and an investment in high-performance computers, most people purchase bitcoins as a form of currency speculation — betting that the U.S. dollar value of one Bitcoin will be higher in the future than it is today. But that's difficult to predict.
Why choose Binance?
We’re the world’s largest crypto exchange trusted by millions of users worldwide. We make buying crypto fast, easy, and safe. Our 24/7 Customer Support team is always ready to help.
Ready to Buy Bitcoin? Follow These Steps:If you’re an experienced crypto trader and want to open an account with Binance, sign up for a Binance account or download the Binance crypto trading app. Otherwise, read this article for step-by-step instructions on How to Buy Cryptocurrency with Binance.
Step 1: 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.
a. Go to Binance.com and click [Register].
b. On the registration page, enter your email address, create a password for your account, and enter the Referral ID: KYXGNOJK (Sign up with the Binance referral code to save on transaction fees). Then, read and agree to the Terms of Service and click [Create Account].
- Your password must be a combination of numbers and letters. It should contain at least 8 characters, one UPPER CASE letter, and one number.
- Please be sure to fill in the Binance referral ID: KYXGNOJK, or click the Binance referral link on this site to enter the Binance official website, because the account registered with the Binance referral code can save transaction fees when trading.
c. Complete the Security Verification.
d. The system will send a verification code to your email. Please enter the verification code within 30 minutes. If you can’t find the email in your inbox, please check your other mail folders as well, or click [Resend Email] to resend.
e. Congratulations, you have successfully registered on Binance.
f. To enhance your account security, click [Go to Dashboard] to enable two-factor authentication (2FA), including phone verification and Google verification.
Step 2: Start Buying Bitcoin
There are two main ways to buy Bitcoin on Binance using cash: you can link your debit/credit card or bank account, or buy crypto directly from other users on Binance P2P.
Buy Bitcoin with a Debit Card, Credit Card, or via Bank Transfer
Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy Bitcoin. Through this method, you can buy Bitcoin for a minimum of about $15. (This amount varies depending on the currency you use.)
Buy Bitcoin Locally with P2P Trading
Buy Bitcoin directly from other Binance users with your local fiat currency via Binance P2P. Browse a variety of Bitcoin listings to shop the best offers on Bitcoin from other users. With thousands of merchants and hundreds of payment methods available, Binance P2P caters to many regions in the world right now.
Buy Bitcoin with Third-Party Payment Methods
Depending on the local currency you select, you can choose another payment method that’s available to you.
Deposit Your Local Currency and Trade for BitcoinOver the past few months, we’ve made it possible for you to deposit select fiat currencies, like the Euro (EUR), Australian dollar (AUD), Brazilian reais (BRL), the British pound (GBP), and the Turkish lira (TRY) on your Binance account. (Terms and conditions apply.) You can then use these deposited funds to purchase Bitcoin on the Spot, Margin, and Futures markets on Binance.
Use the Convert and OTC Portal to Buy Bitcoin
The newly launched Convert and OTC Portal allows you to buy huge amounts of BTC using the funds on your account, including select local currencies, at friendlier rates than what’s on the open market.