At the junction of 2020 and 2021 years Bitcoin declared as much as ever before. Institutional investors, including those who previously denied any involvement in the cryptocurrency industry, became interested in it.
But at the same time, the interest of retail investors has also grown significantly, who, remembering that the most popular coin can grow significantly in a few years, also consider it reasonable to place it in their investment portfolio.
Today you will learn how to buy Bitcoin on Binance – the leading crypto exchange, where the daily trading volume is estimated at hundreds of billions of dollars. It is this platform that both beginners and professionals most often turn to.
If you plan to make a purchase for fiat money (dollar, euro, etc.), you will first need to pass identity verification – provide passport data, a photo of an identity document, your own photo of a person and other information. After the moderators check the data (which usually takes a day), the possibility of depositing and withdrawing fiat opens.
How to buy Bitcoin through the Binance trading terminal
1. Top up your balance. At the top of the main page, open the “Wallet” menu, select ” Fiat and Spot”
2. Click “Deposit” and then the “Enter” button in the line with USD
3. Select the deposit method. From time to time, some methods may be disabled, then they will be activated again.
4. Enter the deposit amount, and go to the website of the payment system and the bank, follow their instructions.
5. Go to the trading terminal, select a pair, for example BTCUSD.
6. Create a purchase order. For example, for a limit order, you need to specify the purchase price in dollars and the required amount of BTC. For an instant purchase, use a market order.
Direct purchase of Bitcoin from a card
Another way is to go to the “Buy Crypto” section at the top and select “Card Deposit”.
Admission does not take much time. When the money is already in the account, you can go directly to the purchase of Bitcoin:
1. Log in to your wallet again. Click the “Trade” button in the line with BTC.
2. Select the desired currency pair. In this case, BTC/USD.
3. Once in the trading terminal, create an order to buy cryptocurrency.
4. To do this, enter the price at which you want to make a purchase, and the number of assets for the transaction (if a limit order is selected). You can also select the “Market” order type in order to specify only the quantity and buy BTC at the current market price.
This method is good because it does not require significant commission costs. There is a simpler method for beginners, but with higher commission fees. It also requires completed account verification.
Binance allows you to buy Bitcoin directly from a bank card. To do this go to the “Buy Crypto” section – “Credit\Debit Card” through the top menu. Select the fiat currency, enter the amount.
If you have not used this method yet, then only the “New card” item is available to you. Click “Buy BTC” and follow the instructions of the issuing bank of the card. Usually you need to confirm the operation by SMS.
Buying Bitcoin and other cryptocurrencies through p2p trading
Another option available to verified users is to buy Bitcoin through the Binance P2P section.
How to work with this platform:
1. Go to the section “Buy cryptocurrency” ->” P2P trading”
2. View the available offers in the section. You can use filters to make the list more specific – specify the amount, currency of purchase and payment method
3. Click “Buy BTC” from the selected offer
4. Discuss the terms of the transaction with the counterparty, get payment details from him
5. Transfer the fiat currency in the specified amount outside the exchange, directly to a bank card or an account in the EPS
After receiving your payment, the counterparty will confirm it, and the cryptocurrency will be credited to your exchange account.
Buying Bitcoin through Binance partners
The exchange’s partners for conducting fiat payments are Simplex, BANXA, Mercuryo.
You can use their services through the section “Buy Crypto”, “Third-party Payment”.
Further actions depend on the chosen payment provider. As a rule, you will need to enter information about the card and its holder, confirm the information.
Exchange of BTC for Liquid Swap
In the Binance Liquid Swap liquidity pools, you can purchase Bitcoin for various cryptocurrencies and stablecoins from the list of supported ones. The exchange is instant, with low commissions and a narrow spread.
This method is especially beneficial for conducting large transactions. The tool also allows you to earn income by adding liquidity to the pools. The frequency and volume of income depend on the activity of trading in a certain pool, since the rewards are based on commissions from trading operations.
Bottom line
We have reviewed all the main methods that allow you to buy Bitcoin on a Binance. This cryptocurrency exchange is actively developing and regularly introduces new convenient features, so the range of available options will be replenished. Choose based not only on convenience, but also on cost, so that the purchase is as profitable as possible. Try not to keep the purchased cryptocurrency on the exchange account for a long time, but rather withdraw it to your own wallet for security purposes.
