What is Binance? Well, Binance is one of the most popular crypto exchange platforms on the market.
As you may already know, this platform offers a variety of benefits to its users and is considered a top platform, judging by the reputation and customer trust that Binance has.
In this tutorial, we’ll talk about buying and selling on Binance, as well as a few other things.
Buying, selling, or trading cryptocurrencies on Binance isn’t really something you have to learn through a university course to find out.
Nonetheless, Binance is one of those crypto exchange sites that can seem very complex – if you’re completely new to the topic, Binance can be quite confusing.
However, after reading the brief introduction in this article, all your confusion will disappear – whether it’s about Binance BTC or other cryptocurrencies.
Once you complete this tutorial, you are guaranteed to be able to buy and sell your coins on the Binance platform (as well as trade them, if you wish). Read more about how to make purchases on Binance, come on!
Why Use Binance?
If you are currently looking for a way to make purchases on Binance, you may have decided that this particular cryptocurrency exchange platform is the best crypto trading option. However, if you are still not 100% sure, let’s take a look at some of the most prominent features of this platform.
For starters, most people looking for a way to make purchases on Binance do so because the platform supports a large number of cryptocurrencies. As this guide was written, you will find over 150 cryptocurrencies and altcoins available for trading on the Binance site.
The crypto coins provided include all of the world’s major cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.), as well as various specialty crypto coins.
In fact, this is one of the reasons why Binance is considered a great crypto exchange for some experienced crypto traders who are planning to expand their asset portfolio!
It is true that Binance is one cryptocurrency exchange that is potentially more confusing than any other cryptocurrency exchange ever, and this is justified by the various features it provides its users.
For example, you can buy Binance BTC from the Binance platform directly, or trade it with some of the other users on Binance.
By purchasing coins from this platform, you will discover another major benefit of Binance – this process can be done with a credit-debit card.
This is very important! With the proliferation of other crypto exchanges out there, you might find it difficult to find such a feature – the most likely you will find is bank transfer, but even that feature is less convenient than paying by card.
Admittedly, Binance has many important features to offer the average cryptocurrency trader. However, its interface design and variety of features are often considered impractical for most novice traders.
Well, here comes the “How to Make a Purchase on Binance?” tutorials are then written to banish your worries!
How to Make a Purchase on Binance: Two Alternative Methods
As previously mentioned, when looking for ways to make purchases on Binance, you’ll find that there are two ways you can do this – buying crypto coins from the platform itself, or trading with other people.
Don’t worry – we’ll cover both of these methods. Let’s start with the more popular ones first, and pay close attention to how to make purchases on Binance using this credit or debit card.
Credit/Debit Card Method
Below, you’ll find a step-by-step guide on how to buy Bitcoin on Binance (keep in mind that you can buy other cryptocurrencies the same way).
Step 1
First of all, log in to your Binance account. If you don’t have an account yet, register on the Binance site – the registration process itself is very quick and simple, but for the sake of continuity and simplicity of this guide, I’m going to assume that you already have an account on the Binance site (I mean, you’re now looking for ways to make purchases. on Binance, right?).
Step 2
Once you are logged in to the site, navigate to the top right corner of your screen. There, find the “Buy Crypto” button, and place your mouse over it. After that, you will have 5 crypto buying options – bank deposit, credit-debit card, P2P trading, cash balance, and third-party payments.
Since we will only focus on (arguably) the simplest way to trade cryptocurrencies, click on the “Credit/Debit Carda” option.
Step 3
Well, if you’re trying to figure out how to make a purchase on Binance because you’ve heard that the process is complicated, rest assured – by purchasing it via credit/debit card, the process will be very easy.
This is evidenced by the screen that appears after you select the option mentioned above – you will be redirected to a page where you are asked to select the amount of money you wish to spend on your Binance BTC purchase.
Step 4
Once you have selected the amount of money you wish to spend, press “Buy” – at this stage of the buying process, you will be asked to verify your account (if you did not do so before deciding to buy Bitcoin on Binance). Press “Verify Now”.
Step 5
When you are redirected to the verification page, you will realize that you will have to verify your identity with Binance in order to make your first trade.
This process involves providing your legal first and last name, date of birth, residential address, and after that, you are asked to upload your ID photo and take a selfie of yourself. All of this is standard procedure.
Step 6
Once you have verified your account, you will be asked to confirm your payment details. One of the important things that everyone looking for a way to make purchases on Binance should pay attention to at this point is the fact that you can buy BTC directly with your credit/debit card or through Simplex.
There are several benefits when you choose one of the methods offered by Binance. Much of the process has to do with fees and transaction speed – depending on the current BTC price, buying Bitcoin on Binance through Simplex might be the wisest thing to do.
No matter which method you choose, you will still be buying crypto with your credit or debit card. However, if you go the Simplex route, you will also need to pass Binance verification.
Step 7
Once the whole process is done, and you have selected the amount of Binance BTC you want to buy, and verified your account, the last step you have to do is check the order summary, and that’s it!
So, that’s how to make a purchase on Binance using a credit or debit card. Simple, fast, and hassle-free. However, there is still another way to make these purchases – namely, trading with other crypto holders.
Trading Method
I mentioned earlier that there are 5 different ways to buy coins on Binance. However, only two or three are worth explaining in depth.
The credit/debit card method is very popular, while the trading method is likely to be the most complicated if you are a novice trader.
The other methods are self-explanatory, and will always follow a similar pattern when you buy crypto on the platform via a credit or debit card.
So, back to the original discussion – how to trade on Binance via trading methods with other users?
Step 1
From the website homepage (or your dashboard, if you are logged into your account), navigate to the top of the window, and hover over the “Trade” button.
Step 2
Here, you will see several options appear. All options related to certain types of trades you can make on Binance. This feature is actually really great.
If you are a beginner, you can use the basic or classic interface, while more experienced traders will have the opportunity to take advantage of the advanced version that Binance provides.
I assume that you are a new user, please go ahead and select the “Classic” option. What “Basic” means here is, well… very basic.
Step 3
I have to admit, the screen interface that will be presented to you may seem a little complicated at first. But, I’m here to tell you not to worry! It’s actually much simpler to use than it looks.
On the left, you will have a constantly changing list of BTC prices. At the top, you’ll find historical highs, lows, volumes, and some general changes over the past 24 hours.
You can also view candlestick charts, market traders, and some similar information. However, your focus should be directed to the bottom of this page.
Step 4
Here, you will see your trading screen. You can choose “Limit”, “Market” or “Stop-limit” trading options. “Limit” and “Stop-limit” may prove to be a bit tricky if you are just starting your search on how to make a purchase on Binance. Forget it for a moment, and direct your attention to the “Market” tab.
With the “Market” option, you can buy BTC at the actual price at that time. This allows you to avoid all the hassle and complicated calculations if you so desire.
In this section, you can also set a specific USDT amount that you want to spend on your Bitcoins. You can choose to spend, half, or even all of the USDT you have in BTC. The process is really that simple – just select the appropriate amount, and press “Buy BTC”!
Binance P2P Service
To wrap up this guide on how to make purchases on Binance, I think it’s worth mentioning one last thing – namely, the P2P services that Binance provides.
Binance P2P is a service that allows you to trade with other users directly – you will make payments using your local currency and through agreed payment methods. Usually, this method is done via bank transfer.
Here, Binance acts as an escrow service – this way, you can rest assured that your trades will be legal, and you won’t be scammed and lose all your money.
By visiting the P2P section of the Binance platform, you can choose whether you want to buy or sell your assets. Once done, you can also enter a specific amount of money that you want to spend on each asset of your choice.
To be honest, P2P trading options might be a very suitable option for those who want to maintain simplicity and want to use some special payment methods.
Apart from that, this P2P service also proves to be a great alternative for traders who are trying to get as much BTC (or other crypto coins, such as ETH, EOS, or others) as per their budget.
Basically, this service requires a lot of market analysis, and you need to be constantly on the lookout for some price fluctuations, crypto news, major changes, and so on.
However, these P2P services have proven to be quite lucrative. Therefore, P2p services are an important factor to keep in mind when you are trying to learn how to make purchases on Binance.
At this point, you should be more or less knowledgeable about questions like “how to buy BTC, ETH, etc. on Binance”.
As you’ve probably noticed throughout your reading of this guide, Binance isn’t really that complicated, even if you’re a beginner.
Well, don’t get me wrong – because Binance can be very tricky, especially if you have no previous experience with trading any asset or investment, and were surprised when you opened the “Advanced” version of the Binance trading window.
However, Binance is still an outstanding cryptocurrency exchange platform as it offers the opportunity to deposit funds via credit/debit cards, bank transfers, and several other payment methods.
Honestly, Binance is a really great platform! Again, for anyone new to the crypto world. You probably don’t want to do some manual processes, software installations, and so on that involve a lot of confusing terminologies. Binance allows you to take all those worries away, and do it all in a simple way!
However, you should always consider storing your cryptocurrency funds in a secure wallet – Trezor and Ledger are two of the main players in the industry, and can certainly provide you with the best security features.
While learning how to make purchases on Binance is incredibly rewarding, the lessons don’t stop there – be sure to keep yourself up to date with what’s happening in the crypto industry!
That said – thanks for reading this how-to guide to making purchases on Binance! I wish you the best of luck with all your upcoming crypto trading ventures! Hopefully, this article on how to make a purchase on Binance helps you to become more proficient at using the Binance platform!