Binance is a fantastic crypto exchange for selling, trading, and buying crypto. As the largest and most popular exchange in the world, it is trusted by tens of millions of users around the globe.
Binance can be used for so much more than simply buying crypto, if you are looking for a top-tier exchange, I highly recommend checking out our Binance review, where we thoroughly cover all the features and products that Binance has to offer.
If you don’t already have an account at Binance, we managed to sweet-talk the folks over there to provide our readers with a 20% trading fee discount for life and up to a $600 bonus for customers who sign up with our Binance link. Nice!
Great, without further ado, let’s crack into how to buy Bitcoin at Binance.
How to Buy Bitcoin on Binance- Creating an Account
As the big kahuna of the cryptocurrency world, Bitcoin is the #1 go-to cryptocurrency for investors and traders. If you want to dive down the Bitcoin rabbit hole, you may find our following articles interesting:
Buying Bitcoin on Binance couldn’t be easier. Buying crypto on Binance can be done on either the Binance website or via the Binance mobile app which is available on both IOS and Android.
The first thing you will need to do is create an account.
Once you register for an account, you will need to verify your identity and pass KYC verification which can take anywhere from a few minutes to 13 days.
Registering via website can be done by navigating here:
Then following these steps:
- Select registration method – This can be done with email address, phone number, or Apple/Google account. (Be sure to use an actual email address or phone number as you will be required to verify it.)
- Create a password – Make this a strong one as you don’t want this falling into the wrong hands. You can learn more about crypto safety in our article on How to Keep Your Crypto Safe.
- Read and agree to the terms and conditions then click [Create Account]
After clicking “Create Account,” you will receive a verification code to the email or phone number you used. Enter the code within 30 minutes and click submit:
There we go, you’ve successfully created an account. Now you will need to upload your ID and pass KYC verification. To do that, navigate here:
Or, you will also see this option on the homepage once you log in:
There are two levels of verification for retail customers that unlock different benefits:
- Verified – $50k daily fiat and deposit limit, 100 BTC daily withdrawal limit, unlimited crypto deposit, and access to features such as LPD/OTC/Earn and the Binance card. To pass this level of verification you will need to provide:
- Personal information such as country of residence, full name, and date of birth.
- Government ID such as driver’s license, passport, or residency card.
- Complete a facial recognition scan.
- Review time can reach up to 13 days if an actual person needs to review the documents, but in my experience as this process is often done automatically, everything can be completed and verified within minutes.
- Verified Plus – This is the second verification tier level and comes with all the benefits of the Verified level with a $200k daily limit for fiat deposits and withdrawals. In order to pass this level of verification you will need to provide everything for the Verified level along with proof of address. Review time here can take up to 10 days. This verification level is mandatory depending on your jurisdiction.
If you want more information on this, Binance has an amazing FAQ section, complete with step-by-step images and video tutorials on how to create an account, complete identity verification, and how to verify your address. You can find all that information on the Binance Help Site.
Once you have an account, it’s time to buy some Bitcoin!
How to Buy Bitcoin on Binance
Buying crypto on Binance can be done with a debit/credit card, bank account, wire transfer, swapping crypto, P2P, or via third-parties. Binance has a plethora of options available, all of which we cover in our Binance review.
Here are the steps to buy crypto the easy way. First navigate to the Buy Crypto section:
Here you will see all the different options and select one from over 50 fiat currencies supported to make your purchase.
The easiest way to buy Bitcoin is directly with your card. That will take you to a page that looks like this:
Note that purchasing with a card is not the most cost-efficient way as card purchases can come with hefty fees depending on the currency selected. We also do a complete breakdown of all the fees in our Binance review.
Using bank transfers via Wire, Swift, or many of the other options is the most popular, common, and cost-effective way to deposit funds into your account or buy Bitcoin directly. Navigating to the “Buy with Bank Deposit” section will take you to a screen like this:
Then you will be walked through the step-by-step process for how to deposit funds from your bank account to your Binance account. The initial bank deposit can take a few days to clear, but in my experience, once you deposit funds on Binance from the same bank account frequently, the funds normally land in your account after a few hours.
You can also access a Peer-to-Peer marketplace to buy and sell crypto, or use a third-party payment provider. These methods are not as common.
The trading interfaces shown above are an incredibly simple and convenient way to simply buy Bitcoin, but once you get comfortable with the interface, you can save yourself money with lower fees and get in at better prices by navigating to the spot trading interface and swapping your fiat for Bitcoin (or other crypto) by navigating here:
That will take you to a trading interface that isn’t nearly as scary as it looks once you learn the ropes. Here is a look at the trading interface on Binance:
By buying Bitcoin on Binance on the Spot trading interface, you can set advanced limit orders to get in at better prices and pay less in trading fees. There are plenty of good how-to sections in the Binance help section and great tutorials on YouTube that can help teach you how to do this.
Guy put together this fantastic beginner’s guide on setting up an account and how to trade on Binance which you may find useful:
And that’s all there is to it. Happy trading!