How to buy cryptocurrency on Binance

After the sale of the Russian business, Binance launched a process of gradual disconnection of users from the Russian Federation. First, the platform stopped supporting fiat deposits in rubles, then removed the currency from P2P. A complete shutdown will take months to complete. Access to the platform will remain for those citizens of the Russian Federation who live abroad and can confirm this officially. In addition, the exchange is trying to expand its presence in Asia to maintain market primacy. This article will tell you how to buy cryptocurrency on Binance. There are many ways, but there are restrictions on geography.

How to start working with the exchange

The past 2023 was one of the hardest years in the history of Binance. The exchange lost the battle with the SEC and was forced to accept the terms of the regulator. The change of management and the loss of a significant part of the audience hamstrung Binance. Nevertheless, the platform still manages to maintain its status as the largest cryptocurrency exchange.

In February 2024, Binance generates $10.61 billion daily on the spot and $28.55 billion on the derivatives market. More than 74 million people visit the platform every month.

To start earning on Binance, you need to create an account and confirm your identity. KYC is a mandatory procedure for beginners. Without it, no features are available.

Registration and verification

The interface of the crypto exchange works in 45 languages, including Russian. For convenience, you can immediately install the desired version by clicking on the globe icon in the upper right corner. By February 2024, Binance standardized the registration procedure and added several additional ways. The instructions are as follows:

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1. At the top of the site, click on the “Registration” button.
2. Choose a method – by e-mail, phone, Google or Apple account.
3. In the first two cases, you will need to specify your e-mail address or cell phone number. Click on the “Next” button – this means automatic agreement with the terms of service and privacy policy.
4. Pass the captcha.
5. The exchange offers to verify the email address or phone number at once – enter the sent 6-digit code.
6. Set a password. The requirements are standard – from 8 symbols, including a number and a capital letter. Click the “Next” button.
7. The exchange will offer to set up the account at once – specify the referral ID (if any) and agree to receive the newsletter. You can immediately click on the “Next” button.
8. Choose whether to stay logged in on this device or log out of the account. In the first case click on the “Yes” button, in the second case click on the “Not now” button.

After the first login to the account, the user will open the “Toolbar”. To work on the exchange, you will need to pass verification. If you do this in the first 14 days after registration, you can get a voucher for rebate of the trading commission with a nominal value of 20 USDT. Additional rewards are awarded for depositing (30 USDT) and making the first trade (50 USDT).

Binance Verification Guide:

1. Click on the corresponding button in the “Toolbar”.
2. For Russian IPs, a banner will appear on the screen with the offer to continue registration on CommEx. For others, you need to click on the “Pass Verification” button.
3. On the page that opens, select your country of residence step by step, enter your personal information and home address. Click on the “Continue” button.
4. Attach a scan copy of your ID card. The list of documents depends on the country.
5. Pass the identification of the person, following the instructions on the screen.

Binance will check the application within 48 hours. In case of rejection, the staff will explain the reason in an e-mail notification. The user will be able to correct the error and reapply.

Basic verification allows you to use all the options of the exchange, withdraw fiat up to $50 thousand per day and cryptocurrency up to 8 million USDT in equivalent. To increase the limits, you can pass KYC level Plus.

Account Protection

Binance prioritizes user security. To increase protection, the exchange recommends enabling two-factor authentication (2FA). Available methods:

• Passkey – confirmation of transactions without a password. You can use biometrics, push notifications, unlock codes and other methods.
• Google Authenticator – an application for generating access codes.
• Email – you will receive requests for confirmation of operations.
• Phone number – to receive SMS with codes.
• Password – a standard way to log in to the account.

As an extended protection, the crypto exchange offers to link a third-party account for login (Apple, Google). For safe withdrawal of cryptocurrencies, you can activate a whitelist of recipient addresses, a limit on the transaction volume and an anti-phishing code.

Options on how to buy cryptocurrency on Binance

In 2024, investors most often purchase digital coins on exchanges. Binance is the largest trading platform, so it supports many ways to buy cryptocurrencies. For each country, a different list of available options opens up.

Using a card

For beginners, this is the easiest way to buy cryptocurrency with fiat money. The instructions are as follows:

1. Register on the platform, pass KYC.
2. On the main page of the site, click on the “Buy Cryptocurrency” button.
3. In the form that opens, select the currency from the list (for example, USD), specify the purchase amount. Below similarly find a coin – for example, USDT. The amount of cryptocurrency will be calculated automatically at the current exchange rate.
4. Select a payment method. In February 2024, bank cards, payment systems Google Pay, Apple Pay and BANXA service are supported for USD.
5. When paying with plastic, click on the “Press new card” button.

6. Enter the card details. Click on the “Confirm” button.
7. Check the payment details. Confirm the transaction.
8. Enter a one-time password to pay for the application.

For a quick purchase of coins, the exchange allows you to bind up to 5 bank cards. After payment, the cryptocurrency will arrive on the spot wallet.

For fiat balance

This method works in a similar way. The difference is that the payment is made from the user’s fiat balance. Procedure:

1. On the main page, select “Buy cryptocurrency”.
2. Specify the ticker and the amount of the settlement currency (for example, EUR).
3. In the field below, select the asset. You can buy bitcoin on Binance and other coins from the exchange listing, but the recommended base one is USDT.
4. Select “Fiat balance” as the payment method. Click on the “Confirm” button.
5. If there is not enough money in the exchange account, the user will be redirected to the deposit page.

6. Check details. Click on the “Confirm” button.

Payment from the fiat deposit is instantaneous. There is no commission for the operation. Coins will be credited to the spot wallet.

P2P platform

In 2024, the Binance peer-to-peer platform supports several popular coins – USDT, FDUSD, DAI, BTC, ETH, BNB, SHIB. You can buy and sell assets only for the verification currency. The algorithm of actions is as follows:

1. On the main page of the site, click on the “Trade” button.
2. Select P2P in the drop-down list.
3. Set the parameters of the search for ads. You need to select the currency (for example, EUR), payment method, region (if necessary) and the desired price. You can also set a filter for offers from verified sellers (merchants).
4. Select an ad from the list. It is worth to see the statistics of the counterparty – click on the nickname.
5. Click on “Buy USDT”.
6. Familiarize yourself with the terms of the transaction and fill out the counter bid with the amount.

7. Click on “Buy USDT”.
8. Wait for the seller’s response and pay the invoice.
9. When the counterparty confirms the receipt of money, the cryptocurrency will arrive at the buyer’s spot account.

Exchange terminal

On the Binance spot market, coins can be bought with other cryptocurrency and regular money. In February 2024, fiat pairs with EUR, TRY, BRL, ARS, BIDR, IDRT, NGN, PLN, RON, UAH, and ZAR are supported. The cryptocurrency is also traded for stablecoins (USDT, USDC, TUSD) and top coins (BTC, ETH, DOGE). Buying Instructions:

1. On the main page, select “Trading”, then select “Spot”.
2. In the trading terminal, find the desired pair using the search bar – for example, AXCUSDT.
3. Fill in the order (limit, market, Stop Limit, OCO). To buy at the current price, it is necessary to specify only the quantity of the asset.

4. Click on the “Buy AXS” button.

The order will be executed instantly. Coins will be credited to the trader’s spot balance.

Binance Partners

You can buy crypto on Binance with the help of third-party payment services. In 2024, the exchange works with BANXA, Mercuryo, Simplex. The available partner service will appear on the page of buying cryptocurrencies.

For example, in February 2024 transactions with EUR and USD can be conducted through BANXA.

The instructions are standard. On the purchase page, you need to select the settlement currency and coin. Specify BANXA as a payment method. Further actions:

1. The program will redirect the client to the site of the payment service.
2. Newcomers will need to undergo verification – provide personal data and a photo of the document, take selfies.
3. Check the payment data. Choose the method of payment. SEPA, Sofort, iDEAL bank transfers, Visa and Mastercard cards are supported in Europe.
4. Click on the “Create order” button.

Card payments are instant. Bank transfers may take 1-2 working days. The service will notify the user about the movement of funds in electronic notifications. The status of the cryptocurrency transfer can be tracked in the network browser.

Author: Saifedean Ammous, an expert in cryptocurrency economics.