Binance is by far one the most popular cryptocurrency exchanges and is available to users worldwide. All the more reason for me to show you how to buy on Binance all the crypto you ever need.
How to buy on Binance? Step by step
Step #1 – Register an account with Binance
This process might differ from country to country. You’ll also need to provide some level of KYC information. In other words, you’ll need to provide some personal information such as a photo, identification documents etc.
Either way, just visit this link and sign up if you haven’t already. After you’ve signed up, it might take a day or two to get your account verified.
Step #2 – Log into Binance and deposit crypto
After you’ve finished signing up and you’re verified, log into Binance and move to the screen where you can deposit some crypto.
Simply go to binance.com and click “Log in” at the top right corner. Your screen should then look something like this:
Once you are logged in, move to the top right corner of your screen, hover over the “little person” icon and click on “Estimated value”. This will take you to your account dashboard where all your token balances will be shown.
This is an example of my balances screen. I’ve highlighted out some crypto amounts for personal reasons.
Okay, now that you are on this screen, this is where you’ll need to listen up!
Remember that we want to deposit crypto in our Binance account? Why you might ask? The reason being that Binance does not allow fiat or real-world currency such as USD to be deposited on the exchange.
You’ll have to deposit crypto and use it to buy other cryptocurrencies. Why would you want to go through all that hassle then? Well, Binance is a great exchange, offers many coins and makes trading very easy.
If you were wondering, we are still busy with step #2, I’m just laying down some groundwork for you to understand the buying process better.
See, what you deposit depends on the current trading pairs available. BTC or Bitcoin is the obvious choice as there are trading pairs coupled to BTC for just about any coin on Binance.
That’s why depositing Bitcoin is easy. However, you can deposit just about anything else that’s listed on Binance. You can then trade it for Bitcoin or might need to make a few trades to buy the crypto you want.
I think you get the idea. Anyway, back to depositing.
Simply click on the “Deposit” button next to the cryptocurrency you want to deposit. You’ll be taken to screen where you can see your wallet address. In this case, I clicked on Bitcoin. Use the address and then send BTC from your wallet to Binance.
Please remember to copy and paste the Bitcoin wallet address with your computer and not type it out to avoid any human error.
Again, I’ve highlighted out some of my personal information in the screenshot below.
Step #3 – Trade/Buy/Exchange your crypto
Okay, so let’s assume your Bitcoin or whatever cryptocurrency you’ve deposited has arrived in your wallet. Now it’s time to use it to buy crypto or essentially exchange/trade it.
While still logged in, hover over “Exchange” at the top left corner and click on “basic”. Your screen will look something like this:
You’ll see that I highlighted two blocks in red. The top block is where choose base trading pairs. For example, BTC is selected right now. This means that all the trading pairs are linked to Bitcoin.
Binance offers trading pairs in Ethereum, USDT and even BNB (Binance coin).
Now all you have to do is select the trading pair you need. Let’s say you want to buy Litecoin with your Bitcoin.
Scroll down the screen and in the “Buy LTC” column input the price you are willing to pay per LTC, the amount and click “Buy LTC”.
This means that you’ve created an order and the exchange will wait for someone to fill your order. In other words, someone to sell their LTC at the price you are willing to pay for it.
In the example below I was willing to pay 0.007946 BTC per LTC and buy 10 LTC tokens.
Step #4 – Withdraw your crypto or keep it on the exchange
After your order is filled, your LTC will show in your account balances dashboard. You then have the option of keeping your cryptocurrency on the Binance exchange or send it to your wallet.
Most recommend withdrawing from the exchange as it’s the safest. It’s really up to you and what you plan to do with it. If you want to trade with it then I would recommend keeping it on the exchange. If you want to keep it for the long term, move it to a wallet you control completely.
You can find out how to withdraw crypto from Binance here.