In this article, we will explain how to buy a Bitcoin on Binance exchange.
What is Bitcoin?Bitcoin is the most prominent cryptocurrency in the world right now. It was launched in 2009 by an unknown individual or a group with the name Satoshi Nakamoto. Bitcoin is a virtual currency built on blockchain technology.
There are 3 steps to buy Bitcoin on Binance exchange.
Start by signing up with your email address or phone number. You must choose a strong password to protect your new account.
Binance Sign upAnother option is to download the Binance app from the App Store or the Google Play Store and set up an account on your phone.
You must complete these steps. After this, Binance will ask you to enter the verification code sent to your email address. Once you enter the verification code, your account will get registered.
Buying Bitcoin Through Debit/Credit CardClick on the ‘Buy Crypto’ button on the top left corner of the website. After this, click on the credit/debit card option.
Choose the amount of money you would like to spend, and click on the ‘Buy BTC’ button.
If this is your first transaction on Binance, you will have to go through a verification process before buying anything.
A message to complete your identity verification will appear on your screen. Click on the ‘Verify Now’ button. You will get redirected to the verification page.
Binance VerificationTo verify your identity, you must provide the following details:
After verifying your identity, you can go on to complete your purchase. Link your credit/debit card with your Binance account.
Check your order summary and confirm your transaction. After your purchase is complete, your crypto will get deposited directly to your Binance wallet.
Binance P2P ServiceOn Binance, you can trade with other users directly by using your local currency.
Check out Bitcoin trading offers from the sellers on the Binance P2P platform. You can browse through an extensive list of Bitcoin sellers here.
Binance has several methods of protecting its users against fraud while trading with others. One of the methods is identity verification. It also provides an escrow service. Here is how this service works.
Depending on the currency you select, you can also choose other payment methods. For example, you can buy Bitcoin using your credit card via Simplex as well.
How to withdraw Bitcoin from Binance?Go to the Binance homepage, click on the wallet option, and from the drop-down menu, select overview.
On your wallet overview page and click on the withdraw button on the top right side of the page. This will lead you to the withdrawal page.
Binance WithdrawHere, select BTC from the drop-down menu of cryptocurrencies.
Select Bitcoin (BTC)Enter the recipient’s wallet address and select a transfer network. After that, enter the amount you intend to withdraw.
Next, you will see the transaction fee and the final amount that you will receive. Click on the ‘Submit’ option when you are done.
You must enter the verification code that you have received in your email. Along with this, enter the code on your Google authenticator app (If 2FA enabled). After you enter these codes, click submit.
You will also receive an email to confirm the withdrawal. Once approved, Binance will initiate your Bitcoin withdrawal transaction. You will need to wait at least 30 minutes to complete the transaction on the blockchain.
Buy Bitcoin on Binance: ConclusionBinance was founded in 2017. It has now become the leading cryptocurrency trading platform. Notably, Binance supports over 200 cryptocurrencies and over 30 fiat currencies. It has no deposit fees and very low trading fees.
Binance does charge a fee for withdrawals. On this exchange, the withdrawal fee differs for every cryptocurrency. For example, the current transaction fee for withdrawing Bitcoin is 0.0005 BTC.
The low trading fees and the ease of use make Binance an exceptional choice for both beginners and experienced traders.
Frequently Asked Questions Is there a Binance app where you can buy and sell Bitcoin?Yes, Binance has an app that can be downloaded on both iOS and Android devices.
How many cryptocurrencies are supported by Binance?Binance supports over 200 cryptocurrencies. Some of the top cryptocurrencies like Ethereum, Ripple, Litecoin, and Dogecoin are available here.
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