Buy Bitcoin on Binance – Bitcoin still remains the most popular cryptocurrency and also the largest by trading volume. It is often the first choice of cryptocurrency to invest in, especially for beginners.
Buying Bitcoin on Binance, just like every other cryptocurrency is relatively easy, you just need to diligently follow the steps from setting up your account all the way to buying your first coin.
Sometimes, beginners confuse having their own crypto wallets with having their cryptocurrencies stored on a centralized crypto exchange. In this guide, we will talk about the easiest way to buy Bitcoin on Binance and also the difference between holding your crypto in your private wallet and in exchange.
How to properly store your Bitcoin
In this section, we are going to explore 3 popular ways to hold or store your Bitcoin and other cryptocurrencies.
- Storing online using your own wallet
- Storing online using a centralized exchange
- Using offline wallets
1. Storing online using your own wallet
The first method is to store Bitcoins in an online private wallet. This entails installing software on laptops and PCs or downloading a mobile app for phones and tablets. They then connect to the blockchain and provide you with unique wallet addresses. This is a very safe solution, but it needs the user to follow up on security, such as doing frequent backups both online and offline and ensuring the user does not lose his credentials.
2. Storing online using a centralized exchange
The second method is to create an account with a centralized exchange like Binance. The exchange will look after the security of the platform where you buy and sell Bitcoins, as well as generate wallet addresses on your behalf and keep track of the amounts in your wallet addresses.
You just view the whole balance of your Bitcoins or other holdings this way. The disadvantage is that several exchanges have been hacked, like the well-known Mt. Gox episode, or have had some outages over the month. This implies that if there is a period of significant volatility, you may not be able to view your balance or your buying and selling actions for a few hours.
3. Using offline wallets
The last option is to have complete control over your possessions. Your wallet is completely safe using cold storage approach. This option eliminates the risk of hackers accessing your PC or mobile device. This method entails purchasing hardware such as Ledger, which plugs into your PC and generates a secure interface to examine your holdings. This is the most cost-effective hardware wallet.
The disadvantage to this is that you will not be able to respond quickly enough to market volatility. So, if you want to purchase or sell, you’d have to plug in the gear, gain access, transfer to an exchange, and pay exorbitant transfer costs.
How to Buy Bitcoin on Binance
Since we are now familiar with the different ways to store Bitcoin and other cryptocurrencies, let’s now go to the main reason for this article which is showing you how to buy Bitcoin on the Binance exchange.
The first step is to create an account on the Binance platform if you don’t already have one. Sign up and complete the KYC (Know Your Customer).
Go to “Buy Crypto” at the top left of the menu bar. You will notice a list of payment methods, such as SWIFT, credit/debit cards, peer-to-peer trading, and using third-party websites. We’ll utilize the Debit/Credit option in this instruction.
Then, under the “spend section,” select the currency and amount you wish to use with your debit/credit card. Choose Bitcoin or any other cryptocurrency to buy in the “receive” section. When finished, press the “Continue” button.
Now, add a new card and fill out the card information. It’s critical to remember that the name on the card should exactly match the name on the passport or ID you used to complete your KYC. You cannot use someone else’s credit card.
After that, you confirm the transaction by pressing Done. That’s all there is to it! You already have Bitcoins. To display your total wallet amount, navigate to the top navigation bar on the right and choose Wallet / Overview. There, you’ll be able to see the entire value of your portfolio, as well as a breakdown for each cryptocurrency you possess.
