How To Buy Bitcoin On Binance?

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What is Binance

Binance is the most popular exchange to trade cryptocurrencies on. If you want to buy bitcoin or ethereum or any other cryptocurrency then Binance is the platform that people use in order to buy those coins.

What I like most about Binance is its popularity and reputation. Currently, Binance is the largest crypto exchange in the world, so I am completely comfortable using it to trade bitcoin as well as store some other types of altcoins.

In addition, I can access Binance ‘s services all over the world without any geographical restrictions. Binance also has a mobile app on Android and iOS that makes it easy to access anywhere.

Furthermore, the usage fee of Binance is very cheap in my opinion compared to some other similar services. You can also use Binance ‘s coin BNB to receive a discount on transaction fees.

Another thing I like about Binance is its interface is very easy to use. I think Binance ‘s interface is the clearest and most intuitive of all crypto trading platforms today. Although crypto trading is quite complicated for beginners, with Binance I don’t spend too much time getting used to it.

Binance is very simple to sign up for and also has incredible safety features built-in like 2-factor authentication and phone authentication. They provide a turnkey solution to the challenges of PoS ( Proof of Stake ) for many different crypto assets, thus giving you the ability to earn additional income from staking these coins, by simply leaving it on the platform.

How to buy bitcoin on Binance ?

Most people who are looking at how to buy coins on Binance are doing so because this platform supports a significant number of cryptocurrencies. As of writing this guide, you’ll find over 150 different cryptos and altcoins available to be traded on the site. These crypto coins include both all of the major cryptocurrencies of the world (Bitcoin, Ethereum, Litecoin, etc.), and a wide range of some of the more-niche coins, too. It’s actually one of the reasons why Binance is considered to be a great crypto exchange for some experienced traders who are thinking about broadening their asset portfolio.

Step 1: Create an account on Binance for free, you’ll need to hop over to Binance .com (you can get 40% off from your trading trading fees, forever, if you use this affiliate link: https://accounts.Binance .com/en/register?ref=16777981)

Step 2: Once you’ve logged into the site, navigate to the upper-right corner of your screen. There, find the “Buy Crypto” button, and place your mouse over it. Now, you’ll see up to 5 different crypto buying options – bank deposits, credit-debit cards, P2P trading, cash balance, and third-party payments. Since we’re focusing on (arguably) the simplest way to trade, click on the “Credit/Debit Card” option.

Step 3: Now, if you’re trying to find out how to buy on Binance because you’ve heard that it’s a complex process, rest assured – doing so with a credit/debit card is very straightforward. This is evident by the screen that pops up after you’ve chosen the above-mentioned option – you’ll be redirected to a page where you should then pick the amount of money you want to spend for your Binance BTC purchase.

That is how to buy Bitcoin on Binance while using a credit or debit card. 

Simple, fast, and hassle-free.

Buy BTC with Bank Transfer

Buy stablecoins listed on Binance by wiring money from your account to the providers of these coins. Then, use these stablecoins to buy Bitcoin on the Binance exchange.

Trade BTC

Binance supports the deposit of more than 150 cryptocurrencies, several of which you can exchange for Bitcoin at some of the best rates in the market.

Buy Bitcoin with Credit Card

You can directly purchase Bitcoin with a credit card on Binance. They offer the best route to buy Bitcoin using a debit card or credit card (Visa or MasterCard).

Is Binance Safe?

Binance uses the latest in AI, blockchain forensics, and security tech to lock down its exchange and keep it safe for users. Obviously, a big part of keeping an exchange secure is not only keeping security tech current but also having an on-point support staff. Binance , thankfully, has both. 

At times, and depending on the issue, Binance is able to provide real-time support. That’s pretty special in the crypto world — especially if you’re used to trading on one-off illiquid exchanges where support is non-existent.

The best part about Binance ’s security measures, however, is its SAFU program. SAFU stands for Secure Asset Fund for Users and is a one-of-a-kind insurance fund for Binance users. Binance allocates 10% of its trading fee profits to the fund to cover any losses incurred under unforeseen circumstances such as hacks. The SAFU mechanism is already a major success — after the aforementioned $40 million hack, Binance covered users’ stolen funds using SAFU.

What makes Binance better than either exchanges?

Binance is arguably the most feature-rich exchange available today.

Launchpad: Binance has fostered the nascent IEO (Initial Exchange Offering) movement by introducing Launchpad, its platform for incubating and hosting IEOs. Previously, investors had to do their own diligent research about ICOs before going through the difficulties of investing in them. With Launchpad, investors still need to perform their own research, but they can rest assured that Binance has already vetted the projects ahead of time. Because Launchpad is an elegantly designed platform for investing, the level of making new investments has raised significantly since the ICO days.

Margin trading: Margin trading allows you to make leveraged trades as you may already do on BitMex. Initially, margin trading will only support the following tokens: BTC, ETH, TRX, XRP, and BNB. 

Scalability: Binance users have come to understand that unless the downtime is planned, there is virtually no disruption of the service at any point. Even when BTC is experiencing a day of $40+ billion in trading volume, the exchange runs nice and smooth. That’s probably got something to do with the exchange’s ability to support 1,400,000+ transactions per second. With over $1.2 billion in daily trading volume on average, Binance is a financial hub unlike almost any other in the cryptoverse.

Binance Chain: The last point is true because Binance ’s centralized exchange (CEX) is exactly that — centralized. Binance is making moves away from centralization, however, and it’s doing so at a fast clip. Binance Chain is the company’s decentralized blockchain effort which also supports the Binance decentralized exchange (DEX). The Binance DEX supports many of the same currencies as the CEX, but it also offers many other assets that land on the exchange by a community vote. In the future, Binance Chain may even be a fierce competitor to Ethereum. Given the number of projects floating over to Binance Chain from competing blockchains, Ethereum’s days as crypto’s #2 may be limited.

Binance Savings: The flexible savings account is a simple way to participate in lending markets and earn returns. Binance savings accounts allow for deposits and redemptions at any time. Estimated APY for the assets supported by Binance ranges from 2% to 56%.

Who owns Binance ?

Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved out of China due China’s increasing regulation of cryptocurrency. Zhao was previously a member of the team that developed Blockchain.info and also served as chief technology officer of OKCoin. Zhao then left OKCoin to start Binance in 2017.

The CEO of Binance is a person who communicates constantly with the people of his platform and listens to his requests, especially on Twitter, you can follow him here: cz_Binance  (Follow me to too whilst you are at it: @ErikThiart)

Is Binance a Chinese Company?

No, Binance is situated in Japan. The company was founded in China but moved its servers and headquarters out of China and into Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017.

Binance Coin ($BNB) and Fees

The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies.

So, you can either pay full price for your trading fees, or you can pay at a discounted rate if you buy and hold BNB, then pay your trading fees with that. Without using BNB, your trading fees amount to 0.1% of every trade you make. Using BNB, the trading fee per trade is .075%.

You can also buy and hold BNB to enter into Binance Launchpad lotteries

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