Key Takeaways
- For people new to cryptocurrency and digital assets, it is better to purchase crypto via a centralized exchange.
- One key advantage of having a verified account on a centralized exchange is the increased options for buying and selling cryptocurrencies.
- Creating and maintaining accounts are free on the most established exchanges.
Bitcoin (BTC) is undoubtedly the world’s largest and most recognized cryptocurrency. However, navigating the process of purchasing, holding, and storing BTC can be a challenge, especially for beginners. This is primarily due to Bitcoin’s unique nature, which differs significantly from traditional assets.
Fiat, stocks, bonds, securities, precious metals, art, etcetera, all have a degree of familiarity and government intervention via regulation. This means the channels for purchasing are verified public knowledge. However, with cryptocurrencies and digital assets, doing your own research and independently verifying safe channels of purchase is the industry standard.
This guide will assist any beginner in using a centralized exchange such as Binance to safely buy, hold, and store Bitcoin and other coins and tokens.
Creating A Free Account
Centralized exchanges are services offered by companies that assume the cost of maintaining the platform, providing customer support, and offering other solutions to their customers.
Binance is one such platform that has become the largest centralized exchange for digital assets globally. A new user can set up an account in two ways: via the mobile app or the website. Many scammers in the crypto space try to dupe new users, so it is important to highlight that opening and maintaining an account is free.
Before a new user can trade, the know-your-customer (KYC) and anti-money laundering (AML) procedures must be taken. As a registered company, Binance must comply with local and international finance laws.
Tutorial
To get started, visit Binance’s website and click on the sign-up buttons at the top right-hand corner or in the center of the page.
The sign-up process continues by entering a phone number or email address or signing up via Google or Apple. Once verified, the second stage of verification can begin which includes providing government-issued IDs.
The next screen will prompt you to authorize your Google or Apple account to share some information with Binance. Otherwise, you will be prompted to enter your personal information here and verify the email address or phone number used.
A valid government-issued ID is required as part of the sign-up process to purchase or trade assets. Once Binance’s team has approved the submission, the account will be tagged as verified, and the fun of buying digital assets can begin. Below is what an approved account page looks like.
It is very important to verify with a government-issued ID as it gives the new user more options in terms of deposits and withdrawals. For example, just signing up for an account will give you multiple crypto wallets and the option to transfer assets and trade. Furthermore, a verified account can deposit and withdraw in fiat, such as USD, EUR, JPY, etcetera.
Options For Buying Bitcoin And Other Assets
After the above steps are taken, click on the “Buy Crypto” link at the top of the Binance website’s navigation pane to learn about the available options to buy Bitcoin in your country.
Buy Bitcoin With Debit / Credit Card
If you are a new user, this is the easiest option to purchase Bitcoin.
- Navigate to the “Buy Bitcoin with USD” page on Binance.
- Select Bitcoin and USD from the dropdown menu.
- Choose “Card” as the payment method, and click “Confirm.”
- “Add New Card” will appear if you have not purchased crypto in Binance using a debit or credit card before. Click “Add New Card”, enter card details, and click “Confirm.”
- On the payment confirmation page, verify the details and confirm the order within the time limit. Use ‘Refresh’ for a new quote.
- Click “Confirm” to place your order.
- You will be redirected to your bank’s OTP transaction page. Follow the instructions to verify the payment.
- Once verified, the coin will appear in your Spot Wallet.
Buy Bitcoin With Google Pay Or Apple Pay
- Navigate to the “Buy Bitcoin with USD” page on Binance.
- Select Bitcoin and USD from the dropdown menu.
- Select either “Google Pay” or “Apple Pay” as your payment method and press “Confirm.”
- Click the “Buy” button.
- On the payment confirmation page, verify the details and confirm the order within the time limit. Use ‘Refresh’ for a new quote.
- Click “Confirm” to place your order.
- The coin will appear in your Spot Wallet.
P2P Trading
You can also buy Bitcoin directly from other users with Binance’s peer-to-peer (P2P) service.
- Head to the Binance P2P platform.
- Select “Buy Crypto.”
- Choose your desired cryptocurrency and fiat currency.
- Select a seller’s offer. Look for offers with good exchange rates, high completion rates, and positive reviews from other users.
- Initiate the order. Input the amount of crypto you want to buy and double-check the price and payment details.
- Complete the payment. Transfer the funds to the seller using the payment method provided. Be sure to only use the payment method specified in the offer.
- Mark “Payment Completed” on Binance once you’ve transferred the money. Never release the payment confirmation before you’ve actually transferred the funds.
- The seller will release the crypto to your Binance wallet once they confirm receiving your payment. Binance will hold the crypto in escrow until both parties confirm the transaction.
Final Thoughts
With this guide, it is now easier than ever for people new to the crypto space to safely buy, trade, store, and use Bitcoin and other digital assets in their daily lives. Choosing the right option, such as an exchange, eases new users into the crypto ecosystem as they mature and learn in this market.
