Binance is the world’s leading cryptocurrency exchange in terms of users and trading volume. It lists hundreds of cryptocurrencies, including Bitcoin (BTC). In this guide, we’ll be showing you how to buy Bitcoin on Binance in just a few simple steps.
We’ll discuss a few different ways of purchasing Bitcoin using the Binance exchange, including spot markets, credit card purchases, and more. This guide will be focused on using the exchange’s spot markets, but we’ll also touch on the other payment methods.
The Binance cryptocurrency exchange is not available to users from the United States. If you’re from the US, you can consider the Binance.US cryptocurrency exchange, which is similar to the main Binance exchange in many ways. If you want to trade cryptocurrency derivatives such as futures contracts, check out the Binance Futures exchange.
How to buy Bitcoin on Binance in under 5 minutes?
Binance is one of the best crypto exchanges to buy BTC. Registration is quick and simple, and the exchange offers very good liquidity – it’s likely you’ll be able to find Bitcoin on Binance at the best price available, and your trade will complete within seconds. Binance also lists a huge selection of other cryptocurrencies, so you can easily convert your BTC to another coin later.
In order to buy Bitcoin on Binance, you will need to go through the following steps:
- Creating an account on Binance
- Completing identity verification
- Funding your Binance account with fiat currency or cryptocurrency
- Buying Bitcoin (BTC) on Binance
Regardless of which method to buy BTC on Binance you choose, you will first have to register your account and verify your identity. Let’s get started.
Register your account on Binance
The first step is to create an account on the Binance exchange. Head over to their website to get started.
Make sure to choose a strong password to enhance the security of your account. Once your account is ready, we also recommend that you explore 2-factor authentication (2FA) options to protect your account even further.
Complete identity verification
Binance requires all users to complete a know your customer (KYC) process to verify their identity. After you log in to your Binance account, select the “Get verified” option. You will need to enter your basic personal information such as your first and last name, date of birth, nationality and address.
Then, you will also be asked to provide a scan or photo of a government-issued document such as an ID card, passport or driver’s license. Make sure you have a mobile phone nearby, as you will also need to use your phone’s camera for a facial recognition check. This will help ensure that you really are the same person as the person on the documents you provided. For most users, the “Intermediate” verification level will be sufficient.
For a more complete guide on Binance’s identity verification process, please check out the following guide:
How to Pass Identity Verification on Binance?
Option 1: Deposit crypto and buy Bitcoin through Binance’s spot markets
The first option we’ll be exploring is buying Bitcoin on Binance by depositing cryptocurrency to our Binance account. Thanks to the low fees, this is likely the best option for you if you already own some cryptocurrency.
1. Deposit cryptocurrency to your Binance account
In our example, we will be showing you the process for depositing the Tether (USDT) stablecoin. You can also choose to deposit any other cryptocurrency that’s listed by Binance, as practically all of them can be exchange for Bitcoin easily on Binance.
Select “Fiat and Spot” under the “Wallet” section of the navigation bar.
In our example, we will be showing you the process for depositing the Tether (USDT) stablecoin. You can also choose to deposit any other cryptocurrency that’s listed by Binance, as practically all of them can be exchange for Bitcoin easily on Binance.
Select “Fiat and Spot” under the “Wallet” section of the navigation bar.
Use the search bar to find the cryptocurrency you want to deposit. In our case, we’ll search for USDT. Then, select the “Deposit” option.
Some coins, like USDT, are available on multiple blockchain networks. If applicable, select the network you will be depositing your cryptocurrency from. You will be using the provided address to deposit the selected cryptocurrency to your Binance account. After you use your wallet to send USDT to the address provided here, the tokens will be credited to your Binance account.
TIP: Make sure that the network you’re depositing from matches the network you selected. For example, if you try to send funds from a non-Ethereum network to an Ethereum (ERC20) deposit address, your funds will be lost.
If you’re planning to deposit a significant amount of funds, consider making a small deposit first to check that everything is working correctly.
2. Check your balance
After the blockchain processes your deposit transaction, the coins you transferred should be visible in your Binance account. Head over to your “Fiat and Spot” wallet again, and search for the coin you deposited.
The time it takes for deposits to be credited to your account depends on the blockchain you’re using. Don’t panic if your deposit is not visible right away. Binance requires a different number of confirmations for each supported blockchain, and some blockchains are faster than others.
3. Buy Bitcoin
TIP: The screenshots below show the buying process for the BTC/USD trading pair. The process is the same for buying Bitcoin—simply search for BTC instead of BTC.
Once you have some funds in your Binance account, go to the “Markets” section in the navigation bar.
Search for the coin you want to buy and click “Trade”.
Use the search bar to filter to USDT-denominated trading pairs, and find the BTC/USDT pair.
Now, you’re ready to buy Bitcoin with your USDT. You can choose between a variety of order types. Let’s briefly explain market orders and limit orders, as they are the two most commonly used order types.
Market order
A market order allows you to immediately buy or sell an asset at the best price that’s available at the moment. The exchange will automatically use the funds to buy or sell at the best available price. Market orders execute almost instantly on highly liquid exchanges like Binance, but give you less control over your trade than limit orders.
Limit order
A limit order allows you to specify the price at which you want to buy or sell. Once the price reaches the specified level, your order will be automatically executed. A limit buy order will only execute at the specified price or lower, while a limit sell order will execute only at the specified price or higher.
Limit orders allow you to fine-tune the price at which you want to buy or sell, but be aware that there is no guarantee that that a limit order will actually be executed in a reasonable time frame. This is especially true if your limit order is set at a price that’s significantly higher or lower than the current price.
For the sake of simplicity, we’ll be using a market order. If you’ve already decided how many USDT you want to spend to buy BTC, choose the “Total” option and input the amount of USDT you want to spend.
Alternatively, the “Amount” option lets you select how much BTC you want to buy, and the exchange will then use as much USDT from your account as necessary to buy the desired amount.
Option 2: Deposit fiat currency to Binance and buy Bitcoin
You can also fund your Binance account with fiat currency through a bank account deposit or debit/credit card. Binance supports a variety of fiat currencies, including EUR, USD, GBP, TRY, AUD and many others. The supported deposit methods will vary depending on the fiat currency you want to deposit. For example, EUR deposits can be made via a SEPA bank transfer or a Visa / Mastercard bank card.
You can get started by selecting “Bank Deposit” in the “Buy Crypto” menu.
Then select the type of currency you want to deposit, and the deposit method. You will be guided through the deposit process.
After you have some fiat currency in your Binance account, select the “Cash Balance” option to buy Bitcoin with fiat.
Then, simply choose the fiat currency and the amount you want to spend, and the cryptocurrency you want to buy.
Option 3: Buy BTC with a credit or debit card on Binance
It’s also possible to buy Bitcoin with a credit card on Binance. Buying BTC with a credit card is a convenient option, but comes with higher transaction fees than other methods of purchasing Bitcoin—it’s ultimately up to you to decide if the convenience is worth the higher cost.
Select the “Credit/Debit Card” option in the “Buy Crypto” menu.
Input the amount you want to spend and the cryptocurrency you want to receive.
The exchange will then guide you through the purchasing process.
Additional considerations
In this article, we went through three methods of purchasing crypto on Binance. However, there are also other options that are worth exploring. For example, the exchange’s Auto-Invest feature allows you to automatically purchase crypto in regular intervals, and implement a dollar-cost averaging (DCA) strategy.
You can also check out Binance’s Liquid Swap feature, where you can swap between different tokens and even get BNB rebates on the transaction fees.
Conclusion
Binance offers a wide variety of options for purchasing Bitcoin, whether you’re looking to buy with crypto, a bank transfer or your credit card. Buying with crypto is the cheapest option, but the fiat currency options provide a lot of flexibility, especially for users that are just getting started with crypto or want to increase the size of their cryptocurrency investment. Hopefully, our guide helped you buy BTC on Binance!
