How to buy altcoins on binance| Updated for 2020 – TRAN VAN TIEN
Binance is the world’s favorite cryptocurrency exchange and trading platform. However, until recently, it was not possible to buy cryptocurrency directly on Binance. At least, not using fiat cash. Now, this has changed. Here, we’ll, therefore, look at how to buy cryptocurrency on Binance easier than ever in 2020.
How to Buy Cryptocurrency on Binance
Binance is used every day to buy and trade over 1,889 top market cap cryptocurrencies and altcoins. Users also have two account funding options. Users can either deposit Bitcoin or other coins they already own onto Binance. Alternatively, they can buy Bitcoin and other coins directly using credit or debit cards.
In this guide, we will discuss both funding options. To start, we’ll look below at how to fund Binace with Bitcoin and other cryptocurrencies.
Getting Started With Binance
To start using Binance, all new users will first need to create a Binance account, enable two-factor authentication (2FA) when logging in, and verify their identity.
When setting up a new Binance account, it is important to do so correctly to avoid future account freezes and suspensions. Prior to 2019, it was possible to sign up for Binance via email only. Now, though, the exchange takes security and identity verification more seriously.
Make sure to register new Binance accounts from your real-world location. (Do not use a VPN.) Set up Google Authenticator and pair this with Binance to enable 2FA. Submit a government-issued ID to verify your account, and do not attempt to deposit or withdraw funds before verification is confirmed.
How to Buy on Binance Using Bitcoin
After creating an account, using Bitcoin to buy altcoins on Binance is relatively simple. All users need to do is deposit Bitcoin. (Or other digital assets.)
Users can then place buy and sell orders on the Binace exchange itself. However, things can get a little confusing.
Some altcoins can only be bought (and exchanged for) specific coins like Bitcoin (BTC), Litecoin. Ethereum, and Binance Coin. Depending on what digital assets you use to fund your account, you may need to first buy other coins like Binance Coin, that you can use to buy your preferred altcoin.
When buying coins, it is also important to take note of Binance fees and minimum withdrawal amounts.
Binance Fees and Minimum Withdrawal Amounts
Binance charges zero fees to deposit funds on Binance. Neither does Binance impose minimum deposit limits. However, Binance does charge fees for withdrawals and does impose minimum withdrawal limits.
At present, Binance users are only able to withdraw Bitcoin when their balance equates to 0.002BTC. Binance users who plan to withdraw coins must, therefore, make sure to only purchase coin amounts that are eligible or withdrawal. When this isn’t the case, digital assets can become stuck on Binance.
New Binance users should also take note of Binance fees. For Bitcoin, withdrawal fees stand at 0.0005 BTC. Binance also charges 1% fees on all buying and selling transactions. However, these can be reduced to 0.75% by buying and trading with Binance Coin.
How to Buy Cryptocurrency on Binance with Credit & Debit Card
In 2019, Binance began allowing users to buy cryptocurrency directly. This means that Binance users no longer need to deposit Bitcoin they already own to start buying and selling altcoins. Instead, users can fund Binance accounts directly by buying Bitcoin with credit or debit cards.
To buy Bitcoin and other digital assets directly, users first need to create and verify new accounts. (As already detailed above.) Users can then buy coins via credit or debit card from the Binance home screen or funding sources tab.
How to Buy on Binance Securely with Credit Card
Buying cryptocurrency on Binance with credit and debit cards is a relatively new feature. As a result, there is lots of miss-information available online. Thankfully, the process is straightforward. However, there are some important points to take note of.
Credit and debit card payments are provided by a third party who will ask that you verify your identity a second time with them. (Even after verifying your Binace account.) It is not possible to use prepaid cards like those offered by Payoneer or Skrill to buy cryptocurrency. (All cards must be bank-issued.) Keep in mind that if only buying small amounts of BTC or other coins, you may not be able to withdraw these from Binance post-purchase.
How to Buy Cryptocurrency Using a Credit or Debit Card
To get started buying Bitcoin (or other coins) with credit or debit card, click the appropriate tab on the Binance home screen. Next, select your coin and enter an amount in U.S. Dollars (or your local currency) that you would like to purchase.
After confirming how much cryptocurrency you would like to purchase, you will be redirected to complete payments with a third-party payment provider. (The exact partner may differ based on your location.)
Before your purchase is complete, you will be required to enter your card billing information. (This being your address as it appears on your credit or debit card statement.)
After completing this step you will also need to upload a copy of an authentic, government issue identity document. Typically, you will be requested to upload both sides of this document and as a rule, it is best to use a Passport or Driving Licence.
On average, it may take up to 20-minutes for payment providers to verify your ID and transaction. After this, though, coins you have bought will be credited to your Binance account.
Is It Safe to Buy Cryptocurrency on Binance?
Buying Bitcoin and other cryptocurrencies on Binance is just as safe as buying coins on other exchanges like Coinbase. However, for new Binance users, the process isn’t especially convenient.
Local exchanges in your own country will not usually ask you to verify your identity twice. On some other exchanges, it is also possible to buy smaller increments of Bitcoin (and other coins), without having to worry about minimum withdrawal limits.
Given the above, being able to buy Bitcoin directly on Binace is fantastic if you plan to use Binance to trade cryptocurrency. However, if you plan to buy to invest, other options may be easier and more straightforward.
Published at Tue, 14 Jan 2020 04:30:31 +0000