I recently just learned how to buy Crypto Currencies on Binance (All thanks to my friend and co-founder, Kevin). I never really thought of purchasing digital coins before, because I had to pay my loans and we had a lot of things going on. Now that I have paid all of my credit card debt and I know that I can pay it off fully every due date, I had a little bit of cash to test the waters and buy coins.
For all beginners reading this, it fine if you want to test is out and buy crypt currencies with only $50 (around Php 2500). From my research, what investors would advice beginners is to test the waters first using up to $250 dollars first. Figure your way out first and learn how to use an exchange like Binance.
Since this is a post on how to start with Binance, let’s get started.
How to buy crypto currencies on Binance
Step 1: Sign up here This link will lead you to Binance. Have the following by your side when you sign up: Passport, Proof of billing like utility bills with your name and address and download already the Google Authenticator App from the App Store or Google Playstore. So be ready with these things as you will need to have yourself verified and this is the first step on how to buy crypto currencies.
Step 2 (Feel free to skip this if you wish): Once you are verified. Go to the TASK CENTER. From what I know you will see this. One of the tasks that you haven’t complete yet (of course) is to “Buy at least $50 worth of crypto” and you will get a beginners pack. The beginners pack is actually 1000 BUSD which is almost or most likely equivalent to 1000 US Dollars that you will need to keep for 7 days in Binance Earn (sort of like the savings account of Binance). You can’t withdraw or transfer your Trial Fund but you’ll enjoy the annualized interest generated by the subscribed Savings product with the Trial Fund as the initial capital. Basically, what this task shows you is that Binance has other features like this. I bought USDT since I thought initially that you can transfer it and use it to buy coins. I suggest that you try it out with BTC or Bitcoin instead.
Before we proceed on the steps on how to buy crypto currencies, let’s go through some definition of terms first. Bitcoin or BTC was the original crypt currency so you’ll see a lot of reference to it. Account balances are show in BTC, too. The other coins in the market such as Ethereum or ETH, Binance or BNB, DOGE or SHIBA INU or SHIB (or whatever coins you may have heard of) are called ALT coins. Now there are also STABLE coins like USDT or USD Tether and BUSD which are close to the amount of the dollar.
What I do is that I buy stable coins first then convert it to the coins that I’d like to buy when I want to or when it hits a certain price.
STEP 3: To buy STABLE COINS (what I use is USDT), just click on Buy Crypto and you can use any of these. I use Credit and Debit Card. P2P trading is where you buy from another person.
For P2P, this is how the screen will look like. Set the currency to PHP and choose how you want to pay the other person for buying your stable coin.
Some reminders, which I learned from Ken Ken, one of my friend who is into Crypto Currency trading, you have to check on the number of orders and the percentage completion of the orders. The higher the number of orders and rate of completion, the better it is to deal with that person.
Step 4: Once you have your stable coin in your Binance account, it’s time to purchase a currency. Before purchasing though, please do your own research. You can check out https://coinmarketcap.com/ I’m not here to tell you what to purchase, but please do read up before buying. Also, only use funds that you are willing to lose. Truth be told, I’m just experimenting right now and in the same stage as you, so I am not in the position to give advice.
So let’s proceed on how to buy coins on Binance. There are multiple ways to purchase a coin.
A. Go to Wallet then click on Fiat and Spot. It will take you to this page. You can either click on Buy or Trade your USDT for BTC.
if you chose Buy, it will take you to this page where you will can directly purchase the currency that you like.
B. My recommendation though is to click on TRADE after you have purchased STABLE COINS. You can watch my friend Marvin’s video on why here: https://www.youtube.com/watch?v=uv7UULOQ-7Q
So when you click on trade, (in this example, I want to buy BTC/USDT meaning I will trade my USDT for BTC), it will show me this page.
It looks complicated but just read up more on trading. I will try to invite a person to interview to talk about crypto currency trading soon on my Youtube channel. If you know people, please recommend them to me too! 🙂
Anyway, scroll down to the fields below.
For this guide for Beginners, I’ll talk about Market and Limit. Basically, when you click on Market, you buy (or sell) based on the current market rate. You will just need to place the amount of USDT that you are willing to spend, just like this.
Then just click on Buy BTC and voila! You will have that crypto in your Binance Wallet.
Now for limit, if you have an idea of at what rate would you like to buy (or sell) this currency, place the rate in the Price field and then move the line to how much of your USDT are you willing to spend when the price reaches your indicated price.
Step 5: To check if it’s in your wallet, just click on this – Wallet >> Fiat and Spot or click on Overview.
So that’s it for today. I hope I explained clearly on how to purchase crypto currencies on Binance. Again, if you don’t have a Binance account yet, you can click here: https://www.binance.com/en/register?ref=O3SBEE8M
Please check that you are in Binance.com since there are some phishing sites that replicate Binance.
If you have any questions, feel free to comment below so that I can help you out or I can get someone to help you out! haha! As you know, I’m just still starting like you.
Why did I start purchasing Crypto?
I just thing that the time will come when most of us will be using this as currency. Right now, I don’t really see myself day trading this, because I know that I am more likely to hold on to these currencies and see what will happen. Plus, I know that I have a lot to learn still. So… let’s learn together. I wanted to start with the topic how to buy crypto currencies, but I promise to share new learnings with you.