How To Buy Crypto on Binance in 2024

So, you want to know how to buy crypto on Binance. You’ve heard of Sam Bankman-Fried, at one point the youngest crypto billionaire at the age of 30 years. You’ve heard his story, and now you’re thinking to yourself if I can legally make a fraction of what he made in crypto, I can finally take that trip to Bora Bora and sip martinis on the beach while profits roll in from my budding crypto empire.

Or, maybe you’ve heard of crypto from a friend and want to start your investing journey. 

Regardless of your situation, you want to know how to make your first crypto purchase. Binance is one of the world’s largest and most trusted crypto exchanges, so if you’re going to be buying crypto, why not go there? 

But how do you go about purchasing crypto on Binance? No worries! I’ve got you covered. Binance offers many options whether you’re a beginner or an advanced trader. You can easily buy most cryptocurrencies, including Bitcoin (BTC), with the lowest fees and highest security anywhere Binance is available. 

This post will teach you how to do just that.

Before you can buy anything, you’ll need to create a Binance account. And no, this isn’t like signing up for a social media platform. Binance takes its Know Your Customer (KYC) rules seriously. I learned this the hard way when I thought I could breeze through the verification process.

Here’s what you’ll need:

• A valid email address
• Your phone number for two-factor authentication
• Government-issued ID
• Proof of address (utility bill or bank statement)

Pro tip: Have these documents ready before you start. Trust me, nothing kills crypto excitement faster than getting stuck in verification limbo.

Verification Levels

Binance typically has different verification levels:

• Basic: Limited functionality
• Intermediate: More features, higher withdrawal limits
• Advanced: Full platform access

I was so excited to buy crypto the first time that I rushed through verification. This was a big mistake. Take your time, and do it right.

Once you’re verified, you’ll need to add funds. Binance offers multiple methods to do that:

• Bank transfer
• Credit/debit card
• Cryptocurrency transfer
• P2P trading

I’ve tried most of these methods. Bank transfers are usually the cheapest but slowest. Credit cards are quick but come with higher fees. Choose what works best for you.

How to buy crypto on Binance with a Credit/Debit Card

1. Navigate to the “Buy Crypto” section
2. Select your preferred currency
3. Choose your payment method and Fiat Currency
4. Enter the amount
5. Add Your Card
6. Review transaction details
7. Confirm Purchase

Sounds simple, right? Well, let me tell you about my first purchase. I was so nervous that I had to review the transaction 17 times before clicking confirm. Pro tip: It’s okay to be cautious, but don’t overthink it.

1. Log in to your Binance account and click [Buy Now] on the homepage banner.

2. To purchase cryptocurrency, you may use a variety of fiat currencies. Select your preferred currency, then input the amount of fiat you wish to spend, and the system will calculate the amount of cryptocurrency you can acquire. Click continue.

3. Next, you can choose the method you want to pay. You can buy with a credit/debit card, Cash Balance, or P2P. If you want to learn more about how peer-to-peer (P2P) trading works and how you can purchase crypto using this method, please check out our post here.

In some countries, users can buy crypto with a fiat or cash balance. You can do this by depositing your local currency directly into your Binance account and then using that to purchase crypto.

However, in this tutorial, I’ll show you what to do if you’re using a credit/debit card since this is the most popular method. First, select [Visa/Mastercard]—[Continue].

4. Next, follow the instructions and enter your card information.

5. Your card will be added. Click [Continue].

6. The next step is to check the payment details and fees. The total amount is the price of your selected currency plus a handling fee from Binance. Cryptocurrencies are volatile, which means their value is constantly changing, so you need to confirm your order within 1 minute. Otherwise, the amount of crypto you can get will be recalculated based on the current market price. If it times out, you can click [Refresh] to see the new order amount.

7. You will be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment. After that, you can instantly see the crypto you purchased in your Binance Spot Wallet.

Important Considerations

Tax Implications: Crypto transactions can have tax consequences. I learned this the hard way during tax season. Keep records of ALL your transactions.

• Fees: Binance has trading fees of around 0.1% per transaction
• Minimum purchase amounts vary by cryptocurrency
• Some payment methods have additional fees
• Don’t invest your life savings
• Don’t buy based on FOMO (fear of missing out)
• Don’t panic sell during market dips
• Don’t share your private keys or seed phrases
• Use limit orders to control the purchase price
• Set up price alerts
• Consider dollar-cost averaging
• Never invest more than you can afford to lose

Payment Method Pros and Cons

Bank Transfer:

• Lowest fees
• Slower processing
• Highest transaction limits

Credit Card:

• Instant Purchase
• Higher fees
• Lower transaction limits

Cryptocurrency Transfer:

• Often fastest
• Lowest fees
• Requires existing crypto holdings

P2P Trading:

• More payment options
• Can sometimes find better rates
• It requires more manual work

Common Beginner Mistakes

• Not understanding transaction fees
• Buying during extreme market volatility
• Not securing your account with 2FA
• Buying without a basic understanding of the crypto
• Investing more than you can afford to lose

Security Tips

• Use two-factor authentication
• Enable withdrawal whitelist
• Use a hardware wallet for long-term storage
• Never share your login details
• Beware of phishing attempts

Recommended First Purchases

If you’re new, consider starting with:

• Bitcoin (BTC)
• Ethereum (ETH)
• Binance Coin (BNB)
• Stablecoins like USDT or BUSD

Final Thoughts

Start small. Learn. Observe the market. Understand what you’re buying. Crypto isn’t a get-rich-quick scheme; it’s a complex ecosystem that requires research and patience. I bought a random altcoin because someone in a Telegram group said it was “going to the moon.” Spoiler alert: it crashed and burned. Always do your research.

Remember, buying crypto is like riding a rollercoaster—exciting, sometimes terrifying, but potentially rewarding if you always keep your hands and feet inside the ride!