How to buy Bitcoin on Binance crypto exchange
About Binance crypto ecosystem
The Binance ecosystem offers much more than just cryptocurrency exchange.
- It is a trading platform
- You can order a physical or virtual cryptocurrency payment card
- You will find here DeFi (decentralized finance) services like savings or loans in crypto
- P2P trading
- Learning academy
- Futures trading
Further below we will focus on cryto exchange or trading, Binance offers more than 400 coins and token you can buy and hold here.
Fee schedule on the Binance exchange
You will love Binance for their low exchange fees for only 0,1%.
Deposit in SEPA is completely for free and the withdrawal is for 0,8 EUR.
If you prefer money deposits using payment card, you will be charged for 1,8% of your transaction amount.
Just be careful when you will want to withdraw cryptocurrencies, e.g. for Bitcoin you will pay 0,0005 BTC fee (8/2/2021) which is around 23 EUR / 28 USD.
If you are going to exchange and withdraw Bitcoins up to 6000 USD, you would save some money if you will use CoinBase.
New Binance account set up
New Binance account set up will require an input of your personal data and later on as well their verification by uploading of your personal documents, this is a procedure known as KYC (know your customer) used especially for AML (anti-money laundering).
Money deposit and withdrawal
Your FIAT money and cryptocurrency balances can be displayed in the section called Wallet and its subsection Fiat and Spot.
Here you will find options for money depostis and withdrawals.
- You will have to select a currency or cryptocurrency
- Then comes the method of payment selection
- At the end fill in the amount
For the deposit, you will be requested to use displayed details of your payment.
- Do not forget to fill in the code of reference
- Do not forget the beneficiary has to be Binance
- Do not forget the bank account has to settle on your name
Cryptocurrencies trading (buy or sell)
Let’s say we have on the account some Euros and want to buy some Bitcoins.
Start with the option of the top banner menu called Trading and next click on the “Classic”.
In the left part can be found:
- currently displayed currency pair (e.g. BTC/EUR)
- its current price,
- price highs and lows in last 24 hours,
- volumes, etc.
On the left side is a list of awaiting orders of the other users. Red is sales and green are buys.
On the right side is a search functionality for the list of currency pairs below. For our example just type there BTC/EUR.
Down there on the right is flashing a list of currently executed orders of other users.
In the middle is a price chart of the actual currency pair which you can display in a different timeframe.
Under it is a form for your new order and on the bottom are lists of your awaiting orders and orders history.
How to buy Bitcoin for EUR
Now we have selected cryptocurrency pair BTC/EUR and we can set up our buy order.
We will use the form “Buy BTC”. Fill in Price, typically a bit lower than the current one.
Skip the amount in BTC but fill in the Total amount in EUR. Let’s say, we want to buy Bitcoin for 100 EUR, then put there 100 EUR. The BTC to be bought for the filled price will be prepopulated.
Finally, click on the button “Buy BTC” and your order will appear in the list under the form. Once the price will reach your selected level, you will receive your Bitcoins on your balance.
CoinBase is another large cryptocurrency exchange where you can buy Bitcoin and other cryptos.
Do not leave your cryptocurrencies in the exchange if do not want to lose them – the most secure way is to use hardware wallets – use Trezor.
Hardware Wallet Ledger Nano X is another GREAT option to securely store your cryptocurrencies.