I bought bitcoin (BTC) way back in 2015 when very few know about it here in the Philippines. Unfortunately, I sold it too early. Back then, I do not know about Binance and I used Etoro.com to buy bitcoin. Etoro.com has very expensive fees so I decided to transfer to Binance. It was only this year that I started using Binance and I haven’t had any problems using it. If you want to buy cryptocurrencies like bitcoin, this article will teach you to how to create a Binance account and how to buy bitcoin and other cryptocurrencies using it.

What is Binance?

From the words bitcoin and finance, Binance is an example of a cryptocurrency exchange. It’s one of the trending trading solutions, with it being accessible easily with a few taps from your smartphone. With more than 2000+ cryptocurrencies and 200+ crypto exchanges available, it can get intimidating for beginners and enthusiasts. But, you’ll be happy to know that Binance made trading easier and safer- addressing the common challenges its competitors have faced.

What is Binance’s Purpose?

A crypto trading platform that offers one of the most competitive rates around, it’s for beginner, pro, seasoned traders looking to trade crypto in the easiest and cheapest possible method.

Binance aims to:

• Provide a better and reliable crypto trading architecture
• Render better market liquidity
• Give better customer service
• Deliver internationalization and language support

Binance provides:

• A crypto wallet for trading, where you can store electronic funds
• Several supporting programs to help traders in making investment decisions
• Low transaction fees, high market liquidity, and additional discounts for those who pay BNB cryptocurrency tokens
• Safe fundraising and de-listing or withdrawal of cryptocurrencies
• An option to raise funds through initial coin offerings (ICOs) for enthusiasts who want to launch their tokens

Binance supports:

• Limit orders executed at the limit price set by the trader
• Market orders did immediately at the best available market price
• Stop limit orders that become valid orders only when the price reaches a specified level

Is Binance legit?

Binance may be a centralized exchange, but it’s reliable enough to handle the volume it has on its platform regularly, and there have been no reports of it or going down as of writing. It’s legitimate and safe through user account protection via Two Factor Authentication (2fa).

To give you more peace of mind, you can also apply and open a corporate account to trade or use Binance exchange under a legal entity (Corporation, LLP, Pvt. limited).

How to Create A Binance Account?

The beginning of your journey with cryptocurrency exchange begins with creating an account in Binance. Now that you know what Binance is and what it stands for, you might be thinking about how you can start navigating the crypto trading platform. Here’s a step-by-step guide on how you can create your Binance account.

1. Go to the website.

This is a no-brainer. The first thing you should do is to go on Binance’s website. However, do be wary of the site you are going to. Make sure to check the website URL to see if you are indeed on the Binance page.

The reason for this is because there have been instances wherein phishing sites mirror the original website. Just check the URL and inspect the security certificate. To be even safer, type the web address directly yourself and bookmark it for future use.

2. Register and go through the process.

Once you are on the home page, look for the “register” button on the upper right-hand corner. You have two options for signing up: using email or mobile. Fill in the necessary information, which is the email or mobile number and password. It is recommended that you use a strong password for maximum security.

There is a referral ID box that you can type into if you have one. This part is optional. Once you have provided all the needed information, you have to check that you have read and agree to Binance’s Terms of Service.

Once you’re done, click create an account! Before you can proceed, there will be a security verification puzzle for you to accomplish. Afterward, an account verification code will be sent to your email or mobile number, depending on what you chose. Ensure you have received the confirmation email because the code will expire in 30 minutes.

Binance will also provide some security tips in the email, so be sure to check that out!

3. Set-up your account

Once you sign up, immediately enable the Google Two Factor Authentication. This will increase the security of your account. Binance also offers other features to heighten your security. You will need to do this before you can perform any type of transaction within the website.

4. Enable Google Two Factor Authentication

First, download the Google Authenticator app on your phone. Then, you will be given a QR code to scan with the app. You will also be given a Key that will allow you to recover your app in the event of phone loss. It is essential for you to save this in a safe place because you will need this if you want to recover your Google Authenticator.

Input the verification code from your Google Authenticator in the necessary fields. You will receive two codes through your email and the app. Make sure to click “click to get code”; otherwise, an email won’t be sent to you.

You must input the codes immediately because these will expire.

Although, there is one more thing. Once you have an account, you will still need to verify some personal information. This is divided into three categories that have different benefits and fiat limits:

• Basic
• Intermediate
• Advanced

The requirements will vary accordingly, but this information will be asked of you: personal information, government ID, facial verification, proof of address.

How to Buy Cryptocurrency Using Binance?

Once you already have a Binance account, you may opt to buy crypto using cash. You can do it in two ways. Either link your bank account or credit/debit card or directly buy from other users in Binance P2P. 

Out of all the options, linking your bank account or credit/debit card to Binance is the most convenient way of obtaining Bitcoin. Through this, you purchase crypto with a minimum amount of $15. Kindly take note that it may vary depending on the currency that you use. 

If you prefer not to link any of your bank accounts, you may buy cryptocurrency from your fellow users through Binance P2P. Just browse through crypto listings and select what to purchase. Since hundreds of merchants and payment gateways are available, following this option is also effective. 

In case the options mentioned are not at your disposal, buy crypto through third-party payment methods. Just make sure to check if the local currency you are using is correct. You can also use the Convert and OTC portal. It allows users to purchase crypto at a much cheaper rate. 

Binance is accessible in many regions. You have various options on where to buy crypto. You may check out any of the following: 

• Binance.US – for traders using USD as local currency.
• Binance.SG – for users using SGD to buy crypto. 
• Binance Lite Australia – works with AUD.
• WazirX – if you are using Indian Rupees (INR)
• Binance.UK – for users with GDP and EUR. 

How to Deposit Funds to your Binance Account

In the Philippines, there are 3 ways to deposit funds in your Binance account

1. Deposit using Debit/Credit card
2. Deposit using P2P (peer to peer)
3. Deposit using Coins.ph

How to Deposit Funds using Debit Card or Credit card

Binance charges a 2% deposit fees for whatever cryptocurrency you’ll buy from them. The 2% will be deducted from the total amount of cryptocurrency that you will buy. For example, if you will buy 1 bitcoin, you will receive 0.98 bitcoin after the 2% fee has been deducted. It is very easy to buy deposit funds to your Binance account. Simply follow the steps below to get started:

Step 1: Log in to your account
Step 2: Click Credit/Debit Card
Step 3: Choose a cryptocurrency that you want to buy
Step 4: Enter the amount you want to buy.
Step 5: Enter your card details
Step 6: Click the “Confirm Order” button to proceed.

Is Binance Worth it?

Considering its low fees, a fast and reliable exchange, and a stable platform, there’s a lot to love. Even just a few months of being in business, Binance has proved to be a success so far. Binance knows their business, considering that it offers worldwide service away from the Chinese government, which is already a huge feat. For some, limited fiat support may be a bit frustrating, but Binance is reportedly adding more options, with EUR and GBP trading pairs already added. Binance’s website supports 15 languages, and its cross-platform trading works on PCs, Android, and iOS devices. Binance is one of the fastest exchanges available, as it can handle 1,400,000 orders/second. Considering its age, Binance is constantly improving and evolving, so you don’t have to worry. Having said all of this, I personally recommend Binance for buying bitcoin and other cryptocurrencies in the Philippines.

If you’re into finance, the stock market, or e-commerce, then chances are you’ve probably heard of bitcoin. It has captured the attention of all kinds of people, from investors, economists, financial experts to celebrities, influencers, and huge companies. Famous bitcoin investors include Elon Musk and Paul Tudor Jones. Bitcoin has indeed taken the world by storm. Almost everyone is talking about it, especially after a significant boom in the year 2020. However, Bitcoin came into the mainstream spotlight way back in 2017 because of the bitcoin bubble. It has made headlines all around the world and created quite the fuss. The bitcoin price had significantly risen once more in 2020, and you might have heard your friends talking about it. Do you want to find out more things about bitcoin? Keep reading if you wish to find out what bitcoin is, if it’s a good investment, why people buy it, and how you can buy it.

Disclaimer: This article should be treated as purely informational content and not as financial advice. Please consult your financial advisor and study your investment decisions carefully before deciding to invest.

What Is Bitcoin?

In the year 2009, Satoshi Nakamoto released a paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System.” Little did we know that the software will change how we look at money and the e-commerce industry for years to come.

Bitcoin is the first cryptocurrency, a digital currency that operates without the need for a third party. If you have ever transacted online before, you know how the system typically works. Online payments are made possible through a trusted intermediary, such as the bank or government, who processes electronic payments. The traditional method uses a trust-based model.

On the other hand, bitcoin is entirely a digital money that uses cryptographic proof. Anyone can access every transaction made with bitcoin through a public ledger known as a blockchain. Blockchains are blocks of data in a digital chain. Each block contains information on every transaction made.

However, no one can see anyone’s identities here; only your wallet ID is, making it possible to sell or make purchases anonymously. This system also stops people from copying bitcoin, spending other people’s bitcoin, and reversing transactions. While you can use bitcoin to purchase items and avail services, you can also use bitcoin in trading.

Thanks to bitcoin’s decentralized nature, you don’t have to worry about third-party service charges or fees when making a transaction. That is why bitcoin offers lower processing fees than the traditional electronic payment system. It is deliberately designed that way – nobody owns it.

Is Bitcoin A Good Investment?

There is a growing number of people who are beginning to invest in bitcoin. I myself invest in bitcoin and other digital currencies. Financial experts like “Rich Dad, Poor Dad “author, Robert Kiyosaki believe that bitcoin can compete with gold, referring to bitcoin as digital gold. Like all investment ventures, bitcoin investment comes with a lot of risks and but the rewards are equally high.

Before investing in anything, you should understand the number one rule in investment: you must be willing to lose money. There is no guarantee in any endeavor, hence you must carefully evaluate the risks.

Whether bitcoin is a good investment or not depends on the perspective. When you’re looking at it in the long term, bitcoin is a good investment. From regular folk to big names, people all over the world are using and investing in bitcoin. Even huge companies like Starbucks and Tesla are now accepting cryptocurrency.

From a short-term point of view, the answer depends. Bitcoin is a good investment during a bull run when the trends are growing upwards. That means that prices are either rising or expected to rise, which means that your assets’ value increases even in a short period of time. On the other hand, it isn’t good to invest in bitcoin in a bear market. During this time, bitcoin value is decreasing over an extended period.

Why Do People Buy Bitcoin?

Quick and Easy Transactions

In dealing with business or financial transactions, you will need to pay fees for each transaction. Moreover, it requires documentation and paperwork. Through bitcoin, you can transact transparently.

Apart from that, bitcoin offers lower transaction fees compared to Paypal and international bank transfers. Usually, banks charge us higher because they require people to handle our transactions. But through Bitcoin and other cryptocurrencies, transaction fees are relatively small because it is done digitally without the need for physical money transfer.

Effortless Asset Transfers

Through the blockchain system, you can quickly transfer the ownership of assets by disbursing the payment in bitcoin. The decentralization allows the users to transact safely. Here are some of the financial transaction benefits of bitcoin:

• Tamper-proof registration
• Extermination of intermediaries
• Transparent transactions

Strong and Reliable Security

Bitcoin uses private keys to ensure the security of your money and identity. Through encryption and blockchain technology, Bitcoin guarantees that your digital coins are safe from hackers. Moreover, they ensure that your stored information is secured within the system.

Excellent Liquidity

Compared to other digital currencies, bitcoin offers greater liquidity. It enables you to keep possession of its inherent value upon crypto to fiat conversion. Conversely, other cryptocurrencies cannot be traded directly. As of the moment, you can use bitcoin in various shops and businesses. It means that as we use this currency in paying bills and dealing business, it becomes more liquid.

Independence from Political Influence

Bitcoin cannot be controlled by any state entity, which means it cannot be frozen or seized easily. Your money cannot be directly affected by the sudden change of government policies. Because bitcoin exists outside a political system, the digital currency works on its own. We have full control of the supply.

Decentralization

With its blockchain technology, it can manage the transaction records efficiently. Moreover, it only involves two parties in every transaction, which are the receiver and sender. This way, you don’t have to deal with an intermediary or a third party.

Digital Replacement of Gold and Barrier to Inflation

Each year, the value of money inflates, meaning the value it has now is not the same next year. Apart from that, it is the current replacement for gold. This is the reason why I myself invested in bitcoin to prevent my money from losing its value. If you are interested, please read my article about “6 Reasons Why I invested in Bitcoin”.

How to buy Bitcoin in the Philippines?

There are several places in the Philippines where you can buy bitcoin. Not only has the Bangko Sentral ng Pilipinas granted licenses to certain cryptocurrency exchanges, but there are also other platforms where you can buy digital currencies. Some of them are peer-to-peer marketplaces and bitcoin ATMs.

Binance

Binance is another popular cryptocurrency exchange here in the Philippines. Filipino Binance users can now buy and sell different cryptocurrencies, including ETH, BTC, BNB, and BUSD using local currency thanks via P2P (peer-to-peer) method. Using P2P, Filipinos can now buy directly from other users of Binance. Payments are usually done via bank transfers.

This platform also allows you to exchange cryptocurrency at a specified rate and with your preferred payment methods. Moreover, you also have the capability to transfer assets to a Binance wallet for free. Due to its zero transaction costs, more people recommend this platform for buying, selling, and trading. Binance.com has a peer-to-peer (P2P) network that allows users to gain more access to different financial services. I personally recommend Binance due to its low transaction cost and ease of use.

Bitcoin.com

If you have a credit card, you can easily purchase a digital currency. Bitcoin.com is a good place to start. Bitcoin cash and bitcoin core are also available for procurement. After clicking the buy button, you can simply enter the details required, including instructions linked via the “Need a Wallet?” option. With your email address, you can buy and sell bitcoins on this site using your credit card.

Coins.ph

Another way to buy bitcoin in the Philippines is through Coins.ph. It is the first cryptocurrency exchange to be authorised by the central bank, and is one of the fastest ways to purchase bitcoin in the Philippines. Since 2014, people have been buying bitcoin on this website. You can buy BCH, ETH, and XRP with the Philippine peso (PHP) without a bank account, credit card, or Paypal account, in addition to BTC.

Other platforms to buy, sell or trade:

• Coinmama
• eToro
• Paybis
• Coinage

Bitcoin is an efficient and effective way of transmitting money through digital platforms. They impose transparent rules and regulations within the system. More than ever, bitcoin is backed up with blockchain technology, making it a viable investment. Just make sure that you study the ins and outs of bitcoin to ensure that you are placing your money on the right platform.