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
- 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
- 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.
- 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.
- 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!
- 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.
- 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:
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
- Deposit using Debit/Credit card
- Deposit using P2P (peer to peer)
- 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.