Cryptocurrency is becoming increasingly popular, and Binance is one of the top exchanges to purchase it in 2022. If you are new to the world of cryptocurrency or even just to Binance, this guide will take you through the process of buying crypto on Binance step by step.
– First, you need to create an account on Binance and complete the necessary identity verification processes to ensure your security.
– Once your account is set up, you can fund it using a variety of payment methods, including bank transfers, debit/credit cards, and even through other cryptocurrency wallets.
– With your account funded, you can then use the Binance platform to purchase a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many more.
Hi how’s it going everyone my name is hank and in this video i’ll be going over how to sign up and use binance to buy and trade cryptocurrency now i’ll be talking about the fees involved for trading why you would want to use binance and who binance is most suited
For so first of all why would you want to use binance in the first place now binance is the world’s largest crypto exchange by trading volume with more than 10 billion dollars traded every day now according to coin market cap they are rated as the top crypto exchange
With a score of 9.9 now this is ahead of other uh big major exchanges such as coinbase crypto.com and ftx now if you’re talking about the size of the exchange there’s no other exchange that comes close to the size of finance because of the large trading volume they
Have very high liquidity when it comes to people buying and selling on the exchange finance operates very much like a traditional stock exchange where you can see the charts of the crypto in carrier market buys and limit buys you can trade on margin and speculate on crypto futures you can even set up
Trading strategies to automatically buy and sell crypto at specific prices to sign out to binance you will need a valid form of government id in order to get verified now i have included a link to sign up to binance in the description below you also need to verify your bank
Account if you want to use bank deposit to fund your binance account now this may be necessary because some banks may block your credit card if you want to use credit card to purchase crypto in order to trade crypto on binance first you have to deposit a fiat
Currency into your account now in order to do that you can first go to wallets and go to funding for your account and select deposit here you can choose the currency that you want to deposit so if i want to deposit fiat currency and there are many uh currency that are
Supported but it may not be available depending on where you’re actually from now unfortunately they don’t support direct deposit of new zealand dollars so for example if i want to deposit us dollars i can select usd and then it will give you a recommended transfer method now if you are depositing us dollars
The easiest way is to use bank transfer with swift code and to use a bank’s transfer with swift code it doesn’t actually incur a fee so if we continue with that when you deposit the us dollars in binance it automatically gets converted into uh busd stablecoin now you can then trade
This usd stablecoin into other cryptocurrencies that you want after clicking continue after you enter the amount that you want finance will then give you the deposit details for depositing into your binance account so just remember to include your reference number when you are making the deposit now there’s no fees for making
The positive finance but your bank may charge you an international bank transfer fee so uh consult your bank about that so what are the fees for actually trading on binance now binance has one of the lowest fee structures when it comes to trading crypto now it works on
A tiered fee system and the tiers are determined by your monthly trading volume so interior 0 means that you are trading less than 1 million us dollars with a crypto each month which probably accounts for more than 95 percent of the retail users now at tier 0 you are charged 0.1 per transaction
As your trading volume increases you will get charged less fees now you can find all of this information on their fees page finance uses their owner binance coin as the native coin for their own binance blockchain now this is mostly used for paying for fees and funding a new project
Now if you hold finance coins in your account you can get a 25 discount in trading fees this makes the uh trading fee 0.075 percent instead of 0.1 percent and your trading fee will be taken out of your binance coin wallet instead of the crypto that you are trading with
Therefore before you purchase the crypto that you actually want it may be worth first buying a small amount of finance coins to get the discounted fees you can also purchase a crypto with a credit card but that would have a fee up to 3.5 which is significantly more than if you
First deposit fiat currency uh before trading and also some banks tend to block uh buying cryptocurrency using your credit card so uh be sure to check with your bank about that now let’s go back to the binance app and see how you actually purchase crypto within the binance app
Back in the vine and app if you want to purchase cryptocurrency you can go to trades at the bottom below and then select a spot currency purchase and then you can specify a limit by if you want to use a limit buy you know you can also change
It to market to buy if you want to buy at the market price now in this situation i’m going to use limit buy so then you can specify the uh dollar amount that you want to purchase your cryptocurrency at so in this example we have bitcoin to uh finance us dollars
So you can specify the limits of the bitcoin that you want to uh purchase at so let’s say uh we’ll go for uh 39 000 then you can specify this total amount of binance us dollars that you want to spend so for example we can say 100 and
Then you can click buy to purchase your bitcoin now you can also earn some passive income by putting your crypto into a flexible savings account on finance or stake your crypto to earn additional interest so in order to do that you need to go to wallet and then select earn from the top
Bar and then you can subscribe to uh different available accounts and it’ll also show you the yield per uh annum for staking or putting your crypto into a savings account for flexible savings account usually means that you earn less interest but your cryptos are not locked in for a certain period of
Time so for example i can choose tether if i want to put my usd tether into a flexible savings account if you want to stake your crypto you can also do that here so for example if i pick one crypto that i want to stake for example here i have avalanche
And currently for their lock staking for duration of 30 days they are giving you around 11.25 percent uh yield per annum staking locks your crypto in for a certain period of time but you do get more interest now i won’t go into too much detail on this in this
Particular video but you can think of a flexible savings account much like a savings account that you get in your bank and staking more similar to having a term deposit account on your bank in addition to those two methods for earning interest there are many other additional methods on binance for
Earning more interest such as launch pool uh ethereum 2.0 staking liquid swap all of these i’ll try to go over them in the future so the question now is is binance a safe option for you to use now they are the largest crypto exchange in the world and because they are the
Biggest they are more trustworthy than many other smaller exchanges however they do face regulatory issues in the us part of the eu and also china so all i can say is you definitely should not invest what you cannot afford to lose in terms of cryptocurrency while you may hear of uh people dumping
Their life savings into a random coin and made millions those situations are about as rare as winning the actual lottery so who exactly is finance suited for so i would say binance is suited for both beginners and also advanced users that want to trade cryptocurrency now their interface is quite easy that any
Beginner can pick up while having a more advanced trading option if you are a trader yourself again sign up links in the description below and i will see you in the next video
Summary: The article provides a comprehensive guide for beginners to buy cryptocurrency on Binance. It covers the step-by-step process of creating an account, depositing funds, selecting a cryptocurrency to buy, and placing an order. The article also highlights the importance of security measures such as two-factor authentication and the use of strong passwords.
– Beginners can easily buy cryptocurrency on Binance by following the step-by-step guide provided in the article.
– Security measures such as two-factor authentication and strong passwords should be implemented to ensure the safety of funds.
– Binance offers a wide range of cryptocurrencies to choose from, making it easy for beginners to diversify their portfolio.