How to Buy Bitcoin on Binance

Last updated: Feb 07, 2024
7 Min Read
Note from the editor :

Users located in the US and UK are not supported. For UK-based readers, we recommend checking out eToro. We have an eToro guide and sign-up link that offers a free 100k demo account. For US-based users, our eToro US sign-up link offers a free $10 crypto airdrop bonus!

Disclaimer: Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

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Binance is a fantastic crypto exchange for selling, trading, and buying crypto. As the largest and most popular exchange in the world, it is trusted by tens of millions of users around the globe.

Binance can be used for so much more than simply buying crypto, if you are looking for a top-tier exchange, I highly recommend checking out our Binance review, where we thoroughly cover all the features and products that Binance has to offer.

If you don’t already have an account at Binance, we managed to sweet-talk the folks over there to provide our readers with a 20% trading fee discount for life and up to a $600 bonus for customers who sign up with our Binance link. Nice!

Binance Inline

We also have in-depth articles and guides covering various aspects of the Binance Exchange that you may find interesting:

Great, without further ado, let’s crack into how to buy Bitcoin at Binance.

How to Buy Bitcoin on Binance- Creating an Account

As the big kahuna of the cryptocurrency world, Bitcoin is the #1 go-to cryptocurrency for investors and traders. If you want to dive down the Bitcoin rabbit hole, you may find our following articles interesting:

Buying Bitcoin on Binance couldn’t be easier. Buying crypto on Binance can be done on either the Binance website or via the Binance mobile app which is available on both IOS and Android.

The first thing you will need to do is create an account.

how to buy bitcoin on binance
 Start Trading Within Minutes. Image via Binance

Once you register for an account, you will need to verify your identity and pass KYC verification which can take anywhere from a few minutes to 13 days.

Registering via website can be done by navigating here:

register on binance
 Image via Binance

Then following these steps:

  1. Select registration method - This can be done with email address, phone number, or Apple/Google account. (Be sure to use an actual email address or phone number as you will be required to verify it.)
  2. Create a password - Make this a strong one as you don’t want this falling into the wrong hands. You can learn more about crypto safety in our article on How to Keep Your Crypto Safe.
  3. Read and agree to the terms and conditions then click [Create Account]
how to create an account on binance
 A Look at The Account Creation Process on Binance.

After clicking “Create Account,” you will receive a verification code to the email or phone number you used. Enter the code within 30 minutes and click submit:

submit verification
 Image via Binance

There we go, you’ve successfully created an account. Now you will need to upload your ID and pass KYC verification. To do that, navigate here:

verify identity
 Image via Binance

Or, you will also see this option on the homepage once you log in:

get verified
 Image via Binance

There are two levels of verification for retail customers that unlock different benefits:

  • Verified - $50k daily fiat and deposit limit, 100 BTC daily withdrawal limit, unlimited crypto deposit, and access to features such as LPD/OTC/Earn and the Binance card. To pass this level of verification you will need to provide:
  1. Personal information such as country of residence, full name, and date of birth.
  2. Government ID such as driver's license, passport, or residency card.
  3. Complete a facial recognition scan.
  4. Review time can reach up to 13 days if an actual person needs to review the documents, but in my experience as this process is often done automatically, everything can be completed and verified within minutes.
verified
 A Look at Starting Verification for the “Verified” Tier. Image via Binance
  • Verified Plus - This is the second verification tier level and comes with all the benefits of the Verified level with a $200k daily limit for fiat deposits and withdrawals. In order to pass this level of verification you will need to provide everything for the Verified level along with proof of address. Review time here can take up to 10 days. This verification level is mandatory depending on your jurisdiction.

If you want more information on this, Binance has an amazing FAQ section, complete with step-by-step images and video tutorials on how to create an account, complete identity verification, and how to verify your address. You can find all that information on the Binance Help Site.

Once you have an account, it’s time to buy some Bitcoin!

How to Buy Bitcoin on Binance

Buying crypto on Binance can be done with a debit/credit card, bank account, wire transfer, swapping crypto, P2P, or via third-parties. Binance has a plethora of options available, all of which we cover in our Binance review.

Here are the steps to buy crypto the easy way. First navigate to the Buy Crypto section:

Buy crypto on binance
 Image via Binance

Here you will see all the different options and select one from over 50 fiat currencies supported to make your purchase.

The easiest way to buy Bitcoin is directly with your card. That will take you to a page that looks like this:

Buy Bitcoin with Card

Note that purchasing with a card is not the most cost-efficient way as card purchases can come with hefty fees depending on the currency selected. We also do a complete breakdown of all the fees in our Binance review.

Using bank transfers via Wire, Swift, or many of the other options is the most popular, common, and cost-effective way to deposit funds into your account or buy Bitcoin directly. Navigating to the “Buy with Bank Deposit” section will take you to a screen like this:

Buy bitcoin with bank transfer

Then you will be walked through the step-by-step process for how to deposit funds from your bank account to your Binance account. The initial bank deposit can take a few days to clear, but in my experience, once you deposit funds on Binance from the same bank account frequently, the funds normally land in your account after a few hours.

You can also access a Peer-to-Peer marketplace to buy and sell crypto, or use a third-party payment provider. These methods are not as common.

The trading interfaces shown above are an incredibly simple and convenient way to simply buy Bitcoin, but once you get comfortable with the interface, you can save yourself money with lower fees and get in at better prices by navigating to the spot trading interface and swapping your fiat for Bitcoin (or other crypto) by navigating here:

Binance trade

That will take you to a trading interface that isn’t nearly as scary as it looks once you learn the ropes. Here is a look at the trading interface on Binance:

trade bitcoin
 A Look at the Crypto Trading Interface on Binance

By buying Bitcoin on Binance on the Spot trading interface, you can set advanced limit orders to get in at better prices and pay less in trading fees. There are plenty of good how-to sections in the Binance help section and great tutorials on YouTube that can help teach you how to do this.

Guy put together this fantastic beginner’s guide on setting up an account and how to trade on Binance which you may find useful:

And if you are interested in learning more on how to trade, check out our article on How to Perform Technical Analysis, or watch Guy’s three-part series where he teaches the craft.

And that's all there is to it, you now know how to buy Bitcoin. Happy trading!

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Frequently Asked Questions

Is Binance Safe?

We believe so. As one of the longest-standing, and the largest exchange in the world, the common consensus is that Binance is one of the safest exchanges that can be used. The team is also transparent with the Binance founder and CEO being highly respected in the crypto community and has shown himself to be a trustworthy industry leader, often being a first mover and supportive voice regarding important topics and discussions happening in the crypto space.

How Long does Binance Verification Take?

There is no guaranteed time, but verification on Binance can take anywhere from 1 to 10 days. The most common time frame from our own experience and reviews shows that 48-hours is about average.

Binance vs Binance us

Binance is available in most countries around the world, while Binance.US was set up to serve the American market. Binance is the more comprehensive platform, with more features, products, and better coin support, making it the better exchange for users not located in the United States. Binance.US is one of the best choices for US-Based users.

Tayler McCracken

Providing financial education to those who need it most has always been a passion of mine. While working as a Financial Advisor, I had my eyes opened to the world of crypto and its potential to help make the world a better place. I believe that blockchain technology can build a brighter future and am excited to be part of it. If you appreciate the work that I do and enjoy my content, you can find the links to all my socials at pip.me/TaylerTBM

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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