There, find the “Buy Crypto” button, and place your mouse over it. Now, you’ll see up to 5 different crypto buying options – bank deposits, credit-debit cards, P2P trading, cash balance, and third-party payments. Since we’re focusing on (arguably) the simplest way to trade, click on the “Credit/Debit Card” option. You see, on Binance, you can purchase, say, Binance BTC from the platform itself, or trade it from some other users. After you create an account, you can deposit fiat currency into your account.

It provides a snapshot of the supply and demand for a specific cryptocurrency at different price levels. Unlike other crypto exchanges, we charge 0% transaction fees when you buy or trade Bitcoin or Ethereum, and offer some of the lowest crypto rocket broker overview fees on cryptocurrencies you love. For example, digital wallets put you in the driver’s seat for security — you are holding your crypto’s private key. They also give you more flexibility since you control access to your Bitcoin.

The transaction will show „pending payment“ till the buyer makes payment and it indicates that receipt is confirmed. After you’ve received the money, tap “Confirm” to release the crypto to the buyer. The total amount you will receive will be displayed in the top left corner. A confirmation message will appear for you to confirm your request, after which your transaction will be processed and your money will be transferred to your fiat wallet.

• When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange.
• It can also be used to trade for other cryptocurrencies, such as Bitcoin, Dogecoin or Litecoin.
• In swing trading, you’re still trying to profit off market trends, but the time horizon is longer – positions are typically held anywhere from a couple of days to a couple of months.
• For example, digital wallets put you in the driver’s seat for security — you are holding your crypto’s private key.
• You should be better prepared to begin your crypto trading journey, equipped with essential knowledge and tools to navigate this exciting landscape.
• Binance Coin is the cryptocurrency coin that powers the Binance ecosystem.

Both views are also customizable, meaning you can create an exchange view that fits you. The Binance Classic and Advanced trading views offer two options to set up your trading experience. Our example below will set an order to sell 1 BTC for at least 60,000 BUSD or more. The order will also expire in one day if the price of 60,000 BUSD or better isn’t met. Make sure to learn more about limit orders before you try setting them yourself.

How to Buy on Binance: Two Alternative Methods

Swing trading tends to be a more beginner-friendly strategy, mainly because it doesn’t come with the stress of fast-paced day trading. Keep in mind that in the world of investing, risks and potential returns often go hand in hand. Taking on higher risks might lead to greater potential returns, although it also raises the likelihood of losing your invested capital. For beginners, a software wallet, often referred to as a hot wallet, is generally recommended. This type of wallet is user-friendly and easily accessible through desktop or mobile applications. It also offers a familiar and convenient user experience, and usually comes with customer support.

• While this strategy requires patience, it may provide substantial returns over time.
• You can also transfer your funds from other wallets, as well as deposit and withdraw crypto.
• For beginners, a software wallet, often referred to as a hot wallet, is generally recommended.
• This way, you would limit your losses to 1% of your total investment capital.
• If the current value of one Ethereum (ETH) is 0.05 Bitcoin (BTC), this means you would need to exchange 0.05 BTC to acquire one ETH.

That option can help you save on costs, but these exchanges are typically more complicated to navigate. Please note that buying crypto on Binance with fiat currency is not supported or allowed in some countries. Please make sure you follow your country’s laws when interacting with Binance. To finish off our guide on how to buy on Binance, it’s worth mentioning one, final thing – the P2P services that Binance provides. With the “Market” option, you’ll be able to purchase BTC at the exact price that it holds at that point in time. This allows you to avoid all of the hassle and complex calculations, if you so wish to.

Purchasing crypto with a credit/debit card

When you’re ready to buy Bitcoin, you’ll need to consider where to buy it, how you’ll pay for it, and where to store it once you own it. Our partners cannot pay us to guarantee favorable reviews of their products or services. This method allows you to look through a list of thousands of merchants on Binance and select your preferred vendor with the most suitable payment option. Assuming you’re just starting out, go ahead and pick the “Classic” option.

Free Bitcoin Crash Course

So it’s very important to do your own research before taking risks. Once you’ve purchased your BNB, you’ll need to have a place to store it. You have the option of keeping your coins in the custody of the exchange where you purchased them, or you can move them into your own digital wallet. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. The rest of the methods are actually quite self-explanatory, and will follow a similar pattern to that when you’d purchase cryptos on the platform via a credit or debit card. No matter which method it is that you choose, you’ll still end up purchasing the cryptos with your credit or debit card.

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Binance Coin Hardware Wallets

Buying, selling, and holding crypto are some of the strategies you can use when investing or trading crypto. When it comes to long-term holding, you can choose to keep your cryptocurrencies in your Binance account or transfer them to an external cryptocurrency wallet. To buy Bitcoin, you’ll need to find an exchange (or platform) that offers crypto for purchase and allows you to sell or trade it. Some payment services allow you to buy crypto, but with a catch, which we’ll share more about later.

Always prioritize research, education, and risk management in your trading journey. Stay informed about the latest developments in the crypto space, continue refining your skills, and adapt your strategies as needed. In summary, investing in crypto can be risky, but there are many ways you can manage those risks effectively. So having an exit strategy is an essential way to manage your risks.

Coinomi – If you’re looking for a free software solution Coinomi is an established cryptocurrency wallet that will allow you to hold BNB. There’s an Android and iOS version available, as well as a desktop version. In the future, Binance will build a decentralized exchange, where BNB will be used as one of the key assets, and as gas to be spent (more on Gas here).