Despite the relatively easy process, some people still find buying Bitcoins or other cryptocurrencies hard. We often confuse between having our own wallet and having cryptos stored on our exchange’s platform. This article will be the easiest guide on how to Buy Bitcoin on Binance. But before we go over the step-by-step guide, we need to understand the difference between holding in a private wallet and with an exchange. So without further ado, and as the Youtubers say, let’s jump into it!
How to Hold Bitcoins?
There are three ways to hold Bitcoins or other cryptos. In this section, we’re going to dissect each way and talk about the positives and the negatives:
Own Online Wallet
The first way to hold Bitcoins is through an online private wallet. This consists of downloading a software on laptops and PCs, or a mobile app for phones and tablets. They then plug into the blockchain and give you unique wallet addresses. This is a very secure method but requires the user to follow up on security, like doing backups on a regular basis both online and offline and making sure the user doesn’t lose his credentials.
Online Third-Party
The second way consists of opening an account with a third party. The latter will take care of the security of the platform where you buy/sell Bitcoins, generates wallet addresses on your behalf and tallies the balances for your wallet addresses. This way, you simply see the total balance of your Bitcoins or other holdings. The downside is that many exchanges got hacked like the famous Mt. Gox incident back in the days, or have some downtimes throughout the month. This means that when high volatility occurs, you might not be able to see your balance or buying and selling activities halt for few hours. Binance is a solid exchange that we recommend, and later in this article, we’ll show you how to buy Bitcoins from this exchange.
Offline Hardware
The third way consists of being fully in control of your holdings. Your wallet is 100% secure thanks to this cold storage technique which takes away the possibility for hackers to access your PC or mobile. This technique consists of buying a hardware like Ledger, which will plug into your PC and generate a secure portal to view your holdings. This is the most affordable hardware wallet. Even though it’s the least expensive device, it has top-of-the-line security with a CC EAL5+ secure element (military-grade security). The downside though is that you won’t be fast enough to react to the market’s volatility. So every time you want to buy or sell, you would have to plug the hardware, get access, transfer to an exchange and pay hefty transfer fees.
How to Buy Bitcoins On Binance
We now know about the different ways one can store his Bitcoins or other crypto holdings. Now for the fun part: how to buy Bitcoins to store them! Well, in the following guide, we’ll show you EXACTLY how to purchase Bitcoins with Binance:
First, login to Binance.com. If you don’t have an account, Sign up for one and pass the KYC to be able to properly use the platform fully
On the top left of the menu bar, go to “Buy Crypto”. You will see a list of ways to purchase, like SWIFT, Credit/Debit Card, P2P trading and using third-party websites. In this guide, we’ll use the Debit/Credit option.
Next, you choose the currency you want to use via your debit/credit card in the “spend section and the amount. In the “receive” section, choose Bitcoin or any other crypto you want to buy. Once done, click “Continue”.
Now, add a new card and enter the card details. An important thing to keep in mind is that the name of the card should match perfectly the name of the passport or ID which you used to do your KYC. You can’t use someones else’s card.
Once done, you confirm the transaction, and press Done. And that’s it! You know have Bitcoins. In order to view your total wallet balance, go to the top navigation bar on the right, and press on Wallet / Overview. There, you’ll be able to view the total amount of your portfolio, along with a breakdown for each crypto you own.
Happy Crypto Investing!
Rudy Fares