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How to Buy Bitcoin: A Quick Guide from Binance

2021-02-08

What is Bitcoin? 

Bitcoin is the most popular and widely used cryptocurrency in the world.  Launched in 2009, Bitcoin is traded in fractions and unlike fiat currency, bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger system, known as a blockchain.

Bitcoin is the most popular cryptocurrency and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is commonly abbreviated as "BTC."

Do I need to buy a whole Bitcoin? 

Buying Bitcoin doesn’t have to be expensive. With Binance, you can buy a fraction of one Bitcoin for as little as $15. Take note:  All investments carry risk. Never invest more than you can afford to lose.

How does Bitcoin make money?

Bitcoin value follows the law of supply and demand — and the cryptocurrency’s price fluctuates with the number of users willing to use it.

Besides mining bitcoin, which requires technical expertise and an investment in high-performance computers, most people purchase bitcoins as a form of currency speculation — betting that the U.S. dollar value of one Bitcoin will be higher in the future than it is today. But that's difficult to predict.

Why choose Binance? 

We’re the world’s largest crypto exchange trusted by millions of users worldwide. We make buying crypto fast, easy, and safe. Our 24/7 Customer Support team is always ready to help. 

Ready to buy Bitcoin? Here are the steps:

If you’re an experienced crypto trader and want to open an account with Binance, sign up for a Binance account or download the Binance crypto trading app. Otherwise, read this article for step-by-step instructions on how to buy Bitcoin with Binance. 

Step 1: Create your Binance Account

Sign up with your email address or mobile phone number, and choose a strong password. Or, download the Binance crypto trading app from the App Store or Google Play store and open an account there.

Step 2: Start Buying Bitcoin

There are two main ways to buy Bitcoin on Binance using cash: you can link your debit/credit card or bank account, or buy crypto directly from other users on Binance P2P.

Buy Bitcoin with a Debit Card, Credit Card, or via Bank Transfer

Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy Bitcoin.  Through this method, you can buy Bitcoin for a minimum of about $15. (This amount varies depending on the currency you use.)

Buy Bitcoin Locally with P2P Trading

Buy Bitcoin directly from other Binance users with your local fiat currency via Binance P2P. Browse a variety of Bitcoin listings to shop the best offers on Bitcoin from other users. With thousands of merchants and hundreds of payment methods available, Binance P2P caters to many regions in the world right now.

Buy Bitcoin with Third-Party Payment Methods

Depending on the local currency you select, you can choose another payment method that’s available to you. 

Deposit Your Local Currency and Trade for Bitcoin

Over the past few months, we’ve made it possible for you to deposit select fiat currencies, like the Euro (EUR), Australian dollar (AUD), Brazilian reais (BRL), the British pound (GBP), and the Turkish lira (TRY) on your Binance account. (Terms and conditions apply.) You can then use these deposited funds to purchase Bitcoin on the Spot, Margin, and Futures markets on Binance.

Use the Convert and OTC Portal to Buy Bitcoin

The newly launched Convert and OTC Portal allows you to buy huge amounts of BTC using the funds on your account, including select local currencies, at friendlier rates than what’s on the open market.

BONUS: Buy Bitcoin with Binance’s Fiat-to-Crypto Options

Depending on where you are in the world, Binance can offer you many options on where to buy Bitcoin and other cryptocurrencies. 

Binance.US

- Buy Bitcoin with US dollars (USD)

Binance.SG

- Buy Bitcoin with Singapore dollars (SGD) 

Binance Lite Australia

- Buy Bitcoin with Australian Dollars (AUD) with internet banking (POLi Payments) or cash at newsagents across the country.

WazirX

- Buy Bitcoin with Indian Rupees (INR) 

Trust Wallet

- Buy Bitcoin via credit or debit card and store your crypto on Binance’s leading crypto wallet app.

Binance.UK

- Buy Bitcoin with British pounds (GBP) and Euros (EUR). Coming soon.

Please take note that each of these platforms has its own registration processes. However, all of the Binance-empowered fiat-to-crypto channels offer the same robust platform and security offered by the Binance Exchange.