How to Buy Crypto on Binance via BANXA
1. Log in to your Binance account and click [Buy crypto] - [Third-party Payment] from the top navigation bar.
2. Choose the fiat currency and the crypto you want to buy. Enter the amount you want to spend in fiat. Select [BANXA] as the payment channel and click [Continue].
3. You will be redirected to BANXA’s website. You can review your order and choose your payment method here. Click [Create Order].
- For SEPA Bank Transfer, Sofort, and iDEAL – the bank account has to be in your name (i.e. the name of the person creating the order has to be the same as the name on the bank account). SEPA payments are available in Europe and may take 1-2 business days to clear. A receipt is required. Sofort payments also take 1-2 business days. iDEAL payments are instant.
- For Visa/Mastercard – the card needs to be your personal (not business) card and has to be in your name. Payments with Visa/Mastercard are processed instantly. However, the transaction will be put through as a pre-authorization only to hold the order. The actual payment amount is taken only when the order is fulfilled.
4. If you are purchasing for the first time from Banxa through Binance, you will need to go through a verification process. In this step, you will be able to enter your contact details, including email address and phone number.
Note: Please double-check if you entered both correctly as that is the email address Banxa will use to get in touch with you regarding your order, and they might also reach you via SMS, depending on the payment method you choose.
5. Enter your personal details (name, date of birth, country of residence, and your address).
6. You need to upload a photo of your ID document on Banxa. Please read the instructions provided during the process carefully.
Note: Failure to follow instructions may result in Banxa’s order being delayed or canceled. Your document needs to be valid and current. Also, please ensure that when you take a photo of your document, all important details are visible and not obscured in any way. For more details on the verification process, please check here.
7. You also need to upload a selfie while holding your ID (the same ID you uploaded in the previous step). Please follow the instructions during the process carefully.
Note regarding Banxa Identity Verification: The selfie needs to be clear, not blurry, and without any glare. Your face must be clear, and the information on the document you are holding has to be readable. The photo must be taken on the day of your order. Failure to follow instructions may result in your order being delayed or cancelled. Please also note that creating the order does not necessarily mean you have passed verification. The process is happening in the background, and if you do pass it, your order will be fulfilled. If you do not, it will most likely be cancelled and refunded.
8. After submitting the documents for verification purposes, you will enter your payment details. Please make sure you are using your personal card (a card that is in your name), or a bank account in your name.
9. After the payment, you can see your order status. You will be given the option to be redirected back to Binance.
10. BANXA will notify you of any order updates via emails, such as when the payment is received, when the transfer started, when the order is fulfilled, etc.
When the transfer starts, you can check your transaction status on the blockchain network. You will receive a link in the email to check how your order is progressing. When your order is fulfilled, i.e. the transfer is completed and the transaction is verified on the blockchain network, your purchased crypto will be visible in your Binance Spot Wallet.
Note: The fact that the transfer started does not necessarily mean it is confirmed on the blockchain right away (this takes time and is dependent on the network speed). Please wait patiently.