How to Buy Bitcoin in 2023

 

How to Buy Bitcoin 

Make your new Binance account

Start by signing up with your email address or phone number. You must choose a strong password to protect your new account.

Binance Sign up

You must complete these steps. After this, Binance will ask you to enter the verification code sent to your email address. Once you enter the verification code, your account will get registered.

Buying Bitcoin Through Debit/Credit Card

Click on the ‘Buy Crypto’ button on the top left corner of the website. After this, click on the credit/debit card option.

Choose the amount of money you would like to spend, and click on the ‘Buy BTC’ button.

If this is your first transaction on Binance, you will have to go through a verification process before buying anything.

A message to complete your identity verification will appear on your screen. Click on the ‘Verify Now’ button. You will get redirected to the verification page. 

Binance Verification

To verify your identity, you must provide the following details: 

1. Nationality
2. Full name
3. Date of birth
4. Residential address
5. A picture of your photo ID 
6. A photo of yourself. 

After verifying your identity, you can go on to complete your purchase. Link your credit/debit card with your Binance account.

Check your order summary and confirm your transaction. After your purchase is complete, your crypto will get deposited directly to your Binance wallet.

Binance P2P Service

On Binance, you can trade with other users directly by using your local currency. 

Check out Bitcoin trading offers from the sellers on the Binance P2P platform. 

You can browse through an extensive list of Bitcoin sellers here.

Binance has several methods of protecting its users against fraud while trading with others. One of the methods is identity verification. It also provides an escrow service. Here is how this service works.

• A seller posts an ad to sell crypto.
• Immediately after this, the amount specified by the seller gets blocked in their wallet.
• Once you send the payment to the seller, you will mark the transaction from your side, and you should receive the bitcoin as soon as the seller verify the payment on his/her end.
• If the seller doesn’t go through the transaction after receiving your payment, then contact customer support.
• The customer support can access the seller’s wallet and release the crypto from the seller’s blocked funds. 

Third-Party Payment Methods 

Depending on the currency you select, you can also choose other payment methods. For example, you can buy Bitcoin using your credit card via Simplex as well. 

How to withdraw Bitcoin from Binance?

Go to the Binance homepage, click on the wallet option, and from the drop-down menu, select overview.

On your wallet overview page and click on the withdraw button on the top right side of the page. This will lead you to the withdrawal page.

Binance Withdraw

Here, select BTC from the drop-down menu of cryptocurrencies.

Select Bitcoin (BTC)

Enter the recipient’s wallet address and select a transfer network. After that, enter the amount you intend to withdraw.

Next, you will see the transaction fee and the final amount that you will receive. Click on the ‘Submit’ option when you are done. 

You must enter the verification code that you have received in your email. Along with this, enter the code on your Google authenticator app (If 2FA enabled). After you enter these codes, click submit.

You will also receive an email to confirm the withdrawal. Once approved, Binance will initiate your Bitcoin withdrawal transaction. You will need to wait at least 30 minutes to complete the transaction on the blockchain.

Buy Bitcoin on Binance: Conclusion

Binance was founded in 2017. It has now become the leading cryptocurrency trading platform. Notably, Binance supports over 200 cryptocurrencies and over 30 fiat currencies. It has no deposit fees and very low trading fees. 

Binance does charge a fee for withdrawals. On this exchange, the withdrawal fee differs for every cryptocurrency. For example, the current transaction fee for withdrawing Bitcoin is 0.0005 BTC.    

The low trading fees and the ease of use make Binance an exceptional choice for both beginners and experienced traders.

Frequently Asked Questions

Is there a Binance app where you can buy and sell Bitcoin?

Yes, Binance has an app that can be downloaded on both iOS and Android devices.

How many cryptocurrencies are supported by Binance?

Binance supports over 200 cryptocurrencies. Some of the top cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, ADA, SFP, SOL, MATIC and Dogecoin are available here.