A Beginner's Guide To Investing Via Binance

Binance is a leading cryptocurrency exchange that offers a range of products and services to its users. With a focus on security, speed, and customer service, Binance has become one of the top exchanges by volume and liquidity. To start investing using Binance, users must first create an account and verify their identification. Binance offers a variety of payment methods, including credit/debit cards, bank transfers, and third-party payment channels, making it convenient for users to buy and sell cryptocurrencies. With over 350 cryptocurrencies available to trade, Binance provides ample opportunities for investors to diversify their portfolios.

How to open a Binance account

To open a Binance account, follow these steps:

Step 1: Go to Binance’s Website

Make sure you bookmark the page, as there have been many cases of phishing sites that mirror the actual site. As a precaution, examine the URL and look for the “Secure” Certificate to authenticate that this is the original site.

Step 2: Complete the Sign-Up Process

You can register for a Binance account with your email address, phone number, or Apple/Google account. If you are using the website, enter your email address or phone number on the homepage and click "Register". If you are using the app, open the app and tap "Sign Up" and then "Create a Binance Account". If you wish to sign up with an Apple or Google account, select "Continue with Apple" or "Continue with Google".

Read and agree to the Terms of Service and Privacy Policy. Check the box to confirm and click/tap "Next".

Step 3: Verify your email or phone number

You will receive a 6-digit verification code via email or phone. Enter the code within 30 minutes and click/tap "Submit".

Step 4: Create a secure password

Create a secure password for your account. Your password must contain at least 8 characters, with at least one uppercase letter and one number. Click/tap "Next".

Step 5: Complete Identity Verification

You will need to verify your identity before you can start trading. This includes providing your full legal name, residential address, and the last four digits of your Social Security Number (SSN).

Step 6: Enable 2-Factor Authentication (2FA)

Enable 2-factor authentication (2FA) to increase your security. This will provide a second layer of security beyond the typical username password login.

How to deposit funds into your Binance account

To deposit funds into your Binance account, follow these steps:

On the Binance Website

• Log into your Binance account and click on the "Deposit" button.
• Click on "Deposit Crypto" on the side panel.
• You will be redirected to the "Deposit Crypto" page. Here, select the cryptocurrency you want to deposit, for example, BNB.
• Choose the deposit network. Ensure that the selected network matches the network of the platform you are withdrawing funds from. If you select the wrong network, your funds may be lost and cannot be recovered.
• You will see a QR code and the deposit address for the chosen network. Click the copy icon to copy the deposit address, then paste it into the address field on the platform you intend to withdraw crypto from. Alternatively, you can right-click on the QR code to save it as an image and import it to the withdrawing platform directly.
• You can also select which wallet to deposit funds into by clicking on "Spot Wallet" next to "Selected wallet". Choose the Spot Wallet or Funding Wallet and click "Confirm".
• After confirming the deposit request, your transfer will be processed. The confirmation time will vary depending on the blockchain and its current network traffic. Once confirmed, the funds will be credited to your Binance account shortly after.

On the Binance Mobile App

• Log in to your Binance app and tap "Deposit".
• Choose "Deposit Crypto".
• Choose the cryptocurrency you want to deposit, for example, BNB.
• You'll see the available networks for depositing the chosen cryptocurrency. Ensure that the selected network is the same as the network of the platform you are withdrawing funds from. If you select the wrong network, your funds may be lost and cannot be recovered.
• You'll see a QR code and the deposit address for the chosen network. Tap the copy icon to copy the deposit address, then paste it into the address field on the platform you intend to withdraw crypto from. You can also tap "Save and Share Address" to save the QR code and import it to the withdrawing platform directly.
• You can also select which wallet to deposit funds into by tapping "More Details". Tap "Spot Wallet" and choose where you wish the deposit to be credited (Spot Wallet or Funding Wallet).
• After confirming the deposit request, your transfer will be processed. The confirmation time will vary depending on the blockchain and its current network traffic. Once confirmed, the funds will be credited to your Binance account shortly after.

How to buy Bitcoin on Binance

Binance is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies, including Bitcoin. Here is a step-by-step guide on how to buy Bitcoin using Binance:

Step 1: Create a Binance Account

To get started, you will need to create an account on the Binance website or through the Binance mobile app. Go to the Binance website and bookmark the page to avoid phishing sites. Click on the "Register" tab, usually found in the top right corner of the webpage, and enter the required information, including a secure password. You will then receive a confirmation email to verify your account. It is important to note that Binance is a crypto-only exchange and does not accept fiat deposits.

Step 2: Enable Two-Factor Authentication (2FA)

After registering, log in to your Binance account. You will be prompted to enable 2FA, which adds an extra layer of security to your account. This step is crucial to protect your account and funds from unauthorized access. Download a 2FA app, such as Google Authenticator, and follow the instructions to set it up.

Step 3: Deposit Funds into Your Binance Account

To buy Bitcoin, you need to deposit funds into your Binance account. You can do this by clicking on the "Deposit/Withdrawals" button under the "Funds" tab on your dashboard. Select the coin you want to deposit, which in this case would be Bitcoin (BTC). It is important to ensure that you click the "Deposit" button specific to Bitcoin to generate the correct deposit address.

Step 4: Purchase Bitcoin

Once you have deposited funds into your account, you can proceed to purchase Bitcoin. Navigate to the "Buy Crypto" section on the Binance website or app. Choose Bitcoin (BTC) from the dropdown menu and select your desired payment method, such as debit/credit card, bank transfer, or third-party payment channels. Follow the instructions to complete the payment process, and the purchased Bitcoin will be deposited into your Binance Spot Wallet.

Step 5: Store or Trade Your Bitcoin

After buying Bitcoin, you can choose to store it in your Binance account or transfer it to a personal crypto wallet for safekeeping. You can also choose to trade your Bitcoin for other cryptocurrencies on Binance or stake it on Binance Earn to generate passive income. Additionally, if you prefer decentralized exchanges, you can explore options such as Trust Wallet, which supports a wide range of assets and blockchains.

How to buy Binance Coins (BNB)

To buy Binance Coins (BNB), you'll first need to create a Binance account. Here's how:

• Go to the Binance website and bookmark the page to avoid phishing sites.
• Complete the sign-up process by clicking the "Register" tab, entering the necessary information, and verifying your email address.
• Enable two-factor authentication (2FA) for increased security.

Next, you'll need to fund your account. Here's how:

• Go to the "Deposit/Withdrawals" button under the "Funds" tab.
• Select the coin you want to deposit and press "Deposit".
• Transfer your coins to the generated address.

Now, you can buy BNB. Here are some common options:

• Debit/Credit Card: Navigate to the "Buy BNB with USD" page on Binance, select BNB and USD from the dropdown menu, choose "Card" as the payment method, and confirm the transaction.
• Google Pay or Apple Pay: Similar to the above method, but choose either "Google Pay" or "Apple Pay" as your payment method.
• Third-Party Payment: Visit the Binance FAQ to check which third-party payment channels are available in your region.

Finally, you can choose to store your BNB in your personal crypto wallet or hold it in your Binance account. You can also trade it for other crypto or stake it on Binance Earn for passive income.

How to earn from crypto on Binance

Binance is a leading cryptocurrency exchange that offers a wide range of products and services for users looking to invest and trade in cryptocurrencies. Here are some ways to earn from crypto on Binance:

Binance Launchpool

Binance Launchpool allows users to earn crypto tokens from newly launched projects by depositing their BNB in a liquidity pool. By farming BNB or other cryptocurrencies on Launchpool, users can earn free crypto tokens from new projects.

Binance Liquid Swap

Binance Liquid Swap is an automated market maker (AMM) pool product that hosts different pools of liquidity. Users can exchange crypto assets with minimal slippage and earn a share of the interest generated from joining the liquidity pool.

Binance Staking

Binance supports the Proof-of-Stake mechanisms of several cryptocurrencies, allowing users to earn rewards by simply storing (staking) their tokens on the platform. With Binance Locked Staking, users can earn extra tokens from 25 supported cryptocurrencies without any lock-in periods.

Binance Locked Staking

Users can lock in their tokens for as little as 7 days and benefit from higher yields. There are six locked staking opportunities available, with annual yields as high as 16% and various opportunities to earn free crypto.

DeFi Staking

With decentralised finance (DeFi), users can participate in earning opportunities for their tokens. Binance DeFi Staking offers annual yields of up to 60% using BNB, USDT, BUSD, and DAI.

Binance Savings Products

Binance offers savings products where users can store their crypto and earn free coins from the yields generated. Flexible Savings allows for deposits and redemptions at any time, while Locked Savings secures crypto for several days, offering larger interest payouts.

Airdrops

When users store BNB in their Binance account, they become eligible for airdrops of SXP tokens, currently offering a proportionate number of tokens to BNB holdings every week over a 12-week period.

Binance Card

The Binance Card allows users to earn BNB rewards when spending at supporting merchants worldwide. The cashback rate starts at 1% and can go up to 7% depending on the amount of BNB held in the user's Binance account.

Binance offers a diverse range of products and services, providing numerous opportunities for users to grow their crypto holdings and earn rewards.

Frequently asked questions