How to Buy Crypto on Binance

Quick answer: To buy crypto on Binance, create and verify your account, deposit funds, navigate to the trading section, select your desired cryptocurrency, and execute the purchase.

Before you start

• A valid government-issued ID for identity verification
• A secure internet connection
• A payment method (bank account, credit/debit card, or other supported options)
• An understanding of cryptocurrency basics

How to Buy Crypto on Binance: step by step

1. Create a Binance account

Visit the Binance website or download the app, click ‘Register,’ and follow the prompts to create your account with a valid email or phone number.

2. Verify your identity

Complete the identity verification process by providing the required personal information and uploading a clear image of your government-issued ID.

3. Secure your account

Enable two-factor authentication (2FA) using Google Authenticator or SMS to add an extra layer of security to your account.

4. Deposit funds

Go to the ‘Wallet’ section, select ‘Deposit,’ choose your preferred currency and payment method, and follow the instructions to deposit funds into your Binance account.

5. Navigate to the trading section

Click on ‘Trade’ and select either ‘Spot’ or ‘Convert’ depending on your preference. The Spot market offers more options and control, while Convert is simpler for quick trades.

6. Select your cryptocurrency

In the trading section, search for the cryptocurrency you wish to buy, such as Bitcoin (BTC) or Ethereum (ETH), and select it.

7. Execute the purchase

Enter the amount of cryptocurrency you want to buy or the amount of your deposited currency you want to spend, review the details, and confirm the transaction.

Fees and how long it takes

Transaction fees on Binance typically range from 0.1% to 0.5% depending on your trading volume and Binance Coin (BNB) holdings. Deposit fees vary by payment method and currency, while withdrawal fees depend on the specific cryptocurrency and network conditions. Transactions are usually processed instantly, but network confirmations may take from a few minutes to an hour.

Stay safe

• Double-check the cryptocurrency address and network before confirming any transaction.
• Be aware of phishing attempts and only use the official Binance website or app.
• Keep your login credentials and 2FA codes secure and never share them.
• Consider starting with a small test transaction to ensure everything works as expected.
• Understand that on-chain transfers are irreversible, so accuracy is crucial.

If something goes wrong

Transaction not processing — Check your internet connection, ensure you have sufficient funds, and try again. If the issue persists, contact Binance support.

Verification failed — Ensure your documents are clear and meet the requirements, then resubmit. If problems continue, reach out to Binance support.

2FA not working — Use the backup codes provided during setup or contact Binance support for assistance in recovering access.

Doing this as part of trading, income, or a disposal? See how it may be taxed in Tax by country and the taxable-events section — information, not advice.