Binance is by far the most popular crypto exchange in the world. It has users from more than 300 countries spread all over the world and maintains the highest trading volume.
This means it must be doing something right. The exchange also has deep liquidity, that is you can’t get stranded trading on it as a result of lack of buyers or sellers.
The exchange also provides different methods for buying crypto assets including Bitcoin. You may choose to use bank transfer which is free of charge but takes longer.
You can also explore more advanced methods like peer-to-peer (P2P) trading, which Binance also has an excellent platform for with zero fees.
The use of a credit card is another option that is quite popular because of its ease of use and the fact that the transaction is settled instantly and you receive your assets.
These two factors make it most suitable for beginners who aren’t used to dealing with crypto, and also those who want to buy Bitcoin quickly. The fees are however higher than for other methods. On Binance, it costs 2% of the transaction amount.
You also need to exercise great caution when using credit cards because providing the details to the wrong person can cost you all your savings. Therefore check to be sure that you’re visiting the correct Binance website.
Having known all that it takes to buy Bitcoin on Binance using a credit card, we will walk you through the process in this guide so that you can do it too even if you’re an absolute beginner.
How to Buy
- Log into your Binance account. It is assumed that you have a verified Binance account at this point. If not, you need to create one.
- Go to the Buy Crypto tab on the top of the page.
- Once you click on it, you’ll see a dialogue box requesting information. The first is the kind of fiat currency you wish to use. USD is the default, but you can change to your preferred currency by scrolling down and selecting the right one. BTC is the default asset, so we move on to the next step.
- Enter the amount you wish to spend and you’ll automatically see the amount of BTC you’ll get for the amount. Also, Card is the default payment method and we’re using that so we simply move on.
- If you haven’t added a card in the past, you’ll need to do that. Click on the Add New Card button and you’ll see another dialog box. The box has your name fixed because Binance assumes you’re using your own card because no third party cards are allowed.
- Enter the card number, the expiry date, and the CVV security number.
- After that, add your billing information. This is the information on the card such as your home address, postal code etc. Binance may suggest this based on the information you have on the platform.
- If the address Binance suggests corresponds to the information for the card, simply click Confirm and continue. If not, click on Change and then provide the correct information. After that, click on Confirm and your details will be saved.
- Review your information again such as the amount of BTC you’ll get and if all is good, finalize the transaction and wait. The BTC will be deposited to your BTC wallet on the exchange after six network confirmations.
Congratulations, you have successfully bought BTC using a credit card on Binance. You can now proceed to do what you want. Either withdraw it to a safe personal wallet if you are a hodler or trade it if that’s what you wish to do.
Final Thoughts
Binance is a reliable platform to use for buying assets any day. You can be sure that your card details are safe and secure if you’re using the correct website, and you can save the details to make future purchases easier if you like.
