Key Takeaways

Binance is trusted by more than 200,000,000 users worldwide. Join our growing community by opening an account with Binance today. You can start investing or trading in minutes.

To start using Binance, create an account, verify your identity, and choose a payment method for purchasing cryptocurrencies.

Buying crypto on Binance can be done through various methods, such as credit/debit cards, bank transfers, or peer-to-peer transactions.

Remember to enhance your Binance account security by using strong passwords, enabling two-factor authentication, and setting up an anti-phishing code.

Introduction 

A Binance account acts as your gateway into the world of blockchain and Web3, and is the best place to start your crypto trading journey. This guide will teach you how to get started with the Binance exchange. The steps are simple. Open an account, verify your information, choose a payment method, and get your crypto assets.

How to Create a Binance Account

Before you can buy your first bitcoin or BNB, you’ll need to open an account.

1. Head to the Binance homepage and click [Sign Up] in the front page or top right corner.

2. Input your email address and choose a secure password. If you prefer, you can also sign up using your mobile number rather than email.

3. Type the 6-digit verification code you received via email or phone number and click [Next].

4. Create a strong password with at least 8 characters, 1 number, and 1 upper case letter. Don’t share it with anyone.

5. Once you’re verified, you should now be set up with your Binance account. You’re one step closer to buying cryptocurrency, so let's dive into making your first crypto purchase.

How to Buy Crypto on Binance

Before you can buy crypto on Binance, you have to complete the identity verification process known as Know Your Customer (KYC). KYC helps us make sure you are who you claim to be and fulfill our legal requirements.

When you are done with the identity verification, you will be able to buy crypto through different methods.

1. Credit/debit card: the most straightforward option for new users.

2. Deposit funds into your Fiat and Spot wallet: Transfer fiat currency from your bank account and use it on the exchange.

3. Binance P2P: Purchase crypto directly from other users with Binance’s peer-to-peer service.

Purchasing Crypto With a Credit or Debit Card

1. Hover over [Buy Crypto] from the top menu and select [Buy & Sell].

2. Next, select the fiat currency you will be paying with and the coin you wish to purchase. Press the [Add New Card] button to proceed and add your card information.

3. Input your card details and click [Confirm]. Note that you can only use a credit or debit card that is registered in your name.

4. Double check the order details. You can check the conversion rates and fees by clicking at the three dots […] button.

5. If you have read and agree to the Terms of Use and Privacy Policy, tick the checkbox. When ready, click [Confirm] to finish your payment.

6. Once the process is complete, your purchased crypto will be credited to your Binance Spot wallet. Usually, opening an account and getting to this stage can be done within 10 minutes.

How to Trade Crypto on Binance

At some point, you will likely want to start trading cryptocurrencies. If you’re not used to a traditional trading interface, we recommend using the Binance Convert feature. 

1. You can access it by hovering over [Trade] and selecting [Convert & Block Trade] from the Binance homepage.

With the Convert tool, you can pick the cryptocurrency pair you wish to trade using a simple interface. Fiat currencies are also available if you want to cash out or buy crypto with fiat. 

2. Select the coin you are exchanging in the top field and input the amount. Use the bottom field to select your desired cryptocurrency or fiat currency. Note that the default setting is [Market], meaning that you will get the current market price, also known as the spot price.

3. After confirming your selection and clicking [Preview Conversion], you’ll also see a summary of the trade you’ll make.

Once you’re happy with the preview, you can click [Convert] to confirm your order.

4. If you want to create a limit order instead, select the [Limit] option at the top menu. A limit order lets you buy or sell crypto at a specific price or better.

In this example, we are placing a limit order to trade our 50 USDT for the equivalent value in BNB when the price of BNB drops to 610 USDT.

Using the Binance Spot Trading Interface

1. Find the [Trade] menu at the top and click on [Spot].

2. Next, you will find the Binance Spot trading interface.

3. On the left side, you will see the order book:

Sell orders (asks) are in red.

Buy orders (bids) are in green.

4. At the center, you will find an interactive trading chart of the selected trading pair. In this example, BTC/USDT.

5. On the right side, there is a trading pair list, which contains all available trading pairs on Binance. Use the Search function to find specific trading pairs.

6. Below the trading chart is where you can create orders to buy and sell. If this is your first time, you will have to add funds to your Spot Wallet first.

7. For example, if you are using USDT to buy BTC, you need to first add USDT to your Spot Wallet. Click the [+] icon to fund your account and choose your preferred method.

How to buy BTC with USDT

1. To start, choose an order type. With a limit order you can set a specific price (not necessarily the current price). In contrast, a market order will try to execute your order as soon as possible at the current market price.

2. If you are using a limit order, define the amount and price and click [Buy BTC].

3. You should get a notification at the top right corner of your screen. You can track your open limit orders at the bottom of your trading interface.

4. If BTC reaches the order price you specified, your order will be filled.

How to sell BTC for USDT

The process of creating selling orders is almost the same. In this case, we will use a market order to illustrate how to sell your BTC for USDT.

1. Choose your order type, set the amount, and click [Sell BTC].

2. Because we are creating a market order, the selling order will be placed immediately, and if there is enough liquidity, it will be filled instantly at the best market price.

If you are still not sure about Spot trading or want more details on how to use the Binance Spot trading interface, please check out our Binance Spot Trading Guide.

Binance P2P

Alternatively, you can use the Binance peer-to-peer marketplace to buy and sell cryptocurrencies. Binance P2P is an industry-leading P2P platform that allows buyers and sellers to choose the best price, payment method, and trading partners, all secured by Binance's escrow service.

In this section, we will illustrate how to use Binance P2P via the Binance App. For more information and a detailed view of the Binance P2P on the Web version, please check What Is Binance P2P and How to Use It?

Using Binance P2P on the Binance App

1. Open the Binance App on your mobile device and tap on the [Trade] button.

2. Select P2P Trading from the available options at the top right corner.

3. Select your preferred currency and payment method. This allows you to find the most convenient and cost-effective way to add funds to your account.

4. Follow the on-screen instructions to complete your transaction. Make sure to confirm the details and verify the counterparty before proceeding.

For more information about Binance P2P and a guide on how to use it, please check out our Binance P2P Guide.

How to Secure Your Binance Account

Using a strong password and our security features will help keep your funds safe. Make sure to start with the following security steps.

Use a strong password and change it regularly

This one is self-explanatory, but you would be choked with the number of people that still use passwords that are simple and easy to remember. Your password should always contain uppercase and lowercase characters mixed with symbols and letters. And of course, make sure you keep it safe and do not share it with anyone.

Enable Two-Factor Authentication (2FA)

We strongly recommend you set your account up with Two-factor Authentication (2FA). This creates an extra layer of security, meaning that even if hackers compromise your password, they would need access to your physical 2FA device to log in.

The Google Authenticator app or SMS authentication are great places to start. Our Binance 2FA Guide can explain more about the process.

Enable the Binance Anti-Phishing Code

When you add an anti-phishing code to your Binance account, every email you get from Binance will have this code displayed at the top. You can manually define what code it can be from a series of letters or numbers.

This way, you can be sure that the message you are receiving is actually from Binance and not from a fake email address. In other words, it helps you prevent phishing attacks.

For more information on account security, please check out Secure Your Binance Account in 7 Simple Steps.

Closing Thoughts

Opening an account and making your first trades with Binance is a small introduction to the world of cryptocurrencies. There’s a lot more to it than just buying and selling on the exchange. If you’ve never seen a trading view before, it can all look confusing at first. Binance Academy is full of trading articles and guides that can help you get started with trading tools and even create your own trading strategies.

Further Reading

Your Guide to Binance Spot Trading

What Is Binance P2P and How to Use It?

Your Guide to Binance Copy Trading

Secure Your Binance Account in 7 Simple Steps

Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here.

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Main TakeawaysFake token attacks represent a widespread type of cryptocurrency scams where criminals create fraudulent tokens that mimic legitimate cryptocurrencies, using them to steal users’ money or sensitive data.This type of attack generally uses communication tools such as Telegram, WhatsApp or WeChat to spread misinformation. A common tactic is running token “pre-sales,” attracting victims with the promise of a much higher future “listing price” compared to the current “pre-sale price.”In most cases, the losses of digital assets are irreversible. Binance encourages users to constantly learn to protect themselves, staying vigilant and aware of common threats.A fake token attack is a type of cryptocurrency scam where malicious actors create counterfeit or fraudulent tokens that mimic legitimate cryptocurrencies. These fake tokens are designed to deceive investors and traders into believing they are purchasing or trading a genuine asset, often leading to financial losses or other negative consequences such as identity theft.How Scammers Use Fake TokensReal tokens and fake ones mimicking them can exist on the same blockchain but with different smart contract addresses, or on different blockchains. Fake tokens can be used in a variety of fraudulent schemes.Initial Coin Offerings (ICOs) and Token Sales: Attackers may launch fake ICOs or token sales, enticing investors with the promise of getting in early on a groundbreaking project. Once they collect funds, they disappear, leaving investors with worthless tokens.Airdrops and Giveaways: Fake tokens are sometimes distributed through airdrops or giveaways, where users are asked to provide personal information or pay a small fee to receive the tokens. This can lead to further scams or identity theft.Pump and Dump Schemes: Scammers may artificially inflate the price of a fake token through coordinated buying (pump) and then sell off their holdings at the peak (dump), leaving other investors with devalued assets on their hands.Launchpool Token Scams: The schemes described above can be complicated and costly to pull off, so scammers can choose to resort to lower-cost attacks, such as those using fake Launchpool tokens attacks. In this type of scams, criminals capitalize on the publicity that the promotion and dissemination of an asset by a reputable exchange creates, claiming, for example, that they can offer such tokens at a discount through unofficial channels that are not associated with the platforms like Binance that do the original promotion. Real token launch announcement on Binance LaunchpoolFor example, Binance promotes official Launchpool tokens ahead of launch, and the attackers often seek to capitalize on it. When a fake token is designed to mimic such a well-publicized asset, scammers’ promotional costs can be greatly reduced, and the only thing they have to do is convince potential victims that the token they are pushing is the same as the one promoted via Binance Launchpool.Real-Life CasesBOOMIn July 2024, Binance’s Risk Intelligence team identified a DEX-listed asset called BOOM as a fake token. The asset exhibited several red flags at once, which makes it an excellent example of such tokens.Liquidity: A BOOM pool on PancakeSwap had a meager $3.38K liquidity, all provided by the contract deployer. The market value of this token is very low.BOOM’s page on CoinMarketCap, showing total liquidity and the number of holdersSuspicious Transfers: While the token’s liquidity amounts to just several thousand dollars, there are over 11.18M addresses that have received this token. This is abnormal: with legitimate tokens, liquidity should be proportional to the number of holders.BOOM’s page on Dextools, showing sell taxSell Tax: A token's sell tax is a fee imposed on each sale of the token, set by the project developers. In BOOM’s case, sell tax is set at 100%, which means that whenever someone tries to sell this token, the entire amount of the sale will be deducted as tax, and the seller will not receive any funds.In this case, scammers have set sell tax at 100% and airdropped the fake token to more than 11 million addresses. Had the trading of this asset taken off, the people behind the token would have pocketed 100% of each sale via a built-in smart contract. This case stands as a reminder that users should closely scrutinize the tokens they receive via unsolicited airdrops.Fake OMNIIn 2024, Binance has promoted multiple new tokens via its Launchpool program. Scammers around the globe have attempted to use these opportunities to create fake tokens to defraud users. For example, a popular scheme has been setting "pre-purchase" programs through unofficial channels such as Telegram or WeChat groups. Remember that overly attractive prices on much-anticipated tokens before they launch should be considered a red flag.Real OMNI’s page on CoinMarketCapOMNI has been one of such Launchpool tokens, which the crypto community has eagerly anticipated. Criminals were quick to launch several imposter tokens, including the one in the screenshot below, which originated in Turkey.Fake “OMNI’s” BscScan pageAs you can see, this fake “OMNI” has zeroes in its price and on-chain market cap metrics, and only has a few holders and total transfers.Tips for Identification and AvoidanceVerify the Contract Address: Every digital token has a contract address associated with it. Always obtain the contract address from official sources such as the project's official website, verified social media accounts, or reputable cryptocurrency listing platforms like CoinMarketCap or CoinGecko. Cross-check the contract address across multiple official sources to ensure consistency.Use Risk Assessment Tools: Contract code analysis, swap analysis, and liquidity analysis are the most basic methods to detect token risks, but these can present technical barriers as they require a certain level of coding and blockchain-specific skills. Users who are less familiar with the technical aspects of digital assets can rely on consumer tools designed to help assess risk probabilities. For example, Token Sniffer is an easy-to-use and convenient tool that can help in risk identification.Screenshot of Token SnifferStay updated with Risk News: The best way to mitigate scam-related risks in the crypto space is staying on top of the latest developments in the industry. Following specialized risk-focused blogs and security news will help you get better at identifying red flags and avoiding scammers.Final ThoughtsFake tokens are a significant threat in the cryptocurrency space, preying on the enthusiasm of investors and their willingness to explore new opportunities when it comes to emerging tokens. By staying informed, conducting thorough research, and exercising caution, you can protect yourself from falling victim to these scams. Always remember the old adage: if something sounds too good to be true, it probably is.Further ReadingKnow Your Scam Stay Safe: How to Spot and Avoid Telegram Scams4 Critical Tools to Enhance the Security of Your Binance Account