One of the greatest comforts that the crypto universe offers people is the possibility of using digital currencies in quick transactions, at any time of the day and regardless of geographical barriers. With this innovation, the transfer of money between two totally different places on the planet can occur regardless of the local currency.
Even so, in each region of the world where you wish to carry out transactions in a cryptocurrency brokerage, most likely the first step will involve inserting funds into the account of that exchange based on the fiat currency you have nearby. Therefore, it is important to know how this can be done.
Binance is the largest exchange in the world and recently began operating locally in two new markets: Colombia and Mexico. This opens up a universe—to honor the crypto market—of opportunities for those who live in these two countries on the American continent.
We are going to present the step by step for those who want to buy cryptocurrencies while in Colombia or Mexico. Let's go there!
Step by step on how to buy crypto on Binance
1. Open your account
Search for Binance in your search engine (if you want to open the account from a computer or laptop) or search in the Apple Store or Google Play app store.
2. Verify your account
With the account open, the first thing you should do is verify your account.
This verification serves to ensure that Binance meets the regulatory criteria of each country where it operates and, in most cases, this validation is essential to create an identification between the new account you have created. of creating and your identity.
At this stage some personal information and also a photo are requested. From that point, Binance will analyze the information and then give you a response about verifying your account.
3. Fund your account
If you have already reviewed our guide on how to open your Binance account, the steps presented so far may seem repetitive to you. Make no mistake, it is the same, up to this point the process is the same in all the countries in which the exchange operates.
The big news is that it is now possible to use the local fiat currency of Mexico or Colombia – both are called Pesos, although they are different currencies – to insert funds into your account.
The “practical initiation” of the account thus occurs in the local currency of these two countries.
4. Convert to a currency with more pairs
So that you can access cryptocurrencies more widely, the ideal, after inserting funds into your account, is to look for some other coin that has more possible pairs. Two very broad possibilities are US dollar-backed stablecoins, such as Tether (USDT) or First Digital USD (FDUSD), as well as Binance Coin (BNB
From the moment you have a currency with more possible pairs in your account, it will be much easier to execute the conversion of that currency to the cryptocurrency you want to have in your wallet.
Benefits of Buying Crypto in Colombia and Mexico with Binance Local Currency Pairs
The benefits for residents of Colombia and Mexico are the following:
• Ease of Access and Convenience: Direct trading in MXN and COP eliminates the need for conversion to foreign currencies, simplifying the process of buying and selling cryptocurrencies.
• Cost Reduction: Users save on exchange rates since they do not need to convert their local currencies to dollars or euros before trading.
• Increased Local Liquidity: The greater presence of local buyers and sellers results in more competitive prices and lower volatility.
• Promoting Cryptocurrency Adoption: Facilitating purchases with local currencies encourages more people to enter the cryptocurrency market.
• Financial Inclusion: Cryptocurrencies offer an alternative for those without easy access to traditional banking services, promoting financial inclusion.
• Security and Reliability: Binance is a secure and reliable platform, with robust security measures such as two-factor authentication and a Web3-type wallet.
• Education and Customer Support: Educational resources and customer support in Spanish help users navigate the world of cryptocurrencies with confidence.
• Investment Opportunities: Users have access to a global cryptocurrency market, allowing portfolio diversification and access to new investment opportunities.
What difference does this make, after all?
You may have thought that the only difference between the account opening method here was the initial currency to insert resources, but, if that is your case, you have missed a very important part: this possibility only occurs because Binance complied with all the local regulatory aspects so that this new gateway could open.
In more direct terms: being able to operate with a local currency pair on Binance, as is now the case in Colombia and Mexico, means that your journey through the immense crypto universe will be much calmer and fluid in terms of usability of resources than if you were using any another alternative to do it.
Have you already thought about this local operation advantage? Tell us!
