Welcome to Tutorial 6! In the previous tutorial, we learned about the types of cryptocurrencies such as $BTC Bitcoin, $ETH Ethereum, and $ADA , and how they are used. Now, we’re going to focus on how to buy cryptocurrencies, specifically using the popular exchange Binance.
Buying cryptocurrencies may seem complicated at first, but we’re here to make it simple! In this guide, we’ll walk you through how to create an account on Binance, choose a payment method, and make your first purchase. Let’s get started!
Step 1: Create a Binance Account
Before you can buy cryptocurrencies, you need to create an account on Binance. Here’s how to do it:
Go to Binance’s Website: Open your browser and go to the Binance website (https://www.binance.com).
Sign Up: Click on the “Sign Up” button. You’ll need to enter your email address, create a password, and agree to the terms and conditions.
Verify Your Identity: Binance will ask you to verify your identity. This helps protect you and keep the platform safe. You’ll need to upload a photo ID (like a passport or ID).
Enable Two-Factor Authentication (2FA): This step adds extra security to your account. Binance will ask you to set up 2FA, which is a security feature that requires a second code (sent to your phone) when logging in.
Step 2: Add a Payment Method
Now that you have an account, you need to add a payment method to buy cryptocurrencies. Binance allows you to use different payment options:
Bank Transfer: You can link your bank account to Binance and transfer money directly into your account. This is a safe option, though it may take a few days.
Credit or Debit Card: You can also use your credit or debit card to buy cryptocurrency instantly. This option is faster, but may have higher fees.
P2P (Peer-to-Peer): Binance also has a P2P feature where you can buy cryptocurrency from other people using local payment methods (like PayPal or cash).
Step 3: Buy Cryptocurrency
Once your payment method is set up, you’re ready to buy your first cryptocurrency. Here’s how to do it:
Go to the “Buy Crypto” Section: On the Binance homepage, you’ll see the “Buy Crypto” option. Click on it.
Choose Your Payment Method: Select whether you want to pay with a bank account, credit/debit card, or P2P. Choose the one that works best for you.
Select the Cryptocurrency: Choose the cryptocurrency you want to buy, such as Bitcoin (BTC), Ethereum (ETH), or Ripple (XRP).
Enter the Amount: Enter how much you want to buy. Binance will show you how much your purchase will cost in your local currency (like dollars, euros, etc.).
Review Your Order: Double-check everything before confirming. Make sure you’re buying the right amount and that the payment method is correct.
Confirm and Pay: Once everything looks good, click Buy Now and complete the payment. Your cryptocurrency will be added to your Binance account.
Step 4: Store Your Cryptocurrency Safely
After buying your cryptocurrency, it’s important to store it securely. On Binance, you can store your crypto in the exchange itself, but it’s safer to transfer it to a crypto wallet (which we’ll talk more about in the next tutorial).
Simple Analogy: Buying Cryptos on Binance is Like Shopping Online
Think of buying cryptocurrencies on Binance like shopping for something online:
Pick a Store (Binance): You choose the online store, which in this case is Binance, to buy your crypto.
Create an Account: Just like when shopping online, you create an account and add your payment information.
Choose Your Item (Crypto): You pick the cryptocurrency you want, just like selecting an item in an online store.
Pay: You enter your payment details, confirm your order, and pay. Then, your crypto is sent to your Binance account.
Tips for Safe Buying
Use Two-Factor Authentication (2FA): Always turn on 2FA for added protection when logging into your account.
Do Research: Only buy cryptocurrencies that you trust. Take some time to learn about the project before making a purchase.
Withdraw to a Wallet: For extra security, transfer your cryptocurrencies to a private crypto wallet after buying them.
Conclusion
Now that you know how to buy cryptocurrencies on Binance, you’re ready to dive into the world of digital currencies. You’ve learned how to set up an account, add a payment method, and make your first purchase. But buying crypto is just one part of the journey.
In Tutorial 7, we’ll explain what a crypto wallet is, the different types of wallets, and how to keep your crypto safe and secure.
Next Tutorial: What is a Crypto Wallet?
In the next tutorial, we’ll walk you through the different types of crypto wallets (hardware, software, and paper wallets) and how to use them to keep your cryptocurrencies safe.
See you in Tutorial 7: Tomorrow at 15h00 London Time.
