One of the greatest practicalities that the crypto universe brings to 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, money transfers between two completely different places on the planet can occur regardless of the local currency.
Still, in each region of the world where you want to carry out transactions on a cryptocurrency broker, most likely the first step will involve inserting funds into the account of that exchange based on the currency fiduciary that you have close by - and, therefore, it is important to know how you can do this.
Binance is the largest exchange in the world and recently began operating locally in two new markets: Colombia and that of Mexico. And this opens up a universe - to do justice to the crypto market - of opportunities for those who live in these two countries on the American continent.
We will present the step-by-step guide for those who want to buy cryptocurrencies while in Colombia or Mexico. Let's go!
Step-by-step guide on how to buy crypto on Binance
Open your account
Search for Binance in your search engine (if you want to open on a computer or notebook) or search in the Apple Store or Google Play app store.
Check your account
With the account open, the first thing you need to do is verify your account.
This verification ensures that Binance complies with the regulatory criteria of each country where it operates and, in most cases, this validation is essential to create identification between that new account you just created and your identity.
At this stage, some personal data and a photo are requested. From that point on, Binance will review the information and then get back to you with feedback regarding your account verification.
Fund your account
If you have already checked out our guide on how to open your Binance account, you may be finding the steps presented so far a little repetitive. Make no mistake, that's right, up to this point the process is the same in all countries in which the exchange operates.
The big news is that you can now use the local fiat currency of Mexico or Colombia - both are called Pesos, although they are different currencies - to fund your account.
The “practical initiation” of the account thus takes place in the local currency of these two countries.
Convert to a currency with more pairs
So that you can access cryptocurrencies more widely, the ideal option after you have inserted funds into your account is to look for another currency that has more possible pairs. Two very broad possibilities are stablecoins backed by the US dollar, such as Tether (USDT) or First Digital USD (FDUSD), as well as Binance Coin (BNB).
Once you have a currency with more possible pairs in your account, it will be much easier to convert that currency with any crypto 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 as follows:
Ease of Access and Convenience: Direct trading in MXN and COP eliminates the need to convert to foreign currencies, simplifying the process of buying and selling cryptocurrencies.
Cost Savings: Users save on exchange fees as 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 less volatility.
Promoting Cryptocurrency Adoption: Making it easier to purchase 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 safe and reliable platform, with robust security measures such as two-factor authentication and Web3 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 it make, anyway?
Maybe you thought that the only difference between the way to open an account here was the initial currency to insert resources, but, if that's the case, you missed a very important part: this possibility only happens because Binance went after all the local regulatory aspects so that this new gateway could occur.
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 more peaceful and smooth in terms of usability of resources than if you were using some other alternative to do this.
Have you ever thought about this advantage of operating locally? Tell us!
