A short guide to buying your first crypto on Binance.com
Binance.com has been making headlines recently as governments around the world introduced new regulations to disrupt the crypto industry. Binance’s service termination in Malaysia and South Korea is a recent example. However, I still think it is a rather safe platform and is one of the best options out there for buying crypto, especially Altcoins (coins that are Bitcoin). I will cover the methods, and which is the most cost-efficient way to get started.
IF you are confused, there are two different Binance websites, Binance.sg is a different entity from Binance.com! The former caters only to SGD investors and the latter suits international investors.
Ways to buy crypto on Binance.com
There are three main ways to go about buying crypto on binance.com
1. Deposit coins from external platforms.
2. Using P2P (Peer-to-Peer) trading.
3. Paying with a credit or debit card.
Out of the 3 options, I prefer using the 1st option as it is the safest and easiest way for me to get started. I will recommend using only the first two options and not the third one. Reason? It is the most expensive option available; the fees are 3.5% per transaction or 10 USD! This is still the fastest option though so if you are in a hurry, this is the way to go.
For P2P, some people swear by it, others avoid it like a plague. You are buying crypto from another seller. It is very similar to carousel mechanics. Although chances of defaulting are low, it is best for me to completely avoid it. Steps to use P2P are explained more in detail on their website here.
Which external platform?
I would recommend using Gemini or Binance.sg to deposit your fiat (money) and purchase your cryptos from there. I have used both platforms and found that Gemini is easy to use and charges a cheap 0.35% per transaction.
The downside to Binance.sg and Gemini is that they only offer limited types of coins. 7 for Binance.sg and 26 coins for Gemini. Binance.com offers more types of coins. Hence, there need for the transfer to Binance.com to get your altcoin.
If you just want to buy the main coins – Bitcoin (BTC) or Ethereum (ETH) you can buy them directly from Binance.sg or Gemini. It is only necessary to transfer the coins to Binance.com if you wish to convert them into other Altcoins that are not available on either Binance.sg or Gemini.
Steps to transfer from Binance.sg
Step 1: Create both Binance.com and .sg accounts and make sure verification is completed.
Step 2: Link your Binance SG account to your Xfers account.
Step 3: Deposit fiat into your Xfers account via FAST transfer. Fill in your mobile number in the comment box.
Step 4: Purchase LTC OR NEO from Binance.sg, currently, the commission fees are 0.6%. Withdrawal fees for LTC is 0.001 while NEO has no withdrawal fees, but only can be withdrawn in integers of 1. You might have leftover NEOs.
Step 5: On Binance.com, search for LTC under the Fiat and Spot wallet tab and click on ‘Deposit’
Step 6: Click on Trade and select ‘convert’ or ‘classic’ to trade your coins.
For detailed photos and steps please refer to this.
Congratulations, you now own your dream crypto coin, that’s all to it! It is easy once you mastered the steps. Do note that the process may take some time for the transactions. Always double-check your network and receiving address. NEVER TYPE IT OUT, JUST COPY AND PASTE. Once it is sent out, there is no way to retrieve it!
If you are interested to take your first steps into the crypto world, you may use your friend’s referral otherwise you may use my QR code referral above. Not promoting Binance, I just think they are an awesome platform for crypto users. 🙂
I will be doing an Axie Infinity starter guide as well in the upcoming weeks, stay tuned!