How to buy Bitcoin from Binance in 2024

Since the crazy bull market in 2021, Bitcoin has been the talk of the world.
Therefore, today we will talk about how to buy Bitcoin from Binance in 2024.
This is because there is more than one way to buy Bitcoin, and we previously talked about the ways to buy the cryptocurrency.
Let’s learn more about how to buy BTC on the Binance Central platform.

Buy Bitcoin from Binance: The Number One Centralized Exchange

You can buy Bitcoin from Binance, the number one centralized platform, and you can buy it from other centralized and decentralized platforms as well.
But as we said before, liquidity is always available and high on centralized platforms, especially Coinbase and Binance.

Therefore, buying from giant, reliable, centralized platforms with good liquidity is always recommended.

Today we will talk about buying cryptocurrency through the Binance platform, considered the undisputed number-one platform in the world of cryptocurrencies.
Therefore, if you want to buy at the best prices and lowest costs, Binance is the ideal place.
We will also learn about the different ways in which cryptocurrency can be purchased on the Binance platform.

The first step will always be to create an account on the Binance platform and confirm this account.
Then, create a secret number and send the KYC requirements to the platform.
These requirements are usually a passport and a bank statement.
But first, make sure that the platform is available in your country and that trading in cryptocurrencies for individuals is legal or at least not prohibited.

Buy Bitcoin from Binance using a bank card

After you create your account and pass the KYC procedures successfully, you will be able to deal with the platform fully and can buy Bitcoin from Binance easily. Here you will have several options:

• Deposit funds on the platform and then buy from the spot market.
• Deposit cryptocurrencies on the platform and then buy from the spot market.
• Direct purchase via bank card.
• Direct purchases from individuals via Binance P2P.
• Speculation via derivatives and futures.

We will talk about each of them in this article, and we will start with the bank card.

This is the quickest and easiest way to buy Bitcoin for the first time on the platform.
But to do this method, you must connect your card to the platform first.
Ensure that the name on the card matches your name on the passport so you do not get into trouble.

This method is characterized by being instant, but its fees are slightly high, as you will pay approximately 1.9% for the process.
But this percentage is considered low and better than many other platforms.
For example, through a third party such as Moonpay, you may pay up to 4%.

This method also allows you to purchase in any currency as long as the card’s bank deals with the Binance platform.
However, the transaction may be rejected if the bank does not deal with the platform, so first ensure that you can purchase via card.

Buy Bitcoin by depositing on the platform

You can deposit money on the platform to purchase it.
This method is considered the cheapest since you will pay almost no fees, but this process may take several business days.
In addition to this, the Binance platform has recently begun to be subjected to harassment by many governments and central banks.
Consequently, the platform began losing its banking partners facilitating the deposit process.

For this reason, this method may not be available in most countries and may be suitable if you are in Turkey, for example.

It is expected that all these problems will be solved in the future, but currently, this method is not the best.

But if you can deposit on the platform, you will need to buy on the spot market.

Buy Bitcoin on the spot market

Bitcoin can be purchased from Binance on the spot market either via fiat currencies after a cash deposit or via cryptocurrencies.

If you receive your salary in cryptocurrencies or have cryptocurrencies on a wallet or platform other than Binance, you can transfer these cryptocurrencies on the Binance platform.

You just have to choose the right address and the right network to receive cryptocurrencies.

After this, you will enter the spot market to easily buy Bitcoin. You will see an image like the one below.
The spot market through which currencies can be purchased and kept either on the platform or an external crypto wallet.
You will pay a fee for the purchase depending on the nature of the purchase order that will be executed.

For example, if you buy at the market price, you are withdrawing from the liquidity in the order book, and therefore you will pay high fees.
But if you buy via a limit order, you place a buy order when the price falls to a certain limit, and thus you contribute to creating liquidity on the order book.
Here you will pay lower fees and the order will be executed automatically. But if the price does not reach the limit you want, the buy order will not be executed, so be careful.

Futures and the difference between it and the spot market

When you buy Bitcoin on Binance, you will find another option other than the spot market and futures.

In this option, you will see a user interface similar to the one in the spot market, but it will not differ much from it.
You will find leverage and also buy orders but there will be an option to short sell.

Here you must be careful because you will not be buying Bitcoin, but you will be betting on the direction of the cryptocurrency, and this is known as speculation.
Therefore, if you enter into a buy deal, you will not own the currency but rather bet on its price rising in the future. Here you must know the difference well so that you do not make a mistake.

Buying Bitcoin via Binance P2P

The last way to buy on Binance is via P2P, which is the method of buying directly from other sellers.
This means that you will not resort to the spot market or a bank card.

You will enter into a direct purchase transaction with another buyer. If you want to buy or sell Bitcoin for cash or digital currencies, you can do this easily.
The platform here only makes sure that both parties will do what they promised and adhere to the deal and nothing more.

Therefore, a specific method of buying or selling will be agreed upon, and both parties will adhere to it.

This method is considered an OTC over-the-counter method. Therefore, it is not affected by the temporary movements of the market. It is also not affected by the liquidity in the spot market.
It is suitable for small investors who want to buy cryptocurrencies but whose banks do not deal with the platform.
Therefore, they can use this method accordingly if their country’s central bank allows it.