If you want to get into the world of cryptocurrencies then the first thing you need to do is actually buy some crypto.
As they say – the best time to start investing was yesterday. The second best time is today.
Don’t worry though – the following tutorials will make your journey a lot easier:
Step 1 – Registering on a crypto-exchange (like Binance)
A Binance account acts as your gateway into trading crypto trading. All you’ll need is an email or a phone number and a strong password in order to register.
Next, you have to complete the Know Your Customer (KYC) process. KYC helps Binance make sure you are who you claim to be so they can fulfil their legal requirements.
You can then either deposit the cryptocurrencies that you already possess in order to trade with them or if you don’t have any crypto whatsoever – purchase it with a debit or credit card.
Step 2 – Purchasing crypto with a debit/credit card
You can use your credit or debit card to directly buy BTC, BNB, or ETH for instance. Just go to the Binance home page and click ‘Buy now’. Then use the drop-down menu or search bar to select the crypto you wish to buy. The most popular way is to buy crypto with a bank card. The total amount includes the price of the cryptocurrency and the handling fee. You may need to complete your identity verification though. Once you complete the payment your purchased cryptocurrency will go directly to your Binance Fiat and Spot Wallet.
Possible issues you may experience while trying to make a purchase:
1) Your bank does not allow transferring funds to cryptocurrency exchanges. Unfortunately, there is no fully comprehensive list that we can provide you with since banks change their stances regularly. Try with different debit/credit cards if your first deposit fails.
2) Deposit limits. Sometimes we may have limitations on the amount of money we can deposit. If your deposit fails due to unknown reasons, try with a lower sum.
Step 3 – What are market orders and how to use them?
A market order is an order to buy or sell at the best available current price. It needs liquidity to fill but if there are orders on the book it is guaranteed to fill. A market order is handy in situations where getting your order filled is more important than getting a certain price. So if you need to get into a trade right away or get yourself out of trouble that’s when market orders come in handy.
One the of downsides to market orders is the so-called ‘slippage’. If, for example, you are purchasing greater quantities of crypto, you might fill in not only the sell orders that are at the best current price but also the ones following them.
When you use a market order you’re going to pay for slippage and you’re going to pay higher fees because you are acting as a market taker and not a market maker.