"Bian" (变) is a high-frequency word suggested by the Chinese input method when typing "bian," and it sounds similar to "Binance" (币安), so many people use it to refer to the Binance exchange. Buying crypto is a core operation when using an exchange. Before you begin, you need to register on Binance and complete identity verification. It is also recommended to download the Binance APP for more convenient mobile trading.
Preparations Before Buying
Make sure you have completed the following:
- Registered a Binance account
- Passed identity verification
- APP installed and logged in
For Beginners: Buy Crypto with Fiat Currency
If you have never dealt with cryptocurrency before, you can purchase directly with fiat currency through C2C trading.
Step-by-Step Guide
- Open the Binance APP and tap the "Buy Crypto" button on the homepage
- Enter the C2C trading page
- Select the cryptocurrency you want to buy (USDT is recommended for beginners)
- Enter how much you want to spend
- Choose a payment method (bank card, Alipay, etc.)
- The system automatically matches you with a seller
- Check the seller's payment details and transfer using the corresponding method
- After transferring, tap "I Have Paid" in the APP
- Once the seller confirms receipt, the crypto is automatically released to your account
Tips for Buying
- Choose merchants with high completion rates and many transactions
- Do not write anything cryptocurrency-related in the payment notes
- Complete the entire transaction within the platform—do not trade privately
- If there are any issues, contact platform customer service directly
Already Have USDT: Buy Other Coins on the Spot Market
If you already have USDT or other stablecoins, you can purchase your desired coins on the spot market.
How to Trade
- Go to the "Trade" page at the bottom of the APP
- Type the coin you want to buy in the top search bar, for example "BTC"
- Select the BTC/USDT trading pair
- Tap "Buy"
Two Order Types
Market Order: Buys immediately at the current market price. Simple to use and suitable for beginners. The downside is potential slippage during high volatility.
Limit Order: You set a desired purchase price, and the order executes automatically when the market price drops to your target. Suitable for those looking to "buy the dip," but there is no guarantee of when or if it will be filled.
What Should Beginners Buy
For new users, consider focusing on these:
- BTC (Bitcoin): The original cryptocurrency with the largest market cap
- ETH (Ethereum): The second-largest cryptocurrency with a rich application ecosystem
- USDT: A stablecoin pegged to the US dollar, suitable for holding while observing the market
Beginners are not advised to purchase small-cap coins with low market rankings, as they are extremely volatile and prone to losses.
Managing Your Crypto After Purchase
You can view purchased crypto on the "Assets" page. You can choose to hold long-term and wait for appreciation, or sell when the price is right to take profit. Binance also offers financial products where you can deposit idle crypto assets to earn returns.
Trading Fees
C2C purchases have no fees, but the bid-ask spread is an implicit cost. Spot trading has a fee with a standard rate of 0.1%, which can be discounted by paying with BNB.