OnboardingExchanges

Buying Bitcoin, Ethereum and other crypto currencies from Binance

, , , , , , , , ,

This post will guide you on purchasing Bitcoin, Ethereum and other crypto currencies on Binance

You probably arrived here after following one of our stablecoin guides.

1. Setting up your Binance account

Head to Binance
Register a new account and log in.

2. Depositing your stablecoins

Click Wallet and type your stablecoin (PAX or USDC) and click deposit.
Copy the address shown.

Head over to your stablecoin platform and withdraw to your copied address

2.1 For Paxos

  • Click Transfer
  • Select PAX
  • Select Add Address if you don’t already have that address saved and enter the address alias
  • Paste the copied address. Do note that your address will be different from mine
  • Enter the amount you would like to transfer
  • Click complete transfer

Paxos processes withdrawals at predefined intervals. You can check the schedule here

You can also check whether paxos has made the transfer here

2.2 For Circle

  • Click Transfer USDC Out
  • Select Add Address if you don’t already have an address
  • Paste the copied address. Do note that your address will be different from mine.
  • Click Transfer USDC OUT again
  • Enter the amount you would like to transfer
  • Click Transfer USDC Out

Adding address
Transferring out

Transfers would typically take around 10 to 15 minutes to confirm after Paxos/Circle has sent out the tokens.
You can view the status of the transfer reciept on Binance here. Do not be worried if the transfer does not appear immediately as it takes some time for Binance to detect the transaction on the network.

3. Buying crypto with stablecoins

Once the transfer is confirmed, you will be able to purchase stablecoins using the following methods

3.1 Basic

This is the easiest way and beginner friendly

  • Hover over Spot and click Basic
  • Select your stablecoin and click Preview conversion. You can only convert to BUSD at this point
  • Click Confirm

Basic purchase

  • Repeat the above but select BUSD in Convert and BTC or whichever coin you intend to buy in convert and click Preview conversion
  • Click Confirm
  • You have successfully purchased cryptocurrency with stablecoin

3.2 Classic

Classic method uses an exchange with an orderbook. Basic understanding of an orderbook as well as basic order types is required. You should have this knowledge if you have traded in traditional markets or forex before. If unsure, always experiment with a small amount first.

  • Hover over Spot and click Classic

  • Select your stablecoin from the dropdown and click the pair you would like to purchase

  • Create the order
    Classic purchase

    Some notes:

  • Stablecoin pairs are usually limited

  • Most alt coins are paired with BTC, ETH, BNB and USDT so you might have to perform 2 trades.

I will not go into the Advanced method as it is similar to Classic with a different UI

Do consider using one of my referral links or leaving me a tip if you find this useful.
Any contribution is greatly appreciated and motivates me to continue this project.

BTC: 3BTskuSQzF3PZfqFj4sUdp9tSiLMdDGLXj
ETH or ERC20: 0x65a20cDbA50b81E5fA600f4F0655907E5A87C2F5

Share