Binance is the largest centralized exchange in the crypto sphere. It allows us to transact cryptocurrencies, but also deal with derivatives, futures, margin trading, and many more.
In today’s article, we will learn how to create an account, how to work with the know your customer process, how to deposit funds, and, finally, how to buy and transact crypto, so stay with us until the end.
How To Create An Account on Binance
For starters, we’ll open the Binance.com website and click on the Register button on the upper right side of the screen. Choose your country from the list of countries – in this case, US – and click confirm.
Now, since we’re interested in creating an account for a physical person, click on “create personal account,” introduce the email address and, of course, the password. Click on Next and we will automatically receive a confirmation email.
Open the email, check out the code made out of six numbers and write it down on the Binance platform. Click Submit.
The next step involves introducing your telephone number which will be later used to log in into your account but also for other tasks in the app.
Select the country code, write down the cellphone number and go to the next step where it will be required for you to verify the number.
Click on Get code, add on the page the six number code that you’ve received via SMS, submit, and, great job! You’ve just created your Binance account.
The KYC (Know your customer) Process
In order to have access to all of the features of the platform we will need to verify our identity so let’s do this together as well.
Once we’re logged in, go to the Verify Now button, and introduce our personal data – the data must correspond with what is written on our Identity Card. Click on Continue, introduce the address, Continue again, and now we’re done with the basic verification.
There are two authentication levels available so we’ll go through both of them separately. Next, click Continue and we’ll get to the second step, where we’ll need to verify our Identity Card, driver’s license, or passport.
Click the QR code in the lower right corner of the window and get your cell phone ready – with the Binance app already installed on it, of course. It can be found on both AppStore and Google Play.
Once you’ve opened the app, click on the scan button on the upper right. Scan the QR code and log in using the data following the verification process.
We’ll go with the ID but the process isn’t much different if you choose any of the other options.
Upload two photos of the ID, front and back. It is important to make sure that the photos are as clear as possible. Click Continue. Now the platform will ask us to take a selfie.
Once the selfie is uploaded, we’ll be notified when the verification process is over. The last part is verifying your home address.
Write down your home address (as shown on your ID, utilities bill or statement). Click on Continue, upload a document that demonstrates you live at said address. We’ll go with a bank statement which we can take directly from the app of the bank we are using, Confirm, and the KYC process on Binance is finished.
How to Add Funds to Binance
In order to add funds to the newly created account, go to the Buy Crypto section on the main page and click on Credit/Debit Card.
We’ll select buying with USD at Spend, and at receive, we’ll pick USDT. Write down the quantity of USDT you want to deposit on the platform and click Continue.
Now you’ll be redirected to select the card from which you want to make the transfer. Click on Continue and write down the CVV of the card. Now, click Confirm.
The process is finished in the banking app if necessary and, presto! Now you can see the quantity of USDT in the Fiat and Spot section of the platform.
How to Buy Crypto on Binance
Now that we have funds in our account we’re finally at the buying crypto part. For this video, we’ll use ETH, but the process is the same for any other coin paired with USDT.
From the Trade section which can be found in the main menu, choose Classic, and in the search bar on the right side of the screen look for ETH with USDT. Scroll down and go to the Buy section since we want to buy ETH.
Write down the price at which we want to buy the needed quantity – in this case, we’ll go with all of the USDT we own, click on Buy ETH, and that’s all.
It is important to mention that if we choose a higher value than the one which has buying orders we’ll have to wait until the price gets to that point in order for the transaction to be finished.
In the end, you can see the quantity of ETH purchased in the Fiat and Spot section. In order to buy crypto again, you’ll just have to repeat these steps.