How to get started with Binance
Binance is by far one of the largest crypto exchanges on the market, and the player operates internationally. At Binance you can buy and sell a wide range of cryptocurrencies, which includes Bitcoin, Ethereum, Terra and Cardano .
Here we will explain to you how to proceed if you want to trade through Binance, step by step.
What should you think about before registering with Binance?
At british crypto exchanges with approval from Finanstilsynet, you can safely make investments in Bitcoin and other cryptocurrencies. You can then pay by bank transfer from a british account with british e kroner, which is very convenient.
So why consider other options? Binance differs from the typical british e-cryptocurrency exchanges in that they offer a much larger selection of altcoins and cryptocurrency projects. You will also find a large market for NFTs and staking products.
However, Binance is not registered with Finanstilsynet, which means that you can not trade in british kroner. For you as a user, the biggest difference will therefore be that deposits for the purchase of crypto must be made in euros, which entails a small currency exchange fee of 1.8%.
When you make a deposit with your bank card to Binance, british kroner will automatically be converted to euros. You therefore do not need to do anything extra. Alternatively, you can transfer the cryptocurrency you already own – for example at eToro – to Binance.
How to register and shop with Binance?
To be able to buy cryptocurrencies, NFTs or the like from Binance, you must first create a user account and make a deposit.
Here we explain the process, step by step.
Register user account with Binance
By clicking here you can register a user account with Binance. The registration process is very simple, and you will be asked to enter your e-mail and a desired password.
After a short time, you will receive a confirmation code by email. This must be entered on the registration page and on the mobile phone.[binance]
2. Verify identity and activate 2FA
For security reasons, you will also be asked to verify your identity. You can do this by clicking on “Identification”, which is located on the toolbar when you are on your user profile.
You will be asked to identify yourself in line with EU money laundering rules . The identification is done by taking a picture of your face, passport and an address document. Binance also asks you to answer a few questions, including the origin of the funds (the money you deposit).
You can also enable 2-factor authentication (2FA), which is recommended to further increase security. You can use Google Authenticator for 2FA login.
Make a deposit
The next step in the process is to deposit money. You can choose from the following payment solutions at Binance:
- We saw,
- Transferring crypto from a crypto wallet,
To pay, you just need to go to the user profile and then select “Buy crypto”. You will then see various payment options.
4. Buy cryptocurrency
When you trade cryptocurrency at Binance, you can choose to complete the purchase yourself via the stock exchange. You can find this by clicking on “Trade” in the crypto exchange’s main menu.
Alternatively, you can choose to take advantage of conversion , which means that Binance does all the work for you. This can be a good alternative for beginners who are unsure of which investments to invest in.
Start trading at Binance
With us you will find a lot of useful information about trading cryptocurrencies, including via Binance. If you would rather shop with a player approved by Finanstilsynet, we can , among other things, recommend eToro .