Many people new to cryptocurrency ask the same question: how does Binance actually work? The whole process is simpler than you might think. Start by visiting Binance Official to learn about the platform, then download the Binance Official APP to your phone. iPhone users can follow the iOS Installation Guide. Just follow the steps below, and you can register and make your first trade within ten minutes.
Step 1: Register a Binance Account
Registering a Binance account is very straightforward — you can sign up with either email or phone number. We recommend using your regular email, as many subsequent security verifications will be done through email. During registration, you'll need to set a password containing uppercase letters, lowercase letters, and numbers, at least 8 characters long. After registering, the system will send a verification email — click the link to verify your account.
If someone referred you, remember to enter their referral code so both of you can receive trading fee rebates. After registration, don't rush to trade — complete the basic setup first.
Step 2: Complete Identity Verification (KYC)
After registering, you'll need to complete identity verification, commonly known as KYC. Binance requires all users to complete at least basic verification before trading. Have your ID card or passport ready, and follow the in-app prompts to take and upload photos.
Basic verification typically requires:
- Your legal name
- ID number
- Front and back photos of your ID card
- Facial recognition verification
After submission, approval usually takes anywhere from a few minutes to a few hours. Once approved, you can start buying crypto. Note that if your photos aren't clear or information doesn't match, your submission may be rejected and you'll need to resubmit.
Step 3: Deposit Funds
After completing KYC, the next step is adding funds to your Binance account. For beginners, the simplest method is using P2P trading to buy USDT. USDT is a stablecoin pegged approximately 1:1 to the US dollar, and it's the base currency for most trading pairs.
On the app's homepage, find the "Buy Crypto" button, select P2P trading, then choose the amount you want to buy. The system will match you with an appropriate seller — simply transfer payment according to the seller's payment details using bank transfer or other supported methods. After paying, tap "I've Paid" in the app and wait for the seller to release the crypto.
The entire process usually takes just a few minutes. Make sure to always transact within the platform — never trade directly with sellers outside the app, as this is the only way to ensure fund safety.
Step 4: Make Your First Trade
Once you have USDT in your account, you can start buying the cryptocurrency you want. The most common choices are Bitcoin (BTC) and Ethereum (ETH) — these are the largest by market cap and the most stable cryptocurrencies.
Find the "Trade" button at the bottom of the app to enter the trading interface. Type the name of the coin you want to buy in the search bar — for example, BTC. You'll see a trading screen with a price chart at the top and buy/sell buttons below.
For beginners, we recommend using "Limit Orders" rather than "Market Orders." A limit order lets you set the price you're willing to pay, while a market order executes immediately at the current price. Although market orders are faster, during high volatility you might get filled at an unfavorable price.
Enter the amount you want to buy, confirm your order, and wait for it to execute. Once filled, congratulations — you own your first cryptocurrency.
Step 5: Set Up Security
After completing your first trade, we strongly recommend setting up the following security measures immediately:
First, enable Google Authenticator — a two-factor authentication tool that requires a verification code every time you log in or make a withdrawal, dramatically improving your account security.
Second, set a fund password — a separate password from your login password, used specifically for additional verification during withdrawals and other fund-related operations.
Finally, enable login alerts so you'll receive an email or SMS notification whenever a new device logs into your account.
FAQ
Q: What's the minimum amount to buy crypto?
A: Binance P2P trading generally allows purchases starting from around $1-2, but we recommend starting with $15-30 for a better experience — this way, trading fees represent a more reasonable proportion.
Q: Does Binance charge trading fees?
A: Yes. Binance's spot trading fee is 0.1%. If you hold BNB (Binance's native token), you can pay fees with BNB and get a 25% discount. P2P purchases generally don't have separate fees, though the seller's price may already include their margin.
Q: What cryptocurrency should I buy first?
A: Beginners should start with Bitcoin (BTC) or Ethereum (ETH). These are the most established cryptocurrencies with relatively lower volatility and high liquidity. We don't recommend beginners jumping straight into obscure altcoins — the risk is too high.