Ethereum (ETH) is a leading cryptocurrency for secure transactions, dApps, and developer empowerment. The Ethereum network has kept innovating over the last couple of years with constant improvements. One of the most popular exchanges for buying and trading Ethereum is Binance. In this guide, we will walk you through the steps on how to buy Ethereum on Binance.
Where To Buy Ethereum?
Are you wondering where to buy Ethereum crypto?
Some of the most popular exchanges to buy ETH include Binance, Coinbase, KuCoin, and Kraken. When choosing an exchange to buy ETH, it's important to consider factors such as fees, security, user interface, and supported payment methods. It's also important to note that some exchanges may not be available in certain countries or regions.
Step-by-Step Guide On How To Buy Ethereum:
Follow the below steps to buy Ethereum using the Binance exchange. If you want to stake your Ethereum to get yield, check out our guide on the best staking platforms for Ethereum in 2023.
Step 1: Register for a Binance account
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The first step is to register for a Binance account, if you already have a Binance account, you can skip this step.
To register, visit the Binance website and click on the "Register" button at the top right-hand corner of the page. You will then be prompted to enter your email address and create a password. You can also simply use the main sign-up with an email or phone option.
After completing this step, you will receive an email confirmation from Binance.
Create an account using your personal phone number or email address on Binance. Registering as an entity if you are looking to buy Ethereum as a Limited company business on the Binance exchange is also an option.
Step 2: Verify your identity on Binance
Before you can buy ETH on Binance, you will need to verify your identity. To do this, click on the "Profile" button on the top right-hand corner of the page and select "Identity Verification."
Follow the instructions provided by Binance to complete the verification process.
To complete your Binance registration process and start buying crypto on the Binance platform, you must submit a valid government-issued passport or Driving license based on your country of residence.
Step 3: Buy ETH
There are numerous ways to buy Ethereum on the Binance exchange, and it all comes down to your preference. We will explore some popular ways to buy Ethereum on Binance.
Option 1: Fund your Binance account with crypto
This method is helpful for anyone who owns crypto in other platforms or wallets. Once you have transferred your Bitcoin to a Binance account, you can buy Ethereum with Bitcoin as Binance supports trading BTC/ETH pair.
After verifying your identity, you can fund your Binance account with Crypto. To do this, click on the "Deposit" button on the top right-hand corner of the page. You will then be prompted to select the cryptocurrency you want to deposit. Select the cryptocurrency you wish to deposit and follow the instructions provided by Binance. Once your cryptocurrency has been deposited, you can proceed to buy ETH.
On the deposit Crypto page, choose the crypto (in this case, we have selected bitcoin) and its network. Binance will generate a bitcoin address to deposit your BTC. Copy the deposit address and initiate a withdrawal on the withdrawal platform. Once the transaction is confirmed in the network, Binance will credit the Crypto for you.
Convert Bitcoin Crypto to Ethereum (ETH)
After transferring your crypto Binance account, hover over the Trade menu at the top menubar and click on Binance Convert, where you can convert your crypto to ETH.
There are two ways to convert your crypto to ETH: Market order or Limit order.
Buying ETH with market order: Market order allows you to convert your assets at the current market price based on the quoted price in the conversion.
Buying ETH with limit order: A limit order allows you to place an order to convert your assets at a specified limit price. However, limit orders are executed subject to market conditions and may not be completed even if the market price reaches or crosses your limit price momentarily.
The above screenshot shows an example of placing a limit order to buy Ethereum using BNB. You can click on the bars icon next to the limit button to show the price chart of your selected crypto convert pair. Click on Confirm order to get 900 ETH tokens into your account.
Congrats! You have now bought Ethereum by funding your Binance account with crypto and using Binance Convert.
Option 2: Fund your Binance account with Fiat
This option will benefit you if you prefer to fund your account with your preferred fiat currency beforehand. Customers can fund their Binance account with fiat currency via direct bank transfer or credit/debit card.
When using the Bank transfer method to fund your account, make sure to follow the below tips:
Your bank account name must match the name registered to your Binance account.
Please include your full name in your bank transfer's Reference/Remark section.
If the deposited amount exceeds your daily limit, Binance will divide the total payment based on your maximum daily limit.
After funding the account with fiat currency, it will be stored as your cash balance on the Binance account. Using the deposited fiat currency, you can now buy crypto using the buy crypto with Cash Balance tool.
As shown above, buy Ethereum immediately with your preferred fiat currency! You will get an estimated price of ETH based on the currency of choice, and you simply enter the desired amount of ETH to buy and confirm the order.
Congrats! You have now bought ETH by funding your Binance account with fiat currency and using a Binance Cash balance.
Option 3: Buy Ethereum with a Credit/Debit Card (Popular method to buy Ethereum)
To buy ETH on Binance using a Credit or Debit card, navigate to the Buy crypto via card page using the top navigation menu.
On the buy crypto with card page, you will see various options to choose the fiat currency to buy Ethereum. Enter the desired amount of ETH tokens to buy and click Continue.
Alternatively, you have the choice to buy ETH with Binance recurring plan.
Recurring plan is a great option for regular traders. This method allows you to invest a pre-determined amount and accumulate your crypto holdings over time. If you are committed to the long-term growth of Ethereum and bullish on its future price predictions, this is a great way to DCA into the Ethereum project.
In the payment method section, if you just created your Binance account, add the card details you will use to purchase ETH.
Once you have entered the card details, you must review the order details to ensure they are correct. If everything looks good, click the "Buy ETH" button to complete the purchase.
Congrats! You have now bought ETH by funding with your Credit/Debit card!
Step 4: Buy Ethereum with credit card
Buy Ethereum with Paypal: Binance does not currently support purchasing Ethereum (ETH) directly with PayPal. However, you can still use PayPal to buy cryptocurrencies on other platforms and then transfer those funds to your Binance account to purchase Ethereum. Other exchanges, such as Coinbase support Paypal payment methods to buy crypto. If you have an existing PayPal account, you'll be able to start making transactions on Coinbase right away.
Buy Ethereum with a credit card on Binance exchange: To Add a credit card, Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card". Follow the prompts to add your credit card details.
Buy Ethereum with Debit Card: To Add a debit card: Go to the "Buy Crypto" page on Binance and select "Credit/Debit Card". Follow the prompts to add your debit card details.
How to Buy Ethereum with Apple Pay and Google Pay on Binance
The following steps will guide you through how to buy Ethereum using Apple Pay & Google Pay.
- Log in to your Binance account and click Buy Crypto with Credit/Debit Card.
2. Select the fiat currency according to your country and then select Ethereum crypto to buy from the list. Enter the amount and click Continue.
3. After choosing ETH to Buy, Select Apple Pay or Google Pay as the payment method.
4. Once you have successfully added/chosen your credit/debit card, click Confirm to proceed. Check the payment details carefully and confirm your order within 1 minute, or else after the 1-minute mark, the price and the amount of crypto will be recalculated. You can click Refresh to see the latest market price.
Congrats! You have now bought Ethereum on Binance using your preferred Google or Apple pay.
Step 5: Withdraw ETH from Binance
After buying ETH on Binance, you may want to withdraw it to a hard or soft wallet you control. To do this, click the "Withdraw" button on the top right-hand corner of the page. You will then be prompted to enter the wallet address to which you want to withdraw your ETH. Ensure you enter the correct address, as transactions on the blockchain are irreversible.
You must also enter the amount of ETH you want to withdraw. Once you have entered the correct wallet address and the amount of ETH you want to withdraw, click on the "Submit" button. Binance will then process your withdrawal request, and your ETH will be sent to the wallet address you provided.
Tips for buying ETH on Binance
- Always double-check your order details before placing a trade to ensure everything is correct.
- Consider using the "Limit" order type instead of the "Market" order type when buying ETH. With a limit order, you can set the price you are willing to pay for ETH, whereas, with a market order, you will pay the current market price for ETH, which may not be the best price.
- Consider using two-factor authentication (2FA) to enhance security after registration.
10 Reasons To Buy Ethereum Right Now
Should I buy Ethereum? If you are considering whether you should buy Ethereum or not, then the below points may provide some clarity about the project.
- Decentralized Applications (dApps): Ethereum is home to blockchain developers. Many builders use Ethereum's features to create decentralized applications that can run on the blockchain, providing more security and transparency.
- Smart Contracts: Ethereum enables the creation of smart contracts, which can automate complex agreements and reduce the need for intermediaries.
- Network Effects: Ethereum has a large and growing community of developers, users, and investors. The huge community helps increase the value and utility of the network over time.
- Ecosystem Innovation: Ethereum has a vibrant ecosystem of projects and protocols being built on top of it. This advantage can drive new use cases and applications for the technology.
- Improved Scalability: Ethereum is actively working on improving its scalability through solutions like sharding and layer-2 solutions, effectively enhancing its transaction capacity and reducing fees.
- Growing Adoption: Ethereum has seen increasing adoption by institutional investors and companies. This benefit provides additional demand and legitimacy for the asset.
- Limited Supply: With an annual cap of 18 million ETH, Ethereum has a long-term value.
- Interoperability: Designed to be interoperable with other blockchain networks and cryptocurrencies, Ethereum gives greater flexibility and system integration.
- Ethereum Foundation: Ethereum Foundation is a dedicated development fund that supports the ongoing improvement and innovation of the network.
- Investment Potential: Ethereum has historically been one of the best-performing cryptocurrencies, offering the potential for significant investment returns.
How to buy ETH in the Philippines?
Choose a cryptocurrency exchange that supports ETH trading. Binance is one of the best places to buy ETH in the Philippines. Binance is also one of the cheapest ways to buy ETH in the Philippines.
How to buy ETH in India?
Binance is one of the best places to buy ETH in India. Binance is also one of the cheapest ways to buy ETH.
Where to buy ETH in the UK?
Choose a cryptocurrency exchange that supports ETH trading. Binance is one of the best places to buy ETH in the UK.
How to buy ETH in Australia?
Binance is one of the best places to buy ETH in Australia. Binance is also one of the cheapest ways to buy ETH.
How to buy ETH in Brazil?
Choose a cryptocurrency exchange that supports ETH trading. Binance is one of the best places to buy ETH in Brazil.
Where to buy ETH in the US?
Choose a cryptocurrency exchange that supports ETH trading. Coinbase is one of the best places to buy ETH in the US.
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