Cryptocurrency trading has gained immense popularity, and Binance stands out as one of the leading platforms for buying, selling, and trading digital assets. In this guide, we’ll walk you through the process of creating a Binance account using your mobile device and how to use GCash, a widely used mobile wallet service, to manage your funds. Let’s get started with setting up your Binance account and conducting secure transactions.
What is Binance?
Before we begin, let’s briefly discuss Binance. Binance is a globally trusted cryptocurrency exchange that allows users to trade, buy, and sell a wide range of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and more. Known for its user-friendly interface and diverse trading options, Binance is a go-to platform for both beginners and experienced traders.
Step 1: How to Create a Binance Account on Your Mobile
To start trading on Binance, you need to set up an account. Here’s how to do it:
1. Download the Binance App
Begin by downloading the Binance app from the Google Play Store or the Apple App Store. Once installed, open the app, and you’ll be directed to the registration page.
2. Register Using Email or Phone Number
On the registration page, choose whether to sign up using your email or phone number. In this guide, we’ll use an email address. Enter your email and create a secure password. If you have a referral ID, you can enter it at this stage. Tap the arrow at the bottom right to proceed.
3. Verify Your Email
Binance will send a One-Time Password (OTP) to your email. Retrieve the OTP from your inbox and enter it in the app to verify your email address. You will then be asked if you have previously purchased cryptocurrencies. Select the appropriate option and tap the arrow to continue.
Step 2: Verifying Your Binance Account
To unlock all features on Binance, account verification is necessary. Here’s how you can verify your account:
1. Start the Verification Process
On the Binance dashboard, locate and tap the “Verify Account” button. You’ll have two options: Verified and Verified Plus. For most users, the Verified option is sufficient.
2. Provide Personal Information
Tap “Start Now” to begin the verification process. Enter your personal details, including nationality, full name, and date of birth. Afterward, provide your residential address, postal code, and city. Tap “Continue” once all the required information is filled in.
3. Submit a Valid ID
You will be asked to submit a government-issued ID, such as a Voter’s ID, SSS ID, Postal ID, Passport, or Driver’s License. Select the ID you want to use and follow the instructions to upload clear photos of the front and back. Tap “Continue” after submitting the ID photos.
4. Complete Selfie and Facial Verification
Next, you’ll need to take a selfie. Ensure the photo is clear and unaltered, meeting the provided guidelines. After taking the selfie, you will undergo a facial verification process that might involve simple actions like blinking when prompted. Once done, tap “Begin Verification.”
Congratulations! Your Binance account is now verified. Always prioritize security measures, such as enabling two-factor authentication (2FA), to protect your account from unauthorized access.
Step 3: Cashing In and Out with GCash
Now that your Binance account is set up and verified, let’s look at how to deposit and withdraw funds using GCash.
1. Using GCash to Deposit Funds
To deposit funds into your Binance account using GCash, follow these steps:
- Access Binance Pro Interface: Open the Binance app and switch to the Binance Pro interface.
- Go to P2P Trading: Tap on “P2P Trading” on the homepage.
- Select Cryptocurrency to Buy: Under the “Buy” section, choose the cryptocurrency you want to buy, such as USDT, BTC, or ETH.
- Choose a Seller: Look for a seller offering GCash as a payment method. Check their price, transaction limits, and reputation before proceeding.
- Make the Payment: Tap “Buy with Zero Fee” and follow the instructions to send the payment to the seller’s GCash account. Remember to keep a copy of the transaction receipt.
- Confirm Payment: After completing the payment, return to Binance and tap “Transferred and Notify Seller” to let the seller know you’ve sent the funds. The purchased cryptocurrency will be credited to your P2P wallet once the seller confirms receipt.
2. Converting Cryptocurrencies
To convert your purchased cryptocurrency into another coin, follow these steps:
- Transfer to Spot Wallet: Move the funds from your P2P wallet to your Spot wallet.
- Convert the Cryptocurrency: Go to “Trades” and tap on “Convert.” Select USDT (or your purchased cryptocurrency) and choose the coin you want to buy. Enter the amount and confirm the conversion.
3. Withdrawing Funds from Binance to GCash
To cash out your earnings or cryptocurrency:
- Go to P2P Trading: Tap on the “Sell” section.
- Choose the Cryptocurrency to Sell: Select the cryptocurrency you wish to sell.
- Find a Buyer: Look for a buyer who offers GCash as a payment method. Check their reputation and limits before proceeding.
- Complete the Transaction: Once you’ve found a suitable offer, follow the instructions to transfer the cryptocurrency to the buyer. Confirm receipt of the payment before releasing the cryptocurrency to the buyer.
Conclusion
Opening a Binance account and using GCash for transactions offers a seamless way to engage in cryptocurrency trading. By following this step-by-step guide, you can easily set up and verify your Binance account, as well as conduct transactions securely and efficiently. Remember to always prioritize your account’s security and be cautious when trading cryptocurrencies. Happy trading!