Cryptocurrencies are becoming increasingly popular. In addition to Bitcoin, BNB, and Ethereum, other crypto assets, like DeFi, NFTs, Stablecoins, etc., are making their way into the ring as well.
Stablecoins, like Tether (USDT), USD Coin (USDC), and Binance USD (BUSD), are among the most used types of crypto today.
They are cryptocurrencies with fixed values tied to fiat currencies, which makes them one of the most popular types of crypto today.
Let’s take a deep dive and learn how to buy Binance USD (BUSD) in a few easy steps with this quick guide to the Binance USD token.
Step #1: Select a Crypto Exchange
You can purchase BUSD tokens on several cryptocurrency exchanges. Visit the market page on CoinStats to view the exchange platforms supporting BUSD. Compare the exchanges’ security, user experience, fee structure, supported coins, etc., to choose the one that has the characteristics you need, such as affordable transaction fees, an intuitive platform, round-the-clock customer service, etc. Also, consider whether the cryptocurrency exchange is regulated by the Financial Industry Regulatory Authority (FINRA), etc., and allows you to buy BUSD using your preferred payment method.
Step #2: Create an Account
After you've chosen a cryptocurrency exchange that fulfills all your criteria, the following step is to register with the exchange using a valid email or mobile number. A link will be sent to your email, and you must click it to verify your email. Once the account is activated, you must create an elaborate password, and you’re good to go.
Some exchanges have strict KYC and AML requirements, and in order to get verified, you must provide personal information such as:
Full nameResidential addressDate of BirthID Document.
In some cases, you might also need to upload a selfie or undergo video verification to finalize the verification process.
Once your identity verification is complete, it’s recommended to activate two-factor authentication (2FA) for an extra layer of security.
Step #3: Deposit Funds
The next step is to deposit funds into your account. Many crypto exchanges support fiat currency such as USD, EUR, etc. Simply select your preferred deposit method, such as a bank transfer, wire transfer, credit or debit cards, e-wallets, PayPal, etc., and the currency you wish to deposit. Tap on “Deposit Funds,” enter the amount you want to deposit, and click “Deposit.”
Some deposit methods are extremely fast, while others, depending on the amount, require confirmation from authorities. Remember to evaluate the fees of different deposit methods since some have larger fees than others.
Credit or Debit Card
Linking your debit card to your crypto account is advantageous as it lets you make instant or recurring purchases, but be aware that it attracts an additional fee.
It's usually free to make a bank transfer from your local bank accounts, but you should still double-check with your exchange.
BUSD can be traded for another currency like Ethereum or another stablecoin; the trading pairs vary between exchanges, and you must search for BUSD on the spot market to select a pair from the list of available trading pairs.
Step #4: Buy BUSD
Follow the steps below to place a market order to buy BUSD instantly at the current market price:
Click the search bar, enter BUSD, and select “Buy BUSD” or the equivalent. Choose the payment method, the currency you wish to use, and input the amount of BUSD or the fiat amount to be spent. Most exchanges will automatically convert the amount to show you how many BUSD tokens you’ll get.Double-check the transaction details and click “Confirm.”The BUSD tokens will be displayed in your balance once the transaction is processed.
You can also place a limit order indicating that you want to buy BUSD at or below a specific price point. Your broker will ask you the number of coins you wish to acquire and the maximum price you're ready to pay for each once you've placed an order. The coins will only appear in your wallet if your broker fulfills your order at or below your requested pricing. The broker may cancel your order at the end of the day or leave it open if the price increases over your limit.
If you're planning to keep your newly purchased coins for an extended period, we highly recommend securely storing them in a hardware wallet.
To trade BUSD on spot markets, go to the Trade page and search for the BUSD pairs (BUSD/USD or BUSD/USDT). Select the trading pair and check the price chart. Click "Buy BUSD," select the "Market," enter your amount or choose what portion of your deposit you'd like to spend by clicking on the percentage buttons. Confirm and click "Buy BUSD."
Congratulations on adding BUSD tokens to your crypto portfolio!
Track BUSD Tokens
The crypto market is volatile, and managing your portfolio could get tricky if you hold multiple assets. Utilizing a portfol