How to Start on Binance — Beginner's Guide

What is Binance?

Binance is the world's largest cryptocurrency exchange by trading volume. It offers trading in hundreds of cryptocurrencies, staking, savings, NFTs, and many other services. For Polish users, it's one of the most popular platforms for buying Bitcoin, Ethereum, and other digital assets.

Step 1: Account Registration

1. Go to binance.com and click "Register"
2. Provide your email address and set a strong password (minimum 8 characters, upper and lower case letters, numbers, special characters)
3. Confirm your email address with the verification code

Identity Verification (KYC)

Binance requires KYC (Know Your Customer) verification before allowing deposits and withdrawals:

1. Provide personal information (first name, last name, date of birth, address)
2. Upload a photo of your ID document (ID card or passport)
3. Take a selfie with the document or go through video verification
4. Verification usually takes from a few minutes to a few hours

Step 2: Securing Your Account

Before depositing any funds, secure your account:

• 2FA (Two-factor authentication) — mandatory to enable Google Authenticator or hardware key. SMS is less secure
• Anti-phishing code — set a unique code that will be visible in every genuine email from Binance
• Withdrawal address whitelist — restrict withdrawals only to known wallets
• Don't click suspicious links — phishing is the most common way of cryptocurrency theft

Step 3: First Deposit

Available deposit methods for Polish users:

• Bank transfer (SEPA) — cheapest option, funds in 1–2 business days
• Credit/debit card — instant, but commission about 1.8–2%
• P2P — buying directly from another user, often with better exchange rate

Tip: SEPA transfer in EUR is the cheapest option. If you have a multi-currency account (e.g., Revolut), exchange PLN to EUR and send for free.

Step 4: Buying Your First Cryptocurrency

Method 1: Quick Buy

1. Click "Buy Crypto" → "Quick Buy"
2. Choose currency (e.g., BTC or ETH) and amount
3. Confirm the transaction

Method 2: Spot Market

For better exchange rates, use the spot market:

1. Go to "Trade" → "Spot"
2. Choose trading pair (e.g., BTC/EUR)
3. Set order type (Market or Limit)
4. Enter amount and confirm

Method 3: DCA (Automatic Purchases)

Binance offers automatic recurring purchase feature — ideal for Dollar Cost Averaging strategy:

1. Go to "Earn" → "Auto-Invest"
2. Choose cryptocurrency and amount
3. Set frequency (daily, weekly, monthly)

Step 5: What to Do Next with Your Purchased Cryptocurrencies?

You have several options:

• Keep on exchange — simplest, but less secure (exchange can be hacked)
• Transfer to hardware wallet — highest level of security (Ledger, Trezor)
• Staking — lock up cryptocurrencies and earn interest (available for selected tokens)
• Flexible savings — earn interest with ability to withdraw at any time

Fees on Binance

• Spot trading — 0.1% per transaction (less with BNB)
• SEPA deposit — free or symbolic
• Cryptocurrency withdrawal — depends on network (e.g., BTC withdrawal costs about 0.0002 BTC)
• Card — 1.8–2% commission on purchases

What to Watch Out For?

• Volatility — cryptocurrencies can lose 30–50% of their value in a few days. Only invest what you can afford to lose
• Taxes — every cryptocurrency sale with profit is subject to 19% tax in Poland (PIT-38)
• Regulations — legal situation of cryptocurrencies is changing. Follow the news
• Don't keep everything on exchange — "not your keys, not your coins"

How Freenance Can Help?

Freenance allows you to track the value of your cryptocurrencies together with other assets — stocks, ETFs, cash — in one dashboard. You can see what percentage of your portfolio is crypto, how your net worth changes, and whether your allocation matches your plan.

👉 Track crypto and all assets in one place — freenance.io