Cryptocurrency has become increasingly popular in recent years, and Binance is one of the leading platforms for trading and investing in various cryptocurrencies. In this post, we will guide you through the process of opening a Binance account using your mobile phone. Additionally, we will show you how to cash in and cash out using GCash, a popular mobile wallet service. So let’s dive in and learn how to navigate the registration process and conduct transactions securely and efficiently.
What is Binance?
Before we embark on the account creation process, it’s essential to have a clear understanding of what Binance is. Binance is a reliable cryptocurrency wallet that allows users to trade, buy, and sell cryptocurrencies like Bitcoin, Litecoin, USDT, TRX, and more. It offers a user-friendly interface and a wide range of trading options, making it a popular choice among cryptocurrency enthusiasts.
Step 1: Creating a Binance Account
To begin, we need to download the Binance application from the Play Store or App Store. Alternatively, you can find the download link provided. Once downloaded, open the application to be redirected to the Registration Page.
On the Registration Page, you can choose to sign up using either your email or phone number. Either option will require verification later in the process, so select the one you prefer. In this example, we will use an email address for registration. Enter your email and create a password. If you have a referral ID, you can input it at this stage. After providing the necessary information, tap the arrow at the lower right to proceed.
Next, Binance will send a One-Time Password (OTP) to the email address you provided. Retrieve the OTP from your email and enter it in the corresponding field to proceed. Following OTP verification, you will be prompted to indicate whether you have purchased cryptocurrency before. Select the appropriate option and tap the arrow at the lower right.
Step 2: Verifying Your Binance Account
Now that you have created your Binance account, it’s crucial to verify it to unlock full functionality. On the Binance dashboard, locate and tap the “Verify Account” button. There are two types of verification available: Verified and Verified Plus. For this guide, we will focus on the Verified option.
To start the verification process, tap “Start Now” at the bottom. You will be prompted to enter your personal information, including nationality, first name, last name, middle name, and date of birth. After providing this information, you need to enter your residential address, postal code, and city. Once you have filled in all the required information, tap “Continue” at the bottom.
To complete the verification process, you will need to submit a valid ID. Binance accepts various government-issued IDs, such as Voter’s ID, Unified ID, SSS ID, Postal ID, Passport, and Driver’s License. Select the appropriate ID and tap “Continue” to proceed. Follow the instructions to capture clear photos of the front and back of your ID and upload them. After successfully submitting the ID photos, tap “Continue” to proceed.
The next step involves taking a selfie. Follow the provided guidelines, ensuring that you meet the requirements for a clear and unaltered photo. Once you have captured an acceptable selfie, tap “Continue” to proceed. Lastly, there will be a facial verification process where you will need to follow specific instructions, such as blinking when prompted. Complete the facial verification, and once done, tap “Begin Verification.”
Congratulations! Your Binance account is now verified. It is crucial to prioritize account security, given the prevalence of hackers targeting cryptocurrency platforms. Take necessary precautions to safeguard your account and funds from potential threats.
Step 3: Cash In and Cash Out with Gcash
Now that your Binance account is fully functional, let’s explore how you can use GCash, a popular mobile wallet, to deposit and withdraw funds. To use Gcash for transactions on Binance, both your Binance and GCash accounts need to be verified.
To cash in or buy cryptocurrency, go to your Binance account and access the Binance Pro interface. Tap on “P2P Trading” on the homepage. Under the “Buy” section, you will find various options for trading, including USDT, BTC, BUSD, BNB, ETH, and SLP. Select the desired cryptocurrency and check the prices, limits, and available payment methods. Choose the most suitable option, ensuring it aligns with your preferences and requirements.
Suppose you want to buy USDT (Tether) using GCash. Look for a trader offering USDT with Gcash as the payment method. Consider factors such as price, transaction limits, and the trader’s reputation. Once you have selected a suitable deal, tap “Buy with Zero Fee.” Follow the instructions to send the payment to the trader’s GCash account. Make sure to save a copy of the transaction receipt for reference.
After completing the payment, return to your Binance account and tap “Transferred and Notify Seller” to inform the trader that you have sent the payment. Once the trader confirms the receipt of funds, the purchased USDT will be credited to your P2P wallet.
To convert the purchased USDT into the cryptocurrency of your choice, transfer the funds from your P2P wallet to your Spot wallet within Binance. Once in the Spot wallet, go to “Trades” and tap on “Convert.” Select USDT as the currency you want to convert and choose the cryptocurrency you wish to buy. Enter the desired amount and review the conversion details. Finally, confirm the conversion to complete the process.
Step 4: Withdrawing Your Earnings
If you want to withdraw your earnings or any cryptocurrency from your Binance account, follow a similar process. Access the P2P Trading section, this time selecting “Sell” instead of “Buy.” Choose the cryptocurrency you want to sell and select a suitable offer based on price, limits, and payment methods. Complete the transaction with the buyer, ensuring you release the cryptocurrency only after confirming the receipt of payment.
Conclusion
Opening a Binance account and utilizing GCash for transactions provides a convenient way to participate in cryptocurrency trading. By following the step-by-step guide outlined in this article, you can register on Binance, verify your account, and conduct transactions securely. Always prioritize account security and be cautious when engaging in cryptocurrency-related activities.