You don't necessarily have to use an exchange to buy crypto, but exchanges are the most convenient and safest method. Register on Binance as your ideal starting point.
Alternatives to Exchanges
In theory, you can obtain cryptocurrency through these methods:
- OTC trading: Buying and selling directly face-to-face with individuals, but extremely high risk
- ATMs: Some cities have Bitcoin ATMs, but fees are expensive
- Mining: Requires specialized equipment and significant electricity investment
- DEX (Decentralized exchanges): Requires having cryptocurrency first to operate
Why Exchanges Are the Best Option
For the vast majority of people, centralized exchanges are the optimal solution:
- Support fiat currency purchases directly -- buy USDT with CNY through P2P
- Deep trading liquidity with fair prices
- Comprehensive security guarantees and customer support
- User-friendly interface that newcomers can quickly navigate
Standards for Choosing an Exchange
Three key factors when selecting an exchange: security, liquidity, and fees. Binance leads the industry in all three areas, with the largest global user base and best liquidity.
The Relationship Between Exchanges and Wallets
After buying on an exchange, your crypto is stored in the exchange's wallet. For larger amounts, you can also withdraw to your own cold wallet for safekeeping. For daily trading and small holdings, keeping them in the exchange wallet is fine.
Download the Binance APP -- you can complete registration and your first purchase in just minutes.