How to Buy Tezos (XTZ) on Binance: Fees, Features & Step by Step Guide

Tezos is a cryptocurrency that is built on the Tezos blockchain, which has a self-amending and upgradable ledger. It was launched in 2017 and currently has a market cap exceeding $600M. This guide will explain how to buy Tezos (XTZ) on Binance. We will also list all the payment methods available and show how to open an account and get started with the exchange.

Author: Adesuwa Ebuehi   -   Last updated: 25/03/2024

Summary

Tezos (XTZ) coin is one of the many cryptocurrency options on Binance. Binance is a well-regulated crypto exchange that is registered in over 15 countries. It is one of the most highly rated exchanges and a popular option for individuals wanting to purchase XTZ. 

We will discuss how to buy Tezos (XTZ) on Binance using different payment methods in this guide article. We will also explain how to open an account on this exchange and provide insights into Binance fees, leverage, and the availability of real or CFD Tezos coins. 

Things to Consider when Choosing a Tezos (XTZ) Exchange

Finding the right exchange is vital if you wish to buy XTZ or any other cryptocurrency. You must consider many options before selecting where to buy cryptocurrencies to enjoy the best experience. Here are some of the things to consider. 

Location of Tezos Exchange

Not all countries support cryptocurrency trading. Before you create an account and purchase Tezos on any exchange, ensure that it’s located and registered in a region that supports digital currency. Buying Tezos from an exchange that is not registered in a country with crypto-friendly policies can put you at risk of losing your investment.

List of Available Payment Methods

It is best to select an exchange with many payment methods. Having multiple funding and withdrawal options makes your trading easy. In the event of a problem with your preferred choice, you can always opt for another way to add money to your account. Furthermore, it means you will always have a valid payment method regardless of location. 

How to Check the Cost and Fee

Cost is one of the most important things to consider before buying XTZ online. Always compare the costs and fees of various platforms before selecting one. However, it is also essential to note that some low-cost exchanges may not be very reliable. So, you must ensure that you choose an affordable and trustworthy platform. 

Volume Listing

Checking an exchange’s volume listing is an excellent way to gauge its popularity and reputation. Typically, when the volume-listing of an exchange is high, it indicates that several traders trust them to process transactions. 

What you need to know before Buying Tezos (XTZ) on Binance

Binance is a well-regulated exchange. Binance or any of its subsidiaries are licensed to operate by regulatory bodies in up to 15 countries. They include Abu Dhabi, Australia, Bahrain, Cyprus, Dubai, France, Italy, Japan, Kazakhstan, Lithuania, New Zealand, Sweden, Poland, South Africa, and Spain. Its headquarters is located at George Town, 23 Lime Tree Bay Ave, Cayman Islands. However, it has a total of 50+ office locations worldwide.

The exchange charges a fee of 0.1% to regular users. VIP users, on the other hand, can be charged as low as 0.02%, depending on their tier. Similarly, interest rates on XTZ are set at 0.066934% for regular users and are much lower for VIP clients. There are no deposit fees when you fund your account with crypto. However, fiat currency deposits may incur a small fee based on the specific currency being used. Furthermore, retrieval of funds attracts a variable fee based on the network. Withdrawals on the Tezos blockchain attract a 0.01 XTZ fee. Also, the minimum withdrawal amount is 1 XTZ. 

It is vital to note that Binance offers both real crypto and derivatives via futures contracts. Both options are addressed in detail in later sections of the article. The leverage on Tezos futures ranges from 1:1 to 1:20 depending on the notional value of the transaction in USDT. Larger transactions have a smaller leverage and vice versa. 

Finally, there are multiple payment options available with this exchange. The methods available to each client depends on their country of residence and the local currency they wish to deposit. Binance supports funding via bank transfer, P2P trading, credit cards, debit cards, wallets, and third-party platforms such as POLi or Simplex. 

Types of Platforms Offered on Binance to Buy Tezos (XTZ)

You can buy XTZ on Binance via their exclusive web or mobile application. We discuss each of these trading platforms below. 

Desktop Platform

Traders who wish to buy Tezos coin with their desktop will have access to a proprietary web application. This platform offers a relatively intuitive user interface and several advanced charting tools.

Mobile App

In addition to the web application, Binance also provides a mobile app that is available to iOS and Android users. Binance mobile app also offers a seamless user experience and top-notch features to clients. 

How to Buy Tezos (XTZ) on Binance

To buy XTZ on Binance, all you need to do is create an account and fund it via any of the available payment methods listed. Here, we outline the steps required to get started.

A Step by Step on How to Buy Tezos on Binance

  1. Set up your Binance account on mobile or desktop.
  2. At the top-left corner of the web application, select ‘Buy Crypto’ and choose your preferred deposit method.
  3. Search for Tezos and specify how many units of this coin you wish to buy.
  4. Confirm your transaction and receive your XTZ in your wallet.

How to Open a Tezos Trading Account on Binance

  1. Visit www.binance.com and click on Register.
  2. Enter your email address and type in the verification code you receive.
  3. Enter your personal information, including your country of residence, full name, and date of birth.
  4. Fill out your complete house address.
  5. Upload a valid government-issued ID to verify your account and get started.

How to Buy Tezos (XTZ) Using Visa or Mastercard Credit Cards on Binance

  1. Type in your email and password to log into your Binance account.
  2. On the menu bar, select ‘Buy Crypto’ and click on Credit/Debit card.
  3. Search for Tezos and enter the amount of coins you wish to purchase.
  4. Click on ‘Add New Card’ and enter your card details and billing information.
  5. Verify your transaction to receive your Tezos coin in your wallet.

How to Buy Tezos (XTZ) Using Visa or Mastercard Debit Cards on Binance

  1. Register an account with Binance.
  2. Click on ‘Buy Crypto’ and choose credit/debit card as your preferred option.
  3. Select XTZ and indicate how much you wish to buy.
  4. Enter your debit card details and confirm your payment.

How to Buy Tezos (XTZ) Using Paypal on Binance

  1. Open your PayPal app, select Finances, and click on the crypto tab.
  2. Select the cryptocurrency you wish to fund your account with. 
  3. Click on the transfer icon and select ‘Send.’
  4. Open the Binance app, choose the Wallet icon and search for the cryptocurrency you wish to deposit.
  5. Click ‘Deposit’ to view your wallet address. 
  6. Copy the address and paste it into your PayPal app.
  7. Enter how much you wish to send and complete the security checks for the crypto to be deposited in your Binance wallet.
  8. Once the deposit has reflected in your Binance account, select Buy Crypto and search for Tezos (XTZ).
  9. Indicate how much you wish to buy and select ‘Confirm Purchase.’

How to Buy Tezos (XTZ) Using Skrill on Binance

  1. On the Binance app, select ‘Trade’ followed by P2P.
  2. In the payments dropdown menu, search for and click on Skrill.
  3. Pick a merchant from the listed options available, select Buy USDT, and specify how much you need.
  4. Copy the merchant’s Skrill email, make a transfer to them from your Skrill account, and confirm the transfer on the Binance app.
  5. From the ‘Funding’ tab on the sidebar, click on ‘Transfer.’
  6. Transfer the USDT you purchased to your ‘Fiat and Spot’ wallet.
  7. Once the funds have been deposited into your Fiat and Spot wallet, you can now search for and purchase Tezos (XTZ).

How to Buy Tezos (XTZ) Using Neteller on Binance

  1. Visit the P2P section in the Binance app.
  2. Search for Neteller among the available payment choices.
  3. Select a merchant, click Buy USDT, and indicate how much you want to transfer.
  4. Log into your Neteller account and transfer the indicated amount to the merchant before confirming the transfer on the Binance app.
  5. Once the funds have been received, transfer them to your Fiat and Spot account.
  6. Finally, you can search for Tezos (XTZ), indicate how much you wish to purchase, and buy the coin.

How to Buy Tezos (XTZ) Using Bank Wire on Binance

  1. Log into your Binance account.
  2. Click on Wallet and select ‘Fiat and Spot.’
  3. Select Deposit, choose your preferred currency denomination, and ensure that ‘Bank Transfer’ is selected.
  4. Enter how much you wish to deposit.
  5. Next, you will see your Binance account information. Copy these details and make a deposit via your bank and await confirmation.
  6. Search for Tezos (XTZ), indicate how many coins you want, and select ‘Buy XTZ.’

How to Buy Tezos (XTZ) Using P2P Payment on Binance

  1. Log into your Binance account and click on Trade, followed by P2P.
  2. Specify your preferred currency denomination and payment method, then choose the merchant and select ‘Buy USDT.’
  3. Once you have indicated how much USDT you wish to purchase, you will be shown the merchant’s account details for you to make a transfer and confirm the payment.
  4. After the payment is confirmed, you will receive the equivalent amount of USDT in your Binance account.
  5. Next, you can proceed to search for and buy the amount of Tezos that you need.

Buying Tezos (XTZ) Vs Trading Tezos (XTZ) CFD at Binance

Binance users cannot buy Tezos CFDs as the exchange does not offer any cryptocurrency CFDs. Therefore, clients of this exchange will only be able to own real Tezos or trade Tezos futures. With real Tezos, customers can own the asset for themselves and enjoy relatively reduced risk due to the absence of margin trading. On the other hand, trading Tezos futures has the potential for larger profits due to a leverage up to 1:20. However, this also comes with a greater risk of loss.

Bottom Line

If you are looking to learn how to buy Tezos (XTZ) on Binance, it would interest you to know that the exchange offers various payment methods, including credit cards, debit cards, cryptocurrency, bank transfers, Skrill, Neteller, or PayPal, although the specific funding option available to you will vary depending on your country of residence. Binance fees are also relatively affordable as they do not charge above 0.1% to their regular customers. However, VIP customers will enjoy even lower costs. 

Frequently Asked Questions (FAQs)

You can buy Tezos on Binance or other exchanges such as Kucoin or Huobi.

You need to open a Binance account, fund it via any of the available methods, search for Tezos (XTZ), and click on Buy. 

Yes, it is a safe exchange to buy Tezos. 

The current market cap of Tezos coin is $662,000,000. 

Tezos initial coin offering (ICO) happened in July 2017.

It was founded in 2014. 

First, select Buy Crypto from the menu tab and select Credit Card as your preferred funding method. After this, you will be required to add a new card by entering your credit card details before you can finally fund your account. 

Yes, the exchange charges a 0.1% fee to regular customers when buying Tezos.

Yes, you can buy Tezos with debit cards. 

Binanace has a crypto wallet where clients can store their Tezos coin and other cryptocurrencies. 

Yes, you can transfer your Tezos or any other crypto from Binance.

There is no minimum deposit to buy Tezos. 

Yes, you can swap your Tezos for another coin on Binance. 

You can use your Tezos to buy any of the other 100+ cryptocurrencies listed on Binance. 

Tezos, like every other cryptocurrency, is a high-risk, high-reward asset. Before purchasing this coin, it is essential that you do sufficient research. 

At the moment, Tezos is valued at $0.696306 per coin. 

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