How to Open a Binance Account and Cash In/Out Using GCash: A Step-by-Step Guide

Cryptocurrency trading has become increasingly popular, and Binance is one of the top platforms for buying, selling, and trading digital assets.

In this guide, we’ll take you through the step-by-step process of creating a Binance account on your mobile device and show you how to use GCash, a widely used mobile wallet, to manage your funds seamlessly.

Let’s dive in and set up your Binance account for secure and hassle-free transactions! 🚀

What is Binance?

Before we get started, let’s take a quick look at Binance. It’s a globally trusted cryptocurrency exchange where users can buy, sell, and trade a wide range of digital assets, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and many more. With its user-friendly interface and diverse trading options, Binance is an excellent choice for both beginners and experienced traders looking for a reliable platform.

Step 1: How to Create a Binance Account on Your Mobile

To start trading on Binance, you need to set up an account. Here’s how to do it:

1. Download the Binance App

Begin by downloading the Binance app from the Google Play Store or the Apple App Store. Once installed, open the app, and you’ll be directed to the registration page.

2. Register Using Email or Phone Number

2. Registering Your Binance Account

On the registration page, you can sign up using either your email or phone number. In this guide, we’ll use an email address.

Enter your email and create a strong password.
If you have a referral ID, you can enter it at this stage.
Tap the arrow button at the bottom right to proceed.

3. Verify Your Email

Binance will send a One-Time Password (OTP) to your email.

Check your inbox and enter the OTP in the app to verify your email address.
Next, Binance will ask if you’ve previously purchased cryptocurrencies. Select the appropriate option and tap the arrow to continue.

You’re now one step closer to accessing the world of cryptocurrency trading! 🚀

Step 2: Verifying Your Binance Account

To unlock all features on Binance, account verification is necessary. Here’s how you can verify your account:

1. Start the Verification Process

On the Binance dashboard, locate and tap the “Verify Account” button. You’ll have two options: Verified and Verified Plus. For most users, the Verified option is sufficient.

2. Provide Personal Information

Tap “Start Now” to begin the verification process. Enter your personal details, including nationality, full name, and date of birth. Afterward, provide your residential address, postal code, and city. Tap “Continue” once all the required information is filled in.

3. Submit a Valid ID

You will be asked to submit a government-issued ID, such as a Voter’s ID, SSS ID, Postal ID, Passport, or Driver’s License. Select the ID you want to use and follow the instructions to upload clear photos of the front and back. Tap “Continue” after submitting the ID photos.

4. Complete Selfie and Facial Verification

Next, you’ll need to take a selfie. Ensure the photo is clear and unaltered, meeting the provided guidelines. After taking the selfie, you will undergo a facial verification process that might involve simple actions like blinking when prompted. Once done, tap “Begin Verification.”

Congratulations! Your Binance account is now verified. Always prioritize security measures, such as enabling two-factor authentication (2FA), to protect your account from unauthorized access.

Step 3: Cashing In and Out with GCash

Now that your Binance account is set up and verified, let’s look at how to deposit and withdraw funds using GCash.

1. Using GCash to Deposit Funds

To deposit funds into your Binance account using GCash, follow these steps:

Access Binance Pro Interface: Open the Binance app and switch to the Binance Pro interface.
Go to P2P Trading: Tap on “P2P Trading” on the homepage.
Select Cryptocurrency to Buy: Under the “Buy” section, choose the cryptocurrency you want to buy, such as USDT, BTC, or ETH.
Choose a Seller: Look for a seller offering GCash as a payment method. Check their price, transaction limits, and reputation before proceeding.
Make the Payment: Tap “Buy with Zero Fee” and follow the instructions to send the payment to the seller’s GCash account. Remember to keep a copy of the transaction receipt.
Confirm Payment: After completing the payment, return to Binance and tap “Transferred and Notify Seller” to let the seller know you’ve sent the funds. The purchased cryptocurrency will be credited to your P2P wallet once the seller confirms receipt.

2. Converting Cryptocurrencies

To convert your purchased cryptocurrency into another coin, follow these steps:

Transfer to Spot Wallet: Move the funds from your P2P wallet to your Spot wallet.
Convert the Cryptocurrency: Go to “Trades” and tap on “Convert.” Select USDT (or your purchased cryptocurrency) and choose the coin you want to buy. Enter the amount and confirm the conversion.

3. Withdrawing Funds from Binance to GCash

To cash out your earnings or cryptocurrency:

Go to P2P Trading: Tap on the “Sell” section.
Choose the Cryptocurrency to Sell: Select the cryptocurrency you wish to sell.
Find a Buyer: Look for a buyer who offers GCash as a payment method. Check their reputation and limits before proceeding.
Complete the Transaction: Once you’ve found a suitable offer, follow the instructions to transfer the cryptocurrency to the buyer. Confirm receipt of the payment before releasing the cryptocurrency to the buyer.

Conclusion

Opening a Binance account and using GCash for transactions provides a seamless and convenient way to engage in cryptocurrency trading.

By following this step-by-step guide, you can easily set up and verify your Binance account, as well as conduct secure and efficient transactions.

Always prioritize your account security and stay cautious when trading cryptocurrencies. Happy trading!