Buy Your First $100 of Bitcoin or Ethereum: What You'll Complete in One Session
By the time you finish this guide you'll have done the following with confidence: created a verified account on a major exchange, enabled two-factor authentication, funded your account, executed a clean $100 buy of Bitcoin or Ethereum, and moved your crypto into safer storage if you choose. You will also know how to spot a phishing attempt, what mistakes cost real money, and which Binance Academy lessons to bookmark for fast follow-up study.
Before You Start: Required Documents and Tools for Buying Crypto
Gather these items now so the process doesn’t stall mid-step. If you're missing one, pause https://www.advfn.com/newspaper/advfnnews/82634/top-7-beginner-crypto-exchanges-for-2026 and get it — verification and security depend on it.
- Smartphone with camera and SMS capability (for 2FA and identity photos) Government-issued ID (passport or driver's license) for Know Your Customer (KYC) checks Bank card or bank account details for a fiat deposit; a debit card usually works faster Secure email address you already control (no, not the one you created five minutes ago) Password manager (1Password, Bitwarden, or similar). If you refuse this, expect regret. Optional: hardware wallet (Ledger, Trezor) if you plan to hold long-term Time: set aside 30-60 minutes for account setup and your first purchase
Also open Binance Academy and search for the short articles on "How to Buy Crypto," "What is a Crypto Wallet," and "Avoiding Crypto Scams." Read those as you go; they're written for beginners and will reinforce steps below.
Your Complete Binance Buying Roadmap: 9 Steps from Signup to Secure Storage
This is the practical, hand-holding pathway. I use Binance here because it's one common on-ramp, but the security rules apply everywhere. Read each step, don't rush clicks, and do the thought experiments sprinkled throughout.
Create an Account and Secure Your Email
Sign up with an email you access. Use a strong, unique password stored in your password manager. If you already use that email for other accounts, good. If the exchange offers a “login with Google/Apple,” prefer the regular email route to keep recovery simple. Immediately enable 2-factor authentication using an authenticator app (Google Authenticator, Authy) — not SMS-only, if possible.
Complete KYC Verification
Upload a clear photo of your ID and a selfie when requested. This feels invasive, but it's standard. Keep scans crisp and avoid filters. Verification can take 10 minutes to a few hours. If the platform rejects your photo, retake it with plain background lighting. Read Binance Academy’s guide on verification tips to avoid rejections.
Decide Where to Store Your Crypto: Exchange Wallet vs Personal Wallet
For a $100 buy you can leave assets on the exchange for a short time, but leaving funds long-term on an exchange raises risk. If you plan to hold for years, use a personal wallet:
- Software wallet: MetaMask or Trust Wallet - quick and free but exposes you to phishing risk. Hardware wallet: Ledger/Trezor - adds a small cost, much higher safety.
Thought experiment: imagine you forget your exchange login but not your seed phrase. Which scenario lets you recover your funds? The one with your own seed phrase. Keep this mental image; it will inform your choices.
Fund Your Account Carefully
Choose a funding method: debit card is fastest but might have higher fees; bank transfer is cheaper but can take days. For $100, a card is fine. Enter your payment method on the exchange, confirm the small verification charges if asked, and fund an amount slightly above $100 to cover fees.
Binance Academy advises checking fee estimates before confirming a buy. For a $100 order, an on-chain or network fee may apply only if you withdraw. Keep $5-10 for fees when planning transfers to a wallet.
Choose Bitcoin or Ethereum and Order Type
Most beginners use a "market" order to buy immediately at current price. If you want to control price, use a "limit" order. For your first buy, place a market order for $100 (or $95 to leave a buffer). Review estimated fees and the final amount of crypto you'll receive before confirming.
Note on networks: If you're buying Ethereum, be aware of high gas fees on the Ethereum mainnet. For small amounts, Bitcoin might be simpler. Binance also offers wrapped or BEP-20 tokens with lower fees; only use those if you understand network differences. If not, stick with the canonical BTC or ETH mainnets for clarity.
Execute the Purchase and Take a Screenshot
Confirm the order and take a screenshot of the confirmation or download the trade receipt. This helps if something goes wrong. The screen will show purchase amount, fees, and timestamp. Store a copy in your password manager's secure notes or another safe place.
Move Crypto Off the Exchange If You Intend to Hold
If you choose a personal wallet, withdraw your crypto from the exchange immediately. Withdrawals require a network selection. Match the network in your wallet exactly. Sending ETH on the wrong network can destroy funds. For example, don't send ERC-20 tokens to an address expecting BEP-20 tokens unless you know how to recover them.
Make a small test transfer first - send $5 worth, confirm it arrives, then send the rest. It costs a little in fees but avoids catastrophic mistakes.
Securely Store Your Seed Phrase
If you use a software wallet, you'll get a 12/24-word seed phrase. Write it on paper; never store it in plain text on a cloud drive or phone notes. Consider a fireproof metal backup if you plan to hold longer than a year. Never share your seed phrase with anyone — not support, not a friend, not an online stranger.
Confirm Everything, Then Sleep on It
Review your transaction history, confirm receipt in your wallet, and then step away. If you wake up with doubts, review Binance Academy's relevant articles. Crypto moves fast, but your brain performs best when rested. Avoid making more trades when anxious.
Avoid These 7 Crypto Buying Mistakes That Lose Beginners Money
People make the same avoidable errors again and again. Read this list like it’s a user manual for not losing money.
Clicking links in unsolicited messages — phishing scams will mimic support and domains. Always type the exchange URL yourself. Using SMS-only 2FA — SIM swaps happen. Use authenticator apps and keep backup codes offline. Sending to the wrong network — ERC-20 vs BEP-20 vs native chains. Double-check network labels and addresses before every withdrawal. Ignoring fees on small withdrawals — moving $100 could cost $5-$30 to withdraw depending on network and congestion. Factor that into your plan. Sharing your seed phrase or private key — any request for it is a scam. Period. Trusting random investment advice — if it sounds too good, it probably is. Avoid Telegram groups promising guaranteed returns. Not backing up credentials — losing your authenticator or email access is a recoverable but painful process. Keep spare recovery methods.Advanced Security and Cost Tricks: Move Beyond Buy-and-Hold for Safer Entry
Once you’ve completed your first buy, these techniques reduce long-term risk and make future transactions smoother.
- Dollar-cost averaging (DCA): split future buys into weekly or monthly $50 purchases. This reduces timing risk and calms nerves. Limit orders and price alerts: avoid market orders if you dislike price slips. Set a reasonable limit and a price alert through the exchange app. Use a hardware wallet: for holdings beyond a small experimental stash, hardware wallets dramatically lower the chance of online theft. Whitelist withdrawal addresses: lock withdrawals to pre-approved addresses where supported. This prevents remote hijackers from quickly withdrawing funds. Split storage: keep a small amount on the exchange for trading, the larger share in cold storage. Understand tax basics: track buys, sells, and transfers. Many countries treat crypto events as taxable; keep receipts and consult a tax professional if you move beyond hobby-level activity.
Thought experiment: imagine your exchange becomes inaccessible for a week. Where are you worse off — with your crypto on that exchange, or with it in your own wallet with a backup seed phrase? That mental check will encourage better custody choices.
When Things Break on Binance: Fixes for Verification, Deposits, and Withdrawals
Problems happen. Here's how to troubleshoot common ones without handing control of your life to panicked decisions.
Verification Delayed or Rejected
- Retake ID photos with even lighting and plain background. Use passport if driver's license is rejected. If stuck, open a support ticket and attach clear screenshots of the error message. Keep copies of your uploads.
Deposit Not Showing
- Check blockchain explorer using the transaction ID if provided. If the TX is confirmed and the exchange hasn’t credited it, contact support with TX details. For fiat transfers, ensure you used the correct reference or memo — missing that is a common reason funds don’t link to your account.
Withdrawal Failed or Sent to Wrong Network
- If you used the wrong network, contact both the sending and receiving platforms immediately. Recovery is sometimes possible but often expensive and slow. For stuck withdrawals due to low fees, increasing fees isn't always possible; cancellations depend on mempool state. Ask support for options.
Account Locked or 2FA Lost
- Use your account recovery process and provide requested ID. Keep expectations realistic — recovery may take days. If you have backup codes, use them. If you destroyed them, prepare to prove identity with government ID and transaction history screenshots.
Scam or Fraud
- Report to the exchange immediately. Freeze or cancel pending withdrawals if the exchange offers it. Contact local law enforcement and file an online fraud report. Document everything.
If technical support gives you instructions asking for your seed phrase, stop and refuse. No legitimate support will ask that.
Final Checklist Before You Click Buy
Item Done? Email + strong password stored securely ☐ Authenticator app enabled (2FA) ☐ ID for KYC uploaded ☐ Payment method added and verified ☐ Seed phrase backup plan in place (if using personal wallet) ☐ Knowledge of network differences (ERC-20 vs BEP-20 etc.) ☐ Budgeted for fees and a test transfer ☐Start with a small amount if that calms you — $20 as a test order is fine. But once you’ve done the process and seen how it works, scale to the $100 you intended. Bookmark the Binance Academy pages you read. When questions come up, use them before asking random advice online.
Summary: nothing magical happens when you buy your first crypto. The biggest risk is human error and social engineering. Protect your login, secure your seed phrase, and treat every link with suspicion. Do that and $100 becomes a harmless initiation rather than a costly lesson.