Buy Binance USD Coin(BUSD) in India — Step by Step guide for beginners
How to Buy Binance USD Coin(BUSD) in India?
What is Binance USD (BUSD) Coin?
Binance USD also known as (BUSD) is a 1:1 USD supported stable coin issued by Binance in partnership with Paxos, Authorised and regulated by the NYDFS New York State Department of Financial Services, The BUSD Audit Report of each month can be viewed from the official website. Launched on 5 Sep 2019, BUSD intends to meld the functionality of the dollar with blockchain. It is a virtual mainstream currency, being issued as ERC-20 and backs BEP-2.
Transparency and security are just some of the attractions offered by Binance’s BUSD. The token has continued price stability that is regularly and transparently audited and is highly scalable. It can be transferred with Ethereum and Bitcoin blockchains and is backed by Binance and Paxos which are two of the biggest cryptocurrency names, assuring continual market domination.
Key features Binance USD(BUSD) Coin
BUSD is one of the few regulated crypto tokens out there on the market.
- Its collaboration and relation with Paxos, a reliable name in the crypto space, depicts a dedication to building a genuinely secure and regulated token for the crypto space.
- Rules and Regulations are already a long-awaited though hotly contested development in the crypto world.
- With the rigid regulatory frameworks in most countries, crypto platforms and services often have a hard time getting regulation.
- Meanwhile, BUSD proves itself by obtaining permits from the NYDFS, one of the most infamously strict regulatory bodies in the world.
How to buy a BUSD Coin?
One can buy BUSD in India by using the platform of BuyUcoin. It is a 4-step process. For opening a digital wallet, one has to register an account. Then one has to complete the KYC process, then users need to follow a Google 2-step verification followed by entering the bank details, then you can start trading in BUSD.
Buy BUSD Coin in India — Step by Step Guide For Beginners
BuyUcoin is an exchange that provides buying and selling BUSD Coin in India as well as other cryptocurrencies. Below is a step by step guide to buying BUSD Coin via BuyUcoin:
Step 1 — Open a Digital Wallet
A digital wallet houses your cryptocurrencies and uses blockchain technology to communicate with other citizens. It is important to make in-depth research before you decide what one is best for you, however, there are several providers of digital wallets. Today, BuyUcoin’s the leading digital wallet provider.
Step 2 — Register & Open an Account
When you enter the BuyUcoin/Signup account, register and open a service account. Choose your person or company form of account. Choose your country and adhere to the terms and conditions of your crypto-trading account.
For the Indian jurisdiction, KYC and AML are compulsory. Your data are secure and encrypted and stored only in Indian data centres. To complete your KYC, you are redirected to another URL. With your last selfie, please be ready. Pictures of your pan card will be required. The mobile number connected to your Adhar is important.
Step 4-Google 2 step Verification
To use 2FA, the Authenticator app must be enabled on your smartphone or tablet. If enabled, any time you log in to your BuyUcoin account, you will be asked to include a 6- digit one-time password with your email and password. This only functions when an email and password are entered.
Step 5-Add Bank details
Add your name credentials, the account name of the holder and the IFSC code information.
Trade Binance USD (BUSD) Coin
As a stable coin, Binance USD has numerous use cases, playing vital roles in digital transactions and DeFi systems. To begin, you can trade BUSD with a total of 48 currency pairs, each of which has a dollar value and is accessible from anywhere on the planet. Users will find it to be a viable alternative to fiat currencies, as it can be exchanged for a dollar at a 1:1 ratio. With nearly no fees, the coin is an ideal substitute for any currency, wherever in the world, at any time.
Second, the adaptability of the BUSD is not restricted to real-world assets. It can also be instantly exchanged for other well-known stablecoins on a 1:1 basis with no fees. BUSD, being an ERC-20 coin, is compatible with a variety of platforms and can be readily linked with a variety of DApps and smart contracts.
Can I Use Regular Money to Buy Binance USD (BUSD) Coins?
Yes, you can use regular money or any fiat currencies like BUSD-INR in India to buy BUSD Coin where BUSD Coin can be stored in your wallet with a single tap to buy or sell your favourite cryptocurrencies without any hidden fees using one of India’s leading cryptocurrency exchange BuyUcoin.
Getting a Binance USD(BUSD) Coin Wallet
BuyUcoin is a multi-currency crypto wallet where BUSD Coin can be stored with high-end security features where cold storage wallets are used. The key to your digital future is in your wallet. You can use BuyUcoin wallets to access and store your digital assets.
Your wallet is in your possession. A digital wallet is nothing more than a tool for storing and managing your digital assets and currencies. This is because you, not your wallet, are in charge of your money. They’re just a way of regaining control over what’s rightfully yours.
BUSD Coin Exchanges
If you wish to buy BUSD, an exchange called BuyUcoin is one choice. You can even buy the BUSD using your debit card with a hassle-free interface. BuyUcoin asks for your ID and address when you register. This complies with anti-money laundering (AML) regulations and is familiar with your customer’s regulations (KYC).
Many exchanges consider ID checks to be the ideal method, despite the fact that they are technically not required in most countries. It aids in preventing the use of exchanges for illicit purposes. However, there are valid reasons why your identity should not be divulged to a trader who respects your privacy.
The rapid growth experienced by BUSD is highly expected to continue. With the numerous features it currently provides, BUSD has proven itself as a market leader and ideal stablecoin, providing users with a secured substitute to maximum stablecoins. With others planned developments, it is clearly evident that Binance’s BUSD is a market leader.
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Buy Binance USD Coin(BUSD) in India — Step by Step guide for beginners was originally published in BuyUcoin Talks on Medium, where people are continuing the conversation by highlighting and responding to this story.