How to buy WAX on Binance?

Could you please elaborate on the steps involved in purchasing WAX tokens on the Binance platform? I'm relatively new to cryptocurrency trading and would appreciate a concise yet thorough guide. Specifically, I'm wondering about the initial setup, such as verifying my account and depositing funds. Furthermore, could you highlight any key considerations or potential risks I should be aware of during the trading process? I understand that market volatility is a factor, but are there any other aspects I should keep in mind to ensure a smooth and secure transaction? Thank you for your assistance.