Binance is the largest cryptocurrency exchange platform in the world, and unless you have taken advantage of the Binance referral program and thus earned crypto from your referrals, i.e. from distributing your Binance referral code, you will need to deposit crypto funds or fiat to trade here. With hundreds of cryptocurrencies, an impressive selection of marketing charts, and robust trading features, trading in Binance can be overwhelming for beginners.
All deposits in Binance involve a few simple steps with different Binance deposit methods based on the currency you choose to deposit. These deposits will take a few minutes or even days to get credited to your account, depending on the currency.
The platform currently accepts fiat deposits in 13 currencies which is expected to increase very soon. To know everything related to Binance deposits, keep reading.
How to Deposit in Binance?
Users can deposit on their Binance accounts using fiat currency or crypto funds. The two processes are different but easy to follow.
How to Deposit Crypto Funds on Binance
- Log in to the Binance platform through your desktop or the Binance phone app.
- Click on “Wallet” and choose “Fiat and Spot” from the drop-down menu.
- Click on “Deposit” on the tab above and select “Crypto.”
- Choose the cryptocurrency you wish to deposit. The platform has over 300 cryptocurrencies you can choose from.
- After you’ve selected the coin, choose the deposit network. The deposit network should be the same as the network on the external platform you are withdrawing from. You can choose any of the 5 networks on the platform:
- BEP20: BNB Smart Chain
- BEP2: BNB Beacon Chain
- ERC20: Ethereum Network
- TRC20: TRON Network
You cannot transfer your assets through an unsupported network. All the networks have different handling fees, which they charge during the transfer. But do not choose a network because of lower fees since you risk losing your funds if you select the wrong network.
After the deposit network is selected, copy the deposit address and then paste it on the withdrawal platform. Alternatively, you can scan the QR code and then paste it into your withdrawal wallet.
For users who use the BNB network, you will need a deposit address and a MEMO to make the transfer. Just scan the QR code of both the MEMO and BEP20 network and paste it on the external platform.
Once you’ve completed these steps and confirmed your transfer from the external platform like your Trust wallet, your transfer is done. It may take some time to confirm the transfer depending on the traffic on the blockchain network.
You can check the status through a blockchain explorer using the transaction ID.
Deposit Fiat Currency on Binance
Follow the first three steps as above, and choose “Fiat” under the “deposit” menu.
Then choose the currency you wish to make the payment with, and then the payment method. There are a few currencies you can choose from, such as USD, GBP or EUR, among others.
Users can choose bank transfers, payments using credit or debit cards, and other payment platforms. Follow all instructions thereafter, and your deposit is made.
How Long Do Binance Deposits Take?
Binance deposit processing time can be as short as 10-30 minutes or can even take days to process. Deposits will take a longer time when you have deposited using fiat currency through banks. This is because it takes longer for banks to process the transfer, but sometimes it may happen in 24 hours too.
When you deposit cryptocurrency from an external platform, the time will depend on how congested the blockchain network is. It may either happen instantly or may take a few hours.
Is the Binance deposit not showing up? Don’t worry because you can easily keep track of the status by using your transaction ID and checking on a blockchain explorer.
How to Increase your Deposit Limit?
The deposit limits differ according to the country and the level of your Binance account. There are three ways you can increase your deposit limit:
- Complete the KYC process in your Binance account; if you haven’t, done it already.
- Verify your account with each new level, and increase your trading volume to increase the deposit limit.
- Check the deposit limit in your country through your profile page. If the limit is very low, you can choose to open a different Binance account from another country under your relative or friend’s name.
How much are the Binance deposit and withdrawal fees?
Depositing crypto to your Binance account is completely free. However, there is a transaction cost involved when you are transferring from the external platform to Binance. During Binance withdrawals, you will need to pay a flat fee to cover the transaction costs.
Depositing or withdrawing fiat current to and from your Binance account will involve some nominal fees. This will depend on the currency you choose because all have different fee structures.
Go to “Wallet,” select “Overview’ and then click on the “Transaction History” tab. All information on deposits with the IDs will be available.
Failed Binance deposits could be because of:
– Binance occasionally suspends deposits and withdrawals for technical maintenance purposes.
– Binance may occasionally stop broadcasting certain crypto transactions on their network, so always keep a check on the latest news.
– Your account may not have sufficient or minimum balance to cover the transaction cost of your deposit.
– You may have made a mistake in copying the right address from Binance, or you may need a MEMO for the deposit.
Go to the “Fiat and Spot” tab in your wallet.
Click on “Deposit,” and select crypto and the desired deposit network
Your Binance deposit address will pop up, which you can scan or copy.
If you have deposited to the wrong network address, then Binance can’t do anything to help you. But if it’s a sizeable amount, then Binance may assist you in recovering the coins at their own discretion.
If you want to cancel the deposit because you used the wrong Memo, Tag or payment ID, then head on to their “Self-service” page and apply for recovery.
Add money by selecting the “Buy Crypto” tab on your account page if you are using a desktop, or choose “wallet” > “overview”> “Fiat and spot” and choose “Fiat.” Select the currency and then a payment mode to complete the process.
Funding your Binance account is easy because you have many options like a credit/ debit card, bank transfer or transfers from other platforms.
Binance trading platform is secure with an increasing number of users and higher trading volume by the day. Deposits to your Binance account are easy if you know what steps to follow. Begin your deposit today, and start trading or check out our in-depth Binance review if you’re still unsure if Binance is the exchange for you!