How to Make a Deposit in Binance

Since it launched, Binance has taken the cryptocurrency world by storm. The Chinese-developed crypto exchange is one of the most popular alternatives to well-established services such as Kraken, Bittrex, Coinbase, and others.

How to Make a Deposit in Binance

Although Binance started in China, it has since moved and registered its services overseas to avoid the strict crypto regulations. Now, Binance is based in Lithuania, which makes it easier for millions of users worldwide to use the service.

If you don’t know how to deposit funds and start using Binance to build your crypto portfolio, the following article will help.

How to Make a Deposit in Binance on a PC

Depositing cryptocurrency on Binance to trade, stake, or sell is a bit different than making a fiat currency deposit from a bank account or credit card. You’ll need to send your crypto assets from your external wallet into your Binance account.

The following process will explain how to do it.

  1. Sign in to your Binance account using your browser.
  2. Click the “Wallet” button.
  3. Select the “Fiat and Spot” option.
  4. Click the “Deposit” button.
  5. Choose “Crypto.”
  6. Select the cryptocurrency you want to deposit.
  7. Choose the desired network.
  8. Copy the address and MEMO information into the required fields of your external wallet.
  9. Input the amount you want to deposit in your wallet.
  10. Click the “Send” or “Receive” button.

If you want to deposit fiat currency in Binance, follow these next steps.

  1. Open your browser and log into your Binance account.
  2. Click the “Wallet” button.
  3. Select the “Fiat and Spot” option.
  4. Click the “Deposit” button.
  5. Go to the “Fiat” tab.
  6. Optionally, you may have to complete the identity verification process.
  7. Choose the currency you want to deposit.
  8. Select a payment method from the list (SEPA and Visa or MasterCard are the top-recommended options.)
  9. Follow the on-screen instructions and fill in the required fields with your information.
  10. Double-check your payment details.
  11. Confirm the deposit.

Once you have fiat currency in your Binance account, you can use it to buy crypto assets.

How to Make a Deposit in Binance on an iPhone

While the Binance homepage isn’t always appealing, the smartphone app itself is highly responsive, and all the relevant buttons and quick links are easy to access.

Let’s go over the deposit procedure on the iPhone version of the app, including how to get Binance on your phone.

  1. Install the Binance iPhone app from the App Store.
  2. Log into your account.
  3. Tap the “Deposit” button.
  4. Navigate to the “Spot” tab.
  5. Select your preferred currency if it’s shown in the list.
  6. If you can’t see your coin, tap the “Deposit” button.
  7. Select the type of currency you want to deposit between “Crypto” and “Cash” for fiat currencies.
  8. When depositing cryptocurrency, such as Bitcoin, select the appropriate blockchain network.
  9. Scan the QR code to input in your external wallet and make the transfer.
  10. If you’re depositing fiat currency, select the coin and preferred payment method.

It’s important to remember that each coin should go on the appropriate network to the correct address when depositing crypto assets. For example, sending Ethereum to a Bitcoin address could cause you to lose your assets.

How to Make a Deposit in Binance on an Android

The iPhone and Android Binance apps are very similar, with only minor navigational differences between them.

Here’s how you can deposit funds to your Binance account while on an Android device.

  1. Install the Binance app from the Play Store if you don’t have it already.
  2. Log into your account.
  3. Tap the “Deposit” button.
  4. Choose between “Crypto” for cryptocurrencies and “Fiat” for fiat currencies.
  5. When depositing cryptocurrency, such as Bitcoin, select the appropriate blockchain network.
  6. Scan the QR code to input in your external wallet and make the transfer.
  7. Select your preferred payment method for fiat currency and follow the on-screen instructions.

Buying Crypto Without Making a Deposit

You can quickly use another method to buy crypto on the Binance marketplace that doesn’t require you to top off your spot wallet first.

  1. Log into your Binance account on your PC or mobile device.
  2. Click the “Buy Crypto” button in your browser. For mobile devices, tap the “Buy with Cash” button.
  3. Go to the “Credit Card” Page.
  4. Select your preferred currency on the “Buy Crypto” screen.
  5. Enter the amount you wish to purchase.
  6. Input your credit card details and add your card to your account.
  7. Confirm the transaction details.

Additional FAQs

Does Binance Have Deposit and Withdrawal Limits?

Account limitations on Binance differ between jurisdictions. You need to check your profile page for accurate information on potential limits placed on your account.

It’s also worth noting that your account may have even tighter limitations if you haven’t completed the “Know Your Customer” verification process. Binance features multiple deposit and withdrawal limit thresholds, each corresponding to how many levels of the verification process its users have completed.

How Long Does It Take for Funds to Appear in the Binance Wallet?

The currency you deposit as well as the payment method will impact the quickness of the transfer. Usually, cryptocurrency deposits are fast but may still suffer from network congestion delays. However, fiat currency deposits can take longer as they also depend on your bank’s transfer policies.

Binance – Does It Merit Its Hype?

Now that you know how to deposit crypto and fiat currency funds into your Binance account, there’s nothing left for you to do but research the market. Keep an eye on the swings, and make the best investment decisions with the information available to you.

If you have other questions, feel free to share them in the comments section below. And if you’re an experienced Binance user, let us know what you think of the exchange so far, whether it’s coin availability, staking, fees, and other perks or disadvantages you find worth disclosing.

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