- 1 Binance Exchange
Binance cryptocurrency exchange is the most demanded platform for trading digital assets. Its important advantage is that developers regularly add new methods of depositing and withdrawing funds, which allows them to reach the maximum number of possible users from around the world. For example, in 2019 Advcash, Payeer and bank cards were added. All operations with cryptocurrency do not require account verification with volumes up to 2 BTC per day; it is necessary to deposit or withdraw fiat currencies.
The editorial staff of Actseason.com provides a detailed overview of all deposit and withdrawal methods on Binance, relevant at the time of writing.
How to fund your Binance account
Cryptocurrency replenishment (stablecoin)
- First thing to do is – log into your account and go to the “Spot Wallet”
- Find the cryptocurrency (in our case bitcoin), token or stablecoin you are interested in in the list and press “Enter”
- You need to transfer coins to the specified address. They will be credited to the account after one confirmation of the blockchain. The exchange has not established a commission for entering, but the standard network commission is charged when transferring from an external wallet. There are no minimum deposit limits
You can buy cryptocurrency for fiat to transfer to the Binance exchange through cryptocurrency exchangers, p2p exchangers or fiat exchanges. Verification is not required in most cases.
In addition you can deposit to Binance exchange fiat currency as well. Let’s look how it works.
Fiat on the Binance exchange can only be used by those users who have verified their account (check against money laundering).
To deposit fiat funds to the Binance account, you also need to go to the “Spot Wallet” section and select the desired currency, but after that, if necessary, go to the “Fiat” tab.
Select the required currency from the drop-down list if it is not selected. For each of them, different deposit methods are available and different levels of commission fees are set. For example, for the ruble it is:
- Bank card (Mastercard, VISA, MIR) – commission 3.1%
- Advcash payment system – no commission
- Payment system Payeer – commission 0.5%
After replenishing the spot wallet, you can transfer funds from it to other accounts – margin account, futures, p2p wallets. It’s instant and free.
Fiat gateway Application Binance
There is another way to get funds on the exchange account – to buy cryptocurrency through the fiat gateway Binance or third-party partners (Mercuryo, Simplex, Koinal, BANXA) and immediately receive it to your spot account without making additional financial transactions.
It allows you to pay for your purchase directly with a VISA / Mastercard credit or debit card. The option is also available only for verified users. By the way, using same procedure but only in the opposite direction, you can also sell the crypt, having received fiat on your card.
How to withdraw money from your Binance account
If you do not plan to make trading operations in the near future, we recommend that you withdraw money from the exchange, since this is not a safe way to store it.
The easiest and most affordable way for everyone. Does not require verification (however, for unconfirmed users, a withdrawal limit of 2 BTC per day is set, which, after confirmation, expands to 100 BTC).
- Go to “Spot Wallet” and click “Withdraw” next to the desired coin.
- You need to enter the recipient’s address and set the network for the transfer, which should match the one set in the receiving wallet. Then enter the amount to withdraw and click “Submit”. Confirm the action.
The commission level is individual for each specific cryptocurrency. Look for the latest information on fees and minimum limits in the relevant section of the exchange. It is noteworthy that you can transfer funds to the address of another Binance user. Then the processing fee will be refunded to the checking account by default.
Deposits and withdrawals through a P2P platform
Binance P2P is a marketplace for direct trading between users, where the exchange only acts as a guarantor of transactions and resolves disputes. Using the site, you can sell or buy cryptocurrency using different payment methods. Payment methods can be added in advance in the settings in order to quickly select them later.
Working with P2P is available only to verified users. In addition, you will first need to transfer funds to a P2P account from a spot wallet (upon sale).
If initially the Binance exchange worked exclusively with cryptocurrency, today it is becoming more and more accessible, including for beginners who first start interacting with digital assets. The only drawback is the need for verification, which, firstly, reduces confidentiality, and secondly, it requires some waiting while employees check and confirm the data.