Since its launch, Binance has taken the cryptocurrency world by storm. The China-developed crypto exchange is one of the most popular alternatives to well-established services such as Kraken, Bittrex, Coinbase, and others.
Although Binance started in China, it has since moved and registered its services overseas to avoid strict crypto regulations. Now Binance is based in Lithuania, making it easier for millions of users around the world to use the service.
If you don't know how to deposit funds and start using Binance to build your crypto wallet, the following article will help you.
How to Deposit in Binance on PC
Depositing cryptocurrency on Binance to trade, stake, or sell is a bit different than depositing fiat currency from a bank account or credit card. You will need to send your crypto assets from your external wallet to your Binance account.
The following process will walk you through how to do this.
- Log in to your Binance account using your browser.
- Click on the “Wallet” button.
- Select the “Fiat and Spot” option.
- Click on the “Deposit” button.
- Choose “Crypto”.
- Select the cryptocurrency you wish to deposit.
- Choose the desired network.
- Copy the address and MEMO information into the required fields of your external wallet.
- Enter the amount you wish to deposit into your wallet.
- Click on the “Send” or “Receive” button.
If you want to deposit fiat currency on Binance, follow the steps below.
- Open your browser and log into your Binance account.
- Click on the “Wallet” button.
- Select the “Fiat and Spot” option.
- Click on the “Deposit” button.
- Go to the “Fiat” tab.
- Optionally, you may need to complete the identity verification process.
- Choose the currency you want to deposit.
- Select a payment method from the list (SEPA and Visa or MasterCard are the most recommended options.)
- Follow the on-screen instructions and fill in the required fields with your information.
- Verify your payment information.
- Confirm the deposit.
Once you have fiat currency in your Binance account, you can use it to buy crypto assets.
How to deposit in Binance on an iPhone
While Binance's homepage isn't always attractive, the smartphone app itself is very responsive, and all relevant buttons and quick links are easy to access.
Let's walk through the deposit process on the iPhone version of the app, including how to get Binance on your phone.
- Install the Browse iPhone app from the App Store.
- Sign into your account.
- Press the “Deposit” button.
- Go to the “Spot” tab.
- Select your preferred currency if it appears in the list.
- If you don't see your coin, press the "Deposit" button.
- Select the type of currency you wish to deposit between “Crypto” and “Cash” for fiat currencies.
- When depositing cryptocurrency, such as Bitcoin, select the appropriate blockchain network.
- Scan the QR code to enter in your external wallet and make the transfer.
- If you are depositing fiat currency, select the coin and preferred payment method.
It is important to remember that each coin must go to the correct network at the correct address when depositing crypto assets. For example, sending Ethereum to a Bitcoin address could cause you to lose your assets.
How to Deposit in Binance on Android
The Binance iPhone and Android apps are very similar, with only minor navigation differences between them.
Here's how to deposit funds into your Binance account from an Android device.
- Install the Binance app from the Play Store if you don't already have it.
- Sign into your account.
- Press the “Deposit” button.
- Choose between “Crypto” for cryptocurrencies and “Fiat” for fiat currencies.
- When depositing cryptocurrency, such as Bitcoin, select the appropriate blockchain network.
- Scan the QR code to enter in your external wallet and make the transfer.
- Select your preferred payment method for fiat currency and follow the on-screen instructions.
Buy 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 up your spot wallet first.
- Log in to your Binance account on your PC or mobile device.
- Click on the “Buy Crypto” button in your browser. For mobile devices, tap the "Buy with cash" button.
- Go to the “Credit card” page.
- Select your preferred currency on the "Buy Crypto" screen.
- Enter the amount you want to buy.
- Enter your credit card details and add your card to your account.
- Confirm the transaction details.
Additional FAQs
Does Binance have deposit and withdrawal limits?
Account limitations on Binance differ by jurisdiction. You should check your profile page for specific information about potential limits placed on your account.
It's also worth noting that your account may have even tighter limits if you haven't completed the "Know Your Customer" verification process. Binance offers several deposit and withdrawal limit thresholds, each corresponding to the number of levels of the verification process that 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 speed of the transfer. Usually, cryptocurrency deposits are fast but can still suffer from network congestion delays. However, fiat currency deposits may take longer as they also depend on your bank's transfer policies.
Binance – does it deserve the hype?
Now that you know how to deposit crypto and fiat funds into your Binance account, all you have to do is research the market. Keep an eye on fluctuations and make the best investment decisions with the information you have.
If you have any 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 benefits or disadvantages that you consider useful to disclose.
