How deposit / withdrawal works on the Binance cryptocurrency exchange (Binance)

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Binance cryptocurrency exchange is the most demanded platform for trading digital assets as of 2021. 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 different countries of the world. For example, in 2019, payment systems 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 Btcnewsweb.com provides a detailed overview of all deposit and withdrawal methods on Binance, relevant at the time of writing.

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How to fund your Binance account

You can deposit funds to the Binance exchange wallet in both cryptocurrency and fiat. Many world currencies are supported, including the ruble and the hryvnia. Let’s consider all possible methods of replenishment.

Cryptocurrency (stablecoin) replenishment

Log in to your account and go to the Spot Wallet section from the top menu.

Find the cryptocurrency, token or stablecoin you are interested in in the list and press “Enter”.

This page displays the address for replenishment and the history of previous transactions. The address is also presented in the form of a QR code.

It is necessary to transfer coins to the specified address. They will be credited to the account after one confirmation of the blockchain. The exchange does not set a commission for entering, but the standard network commission is charged when transferring from an external wallet. There are no minimum deposit limits.

Please note that you can select the address format that is supported by the wallet or other service from which the transfer is made. Many wallets support work with several types of addresses at once.

You can buy cryptocurrency for fiat for transfer to the Binance exchange through cryptocurrency exchangers, p2p exchangers or fiat exchanges. Verification is not required in most cases.

Fiat money replenishment

Fiat on the Binance exchange can only be used by those users who have verified their account (passed the KYC / AML check aimed at combating money laundering).

To deposit fiat funds into 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:

For Ukrainian hryvnia:

  • Bank card (Mastercard, VISA, MIR) – commission 1% + 4 UAH
  • Advcash payment system – no commission

Pay attention to the limits that are displayed when entering the amount. So, you can transfer from 1 to 600,000 rubles to an account at a time, no more than a million rubles a day, and up to 3.5 million rubles a month.

After replenishing the spot wallet, you can transfer funds from it to other accounts – margin, futures, p2p wallet. It’s instant and free.

Fiat money gateway Binance

There is another way to acquire funds on the exchange account – 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, in the same way, only in the opposite direction, you can also sell the crypt, getting 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.

Cryptocurrency withdrawal

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.

On the left, your balance in the selected cryptocurrency is displayed, including the part that is in the orders.

On the right, you need to enter the recipient’s address and set the network for the transfer, which must 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 up-to-date 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.

Fiat money withdrawal

Go to “Spot Wallet”, click “Withdraw” next to the desired fiat currency. As in the case with the withdrawal, each of them has its own methods of replenishment, commissions, limits. For example, the ruble can be withdrawn by the following methods:

  • Bank card (Mastercard, VISA, MIR) – 2% commission + 45 rubles
  • Advcash payment system – no commission
  • Payeer payment system – no commission
  • Yandex.Money payment system – 2.5% commission

Limits – up to 100,000 rubles per transaction, up to 400,000 per day and up to 1.5 million per month.

Deposits and withdrawals through a P2P platform

Binance P2P (https://c2c.binance.com/) is a marketplace for direct trading between users, where the exchange only acts as a guarantor of transactions and resolves disputes. With the help of 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).

Purchase

Go to the p2p trading section and use the filters to select the cryptocurrency to buy, the fiat to give, and suitable payment methods. Many e-wallets and banks are supported, including Sberbank, Yandex.Money, Qiwi, Advcash, Payeer and others.

Explore the suggestions. Pay attention to the limits and rate set by the seller. After choosing a suitable offer, click “Buy”. You will need to transfer fiat to the seller using the details given to them and wait until he confirms the receipt of funds. After that, the purchased cryptocurrency will be credited to the account’s spot wallet.

Sale

To sell, you need to go to the “I want to sell” tab. Also specify filters and choose a suitable offer.

Chat with the buyer and give him payment details. Make sure the payment has been received and confirm it. Then the cryptocurrency will go to the counterparty.

The site allows you to trade cryptocurrency in volumes equivalent to 0.01-5 BTC.

Deposit and withdrawal by internal transfer through the exchanger

It is possible to make a deposit or withdraw money from the Binance ruble account (Binance RUB) using the Baksman exchanger.

The process practically does not differ from any other areas of work with the exchanger. Choose the payment direction (Binance RUB is located on the EPS tab), enter the required details, pay for the application. Please note that the service charges an additional commission if the transfer amount is less than 5,000 rubles in any direction.

Deposit and withdrawal from Binance can be done through the Baksman exchanger

Conclusion

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.

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