Binance is the one of largest cryptocurrencies in the world by trading volume.
The platform is often tipped to be a must-have for crypto investors and traders. A part of its popularity is due to the wide variety of cryptocurrencies, and investment/trading services it provides.
The other part of it is its unparalleled presence in the majority of the countries around the world, either by itself or through collaboration with local exchanges.
Once you create an account on Binance, one of the first steps will be to deposit your cryptocurrency.
The platform is highly intuitive, so even first-time users may not face issues navigating the desired features.
To deposit money in Binance, First, log in to your Binance account using your credentials. into ‘Wallet’, from the drop-down menu choose ‘Fiat and Spot’. Choose the type of coin you want to deposit on the wallet, click on ‘Deposit’. You will see the wallet address and QR code, share it with the sender and that’s it.
However, the following steps must help you get started with cryptocurrency depositing on Binance.
How To Deposit Money On Binance Through Website?
If you are accessing Binance on the website, these are the steps:
Step 1: Login To Your Binance Account
All accounts on Binance undergo multiple layers of security. Apart from entering your password, you will have to solve a puzzle and at times, enter an OTP that is either sent to your mobile / email.
Step 2: Choose ‘Fiat And Spot’
On the top bar, you will see ‘Wallet’, hover the cursor over that, and from the drop-down menu choose ‘Fiat and Spot’.
Binance allows you to convert fiat currency to cryptocurrency to vice versa.
However, note that you cannot convert fiat currency to ANY cryptocurrency, but you can do the popular ones such as Bitcoin, Ethereum, etc.
Once you click on Fiat and Spot, you will find a list of coins and their balances beside.
Step 3: Choose Coin Type And Deposit Option
Choose the type of coin you want to deposit on the wallet, and beside it, click on ‘Deposit’
It’s time to select the coin! Okay, understand this, every wallet address in Binance will be linked to a single type of coin. Do not use that address for sending any other coin.
Step 4: Share QR Code With Sender
You will be shown the wallet address and the QR code which you can share with the person who is sending you the cryptocurrency.
And that’s it! Share this wallet address / QR code with the person who is depositing cryptocurrency.
Once they successfully complete the transaction, it must appear on your wallet.
Also Read: Does Binance Report to IRS?
How To Deposit Money On Binance Through Mobile App?
Step 1: Login To Binance
Login to your Binance account using your credentials.
All accounts on Binance undergo multiple layers of security.
Apart from entering your password, you will have to solve a puzzle and at times, enter an OTP that is either sent to your mobile / email.
Step 2: Select The Wallet Icon
From the bottom bar, tap on the ‘Wallet’ icon
This is essentially your portfolio. Binance will show you the total worth of all your assets (cryptocurrencies) here.
Step 3: Tap On ‘Deposit’
Note that you can deposit both cryptocurrency and fiat on the Binance wallet. But it does not support all the fiat currencies in the world, so, first, check from this list whether your fiat currency is supported.
However, in this guide, we are interested in depositing cryptocurrency.
Step 4: Choose Cryptocurrency
In the ‘Crypto’ tab, choose the cryptocurrency you want to deposit.
Depending on the cryptocurrency you choose and its network, some coins may be suspended or not available in your region.
But Binance has more than 300 coins on which you can invest, choose yours from the sliding menu.
Step 5: Choose Network
Choose the Network you want to use to deposit the crypto coin.
Depending on the cryptocurrency again, you might be shown one or many networks. Choose the most appropriate one.
Basically, the network will impact how quickly your cryptocurrency is transferred and the gas fees you have to pay for it.
Step 6: Share The QR Code
You will be shown the wallet address and the QR code. Share this with the person for depositing the cryptocurrency.
And that’s it! Share this wallet address / QR code with the person who is depositing cryptocurrency.
Once they successfully complete the transaction, it must appear on your wallet.
Also Read: How to Send USDT From MetaMask To Binance?
Time Taken To Deposit Money in Binance
To deposit money in Binance, it will take a few minutes to a few hours. In both the website and mobile app, the cryptocurrency once transacted must appear instantly.
However, due to network traffic and depending on the type of coin, it may take up to a few minutes or a few hours.
These are the simple steps to deposit money on Binance. Put your first funds in and get started! Invest responsibly.
