7 Steps to Deposit in Binance

Binance is one of the leading trading platforms around, with over 200 coins supported for deposit
and withdrawal. It is a crypto trading platform that offers one of the most competitive rates
around. Whether you’re a beginner or a seasoned trader looking to trade crypto, this is probably
the easiest and cheapest way to go. The platform accepts users from around the world and has
received favorable reviews from the crypto community. Recently the exchange has also
partnered with 3rd party companies such as Simplex to allow credit card and wire transfer
purchases of cryptocurrencies at a premium. Finally, US users can trade on Binance-US which is
compatible with US trade regulations. In this article, we will cover the steps on how to make a
deposit in Binance and its other factors.

Steps to Deposit in Binance

You can see Binance as a cryptocurrency exchange office where you swap Bitcoin, Ethereum or
another base currency for another cryptocurrency. It’s just like exchanging euro bills for dollar
bills, for example, when you go to America. So to use the exchange, you need credit and you can
do this by depositing Bitcoin or Ethereum into your Binance account. Nowadays it is possible to
add credit with many different options, but we recommend to do this with Bitcoin or Ethereum.
We use Bitcoin in our guide:

1. Make sure you are logged in.

2. Go to the top right to Wallet and click on Spot Wallet.

3. Click on the left on Deposit.
4. A dropdown menu appears where you can search for the coin you want to deposit. Search
on BTC to deposit Bitcoin.
5. If you have selected Bitcoin, an unique wallet address is automatically generated for you.

6. Copy the wallet address and keep the Netwerk BTC selected.

1. We recommend you to buy Bitcoin at a reliable broker with low fees. In this guide
we explain how to buy crypto at Bitvavo. You can choose to pay directly with your
credit card at Binance, but they will charge you a high fee.
2. Enter your Binance Bitcoin wallet address at the broker’s receiving address while
purchasing Bitcoin. Complete the payment with a payment method of your choice.

7. The broker will send your Bitcoin directly to Binance and this can take up to 2 hours.
You will receive a notification email when your deposit has successfully arrived at Binance.
How long does it take for a deposit to be credited to your
account?
Binance.JE credits your funds to your account as soon as the payment clears. Since deposits to
Binance.JE are processed through various payment channels in different geographic regions, the
timing varies according to your location and the payment method used.

 UK & Jersey Customers

Transfers made using Faster Payments usually clear within 2 hrs. if your deposit hasn't shown up
yet, please wait up to 4 hrs before contacting Support. CHAPS (Clearing House Automated
Payment System) transfers executed before 3:00 PM local time may arrive on the same day.
Kindly note that third party transfers are not accepted.


European Customers (SEPA)

Deposits to your EUR Wallet using SEPA transfers can take up to 1-2 business days to
complete. To minimize the deposit delay, please make sure to include the reference number we
provided you with when generating the deposit request at your Binance.JE account. If your
deposit reference is missing, or incorrect, we will not be able to automatically process your
transfer. Please, provide your bank with all necessary beneficiary information in order to execute
the transfer. If any information is missing or incorrect, banks may require additional days to
process your request or the transfer may be rejected (additional fees may incur). If your wire
transfer is still not credited to your account within the provided time frames, first please contact
your bank and confirm whether your wire transfer has been successfully executed. If your
transfer was sent to the intended bank account, kindly request a transfer receipt. You may then
raise a support ticket providing full details and attaching your transfer receipt as proof of
payment. The transfer receipt is required to identify and confirm your transaction. Kindly note
that third party transfers are not accepted.
 
International Customers (SWIFT)

International (SWIFT) transfers are currently not supported. We apologise for the inconvenience
this may have caused. Kindly note that third party transfers are not accepted.

How Much Can You Deposit in Binance?

The maximum deposit and withdrawal limit depend on the level of the linked Binance
account, while the minimum deposit and withdrawal limit is $150. This is the latest
initiative by Binance to expand the exchange’s influence in new markets

Deposit Methods
Previously, Binance only accepted deposits of cryptocurrencies and it did not accept any
deposits of fiat currency. New crypto investors could then not trade at Binance.
However, the exchange announced on 31 January 2019 that credit card deposits were
then possible under certain circumstances. The exchange has joined forces with a
payment service firm from Israel named Simplex. This makes it possible for Binance-
users to purchase Bitcoin, Ethereum, Litecoin and Ripple with Visa or MasterCard-credit
cards. This deposit method is however not possible for countries on Sanctions lists (such
as Iraq, North Korea, Syria, Afghanistan, Lybia), nor residents of any of the following six
US-states: New York, Connecticut, Washington, New Mexico, Georgia and Hawaii.
Simplex charges 3.5% per trade. So if you want to buy Bitcoin for USD 10,000, Simplex
will take US 350 (plus a minium flat fee of USD 10) for enabling the purchase.

Furthermore, on 26 December 2019, Binance shared that they now allow users to bind
Visa cards to their accounts and purchase crypto using this card, directly on the Binance
platform (then presumably without having to use Simplex and pay the 3.5% Simplex-
fees). For now, this only applies to VISA-cards issued in the EEA, and only for card
holders in the following countries: United Kingdom, Germany, France, Netherlands,
Poland, Sweden, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic,
Denmark, Estonia, Finland, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg,
Malta, Portugal, Romania, Slovakia, Slovenia, Spain, Iceland, Liechtenstein and Norway.
Most recently though, on 9 July 2020, the exchange announced that wire transfers were
also available. This was through their partnership with a company called Clear Junction.
Through this partnership, Binance now accepts direct EUR bank transfers via SEPA and
GBP transfers via Faster Payments.
 Binance Security
One might ask why security is even a feature that we at Cryptowisser have looked for at
the different top crypto exchanges. The answer is two-fold:

 Exchanges store a massive amount of valuable personally identifiable

information. From names to addresses, to government identification details, taxpayer
identification number and a lot more; and
 Exchanges handle of course a lot of cash or coin deposits and withdrawals.

Examples of successful hacks are countless. The most famous is probably the Mt.Gox-
hack that left thousands of users without a penny (worth $450 million at that time and x
times more today). But many other exchanges have faced similar outcomes. We don’t
want your exchange – and specifically not your funds at the exchange – to be subject of
a cyber-attack! Our security score is the result of testing the webpage of each exchange
at Observatory by Mozilla which has helped over 125,000 websites by teaching
developers, system administrators, and security professionals how configure their sites
safely and securely. Binance has a security score of B+. This is far above average when it
comes to top crypto exchanges and could also be a factor making you conclude that
Binance is the best cryptocurrency exchange site for you.

This is where our topic about 7 steps to deposit in

Binance ends. You can also read our topic about 10
Steps to Withdraw from Binance for another Binance
transaction. Have you had any experience with Binance? I’d love to hear it in the
comment section below. Thank you!