Ways to deposit into Binance

Crypto
May 27, 2019

There are as many people trading crypto as there are reasons to do so. For some, it’s about the thrill of trying to maximise profits, for some it’s driven by vision, and yet for others it’s about attaining more financial freedom and autonomy. Whatever the motivation, every trader who embarks on a journey into the world of crypto is faced with the same challenge, namely, to maintain the ability and flexibility to move in and out of digital currencies as much as possible.

As a first timer, you may be asking yourself how you can buy into crypto, how you trade into other currencies, or how you can revert back to fiat. The answers to core questions such as these depend largely on the desired currency, location specific regulations and the exchange.

In this article, we look at the question of how to deposit into Binance. For direct deposits into Binance you can use crypto or fiat (credit card & bank). To deposit cash into Binance, you can use the Bitspark mobile app, which is cheaper and easier than the previous two options.

Binance: the largest crypto exchange

Founded in 2017, Binance has quickly grown into one of the largest cryptocurrency exchanges in the world. It is a centralised exchange (CEX) that exclusively hosts crypto-to-crypto trades. It is often praised for its low trading fees and impressively wide variety of coins available on the exchange.

Depositing into Binance using crypto

Up until recently, the only way to deposit into the exchange was by withdrawing your crypto funds from another platform and transferring it into your Binance account.

  1. Log in to your Binance account
  2. Click ‘funds’ and then ‘deposits’
  3. Select the coin
  4. Copy the address where you will deposit and paste this onto the corresponding platform from where you’ll be making your withdrawal (this can also be done using a QR code)
  5. In some cases, you’ll need to fill in the ‘tag’ section
  6. Click ‘continue deposit’
  7. After you’ve successfully deposited your funds into your Binance account, this will show up in your transaction history.

As with many exchanges, depositing into your Binance account is free. However, the corresponding platform may charge withdrawal fees.

While this method of depositing into Binance is relatively straightforward, by default it is only relevant for those already holding crypto assets elsewhere. For a long time, unlike Coinbase, this has meant that Binance does not cater to ‘first timers’.

Depositing into Binance using fiat

In early January 2019, however, Binance announced it now also enables traders to deposit funds using their personal credit cards (MasterCard, Visa). It is currently only possible to buy into Bitcoin, Ethereum, Litecoin and XRP.

  1. Log in to your Binance account
  2. Click ‘funds’ and then ‘buy with credit card’
  3. Check the notes and the fee before ordering (the fee amounts to 3.5% per transaction, with further price inflation in the exchange rate).
  4. Go to payment; fill in and verify personal information
  5. Verify your email and phone number and then ‘continue’
  6. Fill in personal credit card information
  7. Upload a scan/picture of your ID
  8. Completed: it takes between 10-30 minutes for crypto assets to reach your wallet

Depositing into Binance using cash

With the Bitspark mobile app, you can essentially deposit cash into Binance at lower fees than using credit cards or bank transfers.

  1. Find Cash Point nearby using the Bitspark app
  2. When you're in the shop, scan QR code and complete the cash transaction
  3. Your Bitspark wallet now has stablecoins, exchange them for BTC or ETH
  4. Send BTC or ETH to your Binance wallet address
  5. Completed: takes a few minutes and totals to 3% for full transaction.

Download the mobile app here.

Going beyond USD and EUR

While this move is a great step forward to promote crypto’s accessibility, it is important to note that currently only USD and EUR are supported, that not all banks allow these transactions, and that this service does not work in six U.S. states (New York, Connecticut, Hawaii, Georgia, New Mexico, Washington) and 15 countries, including China (see the full list). However, as we have, and continue to create more, a range of local currency stablecoins beyond USD such as CNY, HKD and PHP stablecoins, the selection of currencies you can use to deposit into Binance is expanding.

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Buying cryptocurrencies has become easier over the years and using the Bitspark Mobile App you can deposit $USD, $HKD, $GBP, $EUR, $SGD and purchase cryptocurrencies like $BTC, $ETH, $BTS and $ZEPH. Visit the sign-up page or download the app today!

Get the Bitspark Mobile App


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