How to deposit funds in Binance ?

Wilfred

May 27, 2021

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Are you depositing fiat or crypto?If you're depositing cryptocurrency, then take the following steps from the Binance.com web interface after registering and verifying your email:How to do itGo to Wallet and selectFiat and Spot from the dropdown menu.Browse through the list of coins and click Deposit on the coins you want to transfer to your Binance account. (You will also see the Withdraw button in case you need to withdraw funds.)Copy the provided address and transfer the funds to it. Note that for certain coins, you need to confirm that the address you copied is for the network you want to deposit with (eg. Binance Smart Chain).Binance will add the funds to your balance on their exchange once it receives an approved number of network confirmations.Note that Binance doesn't require KYC if the only thing you want to do is trade one crypto for the other. You can also withdraw up to 1 BTC daily without submitting any identity documents.However, if you're depositing Fiat, you will need to complete the KYC process. You will need a valid national identity card and also a real-time selfie of yourself. It should probably take less than an hour for them to confirm the documents.Once your KYC has been approved, you can then go to Wallet > Fiat and Spot.Click deposit on the local currency you wish to deposit and if supported, Binance will bring out the option to deposit either via Debit/Credit card or Bank Transfer.Follow the prompts to deposit your funds.If you're using bank transfer, ensure that you use the unique ID Binance gives you for the deposit.Binance also supports deposits for some countries via P2P and they have a guide on how to do it. You will usually have to pay the deposit to a bank account designated by the seller, and then the seller releases the funds to you after confirming the payment.I personally enjoy using the Binance mobile app as it has nearly all the features of the web version, and also let me trade on the go. If you're savvy, it's not difficult to deposit via the app either.Note: If you live in the United States, then Binance.com is definitely not an option for you. They'll block your account as soon as they find out. Better still, you can use Binance.us which is dedicated to US customers.