Binance is one of the best exchange services for managing your cryptocurrency wallet. On the one hand, this is because it’s one of the exchange platforms with the most volume and users in the world; on the other hand, it’s because it has its own decentralized investment platform and a native currency (Binance Coin, BNB).
It’s a secure and easy-to-use exchange service, regardless of your knowledge and needs. In addition, Binance offers you several methods to deposit and withdraw funds from your account. We’re here today to take a look at each one.
How to deposit money in Binance
With Binance, you can make a deposit from another crypto wallet, using a credit or debit card or by bank transfer.
Card or wire transfer
The first thing you need to do in order to deposit money using your card or making a transfer is to go through the KYC process. This system serves as a way to validate your identity. To do this, you’ll have to provide images of your national identity card and go through a facial recognition procedure.
Validation may take hours or even days, but once the process is completed, you’ll be able to operate without limits. Once this is done, you’ll be able to log in to the app and access the “Wallet” section. Select “Deposit,” choose the currency (e.g., USD or EUR) and tap on “Deposit.”
In the next step, you’ll have to select the method you want to use to deposit your money. The options are bank transfer (this takes between 1 and 3 working days to take effect) or card (this is automatic). In both cases, you’ll only have to follow the instructions and enter the data requested by the app to complete the operation.
From another crypto wallet
If you have cryptocurrencies on another platform, you can transfer them to your Binance wallet. Cryptocurrencies are deposited through what’s known as a deposit address. To find out what your Binance deposit address is, go to “Wallet” and then “Deposit.”
Click on the “Cryptocurrencies” option and select the currency you want to deposit and the network you’re going to use. Your deposit address will then be displayed. Copy and paste this address into the platform from which you’ll be withdrawing cryptocurrencies to transfer them to Binance.
How to withdraw money from Binance
The funds you have in your account can be used to make transactions or withdrawn in cash to a debit or credit card. You can also withdraw cryptocurrencies and send them to another wallet.
To another wallet
To withdraw cryptocurrencies from Binance, log in to your account and go to “Wallet.” In this case, select “Withdraw” and “Cryptocurrency” to choose which one you want to withdraw. Enter the address of the wallet where you want to transfer the funds and network. Lastly, select the amount and click “Withdraw.”
To a bank card
To withdraw money from Binance to a bank card, log in to the platform and go to “Wallet.” Next, select the currency you want to withdraw and click “Withdraw.” Choose “Sell to Card” and click “Continue.” Remember that in order to withdraw money to a card you must also go through the KYC process.
Can operations be delayed?
Although it’s not common, it is possible that both deposits and withdrawals may be delayed. When asked “Why Hasn’t My Withdrawal Arrived?” Binance clarifies that while the process (except for wire transfers) takes between 30 and 60 minutes, it can sometimes take some time for that particular transaction to be confirmed due to network congestion.
Should this happen, you may have to wait a little longer for the funds to be credited, as the number of network confirmations required varies depending on the different blockchains. You can check the status of your deposit and, if necessary, contact Binance.
In case you don’t receive the amount withdrawn to a card or another wallet, you should note that if the transaction has already been confirmed by Binance but you have not received anything, you’ll have to contact the customer service of the destination address. If it takes too long to be confirmed, you can contact Binance.
