Still Confused About How to Deposit to Crypto Exchange? Here's the Step by Step!
Crypto investment in Indonesia is increasingly popular. With technology continuing to develop and adoption becoming more widespread, the opportunity to get involved in the crypto market is becoming more accessible. However, before jumping into trading and investing in the crypto market, the first step that must be taken is to understand how to make a deposit or top-up to the crypto exchange of our choice. In this article, we will thoroughly discuss the importance of choosing an exchange in investing and step by step how to make a deposit with fiat or directly using crypto currency!
Getting to Know Crypto Exchanges in Indonesia
Before you decide where to deposit, it's a good idea to get to know the various crypto exchanges in Indonesia. There are some big names that you may have heard of, such as Indodax, Tokocrypto, and Binance. These three exchanges are under the supervision of Bappebti. This means that they are supervised to ensure security and compliance with applicable regulations, so you can be more relaxed and confident when investing.
Why is it Important to Choose the Right Exchange?
Choosing an exchange is not just about choosing one that looks good from the outside. You need an exchange that can give you guaranteed security, a variety of crypto asset choices, and easy and efficient payment methods. With supervision from Bappebti, leading exchanges in Indonesia have provided some of these guarantees, but still, you need to check and do your own research to make sure the exchange suits your needs and investment style.
A good exchange should provide a variety of payment options that make it easy for users, including bank transfers, e-wallet payments, and peer-to-peer (P2P) payment systems.
Cara Deposit ke Exchange Crypto
Deposits can be made in two main ways: using fiat currency or crypto currency transfer. Let's discuss them one by one!
Deposit Via Fiat Currency
Generally, fiat deposits can be made in several ways:
1. Deposit Through Bank
Depositing via bank transfer is a very popular and trusted method among crypto investors. This method is very familiar to most people, because almost everyone who has a bank account can do it easily. In Indonesia, almost all local crypto exchanges support this payment method, including the option to use a credit card, debit card, or direct bank transfer.
However, not all global crypto exchanges offer the option to make local bank transfers, so some users may have to turn to alternative methods such as P2P (Peer-to-Peer). P2P exchanges facilitate direct transactions between buyers and sellers, allowing for direct bank transfers to the seller’s bank account.
2. Deposit Through Peer-to-Peer (P2P)
P2P, or Peer-to-Peer, is a method that connects you directly with other sellers or buyers without involving an intermediary. In a P2P exchange like Binance P2P, you have the freedom to choose a seller based on their offers and preferred payment method, including options like bank transfer and e-wallets like GoPay, OVO, and DANA. One of the main advantages of P2P is the flexibility in price negotiation, which allows you to get the best price according to market conditions.
Another advantage of the P2P system is its ability to offer a variety of payment methods, making it easier for users to transact according to their availability and preferences. P2P exchanges are generally equipped with an escrow system, which holds funds until both parties confirm that the transaction has been completed, providing an additional layer of security and reducing the risk of fraud.
Deposit Via Crypto Asset Transfer
If you already have crypto assets on other exchanges, transferring crypto to a Binance wallet is an efficient way to start or continue trading. Here are the detailed steps to deposit BNB or other coins via the Binance app:
1. Login to Binance Account
To initiate a deposit, first open the Binance app and log in. Once you have successfully logged in, navigate to the 'Wallet' menu in the main navigation, then click on 'Overview'. On the Overview page, you will find the 'Deposit' option. Select this, and proceed to 'Deposit Crypto' on the 'Deposit Fund' page. This page will direct you to the options to initiate the cryptocurrency deposit process.
2. Choose the Type of Cryptocurrency You Want to Deposit
In this step, you will need to choose the type of cryptocurrency you want to deposit to Binance, such as Bitcoin (BTC), Ethereum (ETH), or other cryptos. It is important to make sure that the deposit network you choose matches the network you use when withdrawing funds from other exchanges or personal wallets. Choosing the right network is key to ensuring your funds are safely sent to Binance.
3. Choose the Right Network for Deposit
Next, choose the network that matches the crypto you want to deposit. Some common options include BEP2 for Binance Chain, BEP20 for Binance Smart Chain (BSC), ERC20 for Ethereum, TRC20 for TRON, BTC for Bitcoin. For example, if you plan to withdraw USDT from another exchange and deposit it into Binance, choose the ERC20 deposit network. Choosing the wrong network can result in loss of funds.
4. Copy and Paste Binance Wallet Address
Once the network is selected, Binance will provide a deposit address for the corresponding wallet. Copy this address carefully. Then, open a local exchange application such as Pintu or Indodax, or access another crypto wallet that you use. Paste the Binance wallet address that you have copied into the withdrawal form on the exchange or wallet application to start the transfer process.
5. Confirm and Wait for Deposit Process
After sending crypto assets, wait for the confirmation process from the relevant blockchain network. The time required for confirmation can vary depending on network congestion and the transaction fee you choose. Higher fees can speed up the confirmation process.
6. Verify Deposit Status Through Transaction History
Finally, once the transaction is confirmed, you can check the deposit status via the ‘Transaction History’ menu on Binance. This menu will provide detailed information about the last transaction you made, ensuring that the funds have been successfully transferred to your Binance wallet.
Investors and traders have a variety of options for making deposits, whether through bank transfers or Peer-to-Peer (P2P) systems for fiat currencies, or transferring crypto assets between wallets. It is important to choose an exchange that offers security, a variety of assets, and easy payment methods to start trading. By understanding these deposit steps, investors and traders can ensure that their investments are smooth and safe.
Disclaimer: Investing and trading crypto assets are high-risk activities. All information provided here is for educational purposes only and is not a recommendation or invitation to purchase any asset.
