Key points

  • Binance offers many deposit options such as Binance P2P, buy crypto with cash, deposit crypto, and bank transfer.

  • To withdraw funds from Binance, users can choose to withdraw crypto or withdraw fiat, each requiring specific steps and security verification.

  • Remember to always carefully check the details entered, such as the selected deposit network and bank information when withdrawing money, to avoid unintentional loss of money.

Introduce

When it comes to cryptocurrencies, the deposit and withdrawal process can be confusing for users. Many users find it difficult to understand the different deposit/withdrawal options and the security steps involved, often causing them to lose their funds.

In this article, we will walk through the deposit/withdrawal options available on Binance. You'll learn how to deposit via Binance P2P, deposit via bank, deposit crypto, and buy crypto with cash. Additionally, you will learn how to withdraw both fiat and cryptocurrency from Binance easily.

How to deposit money into Binance?

Binance allows users to deposit via Binance P2P, buy crypto with cash, deposit crypto, and deposit from Bank account. Let's see how each method works.

How to deposit via Binance P2P:

1. Go to your Binance account, click [Deposit] then select the [P2P Trading] option.

2. Select the cryptocurrency you want to buy, the currency you will use to buy it, and the payment method you will use.

3. Browse available merchant listings and check merchant rates and terms.

4. Select the seller and follow the instructions provided to make payment according to the agreed method.

5. Once the merchant confirms payment has been received, the cryptocurrency will be transferred to your Binance wallet.

How to buy cryptocurrency with cash on Binance:

1. Go to your Binance account, click [Deposit] then select [Buy Crypto].

2. Enter the cryptocurrency you want to buy, the coin you will use to buy it, and the amount you want to spend.

3. Select one of the various payment options, such as credit/debit card or third-party payment provider.

4. If you want to deposit using a credit/debit card, you need to add card information by clicking [Add new card] and then fill in the necessary information.

5. Then follow the prompts to complete the transaction. The purchased cryptocurrency will be credited to your Binance wallet.

How to deposit cryptocurrency into Binance:

1. Go to your Binance account, click [Deposit] then select [Deposit Crypto].

2. Select the cryptocurrency you want to deposit.

3. Select the deposit network and make sure it matches the network you are depositing crypto from.

4. Copy the deposit address provided by Binance.

5. Go to your crypto storage platform, paste the Binance deposit address and proceed with the transfer.

How to deposit money from your bank account to Binance:

1. Access your Binance account, click [Deposit] then select [Deposit via bank].

2. Select the fiat currency you want to deposit and then choose one of the bank transfer options provided.

3. Enter the amount you want to deposit.

4. Complete the transfer from your bank account using the banking information provided by Binance. Make sure the name on your bank account matches the name registered on your Binance account.

How to withdraw money from Binance?

Binance allows users to choose to withdraw crypto or fiat currency. Let's see how both options work.

How to withdraw crypto from Binance:

1. Go to your Binance account, hover over the account icon in the upper right corner and select [Assets].

2. Click [Withdraw] then select the cryptocurrency you want to withdraw.

3. Enter the receiving address you want to send crypto to and select the correct network. Enter the withdrawal amount.

4. After checking the withdrawal information, complete the necessary security verification steps, such as 2-factor authentication (2FA). Binance will also send a confirmation email. Click the link in this email to complete the withdrawal.

How to withdraw fiat money from Binance:

1. Go to your Binance account, hover over the account icon in the upper right corner and select [Assets].

2. Click [Withdraw] then select [Withdraw fiat] on the opened page.

3. Select the fiat currency you want to withdraw (eg USD, EUR).

4. Choose a withdrawal method. Binance supports several methods, including SWIFT, SEPA, and other options, depending on your region.

5. Enter bank information, including the amount you want to withdraw. Follow the prompts to fill in the necessary information.

6. Review withdrawal information, confirm, and complete any necessary security checks. 

7. Depending on the method you choose, withdrawal request processing time can take from a few minutes to a few days.

summary

Once you understand the available options, depositing and withdrawing on Binance will be very simple. You can deposit via P2P trading channel, buy crypto with cash, bank transfer or direct crypto deposit. If you want to withdraw money, you can choose to withdraw crypto to a specific blockchain address or withdraw fiat to a bank account. 

Remember to always double-check all entered information and follow official instructions to avoid being scammed or losing money unintentionally.

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