To make it easier for newcomers to understand, the term deposit and withdrawal is actually more professional, which is how to deposit and withdraw cryptocurrencies on the Binance platform. That is, how to deposit cryptocurrencies from external wallets to the Binance exchange for trading, and how to withdraw cryptocurrencies back to external wallets after making a profit. This is the basic knowledge of trading on Binance, which newcomers must master.
First, let’s talk about how to deposit cryptocurrency into the Binance platform.
Necessary conditions for depositing on Binance:
1. Register a Binance account: https://www.binance.com/zh-CN/join?ref=23279581
2. Verify your identity through Binance account KYC.
3. Have an external crypto wallet with the tokens you want to deposit into Binance. For example, if you want to deposit BNB, you must have an external wallet with BNB stored in it.
Once you are ready, let’s take action:
1. Log in to the Binance App and click [Deposit].
2. Select [Crypto Recharge].
3. Select the cryptocurrency you want to recharge, taking BNB as an example.
4. The system will display the networks that can be used to deposit BNB. Please carefully select the network to deposit and make sure that the selected network is the same as the network of the withdrawal platform. If you choose the wrong network, your funds may be lost and cannot be recovered.
5. The system will display the QR code and deposit address of the selected network. Click the copy icon to copy the deposit address and paste it into the address field of the withdrawal platform. You can also click [Save and share address] to save the QR code and import it directly on the withdrawal platform.
6. You can also click [More Information] to select a recharge wallet. Click [Spot Wallet] to switch the recharge wallet (spot wallet or fund account).
7. Once the deposit request is confirmed, the transfer will be processed. The confirmation time will vary depending on the current traffic situation of the blockchain and its network.
After confirmation, the funds will be transferred to your personal Binance account.
Next, we will continue to explain how to withdraw money from the Binance platform.
That is, when you make a profit from trading on Binance, how do you withdraw your cryptocurrency back to an external wallet?
1. Log in to the Binance App and click [Funds] - [Spot] - [Withdraw].
2. Select the cryptocurrency you want to withdraw, here we take BNB as an example. Then click [Send via Cryptocurrency Network].
3. Paste the withdrawal address and select the network.
Please choose the network carefully and make sure that the network you choose is consistent with the network of the withdrawal platform. If you choose the wrong network, your funds may be lost and cannot be recovered.
How to choose a network?
Here are some commonly used networks:
BEP2：BNB Beacon Chain；
BEP20：BNB Smart Chain (BSC);
ERC20: Ethereum network;
TRC20: TRON network;
EOS：Enterprise Operation System network;
BTC：Bitcoin network;
BTC (SegWit): Native Segwit (bech32), the address starts with "bc1". Users can withdraw or send Bitcoin to SegWit (bech32) addresses. For more information, please refer to What is Segregated Witness (SegWit).
If you choose a network such as BEP2 or EOS, you must fill in MEMO when transferring money, otherwise the selected address cannot be detected.
The network selection depends on the external withdrawal wallet/exchange platform. If the external platform only supports ERC20, you must choose the ERC20 recharge network.
Do not choose the option with the lowest fee, but choose a network that is compatible with the external platform. For example, ERC20 tokens can only be sent to other ERC20 addresses, and BSC tokens can only be sent to other BSC addresses. Incompatible or mismatched top-up networks will result in loss of funds.
Likewise, please confirm that the receiving platform supports the contract address of the token you want to withdraw, otherwise your assets may be lost and cannot be recovered. You can view the list of supported contract addresses from the corresponding platform.
4. Enter the withdrawal amount and you will see the corresponding transaction fee and the final amount received. You can also select the wallet you want to withdraw from under [Select Wallet] and click [Withdraw] to continue.
5. A prompt to confirm the transaction will be displayed again. Please carefully check the withdrawal address and network, and then click [Confirm].
If you enter incorrect information or select the wrong network when transferring funds, your assets will be lost forever. Please make sure the information is correct before confirming the transaction.
6. Use a passkey or two-factor authentication device to verify the transaction. Once your withdrawal request is confirmed, please wait patiently for the transfer to be processed.
Some notes on how to deposit and withdraw cryptocurrencies on Binance
Use the wallet address provided to deposit and withdraw the correct tokens. Transferring funds to the wrong wallet address may result in permanent loss of cryptocurrency.
Choose the right network when depositing and withdrawing cryptocurrencies, such as BEP2, BEP20, ERC20... Each network will have different transaction fees and processing speeds.
If required, please fill in the correct memo.
Carefully check the transaction fees and the minimum number of coins allowed to be deposited. These fees may vary by cryptocurrency and transaction amount.
Check to make sure that the contract address of the tokens you are withdrawing is supported by the receiving platform, otherwise your assets may be lost and cannot be recovered.
Cryptocurrency deposits and withdrawals on Binance may take some time to process. This time depends on the cryptocurrency and the trading volume. In some cases, transaction processing may take from several minutes to several hours, especially when the blockchain network load is high.
Depositing and withdrawing cryptocurrencies on Binance offers you many benefits in terms of cost, speed, security, and flexibility. You can manage cryptocurrencies on different networks with low transaction fees and fast processing speeds. You can also rest assured that Binance's high security and safety measures will protect your assets.
Well, that's all for today. If you have any questions, please leave a message in the comment section. I will try my best to answer them. If you find this article useful, please don't forget to follow and like it to encourage me!
