How to Add Money on Binance? Is it Possible?
Binance is one of the most south-after exchanges on the planet for cryptocurrency transactions. Learning how to add money on Binance is important in order to avoid losing your tokens.
Many newbies lose their tokens as a result of errors of omission or commission, and in many cases, the chance of recovery is slim. I bet you don’t want the nightmare associated with sending you money into a virtual deep hole.
You might want to know if it is possible to deposit fiat money on Binance using your debit or credit cards, or through bank transfers. You need to read on to find out more about the process of adding money on Binance.
Part 1: Is it possible to add money on Binance?
It is possible to add money on Binance and there are a number of ways to get this done. However, the type of money that can be added needs to be clarified, as money comes in different forms, Money can be virtual currencies like PayPal, near-money like Amazon gift cards, fiat currencies like USD or cryptocurrencies like Bitcoin.
The easiest way to understand the policy of Binance on adding money to the exchange is to read the screenshot below:
As the above caveat shows, only cryptocurrencies can be added on Binance, and not fiat currencies. Why some newbies might question the decision of Binance not to accept fiat currencies, experienced traders know it is a policy.
If you are yet to open your Binance account, please register here,
Part 2: How to Deposit Cryptocurrency on Binance
Having opened your account, the next thing is to learn how to add money on Binance and start trading. You need to understand that Binance is not a grocery store that you can walk into with money in your hands.
To use Binance, you need to have your money in token form before you can start with your first trade. You need to buy your Bitcoin or Ethereum at a marketplace like Coinbase and transfer it to Binance.
Depending on the part of the world where you live, Bitcoin ATMs are also accessible for fast transactions. You can go to the nearest Bitcoin ATM and buy your Bitcoin with cash just by scanning your Bitcoin address QR code.
To use QR code, you must have opened your account and secured a Bitcoin wallet address to receive your deposit. This might be the fastest means to add money on Binance, but, it is not available everywhere.
Add Money from an Exchange
On Binance website, the recommended option is to fund your account by transferring tokens from a marketplace. Here are the steps to follow when you need to deposit money to your Binance account using transfers from another exchange.
Step One: Select the Deposits Tab
- Open the Binance homepage on your browser and select the funds tab
- Click on the Deposits/ Withdrawals tab
- On mobile gadgets, you will find the ‘Funds’ tab at the lower end of your screen, tap at the top to deposit.
Step Two: Token Selection
- From the menu of cryptocurrencies, you have to choose the one suitable for you to use.
- Select the token of your choice and tap on the deposit row
Step Three: Copy Recipient’s Wallet Address
- The next step here is to copy the deposit address that shows up after step 2.
- Do not be bothered by the symbols that precede the Deposit Address on the link above. Depending on the currency you select, LTC is for Litecoin, BTC is for Bitcoin and ETH is for Ethereum. Bitcoin Cash is represented by BCH, and so on.
- You need to use this address when you are sending the tokens from your Coinbase, Spectrocoin or Gemini dashboard.
Step Four: Fill the Recipient Address Tab
- Use “CTRL-C” and copy your address as in step 3 above and go over to your exchange’s send tab
- Select the currency you are sending and enter the recipient’s address
- In this case, the recipient address is already on your clipboard. So, paste it using “CTRL V”
- Enter the amount of tokens you are sending
- Press “send” or “submit.”
Step Five: Deposits’ History Check
- You need to wait for a few minutes or hours, depending on the platform you are using to fund your Binance account.
- Log in to your Binance account and check for deposits history when you click on the funds tab. You will find the money in there if the transaction was successful
Using Bank Transfers, Credit or Debit Card
If you want to add money using bank transfers, credit or debit card, you will have to use marketplaces like Localbitcoins, Bitfinex or Changelly.
On Localbitcoins, you will be matched with a seller of cryptocurrency who is living close to your place of domicile. Hence the ‘local’ in its name; a person who lives or is visiting your city, might be available to sell some tokens to you.
Bitfinex makes it easy for credit or debit cards to be used to buy cryptocurrencies. You only need to specify the amount you need. And After entering your card details, your card will be charged and the tokens will be in your account.
Changelly has a robust algorithm that supports card-based transactions for cryptocurrencies. You can readily buy your tokens here and have your Binance account funded with ease.
You need to be sure of the balance/limit of your card before proceeding with your transaction to avoid declines. Irrespective of the options you use to buy your cryptocurrency, you need to return to Part 2 above to add money on Binance.
Also read: Binance Review
Part 3: Supported Altcoins to Deposit
There are several pairs of currency trading on the Binance exchange, and when you click on the deposit tab, there are 272 tokens that can be deposited.
The first entry on the dropdown menu is ADA and the last is ZRX.
After adding money on Binance, you can trade 117 BTC pairs, 114 ETH pairs, and 6 USDT pairs.
Part 4: Conclusion
You can add money on Binance, but, not fiat money. Binance does not support fiat currencies and to trade on the platform, you need to have base currencies like Bitcoin, Ethereum, Ripple or Dash, etc.
The verdict that fiat currencies are not accepted on Binance should not make you distraught as feeder options are available. Sending money to your Binance account from other exchanges is the best bet and can be concluded within a few minutes.