One of the largest crypto exchanges in the world with a huge amount of trade made per day, Binance is also one of the most popular exchanges in crypto trading. If you are new to this platform, one of the first steps would be to deposit funds into your account. Find out how long does Binance deposit take, what steps you need to take, and what kind of funding options you have.
You can deposit funds on a Binance account in fiat currencies or crypto. The depositing process for fiat currencies lasts from 0-3 business days, depending on the currency you are depositing. If you wish to deposit crypto on a Binance account, the time will depend on the number of confirmations on the blockchain needed for each crypto coin.
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There are numerous options you can choose in transaction methods when depositing fiat currencies and each supported currency will have a different method. To learn more about depositing on Binance, keep reading.
Like any exchange, in order to use the account and trade on the platform, you must first deposit money or crypto on your account. If you have crypto coins in your wallet, you can transfer them on the Binance exchange in a couple of simple steps. In order for your coins to appear on balance, you must wait for the confirmations on a blockchain. Depositing crypto on your Binance account is without any fees, but you will pay transaction fees to your wallet.
One of the most important parts of depositing money to Binance from other exchanges or wallets is to choose the corresponding network. For example, if the platform you are sending money from only supports ERC20, you must also pick that network on Binance. If you select the wrong network, the funds will be lost. Here is what the most common network names stand for:
- 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)
As we mentioned, you can deposit crypto from an exchange or wallet. All you need to do is sign up to your Binance account or app, go on the Deposit option, and click on Wallets. Choose the currency you wish to deposit and pick the network. Note that some currencies and networks, such as BEP2 or EOS, will ask for a Memo to be filled. Once you choose the network, you will see a QR code and depositing address. Copy that address and paste it into the wallet or exchange form where you are sending crypto. The time needed for confirmation depends on the currency you are depositing.
You can deposit fiat currencies on Binance via credit or debit card or bank transfers. Binance currently supports 12 fiat currencies, and the time needed for depositing each depends on the method you will use. Here is approximately how much it will take for each fiat currency.
|Fiat currency||Method||Depositing time|
Bank Transfer (Faster Payments)
|1 minute to 24 hours|
|EUR||Bank transfer SEPA |
Bank Card (Visa/MC)
|1-2 business days|
5 minutes to 24 hours
|USD||Bank Transfer (SWIFT||1-3 business days|
|AUD||PayID/Osko||First payment 24 hours, other ones will be instantly|
Bank Card (Visa, MC)
For US Customers, There Is Binance.US
As you may know, US laws and regulations have made Binance create an alternative platform for US citizens to use called Binance.US. Binance.US supports over 100 cryptocurrencies and altcoins, and it has become a pretty popular platform among crypto traders in the US. And on this platform, you can deposit both crypto and fiat currency.
Depositing crypto can be done from another exchange or wallet. First, you need to go to the Wallets tab on your app and choose the “Deposit” option. Next, you need to find the cryptocurrency you wish to deposit and choose the corresponding network. Currencies such as ATOM, HBAR XLM, EOS, and tokens on the BEP2 network must include MEMO in your transaction. Otherwise, the coins will be lost. Lastly, when the QR code and depositing address are presented, all you need to do is paste that address to your wallet or exchange. You will need to wait for the confirmation on the blockchain until you can see your funds on balance.
You can fund your account on Binance.US using a credit or debit card, ACH, or direct bank transfer. If you decide to deposit using a Credit card, you will have to add your card to your account. Once you deposit USD to your account, you will not be able to make a withdrawal from the account for the next ten days. Otherwise, the depositing should be done the same day. If you decide to use ACH, the same rules regarding withdrawal will apply as for cards. If you use a bank wire transfer, the whole process should be done within one business day.
In order to deposit USD via wire transfer, you need to go on the “Deposit” option and choose USD and wire transfer as payment methods. Click on detail and copy those details when creating a wire order with your bank. Note that you will need to call your bank to finish the order and verify the transaction. Otherwise, the transaction will not be completed.
If we compare Binance with other exchanges, we could say that the processing time is not long. Depositing of fiat currencies on most exchanges last between 0-5 business days, depending on the currency you use and depositing methods. On average, depositing via credit or debit cards is done faster than wire transfer. But if you wish to trade instantly on Binance, the best option is to deposit cryptocurrency.