How to Deposit Crypto on Binance
Let’s use 10 USDT to illustrate how to transfer crypto from an external platform into your Binance account.
1. Log into your Binance account and go to your wallet overview page.
2. Click on [Deposit] at the top right side of your screen.
3. Select [Deposit Crypto].
4. Select the cryptocurrency you want to deposit. In this example, we will deposit USDT.
5. Next, choose the deposit network. Make sure the selected network corresponds with the network of the platform you are withdrawing funds from.
Be careful! If you select the wrong network, you will lose your funds.
Summary of network selection:
- BEP2 relates to the Binance Chain.
- BEP20 relates to the Binance Smart Chain (BSC).
- ERC20 relates to the Ethereum network.
- OMNI refers to the OmniLayer that runs on the Bitcoin network.
- TRC20 relates to the TRON network.
- BTC refers to the Bitcoin network.
- BTC (SegWit) refers to Native Segwit (bech32), and the address starts with “bc1”. Users are allowed to withdraw or send their Bitcoin holdings to SegWit (bech32) addresses. For more details, please refer to Segregated Witness (SegWit) FAQ.
6. In this example, we will withdraw USDT from another platform and deposit it into Binance. Since we are withdrawing from an ERC20 address (Ethereum blockchain), we will select the ERC20 deposit network.
- The network selection depends on the options provided by the external wallet/exchange that you are making the withdrawal from.
- If the external platform only supports ERC20, you must select the ERC20 deposit network.
- DO NOT select the cheapest fee option. Select the one that is compatible with the external platform.
- For example, you can only send ERC20 tokens to another ERC20 address, and you can only send BSC tokens to another BSC address. If you select incompatible/different deposit networks, you will lose your funds.
7. Copy the deposit address provided by Binance and paste it on the corresponding platform’s address section (where you intend to withdraw your funds from).
8. After confirming the withdrawal request, you have to wait until the transaction is confirmed. The confirmation time varies depending on the blockchain and its current network traffic.
Please, wait patiently for the transfer to be processed. The funds will be credited to your Binance account shortly after.
9. You can check the [Transaction History] page for more information on your recent transactions.
How to Withdraw Crypto on Binance
Let’s use BNB (BEP2) to illustrate how to transfer crypto from your Binance account to an external platform or wallet.
1. Log into your Binance account and go to your wallet overview page.
2. Click on [Withdraw] at the top right side of your screen.
3. Select the cryptocurrency you want to withdraw. In this example, we will withdraw BNB.
4. Select the network (BEP2 for Binance Chain or BEP20 for Binance Smart Chain). In this example, we will use Binance Chain (BEP2).
5. Next, you have to select the Recipient’s Address from your address list.
- If you already have the recipient address, you can jump to step 6. If not, the next steps will show you how to add a new recipient address.
5.1 How to add a new recipient address.
If the address you need is not in your list, go to [Address Management] to add a new recipient.
5.2. Click [Add Withdrawal Address] at the top right side of your screen.
5.3. Select the coin, network, and input the address information.
- Wallet Label is a name you can give to each withdrawal address, so you don’t forget which wallet or recipient it refers to.
- MEMO is optional. For example, you need to provide the MEMO when sending funds to another Binance account or to another exchange. You do not need a MEMO when sending funds to a Trust Wallet address.
- Make sure to double check if a MEMO is required or not. If a MEMO is required and you fail to provide it, you may lose your funds.
- Note that some platforms and wallets refer to the MEMO as Tag or Payment ID.
5.4. When you are done, check mark [Add to Whitelist] and click [Submit].
5.5. Next, click [Send Code].
5.6. Finally, enter the verification code you received by email or phone along with the code from your Google Authenticator App. When you are done, click [Submit].
6. Now that you have the recipient address in your whitelist. You can come back to the withdrawal page and select the address from your list.
7. Enter the withdrawal [Amount]. At this point, you will be able to see the corresponding transaction fee and the final amount. Click [Submit] when you are ready.
8. Finally, enter the verification code you received by email or phone along with the code from your Google Authenticator App. When you are done, click [Submit].
Warning! If you input the wrong information or select the wrong network when making a transfer, your assets will be permanently lost. Please, make sure that the information is correct before making a transfer.
