How to Deposit and Withdraw Cryptocurrency on Binance

Binance is one of the top crypto exchange platforms across the globe. It offers an intuitive and user-friendly platform to investors across the globe making it one of the top preferred choices to trade digital assets.

Deposits and withdrawals are also made straightforward for users, although it comes with some fees and commissions.  Follow these simple steps to learn how to deposit and withdraw on the Binance exchange platform.

You can also go here.

How to deposit cryptocurrency on Binance

We will use 20 USDT to explain how to deposit cryptocurrencies from an external wallet into your Binance account

Step 1. Login to your Binance account and move to the wallet overview page.

Step 2. Select “Deposit” which is at the top right corner of your screen

Step 3. Click on “Deposit Crypto”

Step 4. Choose the digital coin you wish to deposit. In this case, we will deposit USDT.

Step 5. After that, select the network you want to use for the deposit. Please ensure you choose a network that conforms to the platform’s network you are sending the funds from.

Make sure the network tallies, if not you will lose your funds.

Summary of network selection

BEP20 connects to the Binance Smart Chain (BSC).

BEP2 connects to the Binance Chain.

BTC relates to the Bitcoin network.

ERC20 connects to the Ethereum network.

TRC20 connects to the TRON network

OMNI relates to the OmniLayer which operates on the Bitcoin network.

BTC (SegWit) refers to Native Segwit (bech32). The network is characterized with an address starting with “bc1”.

Step 6. In this example, we will be depositing the 20 USDT via the ERC20 address (Ethereum blockchain).

Generally, network selection is dependent on the options available on the external crypto wallet where the cryptocurrency is being sent. If the external wallet supports only the ERC20 address, then you must choose the ERC20 network to receive the cryptocurrency.

Don’t be tempted to choose the cheapest fee option that isn’t compatible. Ensure the network addresses are compatible if not you will lose your funds!

Step 7. Copy the deposit address displayed after selecting a compatible network. After that, paste the address on the withdrawal section of the external wallet you’re sending the USDT.

Step 8. Confirm the withdrawal request on the external crypto wallet and wait patiently for confirmation. Confirmation may take some minutes depending on the transaction traffic on the network.

Once the transaction is processed, your Binance account will be credited with the cryptocurrency. In this case, 20 USD.

Step 9. You can then go on to check your Transaction History to have more information on the transaction.

How to Withdraw Crypto on Binance

Learning to withdraw crypto from your Binance account is also as simple as receiving deposits. Follow these steps to withdraw crypto from your crypto account;

Step 1. Login to your Binance account and move to the wallet overview page.

Step 2. Select “Deposit” which is at the top right corner of your screen

Step 3. Choose the cryptocurrency you wish to withdraw. For this example, we’ll keep using the USDT.

Step 4. Choose the network TRC20 (connects to the TRON network) or ERC20 (connects to the Ethereum network). In this example, we’ll use TRC 20.

Step 5. After that, paste the address you want to withdraw into and input the amount you want to withdraw. After that, you will be able to see the final amount and related transaction fees. Click on withdraw to proceed

Step 6. You will be asked to confirm the transaction once again. Ensure all information input are correct, then click confirm.

Warning: Double-check and confirm relevant information. Inputting the wrong wallet address or choosing the wrong network when making a transfer will get your asset lost permanently. Ensure every detail is correct before clicking on “confirm”.

Step 7. Once you’ve clicked on confirm, you will need to input the verification code sent to your phone number and email address. If you use 2FA, you will also need to enter the code displayed on your Google Authenticator App. After that, you can click on ” Submit”

Step 8. After you’ve confirmed your withdrawal request, you will have to wait for some minutes for the transfer to be processed and approved. After that, the cryptocurrency should reflect on your external crypto wallet.

Conclusion

Deposits and withdrawals have never been easier with Binance. Sure, the entire process might be long but it is quite straightforward. Above all, all transactions are well secured and protected ensuring your crypto assets are safe.