The Binance cryptocurrency exchange is the most popular platform for trading digital assets as of 2022. Its important advantage is that the developers regularly add new methods for depositing and withdrawing funds, which allows them to reach the maximum number of possible users from different countries of the world. For example, in 2022 payment systems Advcash, Payeer and bank cards were added. All operations with cryptocurrency do not require account verification for volumes up to 2 BTC per day; it is required for depositing or withdrawing fiat currencies.
The editors of Profinvestment.com provide a detailed overview of all deposit and withdrawal methods on Binance that were relevant at the time of writing.
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How to fund your account on Binance
You can deposit funds into your Binance exchange wallet in both cryptocurrency and fiat . Many world currencies are supported, including the ruble and the hryvnia. Let's consider all possible methods of replenishment.
Replenishment with cryptocurrency (stablecoin)
Log in to your account and go to the “Spot Wallet” section from the top menu.
Find the cryptocurrency, token or stablecoin you are interested in in the list and press “Enter”.
This page displays your deposit address and previous transaction history. The address is also presented in the form of a QR code.
It is necessary to transfer coins to the specified address. They will be credited to the account after one blockchain confirmation. There is no set commission for input by the exchange, but the standard network commission is charged when transferring from an external wallet. There are no minimum deposit limits.
Please note that you can select the address format that is supported by the wallet or other service from which the transfer is made. Many wallets support working with several types of addresses at once.
You can buy cryptocurrency for fiat to transfer to the Binance exchange through cryptocurrency exchangers, p2p exchangers or fiat exchanges. In most cases, verification is not necessary.
Top up with fiat
Only those users who have verified their account (passed the KYC/AML check aimed at combating money laundering) can use fiat on the Binance exchange.
To deposit fiat funds into your Binance account, you also need to go to the “Spot Wallet” section and select the desired currency, but after that, if necessary, go to the “Fiat” tab.
Select the desired currency from the drop-down list if it is not selected. Each of them offers different deposit methods and different commission levels. For example, for the ruble it is :
- Bank card (Mastercard, VISA, MIR) – commission 3.1%
- Advcash payment system - no commission
- Payeer payment system – commission 0.5%
For Ukrainian hryvnia:
- Bank card (Mastercard, VISA, MIR) – commission 1% + 4 UAH
- Advcash payment system - no commission
Pay attention to the limits that are displayed when entering the amount. So, you can transfer from 1 to 600,000 rubles to your account at a time, no more than a million in a day, and up to 3.5 million rubles in a month.
After replenishing the spot wallet, you can transfer funds from it to other accounts - margin, futures, p2p wallet. It's instant and free.
Fiat gateway Binance
There is another way to acquire funds in an exchange account - buy cryptocurrency through the Binance fiat gateway or third-party partners (Mercuryo, Simplex, Koinal, BANXA) and immediately receive it into your spot account without making additional financial transactions.
With it, you can pay for your purchase directly with a VISA/Mastercard credit or debit card. The option is also available only to verified users. By the way, using the same method, only in the opposite direction, you can sell crypto and receive fiat money on your card.
Is it possible to cash out cryptocurrency in Russia?
The official status of digital coins in the Russian Federation today is “semi-legal”. It gives absolutely no insight into the state’s relationship to the market. Since the Federal Tax Service does not recognize cryptocurrencies as a method of payment for goods or services, they are not yet going to allow cards and accounts into the Russian Federation, no matter how the exchanges fight. But the IRS recognizes digital assets as valuable property that should be taxed. But at the moment this is not regulated in any way. Therefore, in 2022, you can exchange cryptocurrency for rubles in Russia, Moscow, St. Petersburg or another city only through the methods indicated above.
Do not forget that the authorities today consider any cryptocurrency exchange operations dubious. Therefore, they suggest that you independently declare your possible income and report to the tax office. But, if impressive amounts are deposited into bank accounts, and today it could be as much as 1,000 rubles, then be prepared to talk with a representative of Rosfinmonitoring. He will ask you to explain where the revenue comes from and how it is taxed. In practice, we do not recommend cashing out cryptocurrency to a SbreBank or VTB card.
How to Withdraw Money from Binance Account
If you do not plan to make trading transactions in the near future, we recommend withdrawing money from the exchange, since this is not a safe method of storage.
Cryptocurrency withdrawal
The easiest and most accessible way for everyone. Does not require verification (however, for unverified users there is a withdrawal limit of 2 BTC per day, which after confirmation expands to 100 BTC).
Go to the “Spot Wallet” and click “Withdraw” for the desired coin.
On the left is your balance in the selected cryptocurrency, including the part that is in orders.
On the right you need to enter the recipient's address and set the transfer network, which must match the one installed in the receiving wallet. Then enter the amount to withdraw and click “Submit”. Confirm the action.
The commission level is individual for each specific cryptocurrency. Look for up-to-date information about fees and minimum limits in the appropriate section of the exchange. It is noteworthy that you can transfer funds to the address of another Binance user. Then the processing fee will be returned to the checking account by default.
Fiat withdrawal
Go to “Spot Wallet”, click “Withdraw” for the desired fiat currency. As in the case of withdrawals, each of them has its own replenishment methods, commissions, and limits. For example, the ruble can be withdrawn using the following methods:
- Bank card (Mastercard, VISA, MIR) – commission 2% + 45 rubles
- Advcash payment system - no commission
- Payeer payment system - no commission
- Payment system Yandex.Money – commission 2.5%
Limits – up to 100,000 rubles per transaction, up to 400 thousand per day and up to 1.5 million per month.
Explanation of fees
Binance only charges fees for withdrawals, not deposits. Fees for certain transactions, such as cryptocurrency withdrawals, will fluctuate depending on network congestion.
If you trade and pay with the native token, Binance Coin (BNB), fees will be reduced by 25%. When withdrawing funds, each coin has different withdrawal fees. Binance owes much of its popularity to its low rates and fees, as well as discounts on BNB trading.
Deposit and withdrawal via P2P platform
Binance P2P (site https://c2c.binance.com/) is a marketplace for direct trading between users, where the exchange only acts as a guarantor of transactions and resolves disputes. Using the platform, you can sell or buy cryptocurrency using different payment methods. Payment methods can be added in advance in the settings so that you can quickly select them later.
Working with P2P is available only to verified users . In addition, you will first need to transfer funds to the P2P account from the spot wallet (when selling).
Purchase
Go to the p2p trading section and use the filters to select the cryptocurrency to be purchased, fiat to be given and suitable payment methods. Many electronic wallets and banks are supported, including Sberbank, Yandex.Money, Qiwi, Advcash, Payeer and others.
Study the offers. Pay attention to the limits and rates set by the seller. Having selected a suitable offer, click “Buy”. You will need to transfer fiat to the seller using the details provided by him and wait until he confirms receipt of the funds. After this, the purchased cryptocurrency will be credited to the account’s spot wallet.
Sale
To sell, you need to go to the “I want to sell” tab. Also specify filters and select the appropriate offer.
Chat with the buyer and give him payment details. Make sure payment has been received and confirm it. Then the cryptocurrency will go to the counterparty.
The platform allows you to trade cryptocurrency in volumes equivalent to 0.01-5 BTC.
Replenishment and withdrawal by internal transfer through an exchanger
It is possible to make a deposit or withdraw money from a Binance ruble account (Binance RUB) using the Baksman exchanger.
The process is practically no different from any other areas of working with an exchanger. Select the payment direction (Binance RUB is located on the EPS tab), enter the necessary details, and pay for the application. Please note that the service charges an additional commission if the transfer amount is less than 5,000 rubles in any direction.
Deposits and withdrawals from Binance can be made through the Baksman exchanger
Let's summarize
Binance is a conglomerate of trading and related services. The exchange provides several platforms for trading and exchanging money. For ordinary users, the main conversion service is Binance Convert & OTC Portal. It's cheap, fast and easy.
Those more experienced in cryptocurrency money can try active speculation on the spot market to make money on exchange rate differences or take advantage of the liquidity pool. But in these cases, you need to look at the commission so as not to convert it into a loss.
Moreover, instead of simply exchanging digital money for fiat, deposit holders can fill Binance liquidity pools with coins themselves in order to earn money from other users. Consider this option for earning money too.
