Binance is the leading cryptocurrency exchange platform built solely for cryptocurrency enthusiasts. Whether you’re a rookie or an experienced trader, Binance is the place you need to go.
The best part is that it’s easily accessible in Pakistan and Pakistanis can purchase cryptocurrency using PKR. Let’s now learn about how you can deposit funds or cryptocurrencies on Binance.
Depositing Cryptocurrency Funds on The Binance App
Depositing your crypto via Binance application is pretty easy. Those who don’t have already installed Binance App on their Android devices, they can download it from the Play Store.
Once you have application, the next step is to register an account. If you already have an account then follow these below steps to deposit your crypto via Application.
Choose the deposit address on Binance
Choosing the deposit address is the first step to deposit on the exchange. Here’s how to do it:
1. Log in
First of all, open your application and login to your account by entering your login credentials on the Binance App.
2. Go to Deposit
Once logged-in, the next step is to go to your “Wallets” section by navigating through the bottom menu and then click on the Deposit icon.
3. Select Crypto
As soon as you click on deposit, a list of supported cryptocurrencies will appear. Now, whatever cryptocurrency you want to deposit, search for it via Search bar or scroll down to find it and then tap on it.
4. Choose Network
When you tap on your desired cryptocurrency, a new pop-up will appear asking to “Choose Network”. For those who don’t know what networks are. These networks are blockchains where each transaction is validated to ensure the security and tackle fraudulent behavior. Some of the popular networks are as follows:
- BEP2: BEP2 is a standard term used for the process that assures the issuance and implementations of tokens on BNB Beach Chain.
- BEP20: BEP-20 is BNB Chain token standard that supports smart contracts and aims to extend the ERC-20. Both BEP2 and BEP20 are Binance Chain protocols but they are different from each other. BEP2 protocol is used for native transactions while on the other hand BEP-20 is used for smart contracts and allows anyone to create a token on the network with ease.
- ERC20: ERC-20 is Ethereum blockchain protocol that supports smart contracts and allows users to make transactions. But due to network conjunction, the gas fees of ERC-20 standard protocol can be high compared to BEP-20 and BEP2.
- TRC20: TRC-20 is a Tron Blockchain protocol used for managing and issuing tokens on a network.
Copy and paste the Binance address
So, select whatever Chain you like. Once you do that a new page with QR Code and Wallet Address will appear.
1. Click Copy on Binance
Now click on Copy Address in order to copy your wallet address.
2. Go to the withdrawing platform or wallet
Once you have copied your address. The next step is to go to the application or wallet from where you are going to deposit crypto to your Binance account. By navigating through the wallet/Exchange choose withdraw and make sure the asset you are withdrawing is on the same network that you selected earlier in your Binance app.
3. Paste the address
Now, paste the copied address in the required withdrawal address field and enter the amount you are willing to withdraw.
4. Confirm withdraw
After that, double check all the information and then confirm your withdrawal by clicking on the “Withdrawal/Send” option.
5. Check added balance on Binance
Once a transaction is successful, don’t forget to first check out on the blockchain explorer to ensure it is validated or not. Wait for a few seconds if not depending upon the network conjunction and then go to your Binance account and check your balance. Once validation of a transaction is completed on Blockchain, the transaction will reflect on your Binance wallet balance sheet.
Depositing Cryptocurrency on the Binance website
The method of depositing on Binance via the website is pretty much similar to the mobile application. However, due to layout differences between the site and application, the navigation can be slightly different. If you haven’t used Exchange’s website before then follow our below step by step guide on how to deposit on Binace via its website.
The method of depositing on Binance via the website is pretty much similar to the mobile application. However, due to layout differences between the site and application, the navigation can be slightly different. If you haven’t used Exchange’s website before then follow our below step by step guide on how to deposit on Binace via its website.
Choose the deposit address on Binance
Just like with the Application process, the first step is to copy the deposit address on Binance. For that we have to login to our platform account.
1. Log in
In order to log in, visit the official website of Exchange, and from the header menu, click on Login, and you will be redirected to a sign-in page. Now, input your credentials details and then click on Sign-in to log in to your account.
2. Go to Crypto Deposit
Once you are logged in now, go to the Crypto Deposit section by navigating through the wallet feature of the website.
3. Select coin
Now, select cryptocurrency out of tons of options available on exchange and then tap on it.
4. Select network
As soon as you tap on the crypto, it will ask you to “Select Network.” Now, here select the network out of plenty of supported networks. Some of the popular supported networks include:
- BEP2
- BEP20
- ERC20
- TRC20
5. Click to copy the deposit address
Once you have selected the network, a new page will appear containing QR Code and Wallet Address. Now, click on Copy address to copy your deposit address.
Copy & paste the Binance address
After copying the address of deposit from Exchange, the next step is to visit the wallet/Platform from where you are going to deposit crypto to your Binance account.
1. Open the withdrawing platform or wallet
Once you have opened the platform where we are going to withdraw from, similar to how we did with Binance, search for respective tokens.
2. Go to Withdraw
After finding the token, tap on it and click on Withdraw/Send, whatever option the platform/wallet has.
3. Paste the copied address
Once you do that, it will ask you to enter your copied address and amount you are willing to withdraw. Paste the address that we previously copied and then enter the amount.
4. Confirm withdraw
After that double check all details and confirm your withdrawal.
5. Check added balance on Binance
Now, wait for a few seconds so the transaction can get validated on Ethereum blockchain. Once a transaction is validated, the deposited amount will automatically be added to your Binance wallet.
FAQs
How long does confirmation take on Binance?
There is no delay in Binance confirmation. Every time when a transaction is made, it goes through the blockchain validation process. Once a transaction is validated in blockchain it automatically reflects on Binance. The validation time varies depending upon the network you choose and “priority.”
How much is the Binance deposit fee?
For all crypto deposits, including Ethereum, Bitcoin, Tron, and BNB, there is zero deposit fee on the Binance platform.
How to deposit in Binance?
Binance deposit process is pretty simple. first of all, select cryptocurrency then copy an address and send any amount of supported cryptocurrency on the copied address.