How to Deposit on Binance
How to Deposit on Binance
In order to begin trading cryptocurrencies on Binance Exchange, you will need to deposit funds into your Binance account.
Deposit cryptocurrency on Binance
Binance supports trading of over 150 different cryptocurrencies, and you can deposit any one of these onto the exchange. In this example, we will be depositing BNB from Trust Wallet.
From the homepage of Binance, move your mouse up to your profile icon. The icon will be different for everyone and is defined based on the first two letters of your email address.
Once you activate the dropdown menu, you will see an overview of your profile. Click on “Deposit,” and you will be directed to the deposit page.
Once on the deposit page, you will be able to select which coin you wish to deposit. Binance supports the deposit of over 150 cryptocurrencies. However, it’s important to note that sometimes deposits will be unavailable for certain cryptocurrencies if the wallet is undergoing maintenance.
The coin selection is on the left side of the screen, and the deposit details will be displayed on the right side.
Depending on the cryptocurrency you have selected to deposit, there may be a specific process to deposit that coin. In the case of BNB, a MEMO is required when depositing BNB to Binance Exchange. Once you have read and understood the warning, select “I understand” and proceed.
After you have continued to the next stage, your BNB deposit address will be displayed on the screen along with the deposit MEMO. If you do not include a memo when depositing, your deposit will be lost.
Why is a MEMO required?
A MEMO is required because the BNB deposit address for all users is identical. The MEMO is a unique identifier assigned to each account that allows Binance to identify a deposit and credit the appropriate account.
Now that you have your deposit details, you can open the wallet that you wish to send the deposit from. For this example, we will be using Trust Wallet on iOS. If you don’t have Trust Wallet, you can download it from the Trust Wallet website.
Once your wallet is open, select the coin you wish to send. In this case, it is BNB.
Now click on “Send.”
From this screen, you will need to enter your Binance deposit address and MEMO. The simplest way to input your address is to scan the QR code available on Binance. You can see your QR code by clicking “Show QR Code” on the website.
Once you have entered your details you can send the transaction and your Binance account will be credited shortly after.
Purchasing cryptocurrency on Binance with credit card
You can also purchase cryptocurrencies using your credit card. To do so, move your mouse up to your profile icon. Once you activate the dropdown menu, click on “Buy With Credit Card” to be directed to the next step.
On the next page, you will be able to select which coin you wish to buy, as well as the order amount. The total charge will be displayed according to the order amount and current market price (all fees are included). If you prefer, you can set the total charge first and the order amount will be calculated automatically.
When you are ready, click “Buy now.” A window will appear so you can confirm the details of your order. Read the disclaimer and Terms of Use and, if you agree, tick the box and click “Go to payment.”
Next, you will be required to fill your credit card details along with your personal information. When you are done, click “Pay now.”
Wait for your credit card to be verified.
If this is your first Simplex payment, you will be required to verify your email and phone number. You will receive an email and an SMS with a verification code. To finish the verification process, you need to open the link sent by email and insert the code received by SMS. Once you are done, click “Continue.”
Next, you will be required to verify your identity using an official document. Please upload a picture of your document along with your personal data and click “Upload Document.”
Finally, your documents will be verified and, if approved, you will receive an email stating that your purchase has been confirmed. Your Binance account will be credited shortly with the purchased cryptocurrency.