How to Deposit on Binance? On-chain Deposit and P2P Buy Crypto Routes
Binance deposits fall into two categories: first, P2P buying crypto with fiat currency, suitable for beginners with no existing crypto; second, on-chain deposits, suitable for users who hold assets on other platforms or in wallets. P2P is simpler and more commonly used. The key with on-chain deposits is that "networks must match." Below we break down the processes for both routes.
The world's largest cryptocurrency exchange by trading volume,leading in security and liquidity.
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Prerequisite: Complete Identity Verification First
Regardless of which route you take, Binance requires your account to first complete KYC identity verification before you can make any deposit. Verification path: App homepage top-left [User Center] → [Identity Verification], upload your ID photo and complete facial recognition.
When is it considered complete?: The identity verification page shows "Verified" status.
Route 1: P2P Fiat-to-Crypto Purchase (Buy USDT with Fiat)
This is the most common on-ramp for beginners — use your local currency directly on Binance to buy USDT from merchants. The entire process is under platform escrow, ensuring fund safety.
Step-by-step:
Open the Binance App and tap [Deposit] or [Buy Crypto] on the homepage.
Select [P2P Trading] (peer-to-peer) to enter the buy crypto page.
Choose your preferred trading method:
Express Zone: The system automatically matches orders, ideal for beginners.
Self-Select Zone: Manually filter merchants; you can compare prices and reputation.
Choose the coin to buy (usually USDT), and enter the purchase amount.
Select a payment method — Binance supports Alipay, WeChat Pay, bank transfer and other channels.
After placing an order, complete the transfer according to the payment details provided by the seller. The amount must exactly match the order.
After completing the payment, you must go back to the Binance App and tap the [I have paid] button — missing this step means the seller will not release the crypto.
Once the seller confirms receipt, the USDT will be credited to your Funding Wallet.
Safety tips:
Do not write any crypto-related words such as "Bitcoin", "USDT", or "buy crypto" in the transfer reference/memo, as this may trigger bank risk controls.
Prioritize Shield Merchants marked with a golden shield badge — transaction security is stronger, and in the event of a frozen card, you could receive compensation of up to 10% (capped at 2000 USDT).
When is it considered complete?: You see an increased USDT balance in [Funds] - [Spot Account].
Route 2: On-chain Deposit (Transfer Crypto from Another Wallet)
If you already hold crypto assets like USDT on another exchange or in a wallet, this method allows you to deposit them into Binance. There are four core steps: choose coin → choose network → copy address → withdraw from external wallet.
Step-by-step:
Open the Binance App and go to [Funds] → [Deposit].
Select [Deposit Crypto].
Choose the coin you want to deposit (using USDT as an example).
Select the deposit network: This is the most critical step. The page will list all networks supported by that coin (e.g., TRC20, ERC20, BEP20).
Copy the generated deposit address (or save the QR code).
Go to your external wallet/platform, paste the address and initiate a withdrawal.
Wait for blockchain confirmations; the funds will be credited to your Binance account.
The golden rule of network selection: The network selected at the deposit end must be the same network selected at the withdrawal end — if the networks don't match, the funds will be lost and unrecoverable.
Common network reference:
TRC20: Tron network, fast and low fees, most commonly used.
ERC20: Ethereum network, slow and expensive, but has a broad ecosystem.
BEP20: BNB Smart Chain, speed and fees fall between the other two.
Note: Some networks (such as BEP2, EOS) require a Memo/Tag in addition to the address when transferring; otherwise, the deposit cannot be credited.
When is it considered complete?: In [Funds] - [Deposit History], the transaction status shows "Completed".
Common Reasons for Failure
P2P: Forgot to click "I have paid" after transfer: The order times out and is canceled; you need to contact customer service.
P2P: Included sensitive words in the transfer reference: The bank intercepts the transaction causing payment failure.
On-chain deposit: Selected the wrong network: Assets are lost and almost impossible to recover.
On-chain deposit: Incorrect address or missing Memo: Funds cannot be credited.
The world's largest cryptocurrency exchange by trading volume,leading in security and liquidity.
New user benefit: Enjoy 20% off trading fees upon registration!
Risk Reminders
P2P funds do not pass through the platform but go directly to the seller; ensure you complete all communication and transaction steps only within the platform.
On-chain deposit time depends on network congestion; it can take from a few minutes to several tens of minutes.
For large transfers, it is advisable to do a small test transfer first, and once confirmed, transfer the remaining amount.
Once funds arrive, USDT will be stored in either the "Spot Wallet" or "Funding Wallet". If purchased via P2P, USDT is in the Funding Wallet; if via on-chain deposit, the receiving wallet can be selected. If you want to trade, you can place orders directly in the spot market. You can use the referral code FYLK9104 when signing up for Binance.
