How to Deposit/Withdraw Cryptocurrency to/from Binance Wallet via Crypto Network
Crypto Deposit and Withdrawal on Binance
If you’re new on Binance or new to cryptocurrency in particular, don’t fall your hands and fall among those who take depositing and withdrawing cryptocurrency via crypto network as something huge or tedious to execute. Do it once and you’ll be able to do it for the rest of your life. Binance features are efficient and easy to use; Furthermore, I insist that you should carefully take note of this — always confirm the network selected before you finalise the process else your token will be forever lost — as for that is the best way out.
In this article, you will learn about:
- Networks on Binance
- The perfect network selection on Binance
- How to deposit cryptocurrency via crypto network on Binance ; and
- How to withdraw cryptocurrency via crypto network on Binance.
Networks on Binance
The following are the frequently used networks on Binance:
- BEP2 refers to the BNB Beacon Chain (former Binance Chain).
- BEP20 refers to the BNB Smart Chain (BSC) (former Binance Smart Chain).
- ERC20 refers to the Ethereum network. Its native cryptocurrency is ETH.
- TRC20 refers to the TRON network.
- EOS refers to the Enterprise Operation System network.
- BTC refers to the Bitcoin network.
- BTC (SegWit) refers to Native Segwit (bech32), and the address starts with “bc1”. You can withdraw or send Bitcoin to SegWit (bech32) addresses.
The Perfect Network Selection on Binance
• The network selection depends on the options provided by the external wallet/exchange that you are making the withdrawal from. Fir example, if the external platform only supports ERC20, you must select the ERC20 deposit network.
• DO NOT select the cheapest fee option. Select the one that is compatible with the external platform. For example, you can only send ERC20 tokens to another ERC20 address, and you can only send BSC tokens to another BSC address. If you select incompatible/different deposit networks, you will lose your funds.
• Please make sure the address and amount you entered is correct before confirming the transfer
Warning: Please make sure that the selected network is the same as the network of the platform you are withdrawing funds from or depositing funds to. If you select the wrong network, you will lose your funds.
Note: For certain networks, such as BEP2 or EOS, you must fill in the Memo when making a transfer, or your address cannot be detected.
How to Deposit Cryptocurrency via Crypto Network on Binance
To deposit cryptocurrency to your Binance wallet via crypto network, please refer to the procedure below:
- Login to your Binance account if you do have one; not yet on Binance? Feel free to click HERE to sign up for your Binance account instantly.
2. From the homepage of your screen, tap on the ‘Wallet’ icon there at the bottom right corner of your screen
3. From your spot or funding wallet, tap on the ‘Deposit’ icon
4. Select the crypto you wish to deposit. Let’s take USDT for example.
5. Select your preferred network here.
6. From this stage, you have two options
- Save the QR code image; or
- Copy the crypto address.
7. If your account is being deposited by another person then send them the image or the crypto address to finalise the process. If you’re the one depositing from one wallet to another, then copy any of the two options above and paste where necessary (in withdrawal process from other exchange to Binance)
Warning: The sender and the receiver MUST use the same network for the transaction as making use of different networks will unstoppably lead to loss of fund.
Once your account is funded, you will receive a notification within short period of time (in minutes).
How to Withdraw Crypto via Network on Binance
To withdraw cryptocurrency from your Binance wallet via crypto network, please refer to the following procedure:
- Goto your wallet, spot or funding wallet.
2. Tap on the ‘Withdraw’ icon there
3. Select the crypto you wish to withdraw
4. Send via network
5. In this stage, you need to CAREFULLY:
- Scan the QR code or paste the crypto address copied previously in DEPOSIT process
- Select the EXACT NETWORK as previously selected in the deposit process
- Enter amount and proceed to withdraw your cryptocurrency
Warning: Please choose the network carefully and make sure that the selected network is the same as the network of the platform you are withdrawing funds to. If you select the wrong network, you will lose your funds.
6. You will be required to confirm the transaction again. Please check carefully and tap ‘Confirm’ to proceed.
Warning: If you input the wrong information or select the wrong network when making a transfer, your assets will be permanently lost. Please make sure the information is correct before you confirm the transaction.
7. In this stage, you need to verify the transaction with 2FA devices. Please follow the on-screen instructions to complete the process.
8. After confirming the withdrawal request, please wait patiently for the transfer to be processed.
This brings us to the end of this. My sincere gratitude for the time and attention. By now, I hope you are familiar with:
- Networks on Binance
- The perfect network selection on Binance
- How to deposit cryptocurrency via crypto network on Binance ; and
- How to withdraw cryptocurrency via crypto network on Binance.
Not yet on Binance?
Simply click HERE to sign up for your Binance account NOW and enjoy sign up package worth $300 for completing tasks.
You may want to read:
Binance Registration from Start to Finish
Binance Peer-to-Peer (P2P) Trading Explained
How to Send and Receive Crypto in Less Than 5 Seconds via Binance Pay
Safest Way to Generate Passive Income
Altaaf The Binancian.
