Did you know that your crypto deposit fees and trading fees are eating away at your profits? In this article, I will show you a couple of ways you can reduce your deposit fees and save a lot in long run!
One option is totally FREE. No fees, hidden or otherwise. Want to find out how to buy crypto for FREE on Binance? Let’s look at it.
Method #1: Simplest Way for Binance Deposits
If you are fortunate enough to live in a place where you can send funds from your BANK to Binance, you definitely should do it. If not we have 3 more ways for you in this video that are safe, convenient, and available across the globe. But you need to know some ways to save deposit fees there.
Whether you have a Binance account or not, you can always sign up for a new one with AB exclusive link and Get rewards worth up to $800.
For example, Europeans can send money through SEPA. English through Faster Payments. Some other countries can too. But, before I tell you why it is one of the best ways, let’s take a quick look at you can do it:
- Once you have your account set up go to your Fiat & Spot Wallet.
- Click on Deposit, then Deposit Fiat.
- Click your currency of choice, as we did for USD here in this image. You can see that we can use SWIFT to wire money to Binance.
- Click Continue. In some places, you will get a message saying this method is unavailable and you have to try one of the other ways. If you can move forward you get a screen where you have to accept the terms and conditions and Activate the Fiat Service.
- Once activated, you put in the amount in USD (or the currency you chose), your banking details, and you are set. More info here.
And since that money goes right into your Fiat and Spot Wallet, this is a great option if available. You will then have to buy the stablecoin of your choice for the trading pair you want but that’s a simple and very low-cost purchase. It’s fast too and then you get to what you REALLY want to buy.
Method #2: Debit/ Credit Card Deposits to Binance
Here we have a tradeoff of cost vs convenience. At 2%, the fees for buying crypto with a credit card on Binance are the highest of these 4 methods for adding money.
Buying with a credit or debit card is easy and fast. Plus it converts your fiat to crypto. This is how you need to do it:
- First, you go to Buy Crypto > Credit/Debit Card.
Next, you are at the Buy Screen. One cool little feature you can see here is that it tells you if you had done recurring buys like through a DCA plan, your ROI would be 50% on that money. We like that feature since we like DCA as a strategy.
- Click Continue and you get to the Add a Card screen. Click Add a Card and Enter Your Card Details including Billing Address.
- Click on Confirm and Confirm Your Order so you can lock in the stated price. Price adjusts every 1 minute.
- You might be sent to your bank’s transaction page with an OTP (one-time password) to complete the transaction. OR you might be finished from here. The funds will show in your Spot Wallet.
Binance supports lots of countries for Visa or Mastercard payments but some like China, Japan, Singapore, or the US cannot use this method.
Method #3: $0 Fees Way Deposits to Binance
For most of you who CAN’T send money from your bank to Binance, you have to use the p2p option. This one is the totally, completely, 100% FREE option. Everything you pay is based on the price of the USDT or BTC or whatever. NO ADDED FEES. Pretty cool huh?
Thankfully, this option works great for buyers and sellers. That all with extra protection for you from Binance by holding the coins in escrow.
How does it work? It’s really easy. In this example, I am trying to sell USDT for Colombian Pesos looking for either Bank Transfer or the Nequi financial app, a Paypal-like app in South America. You can see it’s easy and fast once you do the KYC and open the p2p account part of your Binance account. Take a look at this video to see how to do it.
One of the world’s most popular super apps/neo banks, Revolut, is available as a p2p option too. This means you can buy crypto directly from your Revolut app making a payment to another Revolut customer for your crypto. You can see here that for USDT, you are paying a 2c premium or $1.02 instead of $1. Both USD and Euro holders can use Revolut for p2p. Not bad for convenience right?
Use whatever financial app or bank account where you have money and is also one of Binance’s 150+ approved payment methods. Paypal is not approved on Binance but is on Binance.US. Register that payment method showing proof the account is yours with Binance. This is part of the KYC process in the beginning when you set up your p2p account.
Then, search for the assets you can buy. You will see that you can buy USDT, BUSD, and DAI as stablecoins or you can directly buy Bitcoin, Ethereum, BNB, and sometimes DOGE. If all you want is BTC, ETH, or BNB because you are investing or have a DCA plan into these top projects then you would be done without having to pay any platform fees at all.
But what’s more common is to buy one of the stablecoins, which then gives you more options and time to decide what other project you want to buy. And it’s FREE. Then go buy what you like. What projects do you like right now? BNB, DOT, ADA, or MATIC. Lets us know in the comments section below.
Method #4: Send Other Crypto to Binance
Although we kept it for last, this method will be the fastest of the 4 to get your money ready to trade. It’s crypto to crypto.
Fees are super low if you are using the right network. Not FREE but if you spend $1 to send $1000 USDT on the Tron blockchain, are you really going to complain? You can’t do that with fiat money.
In this example, we are depositing USDT. You have 8 networks to choose from including ETH ERC-20, Tron, Avalanche, and BSC. Again, make sure your network matches. Next, Binance generates an address from that network for you to ensure you send it to the right place.
Then you select either your Spot Wallet or Funding Wallet. Since internal transfers are free it doesn’t matter. Yet, if you wanted to sell some of your coins using a p2p trade, then you could have these funds go directly to the Funding Wallet saving you a step.
Now you are ready to send your coins from your other wallet (your sending address) to your receiving address at Binance. Once you receive it, your USDT is yours to do whatever you want.
And that’s our look at the top 4 ways to send money to Binance so you can buy whatever project you like.
Four methods: Bank transfer, p2p, Debit or Credit cards take us from fiat to crypto, and sending crypto to the exchange is a crypto-to-crypto transaction. All 4 have their advantages or their drawbacks.
The “Crypto-to-crypto” option is the fastest but does nothing for converting fiat to crypto. Bank transfer is the best fiat to crypto method but it’s the most restrictive in who can use it. Try a couple of methods and see what works best for you.
Note: For no fees at all, the choice is the p2p option. We recommend you start small and get used to how the program works.
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