Binance minimum deposit is set at $50 or equivalent in fiat, and will enable you to either use the cryptocurrency exchange, or crypto futures trading capabilities. There are more than 9 different fiat currencies you can deposit and withdraw with, and many more cryptocurrencies!
Whilst officially there is no minimum deposit amount for Binance on crypto deposits, fiat currency minimums are bound to the above $50 level. This seems to be a very reasonable starting point into what is a very interesting technology.
In this guide, we are exploring in more detail the Binance minimum deposit, and fees for deposits and withdrawals based on the different fiat/cryptocurrency types accepted.
Binance Minimum Deposit In Cryptocurrency
As one of the World leading cryptocurrency exchanges, Binance offers a wide variety of more than 600 digital assets for trading.
Binance supports both fiat and cryptocurrency deposits, and offers several payment methods for depositing funds into your account, including bank transfer, credit/debit card, and cryptocurrency. You will also find support for withdrawals to external wallets, with a minimum withdrawal amount that varies depending on the currency you are withdrawing to (fiat or crypto).
The Binance minimum deposit for various cryptocurrencies does change, and as there are so many tokens supported, the best place to check those out is live with Binance here. Whilst there are no fees charged on crypto deposits, there are on withdrawals, and you can see those on the same page above.
Withdrawals from Binance are typically processed within 24 hours. However, depending on the withdrawal method used, there may be additional processing times involved. For example, bank transfers may take up to 5 business days to complete. Binance has options for fee-free deposits and withdrawals, but there are some variances depending on the method chosen.
Binance Deposit & Withdrawal Fees By Currency
You can see below the main fiat currencies supported, along with the respective Binance fees for deposits and withdrawals.
|Currency||Method||Deposit Fee||Withdrawal Fee|
|USD||Bank Transfer (signet)|
Bank Transfer (SWIFT)
How To Withdraw From Binance -> KYC Approval Needed
One of the first steps you will need to take before you can withdraw from Binance, is to have your account properly approved. This is done in a process known as KYC, or know your client.
After you have submitted your Binance application, the team will review your information and determine if you meet the requirements for automatic KYC approval. If you are approved, you will be able to trade on the Binance platform almost immediately with both futures and spot.
You will usually need to answer some simple questions to assess your suitability for futures trading on the Binance crypto trading platform but there are not specific documents required.
If your account is not automatically approved, they will provide feedback on what additional information or documentation is needed in order for your application to be approved. You can see from the image above, on the right hand side there is a list of information still to be added on this account in order to be fully verified. This is completely normal, and does need to be done.
Once these processes are complete, your account with Binance will be fully enabled for deposits and withdrawals, and you will be able to make a withdrawal to your chosen account. You will then no longer see the not verified messages in red, or on the left of this image above, and can continue to operate your account with Binance as usual.
Temporary blocks on Binance accounts impacting withdrawals
The Binance team will also review your application if you have been flagged for suspicious activity. In this case, they may require additional information or documentation from you in order to make a determination on your account status.
This process can be a little frustrating at first, but these measures are there largely to protect you, and the platform, and as such are necessary.
Whilst these processes are taking place, it is still possible to use certain elements of the platform, but deposits and withdrawals are usually on hold.
It may be advisable to hold off on taking any large positions until you have the account fully approved for withdrawals to avoid any potential disappointment in processing.
Binance Compares Favourably To eToro, Coinbase, & Other Crypto Exchanges
Binance is one of the most popular cryptocurrency exchanges in the world and is known for its low fees, fast transactions, and wide selection of coins. We have added a simple table for each of these two major topics of cryptocurrency support, and transaction fees so you can easily identify what is important to you. How exactly does Binance compare to other major exchanges?
- Binance – 0.1% spot trading fee
- eToro – 1% commission on buy and sell orders
- Coinbase – 1.49% fee for buying or selling cryptocurrencies
- Kraken – 0.26% taker fee, 0.16% maker fee
- Bitstamp – 0.25% trading fee
Number of coins available
- Binance – 600+
- eToro – 75+
- Coinbase – 150+
- Kraken – 110+
- Bitstamp – 45+
If you are considering trading crypto with leverage, rather than buying, and would prefer to use a crypto CFD trading platform, eToro is a suitable option seeing as Binance do not provide functionality (although not for US or UK traders). We have a separate list of CFD brokers, should this be what you need.
Otherwise, as you can see, Binance provide both the largest range, and the best fee structure of the best cryptocurrency exchanges on the market today. When you add the fact that this is a highly liquid platform, it is easy to see why so many people are looking to understand more about the Binance minimum deposit, and withdrawals in general.
Next up, we are going to take a quick look at how Binance grew into the global exchange star that it is today, in case it helps us spot the next big crypto project.
Average Trading Volume On Binance Exchange Is Growing
Binance is one of the largest cryptocurrency exchanges by trading volume and has a wide variety of cryptocurrencies available for trading (600+), including all the major coins like Bitcoin, Ethereum, Litecoin, and Binance Coin (BNB).
The company has been very successful and has grown rapidly since its launch. In January 2018, Binance had a 24-hour trading volume of $1.3 billion. By June 2018, that number had grown to $6.0 billion. And as of September 2018, Binance’s 24-hour trading volume was $8.3 billion. This is a staggering growth level throughout a 9 month period.
Looking to the prevailing 12 months, 2021 has seen Binance volumes continue to soar, with more than $7.7tn in volume transacted across the year. This puts Binance firmly in the top spot as far as highest volume cryptocurrency exchanges go.
Where Is Binance Head Office? Changing Times, Changing Places
Binance is a cryptocurrency exchange that was founded in 2017. The company has no official headquarters, but has a presence in Malta and has offices in Singapore, Tokyo, and Hong Kong. Binance was created by Changpeng “CZ” Zhao, who is also the CEO of the company.
In August 2018, Binance announced that it was launching its own blockchain, called Binance Chain. The main goal of Binance Chain is to provide a decentralized exchange (DEX) where users can trade cryptocurrencies without the need for a third party.
Binance has been very successful so far and has plans to continue growing. The company is always looking for new ways to improve its platform and expand its services.
Whilst the company has continued to expand, and officially has no centralised base, Binance was originally based in China before moving its headquarters to Japan after the Chinese government banned cryptocurrency exchanges in September 2017.
In March 2018, Binance moved again to Malta after the Japanese Financial Services Agency put pressure on cryptocurrency exchanges in the country. At the same time, Malta was making quite the push to be considered a Blockchain island, and have created various hubs of industry related to Cryptocurrency that likely made a lot of sense to Binance.
Despite having previously been quite vocal about having no centralised base, CZ has recently made an effort to set up the European headquarters of Binance in Paris, France. During a Blockchain event in Paris in early 2022, Binance has made statements to the like, and would be appeasing regulators in various countries that would like to see cryptocurrency exchanges bound to central governance.
Binance Is Here To Stay
It seems that Binance is going from strength to strength, and is here to stay for the long haul. With bitcoin and cryptocurrencies currently going through a period of pressure (in line with the rest of the market, the bigger players remain the more stable places to trade.
If you are considering taking your first step into crypto, or are a seasoned veteran, it is worthwhile testing out Binance minimum deposit level of $50 to see whether this is the right place for you long term. We have found pluses and minuses in almost all different exchanges, but Binance has more going for it than against at this time.
Whatever you decide to do, trade safe.