Understanding Crypto Transactions on Binance
Binance simplifies cryptocurrency deposits and withdrawals through various blockchain networks. Whether you're new to crypto or an experienced trader, mastering these processes ensures secure and efficient transactions.
Key Takeaways:
- Overview of Binance-supported networks
- Criteria for selecting the right network
- Step-by-step deposit and withdrawal guides
- Critical warnings to prevent fund loss
Supported Networks on Binance
Binance supports multiple blockchain networks, each with unique features:
| Network | Description | Native Token |
|----------|--------------------------------------|-------------|
| BEP2 | BNB Beacon Chain (formerly Binance Chain) | BNB |
| BEP20 | BNB Smart Chain (BSC) | BNB |
| ERC20 | Ethereum Network | ETH |
| TRC20 | TRON Network | TRX |
| EOS | Enterprise Operation System | EOS |
| BTC | Bitcoin Network | BTC |
| BTC (SegWit) | Bitcoin SegWit (bech32 addresses) | BTC |
How to Choose the Correct Network
Compatibility Check:
- Ensure the external platform (e.g., wallet/exchange) supports the same network.
- Example: Use ERC20 only if the sender/receiver supports Ethereum.
Avoid Cheap Fees Trap:
- Selecting incompatible networks (e.g., sending BEP20 to an ERC20 address) irreversibly loses funds.
Memo Requirements:
- For BEP2 or EOS, include the Memo/Tag; otherwise, funds won’t be credited.
⚠️ Warning: Double-check the network, address, and amount before confirming.
How to Deposit Crypto on Binance
Follow these steps to deposit funds:
- Log in to your Binance account.
👉 Sign up for Binance if you don’t have an account. - Navigate to Wallet > Spot/Funding Wallet > Deposit.
- Select the cryptocurrency (e.g., USDT).
- Choose the network (e.g., ERC20).
- Copy the address/QR code and share it with the sender.
⚠️ Critical: Sender and receiver must use the same network.
How to Withdraw Crypto from Binance
- Go to Wallet > Withdraw.
- Select the crypto and network (must match the recipient’s network).
- Paste the recipient’s address or scan their QR code.
- Enter the amount and complete 2FA verification.
- Wait for processing (usually minutes).
⚠️ Reminder: Wrong networks = permanent loss.
FAQs
1. What happens if I select the wrong network?
- Funds become unrecoverable. Always verify compatibility.
2. Can I change the network after initiating a transfer?
- No. Transactions are irreversible.
3. Why does Binance require a Memo for some networks?
- Networks like BEP2/EOS use Memos to identify recipients.
4. How long do deposits/withdrawals take?
- Typically minutes, but delays occur during network congestion.
5. Are Binance network fees adjustable?
- No. Fees are fixed per network.
Final Tips:
- Bookmark Binance’s network status page for updates.
- Test small amounts first for unfamiliar networks.
By mastering these steps, you’ll trade confidently while avoiding costly errors.