Binance is, for me at least, the best crypto trading platform. It has the biggest selection of coins, a unique launchpad, it’s own token (BNB) that has really grown in recent years, and the best functionality of any crypto trading platform. Oh, and it also has the lowest fees.
You can read more about signing up for Binance here.
But in 2021, if you’re trying to load money into Binance, you might have encountered a few problems.
Why are Binance payments blocked by my bank?
Binance users in the UK, USA and parts of Europe might have found that adding money seems to be nearly impossible.
The reason is because Binance have been hit by a raft of regulatory issues, mostly around the availability of regulated products.
Basically, advanced trading such as leverage and futures trading is meant to be protected by financial regulators. But, the platform had managed to dodge this and is now paying the price, as banks block deposits and withdrawls.
The banks are playing the ‘protect your money’ card, to reduce the chances of people losing money on these advanced trading strategies. Which, for those of us using Binance as an invesment problem, is a pain in the ass quite frankly.
But that doesn’t mean you can’t still use Binance. No, it just means you have to be a bit smart about how you get your money on there.
Ways to add money to Binance
Generally, speaking, you’re going to need to add money to another exchange and transfer it to your Binance wallet.
The easiest ones to use are:
- Coinbase (not impacted by regulations at the moment, but high fees)
- Kraken (again, high fees but not limited)
These offer the quickest and easiest way to load money onto an exchange and send it to Binance. Be prepared for eye-wateringly high fees though.
With money in Coinbase/Kraken, convert your money to USDT, USDC, XLM (Stellar Lumens), TRX (Tron) or ALGO (Algorand). These all have low fees for transferring, although the platform will set their own fees.
Find your corresponding wallet address in Binance for the coin you’re sending.
Copy and paste the wallet address into Coinbase or Kraken, and make sure you add any extra details such as the ‘memo’, which you might need.
Hit send, and wait patiently.
Your money should arrive in your Binance account in a few minutes.
Adding money from TrustWallet or MetaMask
It’s also possible to add money to Binance from one of the wallet apps. These will usually use an external payment provider, such as MoonPay, Simplex or Mercuyo.
These will all need you to sign up and verify your identity, with a form of ID and usually taking selfies and all of that.
Yes, it’s a pain in the ass, but if you want to add money to Binance, this is actually a relatively cost effective method.
Once you’re verified, you can then load money from your bank card. There will be fees, so expect to pay 5% plus the platform fee.
With your money in your crypto wallet, you can then copy and paste your Binance wallet address and send your funds to Binance.
If you’re using any other exchange to send money to Binance, you might find a similar problem. Basically, if the platform offers leveraged trading, you might find it hard to load USD or GBP. Other currencies such as Chinese Yuan Reminbi and Hong Kong Dollar might also find limits in place.
But you can still add money to platforms like Kucoin, BitStamp or Bitmex with a bank card or credit card.
If you happen to have a bank account in another currency, for example Euros, Turkish Lira, Brazilian Reals or Australian Dollars, you should find the whole process much easier.
Once you have money on the exchanges, it’s just a case of sending it to your Binance.
Ready to invest in your financial freedom? Stay tuned for more content here on Playboy Cartel.