Binance Wallet: Most trading platforms also serve as crypto wallets, which makes a lot of sense. It's much easier to trade when you can actually store your crypto on the same platform. And Binance is no exception and you can access the Binance crypto wallet feature from its Mobile App.
So, how do you get started with Binance Wallet using the Binance App to send, receive and store your cryptos? As usual, its very easy and we’re here to give you the very brief and straight-to-the-point guide.
What is Binance Wallet
Binance Wallet is a feature in the Binance platform that allows you to easily send, receive, and store your cryptos in the platform. This means, you don’t only trade in the platform but you can also easily store your crypto there. And this feature an be used more easily with the Binance Mobile App.
How to withdraw or send crypto on Binance using the Binance Mobile App
Open the Binance Mobile App
Select Wallets from the bottom right corner
Click on Withdraw from the options
Select the crypto you wish to withdraw e.g. BTC, ETH, BNB etc.
Enter the Receiver Wallet Address in the required box (Wallet Addresses are alphanumeric i.e. combination of letters and numbers)
Some crypto requires Memo before you can send to it. So request the Memo from the person before you continue.
Input the amount of crypto you wish to send e.g. 0.01BTC, 0.1BNB, etc.
Note that you’ll have to pay a transfer fee which will be deducted from the transaction amount. So, if you’re sending 0.1 and fee is 0.002 then the receiver will get 0.008.
Click the Withdraw button and Send Code button for verification
Binance will now send a code t your registered Mobile Number, enter the code to complete the transfer, withdraw or send crypto process.
How to receive crypto using the Binance Mobile App
Open the Binance Mobile App
Select Binance Wallet from the bottom right corner
Click on Deposit from the options
Select the crypto you wish to deposit e.g. BTC, ETH, BNB etc.
Choose the Network type you wish to send (ask the sender about network type if you’re not sure).
Some crypto requires Memo before you can receive. So send both the Wallet Address and the Memo to the person.
You crypto will be credit when the person sends it to your Wallet Address
How to Transfer Crypto within Binance Wallets using Binance App
You can transfer crypto within the Binance Platform depending on what you need the crypto for. To transfer crypto within the Binance App, follow the steps below;
Open the Binance Wallet Mobile App
Go to Wallets at the bottom right corner
Click on Transfer
Now select the Wallet you want to Transfer From and the one you wish to Transfer To i.e. from Spot Wallet to Funding.
Select the crypto you wish to transfer
Enter the Amount you wish to transfer
Click the Confirm Transfer button at the bottom