Binance Pay's deposit feature enables transfers to select DeFi wallets, improving the accessibility of decentralized finance and enhancing user experience. For example, you can now transfer your assets easily between Binance Pay and Trust Wallet, Safepal, and Ronin Wallet.
Benefits of Binance Pay’s deposit feature
- Quick & Easy: By choosing the [Deposit with Binance Pay] option on the selected DeFi wallet app, you’ll be instantly redirected to Binance Pay, with your destination wallet address pre-filled.
- Say Goodbye to Errors: Automating address input enriches your user experience with a heightened sense of security.
- Making Convenience the Norm: Cuts through the complexity of the typical multi-step process when transferring crypto to a DeFi wallet. You can complete the transaction with a single confirmation.
1. Log in to your DeFi wallet app and select the cryptocurrency you want to receive. For example, BNB.
2. Tap [Deposit from exchange] and choose [Binance]. You’ll be directed to the Binance app to start the transfer.
3. To conclude the transfer, enter the amount and confirm the details.
Please note that the auto-filled address and network are directly sent from your crypto wallet. You don’t need to paste the address or choose the network in this step.
4. The transfer will be processed within the estimated completion time.
5. You'll receive a notification email from Binance Pay once the on-chain transfer is successfully completed. You can also check the status on the Binance app by going to [Binance Pay] - [Transactions].
What are the applicable fees for transferring crypto from a Binance Pay account to a DeFi wallet?
When transferring from your Binance Pay account to a DeFi wallet, both network and platform fees apply.
1. Network fees incur when transferring crypto to a wallet address outside of Binance. These fees depend on certain factors, such as service maintenance and network status. Network fees are paid to miners or validators who are responsible for processing the transactions and securing the respective blockchain network. This ensures that your transactions are processed. Please note that network fees fluctuate based on current network conditions and may change unexpectedly due to congestion.
2. Platform fees are imposed by Binance when you transfer crypto from your Binance Pay account to a DeFi wallet. A fixed service fee is applied based on the target network. The fee is charged as shown below:
Network | Fee (USD) |
Ethereum (ERC-20) | $2 |
Bitcoin | $1.5 |
BNB Smart Chain (BEP-20) | $0.5 |
BNB Beacon Chain (BEP-2) | $0.5 |
Tron (TRC-20) | $0.5 |
Others | $0.1 |
Please note: The platform fees mentioned above are calculated based on your real-time transaction details. They are then displayed in your transfer currency after conversion, using the real-time exchange rate.
The confirmation time varies depending on the blockchain and its current network traffic.
Binance Pay supports cross-currency payments. For example, if you want to transfer 10 USDT but you have none in your Binance account, Binance Pay will convert other currencies in your account to USDT to complete the transfer. You can check the real-time conversion rate from the confirmation pop-up. Confirm the transaction before the quotation expires, or tap [Refresh] to get a new conversion rate.
If you’re using the Binance app, go to [Binance Pay]. You can find [Transactions] at the bottom.
If you’re on the Binance website, go to [Orders] - [Payment History].
The on-chain transfer via Binance Pay to a DeFi wallet involves two steps: payment and transfer.
Once your payment is completed, the funds will be deducted from your Binance account. That means Binance Pay has received your request for an on-chain transfer, and your transaction is being processed.
You'll receive an email once the on-chain transfer is completed. If the transfer fails, you'll be refunded. You can also check the estimated completion time and the latest transfer status in [Transactions] on the app or [Payment History] on the website.
On-chain transfer supports a wide range of assets available in Binance Pay and your crypto wallet. To make an on-chain transfer, both Binance Pay and the DeFi wallet that you use must support the asset. Additionally, Binance Pay might support the asset but not the chosen network. If this occurs, switch to a network supported by Binance Pay in your DeFi wallet app. You can find more information about the assets and networks supported by Binance on the list.
If your payment is unsuccessful, you'll see a pop-up window with the following message: "Withdrawal address whitelist enabled and this address is not on the list." That means you’ve turned on the withdrawal address whitelist function, and only whitelisted addresses are available for on-chain transfers or withdrawals. For more details on how to enable or disable the function, please visit How to Enable Withdrawal Whitelist for My Binance Account?.
