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?.
Transactions initiated on the DeFi Wallet are submitted on-chain directly and require a network fee to incentivize the corresponding Blockchain Network to validate and confirm your transaction actions. Other than the fees that go to the network, DeFi Wallet does not charge any network fees.
Click on "Defi" to access your Binance Defi wallet.Select the token you wish to withdraw and click on "Withdraw".Enter the amount you wish to withdraw and the destination address. Please ensure that you have the correct address and network selected, as some tokens have different versions on different networks.
Users can now transfer crypto assets from their Binance Funding Wallet to their Trust Wallet app without any fees except for the gas fees, or needing to scan/input a wallet address.
What is DeFi Wallet Fees? In the case of DeFi wallets, the gas fee is the price paid by users to perform operations on Blockchain. It is paid in cryptocurrency as compensation for computational resources and network bandwidth needed to process, validate transactions, and execute smart contracts.
Faulty smart contracts are among the most common risks of DeFi. Malicious actors eager to steal users' funds can exploit smart contracts that have weak coding. Most decentralized exchanges enable trading through the use of liquidity pools.
Next, you will need to enter the wallet address to which you want to send the funds. Finally, you will need to enter the amount of cryptocurrency you wish to withdraw and confirm the transaction. Please note that Binance does charge a small fee for cryptocurrency withdrawals, typically around 0.1%.
Pay is a free service included in the Binance.US mobile application. Users are able to use Pay to transfer crypto between other Binance.US users with ZERO FEES.
Invest a significant amount of capital: To earn $100 per day, you will need to invest a significant amount of capital upfront. This could mean investing tens or hundreds of thousands of dollars, depending on the performance of the asset you have chosen.
Binance Pay is a new service from the leading cryptocurrency exchange enabling its users to send and receive crypto payments amongst one another without paying any transaction fees. Merchants and individuals can use Binance Pay, and the service is available to Binance users exclusively.
The DeFi wallet is non-custodial, meaning you have full control of your private keys and are responsible for securing your deposits. If the worst happens, like Crypto.com goes bankrupt, your funds are still safe. On the other hand, a non-DeFi wallet means you're reliant on a third-party to safeguard your funds.
It's a fee that is required by the chain to conduct a transaction on the blockchain successfully. Depending on the fee amount, your transaction will be prioritized by the miners/validators.
Since the onus of keeping crypto safe in DeFi is entirely on the users, most people who lost their funds never got them back. As new opportunities arise, so do the risks of scams and fraud. Being aware of these risks is essential to protecting your cryptocurrencies when using decentralized finance (DeFi) protocols.
Defi wallets combine tools for money management into a mobile or desktop app, allowing you to earn interest on your crypto usually by staking crypto assets into a smart contract and to receive an agreed return paid in that same cryptocurrency.
Introduction: My name is Gregorio Kreiger, I am a tender, brainy, enthusiastic, combative, agreeable, gentle, gentle person who loves writing and wants to share my knowledge and understanding with you.
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