The most common question from new users who just registered on Binance is how to deposit fiat currency. The process isn't complicated at all. After you register on Binance and complete identity verification, you're ready to go. It's recommended to download the Binance APP first — buying crypto on your phone is faster and more convenient.
Method 1: P2P Peer-to-Peer Trading
This is currently the most popular fiat deposit method. You trade directly with other users, paying them via bank transfer, PayPal, or other local payment methods, and they release cryptocurrency to your Binance account.
P2P Purchase Steps
- Open the APP and tap the "Buy Crypto" button on the homepage
- Select the cryptocurrency you want to buy (USDT recommended)
- Enter the purchase amount
- Choose a verified merchant from the list
- Pay according to the merchant's provided payment method
- After payment, tap "I've Paid" and wait for the merchant to release the crypto
Important Notes
- Always pay first before tapping "I've Paid"
- Use payment methods registered under your own name
- Never mention anything cryptocurrency-related in payment notes
Method 2: Credit/Debit Card Quick Purchase
Binance supports buying cryptocurrency directly with Visa or Mastercard international credit cards. The process is simple, but fees are relatively high — usually around 2%-3%.
This is suitable for small, quick purchases and not recommended for large amounts.
Method 3: Third-Party Payment Channels
Binance has also integrated several third-party payment service providers supporting various local payment methods. Available channels vary by region — check the "Buy Crypto" page in the APP to see current options.
Which Cryptocurrency Should You Buy?
For deposits, it's recommended to buy USDT (Tether) first — a stablecoin pegged 1:1 to the US dollar. After buying USDT, you can trade it for any other cryptocurrency on Binance's spot market, or sell it back for fiat through P2P at any time.
Tips for First-Time Buyers
- Start with a small amount to get familiar with the process before increasing
- Choose P2P merchants with high trading volume and positive feedback
- Save all payment screenshots and transaction records
- Don't trust anyone who privately contacts you claiming to be "customer support"