Deposting Fiat Currency
After completing the registration process, you will need to deposit funds on to the exchange in order to purchase cryptocurrency.
1. Navigate to the Buy Crypto > Card Deposit menu option.
2.Select the currency you wish to deposit.
3. You can deposit funds by either by entering the card details or as a bank transfer. Visa/Mastercard transactions incur a 1.8% fee, whilst a Bank Transfer is a £1 flat rate.
Therefore, for larger deposits, i.e., anything over £60, it is recommended to use the Bank Transfer method.
4. Click Continue.
5. Enter the Amount you wish to deposit and click Continue.
6. Once processed, the GBP will be transferred from your bank account and deposited in the Binance Fiat and Spot Wallet. To access your Binance Wallet navigate to Wallet > Fiat and Spot. The GBP should be listed under your Fiat Balance.
7. The Dollar is the primary Fiat currency in crypto land. Therefore to purchase crypto we must first convert the GBP we have deposited into USDT. Thankfully this is very straightforward. Just select the Convert option next to your GBP in your Fiat and Spot Wallet.
The app will convert your GBP into Dollars based upon the current exchange rate.
After conversation your GBP balance in your wallet should show 0 and your USDT balance will show the dollar equivalent of your deposit.
So now you have deposited fiat/ GBP from your account into Binance and converted it into USDT.
You are ready to purchase some cryptocurrency with it.