Despite the negative news about the departure of the largest exchange from Russia, trading operations for citizens of the country remain available. There are no changes for the entry of cryptoassets into the accounts of Russian users in October 2023. However, a number of restrictions are imposed on fiat money transactions. From the middle of 2022, funds from Russian bank cards can not be entered on the site. In this material – how to replenish Binance with rubles, despite the tightening of the policy of the service. Described are all methods and step-by-step instructions for entering fiat money, as well as data on current commissions for the operation.
How to replenish Binance with rubles in 2024
In the current conditions, several ways are available to deposit funds in the national currency. The following methods are popular:
- P2P transactions. Peer-to-Peer is an opportunity for Binance users to buy and sell cryptoassets using rubles and other fiat currencies. Using P2P, exchanges can be made and accounts can be funded.
- Payment systems. In October 2023, it is impossible to replenish the Binance account in rubles from the card of Russian banks. Therefore, the ability to deposit fiat via electronic payment systems (EPS) has become relevant again.
- Exchange services. These are third-party online platforms for selling cryptoassets for national currencies. On them, users can immediately specify an exchange wallet and receive payment to it in digital coins.
Instructions for replenishment via P2P
Previously, the most popular method of selling cryptocurrency for fiat was an exchange service for peer-to-peer transactions. Such platforms help users quickly exchange assets between each other.
In September 2023, Binance was forced to suspend transactions on the P2P platform for Russian clients.
The first peer-to-peer exchanges appeared as independent services and quickly gained popularity. Their variations were launched on crypto exchanges, including Binance. After the introduction of restrictions on funding with Russian bank cards, users redirected most of the transactions in rubles to the internal P2P platform. According to official data, the turnover of the Russian national currency amounted to 20% of the ecosystem service’s volume.
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Peer-to-peer exchange continues in its original form – on independent platforms. P2P-exchangers are available in the form of websites, mobile applications and even bots in Telegram. Recommendations on the choice – in the table.
| Factor | Explanation |
|---|---|
| Such exchangers are more reliable and have gone through various changes in the market | |
| One of the basic ways to evaluate a service is to study reviews in different places | |
| It is better to choose sites that exchange fiat into a suitable asset – for example, into stablecoins (USDT or BUSD). | |
| The most convenient P2P exchangers offer popular payment methods – using bank cards and EPS accounts | |
| They are set by users. The more transactions are opened on the site, the more favorable the rates are. |
A website, app or bot for P2P exchange is an intermediary for transactions between the owners of cryptoassets and fiat currencies. The only function of the third party is to guarantee security. Therefore, P2P platforms require you to confirm your identity. To exchange money for cryptocurrencies, you need to:
- Register and verify an account.
- Create a transaction or choose from existing ones.
- Complete the transaction.
Authorization
At the beginning, you will need to register an account on the chosen platform. At this stage, you need to provide personal information and documents.
Selection and execution of the transaction
After successful authorization, you can create your own offer. Alternatively, you can choose an ad for sale from the list of already published by other participants of the service.
It is important to compare the main conditions of the ads to determine the suitable one. The list includes 3 items:
- Exchange rate.
- The amount of assets to pay and receive.
- Payment instrument.
Completion of replenishment
For example, you need to buy 100 USDT using a Tinkoff bank card. After selecting the transaction, you need to finalize the payment. The procedure consists of the following steps:
- You need to specify the address of your cryptocurrency vault to receive stablecoins. It can be found in the Binance exchange account (section “Wallet”, tab “Input”).
- After filling out the second party must provide the details of the card to which you need to transfer rubles.
- Then it will be necessary to pay for the purchase according to the instructions of the service and send confirmation.
- The seller should check the receipt in rubles and transfer 100 USDT to the specified wallet address in response.
After completing these steps, the transaction will be completed and the cryptocurrencies will arrive on the Binance account. It is important to keep safety in mind and follow the platform’s instructions at every stage of the purchase.
Using AdvCash.
To replenish an account on Binance, you can use a payment system (EPS). For depositing rubles, 2 services are available – AdvCash and Payeer.
The commission in both cases is 0%.
You can use the account of these payment systems in two ways. The first is to immediately deposit rubles or other fiat currencies to the balance of Binance. The second way is to purchase cryptocurrencies within the EPS and then transfer them to your exchange account.
Directly deposit fiat from the account of the payment system can also be done through the interface of the exchange. For example, to deposit rubles to Binance from AdvCash, you will need to perform the following steps:
- Authorize on the Binance exchange.
- Click on the “Deposit” button and select the “Deposit via bank” section.
- In the “Currency” field specify rubles (RUB).
- Check the input method “AdvCash account balance”, click on “Continue”.
- Enter the e-mail to which the account is registered in the payment system.
- In the “Quantity” field specify the amount to be entered, click on the “Continue” button.
- After that, the AdvCash page will open, where you will need to authorize.
- To finish, click on the “Continue” button
Processing of payments may take some time (from 1 to 5 minutes). After that, the transaction will have the Success status and the rubles will be reflected on the balance of the exchange wallet.
Deposit via exchangers
The principle of operation of such services exactly repeats the work of P2P-platforms. The only difference is that transactions are performed between the user and the exchanger. The exchange rate, minimum and maximum limits, as well as conditions are set by the service. The rules for choosing an exchanger are the same as for P2P-platforms. It is worth studying the history and reviews of work, as well as the terms of exchange, the ability to pay in convenient ways and transaction limits.
It is most convenient to select a service with the help of online aggregators.
In them, you can get all the information to evaluate different exchangers and sort the most suitable ones – for example, by the selling rate or the minimum size of transactions.
As a rule, you do not need to create an account to buy on a traditional exchange service. However, registration gives you the opportunity to participate in referral programs and receive other bonuses. The exchange procedure is similar to a P2P transaction:
- You need to specify the Binance wallet address for the selected asset – for example, BUSD.
- Then it will be necessary to pay for the purchase using the provided details in rubles. The most convenient way is by bank transfer.
After that, the service should verify the receipt of money. Once this is confirmed, the cryptocurrencies will be sent to the balance of the Binance wallet.
Other ways
On the exchange there are 2 more options for replenishment – the internal payment system Binance Pay and Gift Card (“Gift Card”). However, they are not suitable for depositing rubles in October 2023. At the time of creation of the material to replenish Binance Pay with rubles is not possible. All transactions with fiat funds are also suspended. Transfers and payments with the payment system are possible only in crypto-assets.
With the help of gift cards, replenishment is also possible. However, there are a number of complications:
- To purchase a gift card, you must first deposit fiat funds on the exchange.
- Gift Card issuance is only available to corporate accounts.
Commissions on the Binance exchange
No fees are charged for depositing any cryptocurrencies into the wallet. For replenishment with fiat rubles, you also do not need to pay a commission to Binance, but payment systems will withhold 0.5% of the transaction amount.
Unlike the exchange, EPSs take a percentage for top-ups. In October 2023, internal commissions for depositing money are:
- AdvCash – 3.5%.
- Payeer – from 3.99%.
Frequently Asked Questions
β‘ Is Binance available in Belarus and is it possible to deposit the country’s national currency into an exchange account?
Yes. The full interface of the trading platform and financial instruments is available to residents of the country from mid-2022. The balance can be deposited in Belarusian rubles in only one way – via P2P.
π’ Is the exchange available in Kazakhstan and is it possible to deposit tenge?
Yes. Binance has received a license to perform trading operations in this country. Therefore, Kazakhs can conduct transactions and deposit in the national currency. 2 methods are available – via AdvCash payment system and P2P.
π Do I need verification on the exchange to deposit funds?
Any financial transactions on Binance are available for verified users. Therefore, providing photo documents and verification are mandatory steps.
π³ Can I withdraw money from the exchange in rubles?
Yes. This is done through the payment services Payeer and AdvCash. You can also withdraw money to the account of another popular service – QIWI. For EPS accounts, only replenishment via Binance Pay is available.
π What is the difference between makers and takers and why do they have different commissions?
Some traders create sell orders and bid their price. They are called makers. Such transactions are especially valuable because they create supply in the market. Therefore, the commission for maker transactions is lower. Takers are buyers who agree to the terms in the ads or transactions created. Trading fees for them tend to be higher.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
