What is a fiat balance on Binance

Most crypto platforms only allow deposits in digital assets. This is not always convenient. Users have to accept the risk of changes in quotes. Therefore, Binance has given clients the opportunity to work with national money. Investors keep them in the account or use them to buy cryptocurrencies. The money on the fiat balance on Binance is an exchange wallet. In 2023, the trading platform supports more than 70 national currencies. Fiat balance expands the possibilities of capital management and increases the security of transactions. Minus – no interest is charged for storing funds.

Definition of fiat

This is the name of national currencies, the issue and circulation of which are controlled by governments. At first, paper money was backed by gold, but today its value is determined by the authority of the state. Fiat is used to pay for goods, investments and savings.

Traditional money has 2 forms – cash and non-cash. They can be exchanged among themselves or for units of account of other countries.

Comparison with cryptocurrency

Like fiat money, digital coins are not backed by real values. Demand for them is provided by the support of the community and the reputation of developers. In the table you can compare the main characteristics of two types of money – digital assets and fiat currency on Binance.

Using fiat at Binance

National money on the exchange serves for capital preservation – you can wait out market corrections in it. Conservative investors trust the currencies of their countries more than bitcoin and stablecoins. If necessary, money can be quickly converted into a digital asset or withdrawn to a card. No commissions are taken for such transactions.

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In November 2023, the crypto exchange supports more than 70 national currencies. On the peer-to-peer platform you can buy only the fiat of the verification country, on the spot – without restrictions.

Another use of national currencies on Binance is arbitrage. There are situations when you can earn on the difference between BTC/USDT and BTC/RUB rates. In addition, fiat pairs are less liquid, so there are 5-10% squeezes on them. If you place limit orders “for luck” in advance, you can buy the asset at a low price.

What is the fiat balance on Binance and where to view it

Cryptocurrency exchange customers can store national currencies on the account. A fiat balance on Binance means there are more opportunities for investors. Deposits are made from cards, EPS, through a P2P platform or exchanged for digital assets. Available direct deposit methods can be found on the homepage under “Deposit-Fiat”. Account balances can be viewed in the “Wallet Overview” menu.

Use of local currency

Holders of digital assets assume the risk of rate changes. To protect yourself from volatility, you can convert your money into stablecoins. In this case, the probability of drawdown is less, but remains.

In moments of market instability in March 2023, USDC lost about 20% of its value, and the Terra steiblcoin depreciated. Therefore, fiat on Binance is the choice of conservative investors. If necessary, money can be quickly withdrawn or used to buy cryptocurrencies.

Commissions

Exchange clients do not pay for transactions on the P2P-platform and exchange of fiat through a special service. Commissions for spot transactions are deducted at user rates. Regular clients pay 0.1%. There is a 25% discount when using BNB.

Transactions with fiat account

If a user has deposited money from a card or EPS, it will be displayed in the “Spot Wallet” section. When buying fiat via external services or P2P – on the account for replenishment. Available operations with fiat balance:

• Storage. There are no restrictions on the amount and currency.
• Withdrawal to card via P2P service. Only the currency of verification can be used.
• Direct transfer. Russian citizens can send rubles to the Raiffeisenbank account.
• Exchange for cryptocurrency. The internal service allows you to buy any coins. In the spot terminal, only those assets that are listed on the exchange are available.

Deposit

Make a deposit on Binance can be made in different ways. The list of available options varies with the country of verification. The general order is as follows:

1. Log in to the account on the main page.
2. Click on the “Deposit” button (in the mobile application – “Deposit”).
3. Choose a method.

You can call the option by clicking on the “Buy cryptocurrency” button on the main page. Next, you need to select the “Fiat Center” section.

Through the bank

In the tab, you can make a deposit using an account with a financial organization. Transfers are accepted only in the currency of verification. Supported:

• Cards – Visa, Mastercard.
• Bank accounts – SEPA, SWIFT.
• EPS – AdvCash, SettlePay, PAYEER.

The size of the commission and the minimum amount depend on the chosen method. On average, they charge 1-3%. You can deposit from 15 euros (in equivalent). The option is not available for the Russian Federation.

Credit and debit cards

The method does not work for all currencies. It is not possible to make a deposit in rubles or dollars. The option is available for EUR, TRY and other fiat units. Instructions for depositing:

1. Log in to your account.
2. On the main page, click on the “Buy cryptocurrency” button.
3. Select the item “Deposit via bank”.
4. Enter fiat. Only the national currency of verification is available.
5. Specify a card as a payment method. Visa and Mastercard are accepted.
6. Enter the amount.
7. Select a card (if it was added earlier). If there are no saved data, click on Add new card.
8. Enter the number and click on Save.
9. Click on Continue.
10. Confirm the transfer on the bank’s website.

Using P2P

Access to the peer-to-peer service is provided to verified Binance clients. The first KYC level is enough – provide a photo ID and take selfies. It is possible to make transactions only with the verification fiat. Pay for the application – from a bank card or EPS. The instruction is as follows:

1. Log in to the account, then – in the “Transactions” tab.
2. Click on the P2P button.
3. Make sure that the correct fiat unit is selected in the upper right corner.
4. Select RUB/USD/EUR in the “Cryptocurrency” field.
5. Define the payment mechanism (banks and e-wallets are on the list).
6. Optionally, check the box to display requests only from merchants.
7. Select an ad.
8. Specify the amount and click on “Buy”.
9. The details of the seller will be displayed on the screen. You have to go to the banking app and send the amount.
10. Return to your Binance account and click on the “I paid” box.
11. Wait for the seller to verify the account and confirm receipt of the money.

The funds will appear in the “Deposit Wallet” section. On average, the request is processed for 5-15 minutes. In case of delay, you can contact the counterparty in chat.

If the seller does not send money and does not get in touch, it is worth contacting the technical support staff. Funds are blocked for the duration of the transaction. If you provide proof of transfer, the money will be returned. To do this, you need to take screenshots and make a video of logging into the account, where you can see the name of the sender and the status of the transaction.

On Binance, you can’t pay from another user’s card. The account can be blocked for violation.

External payment services

You can replenish the balance from the card through Binance partners – Simplex, Mercuryo, Banxa. But in this case, the account will be credited with cryptocurrency. The order of actions:

1. Go to Binance.
2. Click on the item “Buy cryptocurrency”.
3. In the “More services” block, click on the “Third-party partners” button.
4. Identify the digital currency and fiat.
5. Specify a partner.
6. Enter the amount.
7. Confirm the operation.

Another mechanism to replenish the fiat balance is through exchangers. It is better to choose a service on monitoring. Instructions:

1. On the monitoring page, choose the direction of the transaction. In the field “Receive” – specify Binance, “Give” – payment method. Cards in any currency, EPS, balances of other exchanges and cryptocurrencies are supported.
2. Select and open the exchange.
3. The direction will be filled out automatically. You need to specify the amount and confirm the creation of the application.
4. Pay the order according to the specified details and confirm the transfer.
5. Wait for the money to arrive on the fiat balance.

Usually the processing of the request lasts no more than 15 minutes. If the transfer is delayed, you need to write to the technical support staff.

Withdrawing money

For fiat, you can use the same methods as when working with cryptocurrency. Available options are determined by the country of verification. Clients from Russia can withdraw rubles only by P2P. The list of banks is limited – Post Bank, Raiffeisenbank, Home Credit, Renaissance Bank, Russian Standard. Available EPS – AdvCash, PAYEER. For European clients offer more directions:

• Direct withdrawal to card or EPS.
• Pay for purchases or withdraw up to 500 euros from ATMs via Binance Card. To do this, you need to assign a priority fiat currency in your personal cabinet.

FAQ

📢 What is the minimum fiat transaction amount on Binance?

On the spot market you can open orders from 10 USDT (equivalent), through the “Exchange” service – from 1 unit of fiat. The minimum for P2P operations is 500 rubles.

📌 How long does it take to replenish fiat balance?

Direct transfers from cards/ESPS are processed in 15 minutes. In some cases, the operation can take up to 24 hours. Requests on P2P platforms are fulfilled in the time specified in the terms and conditions. Usually it’s 5-15 minutes, but some counterparties put a wide window – up to 4 hours.

🔔 What is the withdrawal period from a fiat balance?

Usually money arrives on the card within one day (up to 24 hours) – the time depends on the jurisdiction. In some cases, delays of up to 2 days are possible.

💳 How can I change where incoming transfers are stored?

By default, money is received in the “Deposit Wallet” section. You can change the priority in the settings. To do this, select the “Spot Wallet” tab and confirm the change.

⚡ How to choose a counterparty on Binance P2B?

It is safer to trade with merchants. These are professional participants who make a security deposit to the exchange. The merchant should have a lot of positive feedback and a high percentage of completed trades. This guarantees that the user will receive the money within the set timeframe.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.