The good news is, sending and receiving crypto is much easier than you think. And it’s certainly much cheaper than having to pay for a wire transfer.
How To Send Crypto
The steps to send crypto are pretty simple. But, before you can initiate a transaction, you must have cryptocurrency in your wallet.
To do that, first find a crypto platform — like Binance.US — that offers access to a variety of cryptocurrencies, reasonable fees, and the tools and resources you need to help you make the right choices.
Next, open an account on that platform and fund it with the fiat currency of your choice (fiat currency is government-backed money like the U.S. Dollar).
After you’ve funded the account, you’re ready to buy crypto by logging into the platform, entering the amount you want to buy, and choosing when you want to buy it.
When the buy order is complete and the coins or tokens are in your account, you’re ready to send crypto to anyone you choose.
Most cryptocurrency platforms offer a way for customers to send or receive crypto using deposit and withdrawal addresses. Here’s how it works on Binance.US:
1. In your crypto wallet, choose Withdraw and enter the amount and type of crypto that you want to send.
2. Enter the deposit address that you want to send crypto to. You will need to retrieve the deposit address of the receiving wallet. Once you have it, enter it in the Recipient Address field.
3. Finish the transaction by clicking “Send”.
Most crypto platforms will provide some type of confirmation when the transaction is complete.
While there are many benefits to the traditional method of sending (and receiving) crypto using a deposit or withdrawal address, there are also some drawbacks. When using a traditional transaction method, you will be subject to transaction fees for an on-chain transfer to take place. This method also requires you to input lengthy and complicated deposit and withdrawal addresses that can be easily compromised or entered incorrectly. When this happens, the crypto could be sent to the wrong address without any way to get it back.
To alleviate these issues as well as others, Binance.US offers Pay which enables fast and free off-chain transfers. Pay eliminates the need to enter a lengthy deposit and withdrawal address and pay any associated network fees, making it the best way to transfer crypto between Binance.US users.
To use Pay to send crypto, simply update the Binance.US app to the most recent version and follow these steps:
1. Open the Binance.US app and click the yellow Buy, Send & Receive button and click Send & Request.
2. Select the cryptocurrency you would like to send and enter the amount in USD or crypto. Tap Send to proceed.
3. Select the Binance.US user you wish to send to and click Send.
Pay on Binance.US enables instant, zero-cost crypto transfers between Binance.US users and is only available on the Binance.US mobile app. To learn more about this feature check out our FAQ. To learn more about how to use Pay, check out our Guide.
How To Receive Crypto
To receive crypto, follow the initial setup mentioned in the previous section.
First, find a crypto platform — like Binance.US — with which you want to partner. Then, open an account where you can receive crypto.
Once the account is active, follow these steps:
1. In your wallet, select Deposit.
2. Select the cryptocurrency you will be receiving and scroll down to the generated address. Share the address with the person sending the cryptocurrency.
Once the transaction is complete, store the funds in your crypto wallet.
For those interested in receiving crypto using Pay on Binance.US, use the Request feature, outlined below:
1. Open the Binance.US app and click the yellow Buy, Send & Receive button and select Send & Request.
2. Choose the cryptocurrency you would like to send and enter the amount in USD or crypto. Tap Request to proceed.
3. Select the Binance.US user you wish to send to and click Request.
Again, this eliminates the need to create a new, difficult to input wallet address. Moreover, there is no need to share a new address as Pay requests will be sent right to a Binance.US user’s phone.
From the Binance.US app, the recipient can simply accept the request by navigating to the Pay Request & History page on the Wallet tab. Here, they can Pay or Reject incoming requests and Cancel or Remind outgoing requests. Users can do all this instantly with zero fees.
Learning how to send crypto and receive crypto the right way — instead of using a traditional money transfer service — offers many advantages that can’t be found anywhere else, including:
- Fast transfer times (instantly if using Pay on Binance.US).
- Low fees (zero fees if using Pay on Binance.US).
- No transfer limits.
- Security and privacy.
Fast Transfers Times
Traditional methods of sending and receiving currency (e.g., bank-to-bank transfers, wire transfers, money orders, and even some money-transfer apps) are relatively slow, and funds can take anywhere from three to six business days (or more) to reach their destination.
There are ways to speed up the process — making even same-day transfers possible — but these often involve substantial fees that can make such rapid exchange of funds extremely expensive.
Sending and receiving cryptocurrency, on the other hand, takes seconds, not hours or days. In addition, there are ways to send and receive crypto for free using features like Pay on Binance.US.
Low Fees
Traditional methods of sending and receiving currency can cost close to 10% of the amount being transferred.
Depending on the platform you use, the fee for sending and receiving crypto can be under 1% of the amount being transferred. When using Pay on Binance.US, these fees are zero.
That’s a big difference and is worth the effort to find the right platform for you.
No Transfer Limits
The traditional transfer methods we mentioned earlier often impose a maximum limit. If you want to transfer funds in excess of the upper limit, you have to initiate another transaction and pay the associated fees.
Most crypto transfers, on the other hand, have no maximum limit. That means you can send any amount necessary and only pay a single low fee for the transaction. Alternatively, features like Pay on Binance.US offer zero fee transfers with a high maximum transfer limit that most users are unlikely to cross.
Cryptocurrency Tech Makes It All Possible
You can send crypto and receive crypto quickly, easily, securely, and without delays because of the technology on which it’s all built. That technology is the blockchain.
A blockchain is: An encrypted digital database distributed over, manipulated on, and accessed through a global network of computers connected by the internet.
The database itself is composed of blocks of data that record and validate each transaction (e.g., transfers, purchases, sales, etc).
Once a block has been added to the blockchain, it can’t be changed. This adds a layer of security that can’t be found when it comes to other transfer processes.
Another piece of technology that makes cryptocurrency extremely secure is the use of public and private keys.
Each coin, token, or NFT comes with two pieces of information (basically, long strings of letters, numbers, and other characters) that asset holders can use to encrypt their data. These are the public and private keys.
The public key is visible to anyone on the blockchain and is akin to a street address in the real world. This key allows a user with transferable funds to quickly and easily locate a receiver in order to send crypto.
The private key is secret — known only to the owner of the digital assets — and is used by the sender to authorize the transaction.
These keys, though, are just tools to make accessing and manipulating your digital assets possible. They don’t hold or store your crypto.
The Right Platform Matters
Learning how to send crypto and receive crypto is easy when you partner with the right platform.
Binance.US provides state-of-the-art security features and low, transparent fees so that you can do more with your money, including zero fees when using Pay.
No matter what your goals are with your digital assets, Binance.US can help you get involved in the cryptocurrency world in a way that makes sense to you.
With a simple, user-friendly interface, you can research, buy, sell, trade, stake, send, and receive crypto like a pro.
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