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This article aims at users of Binance, not Binance US. While Binance remains one of the largest crypto market places depositing and withdrawing FIAT has become increasingly harder. This article outlines a smooth, cheap and secure way to transfer funds in and out from Binance.
After Binance suspended SEPA payments, there are only a few options to deposit and withdraw funds left:
Visa/MC is undoubtedly an expensive option with 1.8% fees each way. P2P bank transfer still feels rather dodgy. So the only remaining option on Binance is Advcash. Advcash is a wallet that can be funded via SEPA with only a 1 EUR fee, and then the funds can be transferred to Binance.
While Advcash seems a viable path, I am kind of concerned about transferring more significant amounts through Advcash. Another cost-efficient option to fund your Binance account is the use of Lykke.
Lykke has the advantage of zero trading fees. Lykke does, however, charge transfer fees. These are listed here and can be very steep, e.g., for BTC. Other Cryptocurrencies are cheap, though. The transaction cost for Stellar Lumen, for instance, is 0.01 XLM or less than 1 Cent. Wire transfer into Switzerland-Based Lykke is free of charge. So my way of transferring money between my CHF account and Binance uses Lykke and XLM as intermediaries and can be summarized in this simple fund flow chart:
Disclaimer: I am not an investment or financial professional, so this information is for entertainment only and does not constitute any financial advice.
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