The Current State of Deposits for Mainland Chinese Users
For mainland Chinese users, depositing funds into a Binance account (also known as "on-ramping") isn't as straightforward as topping up an Alipay balance. Due to regulatory policies, Binance does not support direct bank card or Alipay transfers from mainland Chinese users. You can't simply move money from your bank account to Binance the way you would with a domestic brokerage.
However, this doesn't mean there's no way to fund your account. The most popular deposit method for mainland Chinese users is Binance's C2C trading (also called P2P trading), where you use Chinese yuan to buy cryptocurrency (usually USDT) from other users. Once the USDT arrives in your Binance account, you can use it for all kinds of trades.
Besides C2C trading, there are a few other deposit methods, which we'll cover one by one below.
C2C Trading (Most Recommended)
C2C trading is the primary deposit method for mainland Chinese users. It's essentially a peer-to-peer transaction — you buy USDT from another user using Chinese yuan, with Binance acting as the escrow intermediary.
How C2C Trading Works:
Step 1: Navigate to the C2C trading page. In the Binance app, tap "C2C Buy" on the homepage, or find "Trade" → "C2C" in the bottom navigation bar.
Step 2: Set your purchase parameters. Select the cryptocurrency you want to buy (usually USDT), choose your payment method (Alipay, WeChat, or bank card), and enter the amount in Chinese yuan you wish to spend.
Step 3: Choose a merchant. The system will display multiple merchants (also called advertisers), each potentially offering slightly different prices. Look for merchants with these characteristics:
- Verified badge (yellow checkmark)
- Completion rate above 95%
- High number of orders in the past 30 days
- Short average coin release time
- Reasonable pricing (don't always go for the cheapest — unusually low prices can be suspicious)
Step 4: Place your order. After selecting a merchant, tap "Buy," confirm the amount and quantity, and submit the order.
Step 5: Make your payment. After placing the order, the system will display the merchant's payment details (bank account number, Alipay account, or WeChat payment QR code). You need to pay the merchant within the allotted time (usually 15–30 minutes) using the displayed information.
Important reminder: Always pay from an account registered under your own real name. Never use someone else's account to pay on your behalf. Do not include any cryptocurrency-related terms in the transfer memo (such as "buy crypto," "USDT," "Bitcoin," etc.) — follow the merchant's instructions or leave the memo blank.
Step 6: Confirm payment. After completing the payment, return to the Binance app and tap "I've Paid."
Step 7: Wait for the merchant to release the coins. Once the merchant confirms receipt of your payment, they will click "Release" in the system. The USDT will then be transferred from the merchant's account to yours. This process usually takes just a few minutes.
Step 8: Verify the deposit. Once you receive the USDT, you can check your balance under "Assets" → "Funding Wallet" in Binance.
On-Chain Crypto Deposits
If you already hold cryptocurrency on another exchange or wallet, you can transfer it to Binance via an on-chain transaction.
How to do it:
- Tap "Deposit" in the Binance app
- Select the cryptocurrency you want to deposit (e.g., BTC, ETH, USDT)
- Choose the correct network/chain (this is critical — selecting the wrong chain can result in permanent loss of funds!)
- The system will generate a deposit address (and/or QR code)
- Go to your other exchange or wallet and initiate a transfer to this address
- Wait for on-chain confirmations, and the funds will arrive in your Binance account
Important notes:
Selecting the correct network/chain is the most critical step. For example, USDT exists on multiple chains: ERC-20 (Ethereum), TRC-20 (Tron), BEP-20 (Binance Smart Chain), and more. The network you choose for deposits and withdrawals must match; otherwise, funds may be permanently lost.
TRC-20 USDT transfers have the lowest fees, usually around 1 USDT. ERC-20 fees are the highest, potentially costing tens of dollars. For transfers between exchanges, TRC-20 or BEP-20 is recommended to save on fees.
On-chain deposits require a certain number of "confirmations" before they arrive. The required confirmations vary by cryptocurrency and network, typically ranging from a few minutes to half an hour.
Third-Party Payment Channels
Binance supports some third-party payment channels for purchasing cryptocurrency, such as credit/debit cards, Simplex, and MoonPay. However, these channels are generally not very practical for mainland Chinese users:
Credit/debit card purchases. Binance supports direct crypto purchases with Visa and Mastercard. However, cards issued in mainland China may not be supported, and even if they work, fees are relatively high (typically around 2%–3%).
Third-party payment processors. Services like Simplex and MoonPay may support certain international credit cards but have limited support for mainland Chinese bank cards.
Remittance services. Some international remittance services support deposits to Binance, but for mainland Chinese users, the process is complex and fees are high.
Overall, these third-party channels have limited availability for mainland Chinese users, and C2C trading remains the most practical option.
Deposit Amounts and Fees
C2C trading fees. Binance does not charge a commission for C2C trades. However, the price you pay when buying is typically slightly above market price (usually 0.1%–1% higher), which represents the merchant's profit margin. This is essentially your hidden deposit cost.
Minimum deposit amount. C2C trading has no platform-level minimum amount, but individual merchants may set their own minimums. Most merchants require a minimum of 100–500 Chinese yuan per trade.
On-chain deposit fees. Binance does not charge fees for receiving crypto deposits. However, the sending platform (the exchange from which you withdraw) typically charges a withdrawal fee.
Where Your Funds Go After Depositing
After a successful deposit, your funds will appear in different accounts depending on the deposit method:
Coins purchased via C2C. These go to your "Funding Wallet." If you want to do spot trading, you'll need to transfer funds from the Funding Wallet to the Spot Wallet first. This transfer is instant and free.
On-chain crypto deposits. These go directly to your "Spot Wallet" and can be used immediately for spot trading.
For futures trading. You'll need to transfer funds from your Spot Wallet or Funding Wallet to your "Futures Account" (USDT-M or COIN-M).
In summary, for mainland Chinese users, C2C trading is the most convenient and practical deposit method. Users who register through Binance Official can enjoy trading fee rebates on every trade after depositing, saving significant money over the long term.