The two most regularly used options are spot and funding wallets.
But aren’t they all just for holding your crypto coins and tokens?
Well, yes and no.
What Is a Spot Wallet on Binance?
A spot wallet on Binance holds your crypto assets for trading on the exchange.
It’s basically your maincryptocurrency walletfor buying, selling, and trading coins on Binance.
The spot wallet holdspopular cryptocurrencies like Bitcoin, Ethereum, BNB, and stablecoins like USDT.
For example, you could exchange your Bitcoin for Ethereum or your BNB for USDT.
The trades happen instantly; the bought or sold coins are reflected in your spot wallet balance.
Yourcrypto private keysare held by Binance when your coins are in the spot wallet.
This makes trading fast and convenient and means you rely on Binance’s security measures.
What Is a Funding Wallet on Binance?
Image Credit: Ivan Radic/Flickr
The funding wallet on Binance is used forpeer-to-peer (P2P) transactions.
It’s different from your spot wallet, which is for regular trading on the exchange.
Unlike the spot wallet, the funding wallet is non-custodial, meaning you control the private keys.
it’s possible for you to withdraw crypto from the funding wallet to an external crypto wallet anytime.
The funding wallet also generates interest through Binance’s savings programs.
How to Transfer from Spot Wallet to Funding Wallet on the Binance App
That’s it!
The transferred coins should reflect almost instantly in your funding wallet balance.
you could clickTransaction Historyon this page to confirm it is completed.
Remember to double-check you’re sending to the right wallet before confirming transfers.
