"Depositing" is the first step in investing in cryptocurrency. This guide covers 4 primary deposit methods, explaining associated fees, pros/cons, and helping beginners choose their optimal approach.
Credit Card Deposits
Many platforms support credit card deposits—a low-barrier, popular option for newcomers.
Pros:
- Instant processing after payment
- User-friendly interface
Cons:
- High fees (typically 2%-3% of deposit amount)
Fee Examples:
- Binance: 3% fee
- AAX: Limited-time 0% fee promotion via Coinify until April 1
👉 Compare crypto platforms for optimal rates
Wallet Transfers
Existing crypto wallet owners (e.g., MetaMask, Phantom) can transfer assets to exchange wallets.
Key Advantages:
- Zero fees
- Direct asset control
Precautions:
- Verify network compatibility
- Double-check wallet addresses
- Confirm transaction amounts before executing
P2P Transactions
Peer-to-peer trading involves user-to-user exchanges under platform supervision.
Why Choose P2P?
- No fees (Binance, AAX, Huobi)
- Multiple payment options (FPS, bank transfer, Alipay)
- Fast processing (~5 minutes in tests)
Safety Measures:
- Check seller reputation/transaction volume
Use platforms with:
- 24/7 customer support
- Dispute resolution systems
👉 Secure P2P trading platforms
Fiat Currency Deposits
For those holding USD/other currencies, third-party channels enable fiat deposits.
Considerations:
- Exchange rate fluctuations
- Platform-specific methods/fees
Examples:
- Binance: Free bank transfers (other methods incur fees)
- AAX: Free deposits via Epay/Advcash
FAQs
Which method has the lowest fees?
Wallet transfers and select P2P/P2P options offer zero fees—credit cards typically charge highest rates.
How do I avoid P2P scams?
- Trade only on reputable platforms
- Verify seller transaction history
- Use escrow services when available
Are fiat deposits reversible?
No—crypto transactions are irreversible once confirmed on-chain.
Key Takeaways
For beginners, we recommend:
- Credit cards for convenience
- P2P for low-cost, fast processing
Always compare platform-specific rates and security features before depositing.