The most common question from newly registered Binance users is: how do I deposit RMB? Strictly speaking, you can't directly "deposit" RMB into Binance since it's not a bank. However, you can buy cryptocurrency with RMB through Binance's C2C (also known as P2P) trading, which achieves essentially the same result. The entire process can be completed on the official Binance website or the official Binance app, and it's not complicated. If you're on an iPhone and haven't installed the app yet, check out our iOS installation guide first. Let me walk you through the process of converting RMB into digital assets in your Binance account.
Understanding the Concept of "Deposit"
On a cryptocurrency exchange like Binance, "deposit" can mean two things:
1. C2C Purchase (RMB to Crypto)
This is the primary method for Chinese users. You pay a seller in RMB via Alipay, WeChat Pay, or bank transfer, and the seller transfers cryptocurrency (usually USDT) to your Binance account. This happens through Binance's "C2C Trading" or "Quick Buy" feature.
2. On-Chain Deposit (Transfer from Another Wallet/Exchange)
If you already have cryptocurrency in another exchange or wallet, you can transfer it directly to Binance. This is called an "on-chain deposit" and doesn't involve RMB.
Today we'll focus on the first method — how to buy crypto with RMB.
Preparations Before Buying
Complete Identity Verification (KYC)
This is mandatory. Without KYC verification, you cannot use C2C trading. In the app, go to "Identity Verification," follow the prompts to upload your ID photos and complete face recognition. It typically takes anywhere from a few minutes to a few hours.
Link Payment Methods
You need to link your payment methods in the C2C trading section first:
- Open Binance app → tap "C2C" → tap "Payment Methods"
- Add your Alipay, WeChat Pay, and/or bank card information
- We recommend linking at least two methods, as some sellers only accept specific payment types
Prepare Your Funds
Make sure your Alipay balance, WeChat Pay balance, or bank card has sufficient funds. Note: some banks may restrict large transfers to personal accounts, especially with frequent transactions.
Method 1: Quick Buy (Recommended for Beginners)
This is the simplest approach, ideal for first-time users.
Steps
- Open the Binance app — there's usually a "Buy Crypto" button on the home page
- Select the cryptocurrency you want to buy — beginners should choose USDT (a stablecoin pegged 1:1 to the US dollar)
- Enter the amount of RMB you want to spend (e.g., 500 yuan)
- The system automatically matches you with a seller, showing the exchange rate and amount of USDT you'll receive
- Choose a payment method (Alipay/WeChat Pay/bank card)
- Confirm the order
After Placing the Order
After ordering, you'll enter a transaction page showing the seller's payment details (e.g., Alipay account). You need to:
- Complete payment within the time limit (usually 15-30 minutes)
- Open Alipay/WeChat Pay/mobile banking and transfer to the seller's designated account
- After transferring, return to the Binance app and tap "I've Paid"
- Wait for the seller to confirm receipt and release the crypto
- The USDT will arrive in your Binance account
Important note: Make sure to transfer to the exact account shown on the order page, with the exact amount (don't overpay or underpay), and never write anything cryptocurrency-related in the transfer memo.
Method 2: C2C Trading (Choose Your Own Seller)
If you want to pick your own seller or get a better price, head to the C2C trading section.
Steps
- Open Binance app → tap "Trade" at the bottom → select "C2C"
- Select "Buy" → choose currency (USDT recommended)
- You'll see a list of sellers, each showing their price, volume, and rating
- Pick a seller with a good price and high rating, then tap "Buy"
- Enter the amount you want to purchase
- Confirm and follow the payment steps described above
How to Choose a Seller
When selecting a seller, pay attention to these indicators:
- Rating: Choose sellers with 95%+ positive ratings
- Volume: Higher volume indicates a more active and reliable seller
- Price: Prices vary slightly between sellers but shouldn't differ dramatically. Don't go for suspiciously low prices — there might be issues
- Payment methods: Choose sellers who accept your linked payment method
- Online status: Pick online sellers for faster transactions
Method 3: Third-Party Channels
Binance also supports purchasing crypto through third-party payment channels, such as credit/debit cards. However, these typically charge higher fees (around 2%-3%) and may not support domestic bank cards, so they're generally not recommended for Chinese users.
What to Do After Buying USDT
Once you've purchased USDT through C2C, you can use it on the spot market to buy other cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), etc.
- On the app home page, tap "Trade" → "Spot"
- Search for the coin you want, e.g., "BTC"
- Select the "BTC/USDT" trading pair
- Enter the amount and price, then confirm the order
This process is similar to buying and selling stocks.
About Fees
C2C trading itself has no fees from Binance (though sellers may factor costs into their prices). Spot trading incurs a trading fee of typically 0.1%. If you hold BNB (Binance's platform token), you can use it to pay fees at a 25% discount.
Security Reminders
C2C trading involves real money transfers, so security is critical:
- Only trade within the Binance platform: Don't trade privately with counterparties or add them on WeChat/QQ
- Always tap "I've Paid" after payment: Otherwise the seller won't know you've paid, and the order will auto-cancel after timeout
- Never write anything in the transfer memo: Don't include "buy crypto," "USDT," "BTC," etc. — some banks will freeze accounts flagged with such notes
- Use the platform's dispute system: If the seller doesn't release crypto after you've paid, don't panic — tap "Appeal" on the order page and Binance support will intervene
- Watch out for scams: If someone in a group chat offers "off-platform bulk deals at special prices," it's almost certainly a scam. Only trade within Binance
- Be aware of bank risk controls: Frequent C2C transactions may trigger your bank's anti-money laundering alerts, potentially restricting your card. Avoid excessive frequency and keep amounts moderate
FAQ
What's the minimum amount I can deposit?
C2C trading generally has a minimum transaction amount, usually between a few dozen to a hundred yuan. The specific minimum depends on each seller's settings — typically 100 yuan is enough to get started.
I paid but the seller hasn't released the crypto — what should I do?
Don't panic — wait a bit. Some sellers may not be online 24/7 and need time to confirm receipt. If the seller exceeds the system-specified release time (usually 15-30 minutes), tap the "Appeal" button, submit your payment screenshot, and Binance support will handle it.
Where do I find the USDT I bought?
After a successful purchase, USDT goes to your "Funding Account" (also called C2C Account). To do spot trading, you need to transfer USDT from "Funding Account" to "Spot Account." Use the "Transfer" function in the app — it's free and instant.
Why do some sellers only accept bank transfers and not Alipay?
Each seller has their own preferences and risk considerations. Some sellers find bank transfers provide clearer records for reconciliation. Simply choose a seller that accepts your preferred payment method.
Can I get a refund after buying crypto?
No. C2C trades are final once completed, similar to stock trades — both parties are responsible for their actions. Make sure to check the amount and price carefully before placing an order.