Renz is a digital technology enthusiast. He devotes his time to studying how these platforms can help make things work for us.
Transferring Money From GCash to Binance: A Step-by-Step Guide
Cryptocurrency is such a hot topic across the globe, and although we have various experts throwing in polarizing views about crypto, many people still see lots of opportunities for this rapidly evolving market. Even here in the Philippines, more and more people are starting to open themselves to the world of crypto. In fact, I have a handful of friends who are already buying and selling some of these cryptocurrencies.
Currently, the most popular app that provides Filipinos access to the crypto market is Binance, and if you've just downloaded the app, you might be wondering how to add money to Binance. I'll address that in this article and provide a step-by-step guide on how to do it via one of the most convenient ways, GCash.
If you don't yet have a Binance account, you can make one here, and afterward, you can return to this article to find the step-by-step process of cashing in to Binance.
8 Basic Steps to Adding Money in Binance Using GCash
Here's an outline of how to transfer money from GCash to your Binance wallet in less than five minutes.
- Ensure that you have enough balance in your GCash account.
- Go to P2P Trading of Binance.
- Filter the ads to ensure that payment via GCash is allowed.
- Buy from the filtered ads.
- Send money from GCash.
- Send proof of transfer.
- Receive the money in your Binance P2P Wallet.
- Transfer from P2P Wallet to Spot Wallet.
You may navigate through the photos for a better illustration of the step-by-step guide.
1. Ensure That You Have Money in GCash
Since you will be pulling funds from your GCash account, the first thing to do is make sure you have funds available in your digital wallet. If you plan to cash in P500 to Binance, make sure your balance is not less than the said amount.
Should you wish to transfer an amount higher than your available balance, you can top up your digital wallet and proceed to the next step once you are done. I've also shared some tips in this article, "How to Avoid GCash Convenience Fees for Cash-in Transactions," to help you minimize any costs related to top-ups.
2. Go to P2P Trading of Binance
The next thing to do is to open your Binance app. On the homepage, you'll see P2P Trading (illustrated in the photo below). Click this, and you will be redirected to the trading platform, where you'll execute the transfer.
3. Filter the Ads to Make Sure GCash Payment Is Accepted
Once you are redirected to the P2P Platform of Binance, you'll see some ads, each with its own Buy button. Don't get too excited at this point because not all of these ads will allow GCash as the payment method.
Click on the funnel icon in the upper-right corner of the app. You'll notice that at default, All is selected under the payment methods. You will then need to click on GCash to filter the ads. This will remove ads that do not support GCash as a payment method.
As an optional step, you can toggle off the "Only show ads from merchant" by clicking on the slider. By doing this, you can access more ads with potentially more affordable rates. As a general rule, the lower the amount you see in the ads, the more affordable that option is for you.
Once everything is selected, click "Yes."
4. Buy From the Filtered Ads
The list of ads will be updated based on the selected preferences (which you did in the previous step). You may now click on the Buy button of the first ad that appears, as this is the most affordable rate.
Upon clicking the Buy button, you will be asked how much you are planning to cash in. Type in the desired transfer amount (use the photos as a guide). Also, just to be certain, check whether GCash is listed under the Seller's payment method. Once checked, click Buy USDT.
The summary of the amount you intend to cash in will show, and if it's correct, you can initiate the next step by clicking on Transfer the fund.
5. Send Money From GCash
After clicking Transfer the fund, details of where you will be paying the amount you want to transfer will be shown, which, in this case, is a GCash number. Note that this number changes with each transaction, so please make sure that you are copying the correct number. Once copied into your clipboard, proceed to open your GCash app and then make the transfer to the said number.
6. Send Proof of Transfer
Take a screenshot of the successful transfer as proof. Click on the Chat button in the upper-right-hand corner of the screen. Inform the seller that you've already transferred the amount, and attach the screenshot.
After sending proof of transfer, click on Transferred, next. You must click this for the system to know that you've already made the transfer. Take note that you need to click this before the expiration of the allotted payment time, which is 15 minutes.
7. Receive the Money in Your Binance P2P Wallet
After hitting the Transferred, next button, it's up to the seller to release the funds, which may take 1–15 minutes. Hence, this step is going to be more like a waiting step.
You'd be notified by SMS and an in-app notification once the funds are released, signifying that the cash-in was successfully credited to your Binance P2P Wallet.
8. Transfer From P2P Wallet to Spot Wallet
Step 7 should have been the last step. However, if you plan to buy cryptocurrencies with the amount you've just transferred, you'd need to transfer this from your P2P Wallet to Spot Wallet. Only funds in your Spot Wallet can be used to purchase crypto. So, this step is essential.
From your P2P Wallet, click Transfer. This will prompt a pop-up, and you'll need to click Transfer for a second time. Select USDT in the drop-down that appears right before the amount (refer to the photo for easier reference). Key in the amount you want to transfer, and should you wish to transfer all, just click on Max.
Once checked, click the Transfer button at the bottom of the screen. You're done. You can now use this to purchase other cryptocurrencies in Binance.
You may now begin buying cryptocurrencies with the money you've just put in Binance. There are some things you may need to note. Cryptocurrencies are highly volatile assets, meaning that prices change throughout the day, and you may see losses at some point. Trade responsibly, and make sure to read more about the cryptocurrency you are planning to buy!
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2021 Renz Kristofer Cheng