Many new users of trading platforms face the problem of incorrect deposit. But don’t worry, you can most likely recover your coins with the help of the Binance team.
In this article, I will try to explain the conversion process in a simplified way so that you can avoid this problem, and even if you encounter it, how to deal with it.
What is the wallet address?
Each account on an exchange like Binance has a set of wallet addresses. Unlike external wallets, these addresses belong to you, but you do not directly control them, but the exchange manages them for you.
This means that when you make a deposit, the address that appears in your Binance account is the address of a wallet managed by Binance. When you transfer currencies to this address, the platform directly adds this balance to your account on the platform.
But what if you deposit a coin that is not available on Binance or deposit on the wrong network?!
In these cases, you will need to take quick steps to get your coins back.
How to recover a wrong transfer?
First, you should collect as much data as possible about the conversion:
Currency name.
Number of currencies converted.
The address of the wallet from which the money was sent.
Your Binance wallet address.
Transaction code on the blockchain.
After you have collected this information, you will need to attach it to a coin recovery report.
You can start running this report from this page.
Incorrect transfer cases and their details
I made a transfer without the Memo:
In some networks, you will need to add a Memo in the transfer process. If you do not add this Memo, the process of recovering your coins will take 2-3 days, and the fees you will incur will be network fees only.
I converted a coin that was removed from Binance:
In this case, if the coin is not supported on Binance or has been removed, you can submit a request, it may take 5 days to be processed. Also, you will only be charged the transaction fee.
I converted an unsupported currency on Binance:
In this case, if you transferred a currency that is not listed on Binance in the first place, but on a network supported by Binance such as BSC or ETH, the refund process will be somewhat complicated and may take 30 business days, and will cost you 200 USDT.
How to avoid incorrect transfer to your Binance account?
Make sure the coin is supported on Binance and know the deposit details:
You can find out by searching for the currency on this page:
https://www.binance.com/en/fee/cryptoFee
Make sure the deposit address matches the wallet address you will be sending from.
Make sure the deposit network has no problems:
You can find out by searching for the currency on this page:
https://www.binance.com/en/network