If you are starting in the crypto world and opened your account on Binance, you have probably already seen that there are several wallets within the platform… and it can seem confusing. Don't worry, here I explain each one simply and with tips to make the most of them!
🔐 Types of wallets in Binance and what they are for:
1️⃣ Funds
📥 It is where you receive cryptos (through deposits or P2P).
📤 You can also send to other wallets inside or outside Binance from here.
💬 Use it when buying in P2P or wanting to move funds between platforms.
2️⃣ Spot (Spot trading wallet)
🛒 Here you make purchases and sales of cryptocurrencies at market price.
🎯 It is the most common wallet for trading without leverage.
💰 If you want to convert, exchange, or do simple trading, this is your wallet.
3️⃣ Futures Wallet
⚡ Used for leveraged futures contracts.
🔴 Not recommended if you are starting. It is risky.
🚨 You can lose everything if you don't have strategy and experience.
4️⃣ Margin (Margin)
📊 It allows you to borrow to trade with more capital than you have.
⚠️ There is a risk of liquidation if the market moves against you.
5️⃣ Earn (Profits)
💸 Ideal if you want to let your cryptos work for you.
🌱 There are options like:
Flexible (you can withdraw whenever you want)
Locked (higher yield but fixed time)
Launchpool, staking, dual investment, auto-invest…
✨ Tips and key learnings that helped me a lot:
✅ Activate automatic subscription in Earn Flexible when you are not using your funds. This way you always earn something while you decide what to do.
⚠️ Beware of Launchpool or locked Staking: if you activate automatic subscription while you have funds participating in that, you may lose rewards. Check carefully before!
💡 There are different campaigns depending on the wallet you use:
Web3 Airdrop and Alpha Events: only from Binance Web3 Wallet.
Launchpool, Alpha, Earn, Futures, Trading: from Exchange Wallet (Spot, Funding, Earn, etc.).
📤 Transferring from the Web3 Wallet to the Exchange has fees. Use the Exchange for more convenience and security when trading.
🎯 Advice for beginners:
1. Start with Funding and Spot.
2. Activate Earn Flexible if you are not using those funds.
3. Explore Launchpool or staking if you can leave them idle.
4. Try dual investment carefully: it has very good potential with low risk if you know how to use it.