Types of Wallets on the Binance Platform – A Beginner's Guide

If you are new to the trading world on the Binance platform, understanding the types of wallets is the first step to protecting your funds and managing your trades professionally. Here is a simplified explanation:

1️⃣ Funding Wallet

📥 Used for depositing cryptocurrencies or receiving transfers from other users.

📤 From here, you can send funds to other wallets within the platform or withdraw them externally.

🔄 Frequently used in P2P and transactions outside of trading.

2️⃣ Spot Wallet

💼 This is the primary wallet for trading cryptocurrencies, buying and selling in the spot market.