Binance is one of the most used exchanges in the crypto world, and many investors believe it is the top choice in the industry.
Launched in 2017, Binance almost reached 30 million users in 2021, and it is no wonder why – currently, there are more than 350 cryptocurrencies available on the crypto exchange.
But like any other platform, sometimes users may have difficulties working with the exchange, such as learning that a Binance deposit failed, finding it hard to complete the verification, or even dealing with loading issues.
In this article, we will help you figure out what to do when you feel like there is no solution for your Binance-related problems.
Binance Deposit Failed | Possible Causes
When or if you have to deal with a failed Binance deposit, keep in mind that deleting your account might not be the best option.
However, there are not so many causes for this mishap, and if you have just a tiny drop of patience, your problem will disappear in the blink of an eye. Thus, here are some reasons why your Binance deposit has failed.
Your Card Issuer Has Declined the Transaction
A failed Binance deposit might be caused by a payment acceptance problem. There are various possible reasons why your card issuer has declined your payment:
- The bank’s fraud system has been triggered. Some banks are extensively scrutinous when it comes to transactions’ sources and have a complex policy regarding the places where you are allowed to use their products;
- Your bank has temporarily deactivated your card. You may want to contact the bank and try to learn why your card is on hold;
- You have experienced multiple declined payments; thus, the bank temporarily locks the card as a measure of protection for the customer;
- You are located in a country different from the one of the bank. In this case, you may want to try again at a later time when your location will match the bank. Furthermore, always check Binance’s policy regarding country eligibility, as the exchange is not supported worldwide.
The Transaction Is Declined
Verify if your card is still available or if it is compatible with the type of payments you want to make on Binance. On this exchange, you can pay with both debit and credit cards. If your card does not support the transactions, you may want to contact the card-issuing bank or try again with a different card.
Binance Deposit Failed due to Insufficient Funds
After receiving the message that the Binance deposit failed, access the mobile banking application and check if you have enough money for the amount of cryptocurrency you aim to purchase. If you don’t, top up the card with the desired amount to finish your transaction. Another solution to this problem is to validate another card in the payment section.
Malfunction System: 3D Secure
This problem comes from the security systems, and Binance cannot do anything to solve it. Try to complete the payment again and notice what is wrong. You can find out more in the “Help” or “FAQ” sections. This problem can occur in the card-issuer app, and you may want to contact customer service to have it solved.
Binance Deposit Failed | Pieces of Advice
When your Binance deposit fails, there are some things you can try to solve and ensure it will not happen again:
- Use a secure payment method so that the fraud system will not be triggered;
- Do not give your account information to anyone; it is personal, and it may affect your activity if someone else is trying to complete transactions with your card. Furthermore, try not to upload your information to unsecure websites and platforms;
- Make use of the Binance guide, as it can help you discover what might be the cause of your failed deposit. Moreso, keep in mind that customer service is always there to help users;
- Always make sure that Binance accepts your card because you cannot complete payments with any type of card. However, the crypto exchange does accept both debit and credit cards.
Conclusion
Binance is one of the safest crypto exchanges ever developed, and you can add your card data without any concerns.
However, as problems sometimes appear, it is better to search for the answers on official and trusted websites. If Binance is unavailable in your country or your payment methods are denied continuously, you can buy cryptocurrencies or NFTs from other platforms, like Crypto.com. Find out more about it in our Crypto.com review.
We hope this article was useful and you now know more about what should be done when a Binance deposit fails. If you want to learn more about how Binance works, check all you need in our Binance review.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/binance-deposit-failed/