By
Chimamanda U. Martha
April 19th, 2024
Binance has announced that they have opened RUB (Russian Ruble) deposit and withdraw features. This will be powered by AdvCash.
Recently, Binance which is considered as the top cryptocurrency exchange, which is constantly evolving, has announced that they have opened Russian Ruble deposits and withdrawals through AdvCash.
Users can now deposit RUB to the Binance Cash Wallet and then use this Cash Wallet to purchase BTC, ETH, and XRP.
Binance notes that the company only supports deposits and withdrawals with a Russian-only bank card. Additionally, for these bank cards, AdvCash will charge 3% for each deposit, which is a pretty steep price. On that note, AdvCash will charge 2.5% + 50 RUB for each withdrawal.
Compared to other exchanges, the 3% fee for deposits is really high. For comparison, Coinbase charges 3,99% for credit/debit card deposits which is considered as one of the highest prices in industry. Also, Changelly is one of the most expensive crypto trading exchanges. On the other side, CEX.IO, Bittrex, KuCoin, Paxful, and ShapeShift takes no fees for credit/debit card deposits. However, it is worth to note that basically none of these exchanges support the Russian Ruble, so this can be considered as a luxury for Russian traders that want to use Binance.
How to Deposit RUB on Binance?
First, as on many exchanges, you have to sign in. Next, you have to select the “Wallet” feature. Within the Wallet section, select Deposit and Input RUB and specify the amount of RUB you want to deposit. And the deposit process is basically done. Confirm the payment and select the payment method. Then sign in on AdvCash and continue your payment through there.
How to Withdraw RUB on Binance?
As for deposits, the first two steps, where you have to log-in and select the wallet feature, is the same. Then, as mentioned above, input the amount you want to withdraw and select the payment method. If you want to use AdvCash for your withdrawal, then you will be asked to input your AdvCash account details, but if you want to use your credit/debit card for your withdrawal, you will be asked to input your bank card information details. Then, all you have to do is to select “Submit” and wait for your money.
If you use AdvCash for your withdrawal, your money will arrive within minutes, however, if you used the bank card feature, your payment will arrive in the next three working days or minutes as well. It depends on your card issuer bank.