Binance- What is the difference between spot Wallet and funding wallets?

[Fidelia]

I am not very deep into crypto trading but on Binance exchange, I use to see Spot wallet and Funding wallet. I want to ask what the difference is between the two. What are the specific uses of each wallet?

 

[magnus2022]

Spot wallet is a wallet mainly used for trading especially spot trading. If your fund is in this wallet, you will notice it will be fluctuating. But funding wallet is used to funding. If your fund is in this wallet, it will not be fluctuating.

 

[Suba]

Spot wallets are used for actual or direct trading, so losses and profits will also affect the balance in the spot wallet, likewise when you execute a transaction the spot wallet balance will also change. Meanwhile, funding wallets are used for crypto transfers between accounts or exchange platforms or personal wallets. You can also make transfers from spot wallet to funding wallet and vice versa.

 

[Stardom22]

Funding wallet is actually a place where one stores their coins. When it comes to the spot wallet its actual the place where funds can be used for trading, staking or investing in any way.

 

[Nomad]

I use funding wallet for trading, especially P2P trading, spot wallet for storing my assets and converting between two coins