diff --git a/apps/trading-e2e/src/integration/deposit.cy.ts b/apps/trading-e2e/src/integration/deposit.cy.ts
index dad973e56..0f0fae630 100644
--- a/apps/trading-e2e/src/integration/deposit.cy.ts
+++ b/apps/trading-e2e/src/integration/deposit.cy.ts
@@ -87,7 +87,10 @@ describe('deposit form validation', { tags: '@smoke' }, () => {
       .clear()
       .type('850')
       .next(`[data-testid="${formFieldError}"]`)
-      .should('have.text', 'Insufficient amount in Ethereum wallet');
+      .should(
+        'have.text',
+        "You can't deposit more than you have in your Ethereum wallet, 800 tEURO"
+      );
   });
 });
 
diff --git a/libs/deposits/src/lib/approve-notification.tsx b/libs/deposits/src/lib/approve-notification.tsx
index 9b2d6a62f..9f3a006ce 100644
--- a/libs/deposits/src/lib/approve-notification.tsx
+++ b/libs/deposits/src/lib/approve-notification.tsx
@@ -51,11 +51,12 @@ export const ApproveNotification = ({
         intent={intent}
         testId="approve-default"
         message={t(
-          `Before you can make a deposit of your chosen asset, ${selectedAsset?.symbol}, you need to approve its use in your Ethereum wallet`
+          'Before you can make a deposit of your chosen asset, %s, you need to approve its use in your Ethereum wallet',
+          selectedAsset?.symbol
         )}
         buttonProps={{
           size: 'sm',
-          text: `Approve ${selectedAsset?.symbol}`,
+          text: t('Approve %s', selectedAsset?.symbol),
           action: onApprove,
           dataTestId: 'approve-submit',
         }}
@@ -68,13 +69,12 @@ export const ApproveNotification = ({
         intent={intent}
         testId="reapprove-default"
         message={t(
-          `Approve again to deposit more than ${formatNumber(
-            balances.allowance.toString()
-          )}`
+          'Approve again to deposit more than %s',
+          formatNumber(balances.allowance.toString())
         )}
         buttonProps={{
           size: 'sm',
-          text: `Approve ${selectedAsset?.symbol}`,
+          text: t('Approve %s', selectedAsset?.symbol),
           action: onApprove,
           dataTestId: 'reapprove-submit',
         }}
@@ -157,7 +157,8 @@ const ApprovalTxFeedback = ({
           intent={Intent.Warning}
           testId="approve-requested"
           message={t(
-            `Go to your Ethereum wallet and approve the transaction to enable the use of ${selectedAsset?.symbol}`
+            'Go to your Ethereum wallet and approve the transaction to enable the use of %s',
+            selectedAsset?.symbol
           )}
         />
       </div>
@@ -174,7 +175,8 @@ const ApprovalTxFeedback = ({
             <>
               <p>
                 {t(
-                  `Your ${selectedAsset?.symbol} approval is being confirmed by the Ethereum network. When this is complete, you can continue your deposit`
+                  'Your %s approval is being confirmed by the Ethereum network. When this is complete, you can continue your deposit',
+                  selectedAsset?.symbol
                 )}{' '}
               </p>
               {txLink && <p>{txLink}</p>}
@@ -194,13 +196,10 @@ const ApprovalTxFeedback = ({
           message={
             <>
               <p>
-                {t(
-                  `You can now make deposits in ${
-                    selectedAsset?.symbol
-                  }, up to a maximum of ${formatNumber(
-                    allowance?.toString() || 0
-                  )}`
-                )}
+                {t('You approved deposits of up to %s %s.', [
+                  selectedAsset?.symbol,
+                  formatNumber(allowance?.toString() || 0),
+                ])}
               </p>
               {txLink && <p>{txLink}</p>}
             </>
diff --git a/libs/deposits/src/lib/deposit-form.spec.tsx b/libs/deposits/src/lib/deposit-form.spec.tsx
index 3ce7565b4..8a3e3fde4 100644
--- a/libs/deposits/src/lib/deposit-form.spec.tsx
+++ b/libs/deposits/src/lib/deposit-form.spec.tsx
@@ -1,4 +1,11 @@
-import { waitFor, fireEvent, render, screen } from '@testing-library/react';
+import {
+  waitFor,
+  fireEvent,
+  render,
+  screen,
+  act,
+} from '@testing-library/react';
+import userEvent from '@testing-library/user-event';
 import BigNumber from 'bignumber.js';
 import type { DepositFormProps } from './deposit-form';
 import { DepositForm } from './deposit-form';
@@ -141,12 +148,14 @@ describe('Deposit form', () => {
       fireEvent.submit(screen.getByTestId('deposit-form'));
 
       expect(
-        await screen.findByText('Insufficient amount in Ethereum wallet')
+        await screen.findByText(
+          "You can't deposit more than you have in your Ethereum wallet, 5"
+        )
       ).toBeInTheDocument();
     });
 
     it('fails when submitted amount is more than the maximum limit', async () => {
-      render(<DepositForm {...props} />);
+      render(<DepositForm {...props} selectedAsset={asset} />);
 
       const amountMoreThanLimit = '21';
       fireEvent.change(screen.getByLabelText('Amount'), {
@@ -155,7 +164,9 @@ describe('Deposit form', () => {
       fireEvent.submit(screen.getByTestId('deposit-form'));
 
       expect(
-        await screen.findByText('Amount is above lifetime deposit limit')
+        await screen.findByText(
+          "You can't deposit more than your remaining deposit allowance, 10 asset-symbol"
+        )
       ).toBeInTheDocument();
     });
 
@@ -179,7 +190,9 @@ describe('Deposit form', () => {
       fireEvent.submit(screen.getByTestId('deposit-form'));
 
       expect(
-        await screen.findByText('Amount is above approved amount')
+        await screen.findByText(
+          "You can't deposit more than your approved deposit amount, 30"
+        )
       ).toBeInTheDocument();
     });
 
@@ -283,8 +296,6 @@ describe('Deposit form', () => {
     expect(screen.getByTestId('BALANCE_AVAILABLE_value')).toHaveTextContent(
       '50'
     );
-    expect(screen.getByTestId('MAX_LIMIT_value')).toHaveTextContent('20');
-    expect(screen.getByTestId('DEPOSITED_value')).toHaveTextContent('10');
     expect(screen.getByTestId('REMAINING_value')).toHaveTextContent('10');
 
     fireEvent.change(screen.getByLabelText('Amount'), {
@@ -365,4 +376,32 @@ describe('Deposit form', () => {
       /this app only works on/i
     );
   });
+
+  it('Remaining deposit allowance tooltip should be rendered', async () => {
+    render(<DepositForm {...props} selectedAsset={asset} />);
+    await act(async () => {
+      await userEvent.hover(screen.getByText('Remaining deposit allowance'));
+    });
+    await waitFor(async () => {
+      await expect(
+        screen.getByRole('tooltip', {
+          name: /VEGA has a lifetime deposit limit of 20 asset-symbol per address/,
+        })
+      ).toBeInTheDocument();
+    });
+  });
+
+  it('Ethereum deposit cap tooltip should be rendered', async () => {
+    render(<DepositForm {...props} selectedAsset={asset} />);
+    await act(async () => {
+      await userEvent.hover(screen.getByText('Ethereum deposit cap'));
+    });
+    await waitFor(async () => {
+      await expect(
+        screen.getByRole('tooltip', {
+          name: /The deposit cap is set when you approve an asset for use with this app/,
+        })
+      ).toBeInTheDocument();
+    });
+  });
 });
diff --git a/libs/deposits/src/lib/deposit-form.tsx b/libs/deposits/src/lib/deposit-form.tsx
index e403a0bf5..23721f885 100644
--- a/libs/deposits/src/lib/deposit-form.tsx
+++ b/libs/deposits/src/lib/deposit-form.tsx
@@ -8,6 +8,7 @@ import {
   maxSafe,
   addDecimal,
   isAssetTypeERC20,
+  formatNumber,
 } from '@vegaprotocol/utils';
 import { t } from '@vegaprotocol/i18n';
 import { useLocalStorage } from '@vegaprotocol/react-helpers';
@@ -133,11 +134,8 @@ export const DepositForm = ({
     return _pubKeys ? _pubKeys.map((pk) => pk.publicKey) : [];
   }, [_pubKeys]);
 
-  const approved = balances
-    ? balances.allowance.isGreaterThan(0)
-      ? true
-      : false
-    : false;
+  const approved =
+    balances && balances.allowance.isGreaterThan(0) ? true : false;
 
   return (
     <form
@@ -194,6 +192,44 @@ export const DepositForm = ({
           <InputError intent="danger">{errors.from.message}</InputError>
         )}
       </FormGroup>
+      <FormGroup label={t('To (Vega key)')} labelFor="to">
+        <AddressField
+          pubKeys={pubKeys}
+          onChange={() => setValue('to', '')}
+          select={
+            <Select {...register('to')} id="to" defaultValue="">
+              <option value="" disabled>
+                {t('Please select')}
+              </option>
+              {pubKeys?.length &&
+                pubKeys.map((pk) => (
+                  <option key={pk} value={pk}>
+                    {pk}
+                  </option>
+                ))}
+            </Select>
+          }
+          input={
+            <Input
+              // eslint-disable-next-line jsx-a11y/no-autofocus
+              autoFocus={true} // focus input immediately after is shown
+              id="to"
+              type="text"
+              {...register('to', {
+                validate: {
+                  required,
+                  vegaPublicKey,
+                },
+              })}
+            />
+          }
+        />
+        {errors.to?.message && (
+          <InputError intent="danger" forInput="to">
+            {errors.to.message}
+          </InputError>
+        )}
+      </FormGroup>
       <FormGroup label={t('Asset')} labelFor="asset">
         <Controller
           control={control}
@@ -250,45 +286,7 @@ export const DepositForm = ({
         selectedAsset={selectedAsset}
         faucetTxId={faucetTxId}
       />
-      <FormGroup label={t('To (Vega key)')} labelFor="to">
-        <AddressField
-          pubKeys={pubKeys}
-          onChange={() => setValue('to', '')}
-          select={
-            <Select {...register('to')} id="to" defaultValue="">
-              <option value="" disabled={true}>
-                {t('Please select')}
-              </option>
-              {pubKeys?.length &&
-                pubKeys.map((pk) => (
-                  <option key={pk} value={pk}>
-                    {pk}
-                  </option>
-                ))}
-            </Select>
-          }
-          input={
-            <Input
-              // eslint-disable-next-line jsx-a11y/no-autofocus
-              autoFocus={true} // focus input immediately after is shown
-              id="to"
-              type="text"
-              {...register('to', {
-                validate: {
-                  required,
-                  vegaPublicKey,
-                },
-              })}
-            />
-          }
-        />
-        {errors.to?.message && (
-          <InputError intent="danger" forInput="to">
-            {errors.to.message}
-          </InputError>
-        )}
-      </FormGroup>
-      {selectedAsset && balances && (
+      {approved && selectedAsset && balances && (
         <div className="mb-6">
           <DepositLimits {...balances} asset={selectedAsset} />
         </div>
@@ -305,8 +303,15 @@ export const DepositForm = ({
                 minSafe: (value) => minSafe(new BigNumber(min))(value),
                 approved: (v) => {
                   const value = new BigNumber(v);
-                  if (value.isGreaterThan(balances?.allowance || 0)) {
-                    return t('Amount is above approved amount');
+                  const allowance = new BigNumber(balances?.allowance || 0);
+                  if (value.isGreaterThan(allowance)) {
+                    return t(
+                      "You can't deposit more than your approved deposit amount, %s %s",
+                      [
+                        formatNumber(allowance.toString()),
+                        selectedAsset?.symbol || ' ',
+                      ]
+                    );
                   }
                   return true;
                 },
@@ -322,14 +327,24 @@ export const DepositForm = ({
                   }
 
                   if (value.isGreaterThan(lifetimeLimit)) {
-                    return t('Amount is above lifetime deposit limit');
+                    return t(
+                      "You can't deposit more than your remaining deposit allowance, %s %s",
+                      [
+                        formatNumber(lifetimeLimit.toString()),
+                        selectedAsset?.symbol || ' ',
+                      ]
+                    );
                   }
                   return true;
                 },
                 balance: (v) => {
                   const value = new BigNumber(v);
-                  if (value.isGreaterThan(balances?.balance || 0)) {
-                    return t('Insufficient amount in Ethereum wallet');
+                  const balance = new BigNumber(balances?.balance || 0);
+                  if (value.isGreaterThan(balance)) {
+                    return t(
+                      "You can't deposit more than you have in your Ethereum wallet, %s %s",
+                      [formatNumber(balance), selectedAsset?.symbol || ' ']
+                    );
                   }
                   return true;
                 },
@@ -405,7 +420,7 @@ const FormButton = ({ approved, selectedAsset }: FormButtonProps) => {
         type="submit"
         data-testid="deposit-submit"
         variant={isActive ? 'primary' : 'default'}
-        fill={true}
+        fill
         disabled={invalidChain}
       >
         {t('Deposit')}
diff --git a/libs/deposits/src/lib/deposit-limits.tsx b/libs/deposits/src/lib/deposit-limits.tsx
index dc08b492a..7b69298c4 100644
--- a/libs/deposits/src/lib/deposit-limits.tsx
+++ b/libs/deposits/src/lib/deposit-limits.tsx
@@ -1,8 +1,13 @@
 import type { Asset } from '@vegaprotocol/assets';
 import { t } from '@vegaprotocol/i18n';
 import { CompactNumber } from '@vegaprotocol/react-helpers';
-import { KeyValueTable, KeyValueTableRow } from '@vegaprotocol/ui-toolkit';
+import {
+  KeyValueTable,
+  KeyValueTableRow,
+  Tooltip,
+} from '@vegaprotocol/ui-toolkit';
 import type BigNumber from 'bignumber.js';
+import { formatNumber } from '@vegaprotocol/utils';
 
 // Note: all of the values here are with correct asset's decimals
 // See `libs/deposits/src/lib/use-deposit-balances.ts`
@@ -33,21 +38,35 @@ export const DepositLimits = ({
         '-'
       ),
     },
-    {
-      key: 'MAX_LIMIT',
-      label: t('Lifetime deposit allowance'),
-      rawValue: max,
-      value: <CompactNumber number={max} decimals={asset.decimals} />,
-    },
-    {
-      key: 'DEPOSITED',
-      label: t('Deposited'),
-      rawValue: deposited,
-      value: <CompactNumber number={deposited} decimals={asset.decimals} />,
-    },
     {
       key: 'REMAINING',
-      label: t('Remaining'),
+      label: (
+        <Tooltip
+          description={
+            <>
+              <p>
+                {t(
+                  'VEGA has a lifetime deposit limit of %s %s per address. This can be changed through governance',
+                  [formatNumber(max.toString()), asset.symbol]
+                )}
+              </p>
+              <p>
+                {t(
+                  'To date, %s %s has been deposited from this Ethereum address, so you can deposit up to %s %s more.',
+                  [
+                    formatNumber(deposited.toString()),
+                    asset.symbol,
+                    formatNumber(max.minus(deposited).toString()),
+                    asset.symbol,
+                  ]
+                )}
+              </p>
+            </>
+          }
+        >
+          <button type="button">{t('Remaining deposit allowance')}</button>
+        </Tooltip>
+      ),
       rawValue: max.minus(deposited),
       value: (
         <CompactNumber
@@ -58,7 +77,20 @@ export const DepositLimits = ({
     },
     {
       key: 'ALLOWANCE',
-      label: t('Approved'),
+      label: (
+        <Tooltip
+          description={
+            <p>
+              {t(
+                'The deposit cap is set when you approve an asset for use with this app. To increase this cap, approve %s again and choose a higher cap. Check the documentation for your Ethereum wallet app for details.',
+                asset.symbol
+              )}
+            </p>
+          }
+        >
+          <button type="button">{t('Ethereum deposit cap')}</button>
+        </Tooltip>
+      ),
       rawValue: allowance,
       value: allowance ? (
         <CompactNumber number={allowance} decimals={asset.decimals} />
diff --git a/libs/deposits/src/setup-tests.ts b/libs/deposits/src/setup-tests.ts
index 7b0828bfa..68773380a 100644
--- a/libs/deposits/src/setup-tests.ts
+++ b/libs/deposits/src/setup-tests.ts
@@ -1 +1,4 @@
 import '@testing-library/jest-dom';
+import ResizeObserver from 'resize-observer-polyfill';
+
+global.ResizeObserver = ResizeObserver;