Source : cryptodaily.io
When you’re ready to take a break from buying, selling, and trading cryptocurrency on Binance, you may want to move your funds from the exchange to your bank account. When it’s time to do so, it’s important that you take the right steps. That’s why this post will tell you how to withdraw from Binance.
What is Binance?
Binance is a cryptocurrency exchange that provides investors and traders a place to buy, sell, and swap digital assets. What many people don’t know is that Binance is the #1 exchange in the world based on daily volume. The exchange was founded in 2017 by the well-known Changpeng Zhao, known affectionately as CZ by his followers.
You’ll have access to a wide range of cryptocurrencies when you use Binance, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many others. Plus, the platform has its own token, Binance Coin (BNB), which allows you to reduce transaction fees when trading on the platform.
If you want to trade using Binance, you’ll have to set up an account, which requires completing the Binance KYC (Know Your Customer) process. Once you’ve successfully completed the necessary steps and created an account, you can begin adding crypto to your wallet. When that’s done, you can trade as much as you want.
How to Withdraw from Binance
Binance supports a wide variety of both fiat currencies and cryptocurrencies. While the process to withdraw both are very similar, they are a little different, so we’re going to walk you through both.
Withdraw fiat money
Currently, Binance supports over 60 different fiat currencies. Some of the more popular coins supported by the exchange include USD, EUR, JPY, AUD, and GBP. To withdraw fiat from Binance to your bank account, just follow these steps.
Step 1 – Head to the ‘Fiat and Spot’ section of Binance website
First, navigate to Binance website and look for a menu item labeled Wallet at the upper right corner of the page. Hover to display the dropdown menu. Find the Fiat and Spot option and click on it.
Step 2 – Find the fiat withdrawal page
Once you get to the Fiat and Spot page, click on the Withdraw button in the top right. Find and click on the Withdraw Fiat option, which is located in the top right corner.
Step 3 – Choose your fiat currency
Here, a list of all the fiat currencies which Binance supports in a drop-down list will appear. Choose the currency you want to withdraw, select the payment method, and enter the withdrawal amount.
If Binance needs your account information, it will prompt you to enter it. Provide the necessary information, then select Continue.
Step 4 – Validate the withdrawal
The last step is to confirm that everything is going where it’s supposed to go. Binance will pop up a small box that asks you to validate the amount, where the funds are going, the withdrawal fee, and other information. Make sure everything is accurate, then complete the two-factor authentication, and wait for your funds to arrive.
If you don’t want to transfer fiat money from Binance to your bank account, you can also withdraw crypto. Binance allows you to move it to either another exchange or to your own personal wallet. To withdraw your crypto from Binance, simply follow these steps.
Step 1 – Find the Fiat and Spot page
First, navigate to the Binance home page, then hover over the Wallet menu in the top right. From the dropdown, select Fiat and Spot.
Step 2 – Locate the Withdrawal section
In the upper right corner of the Fiat and Spot page, you’ll see a Withdraw button. Click on that to begin withdrawing your crypto. If you somehow end up on the fiat withdrawal page, simply choose the Crypto tab to switch.
Step 3 – Choose your cryptocurrency and network
Select the digital asset that you want to withdraw. You’ll also need the transfer network and the address to which you’re sending your funds. You may not need to know the transfer network if your cryptocurrency is only available on a single network. Fees for the transaction will vary depending on which cryptocurrency you select.
Step 4 – Provide withdrawal information
Next, enter the address to which you’re sending your crypto or choose a wallet address you already have in your address book. Once you’ve entered that information, choose between Exchange or Private Wallet.
If you’re sending your crypto to another exchange, Binance will provide a dropdown list from which you can choose the platform you’re using. Save the information, then complete the two-factor authentication process. Now, you can move on to the next step.
Step 5 – Validate transaction details
Once you select the Confirm button, a separate window will pop up that will ask you to confirm the transaction details. Double check the address your funds are going. When you’ve validated, everything is going to the right place, click Submit and wait for your funds to arrive.
Withdrawal to a Wrong Address
The biggest reason to confirm everything is going to the correct place is that if you inadvertently withdraw to the wrong address, there’s a good chance you won’t be able to recover your funds. There is a cancel button if you manage to discover your mistake quickly enough, but otherwise, you may be out of luck.
You can reach out to Binance and ask for help, but in most cases, there’s nothing the exchange will be able to do. Because of this, it’s critical that you are absolutely certain your funds are going to the right place.
Here are some commonly asked questions about how to withdraw from Binance.
How long does Binance withdrawal take?
In most cases, it only takes a few minutes for your withdrawal to process. However, depending on the digital asset you’re withdrawing and the network being used, your withdrawal processing time could take a bit longer. Binance doesn’t control how long blockchain confirmations take, so there may be some delays that are out of their hands.
How do I check the transaction status on the blockchain?
If you want to check the status of your transaction, you can enter your transaction ID into a blockchain explorer. This will allow you to track the progress of the transaction and see how many confirmations it has.
What is the Binance withdrawal fee?
The Binance withdrawal fee will depend on the cryptocurrency you’re withdrawing and the country you’re in. You can find a full list of fees on the Binance website. So, if you want to get money out of Binance in the US, you may pay different fees than you will in other parts of the world.
How do I avoid fees in Binance?
There are a few ways you can avoid paying fees on Binance. One is to hold Binance Coin (BNB) in your account. This will give you a 25% discount on trading fees. You can also become a VIP member to get even lower fees.
Should I leave my money on Binance or withdraw it?
This is a personal decision that will depend on your investment strategy. Some people prefer to cash out their funds and store them in a personal wallet for security purposes. Others are happy to leave their crypto on Binance, especially if they’re actively trading.
Take Charge of Your Funds
Now you know how to withdraw from Binance. The process is pretty straightforward, but it’s important to take your time and double-check that everything is going to the right place.
Remember, if you make a mistake and send your funds to the wrong address, there’s a good chance you won’t be able to recover them. So, take your time, and be sure to confirm everything is correct before you hit the “Submit” button.