How to Withdraw Money from Binance Complete Step-by-Step Guide

how to withdraw money from binance

This is because withdrawals will be temporarily suspended when there is a system upgrade. As of writing this article, there are only two ways on how to withdraw GBP from Binance currently available to us – Faster Payments and Bank Card (VISA) transfer. Same as with other currencies, if you first need to convert your Crypto into Fiat, use the method shown in Step 1 to convert your Crypto to GBP. So, the SWIFT transfer comes with a hefty 30$ fee, whereas the SEN transfer is free. Please do your own research to check which one is best for you / is available to you.

You will add a new address in the recipient’s address field or choose one from the address book. If you have enabled the whitelist security feature, you will not be able to add a new address on this page. Instead, you will have to use the ‘Address Management’ page to add a new address. The transfer costs also vary between different transfer networks. If you can use more than one transfer network, you may consider the network fees as well.

Once you follow these steps, your fiat currency withdrawal will be processed. Keep in mind that fiat withdrawals may take several business days to complete, especially if you initiate the withdrawal during the weekend. As a professional in the world of cryptocurrencies, I know that many of you, like me, have used Binance, the most popular exchange for buying and selling cryptocurrencies. However, before withdrawing your cryptocurrencies or funds from Binance, it’s essential to consider aspects such as fees, minimum withdrawal amounts, and processing times. After which, go to Binance “fiat and spot” section and choose “withdraw,” and select the crypto you want to transfer.

  1. For example, SEPA withdrawals are only processed on business days, so you may have to wait between 1 to 3 days if you initiate the withdrawal during the weekend.
  2. With our cold wallets, I assure you that your cryptocurrencies will be safe.
  3. For Ethereum, the Material Ethereum cold wallet is an excellent choice to secure your cryptocurrencies safely.
  4. After you’ve clicked on “Add New Card”, the “Pay with card” pop-up will open.

Once you click on the ‘Submit’ button, Binance will prompt you to confirm the transaction and authorise it through the 2FA security function. For alternative ways to get to the ‘Fiat and Spot’ page, refer to the section withdrawing fiat from Binance above. And finally, you can click the withdraw buttons available on the ‘Overview’ page.

How long does it take for my funds to arrive?

Once you’ve on Binance, click on “Wallet” on the top navigation bar. However, if there is an ongoing system upgrade, you won’t be able to make withdrawals on the exchange. Withdrawing money from Binance to your bank account is easy for most countries. Because I know that my Ozzy friends will be upset if I don’t cover this, we might as well do it right now. Also, double-check if your Card Provider supports Instant Card Withdrawals. Your card needs to have the Visa Fast Funds (Visa Direct) feature enabled!

how to withdraw money from binance

For Ethereum, the Material Ethereum cold wallet is an excellent choice to secure your cryptocurrencies safely. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary.

Binance withdrawal fees for crypto

The rate is the current market price, once you click on convert, you have successfully converted Crypto to Fiat, it’s that easy. You just have to check which kind of Crypto / Fiat pairings are available. Sometimes you need to go through two conversions to get to your desired currency, but that is usually very easy. Bitcoin (BTC) withdrawals can take between 10 to 30 minutes to confirm successfully. Binance Smart Chain withdrawals are usually processed in just a few minutes, while Ethereum may take a bit longer. Withdrawing fiat and crypto from Binance is a simple and straightforward process.

how to withdraw money from binance

Always triple-check if you have entered your details correctly. There are subtle differences in sending your crypto to either of these destinations, and we will highlight them in the following steps. Here are the steps to follow to withdraw crypto from Binance. There are two categories of destinations whenever you want to withdraw crypto from Binance. You can either send your crypto to another exchange (i.e., custodial wallet) or a private wallet (i.e., non-custodial). The latter includes mobile, desktop, web, and hardware wallets.

It’s a crypto asset with diverse utilities beyond just accruing value over time. Currently, Ethereum has given rise to numerous projects, ranging from… With our cold wallets, I assure you that your cryptocurrencies will be safe. As you’ve seen, withdrawing funds from Binance is straightforward and will only take a few minutes of your time. It’s possible that your transaction is not yet confirmed or that the blockchain of your cryptocurrency is congested. Some blockchains require more confirmations, making the process slower.

How long does it take to receive my fiat currency withdrawal?

Alright, so check it out—Bitcoin is and always will be the top dog in the crypto game. Its rarity, security, decentralization, transparency, and worldwide recognition as a value haven make it a rock-solid foundation in today’s crypto scene. With Bitcoin on the up, there has been a lot of buzz about safeguarding crypto. Unfortunately, as the value of BTC rises, scams and hacking schemes also follow suit. How many times have you heard within Reddit threads or other online forums about people losing their… For example, if you have XRP, the minimum withdrawal amount would be 3 Ripple.

It is your responsibility to ascertain whether you are permitted to use the services of Binance based on the legal requirements in your country of residence. Alternatively, visit the ‘Overview’ page by selecting ‘Overview’ under the ‘Wallet’ link on the main navigation. For example, if you live in the US, you need to sell the cryptocurrency in USD. Alternatively, you can click on “Transaction History” on the left sidebar of your fiat and spot wallet. Once you’re done entering your card information, click on “Add card” to add your card. Lastly, enter your card’s security code (the three numbers at the back of your card) in the “Security Code” field.

It ensures that only whitelisted addresses can be used to withdraw crypto from your account. The exchange supports over 60 fiat currencies and several payment methods. Once you have provided all the payment details, you will be prompted to confirm the accuracy of the information provided.

To keep things simple, we use our Wallet as an example again. Check out some third-party services; they might have lower fees than Binance. By the way, if you also use Coinbase, you can check out my comprehensive guide on how to withdraw from Coinbase. Login to your Binance account, then hover over the ‘Wallet’ link, click on the Fiat and Spot link of the drop-down menu. You have successfully withdrawn your fiat balance from Binance.

Each cryptocurrency has its own specific minimum withdrawal amount on Binance. Make sure to reach the minimum amount before proceeding with the withdrawal. Make sure to include the correct details when withdrawing crypto.

For Bitcoin, I recommend the Material Bitcoin cold wallet, one of the most secure and user-friendly options in the market, with a 100-year warranty. Binance is one of the largest and most reliable crypto exchanges in the world, founded by Changpeng Zhao in China in 2017. The crypto exchange has a targeted trading platform toward US customers, registered with FinCEN, compliant with the US regulations.

This will open a navigation drawer containing several options. This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Let me know if the process was easy for you in the comments below. Instead of selecting Faster Payments, select Bank Card (VISA) for this process.

Leave a Reply

Your email address will not be published. Required fields are marked *