Finance has become one of the most used platforms in recent times. But when you are new to this platform it is quite natural to face difficulties in withdrawing Binance at the beginning. So you have to learn how to withdraw from Binance if you want to use this platform regularly.
In this article, you are going to be sharing how to withdraw Binance very clearly. You will be able to learn how to withdraw money from Binance to your bank account and how to withdraw crypto from Binance to an external wallet in detail. Let’s come to the main topic without wasting time anymore.
A Short Note On Binance
Binance is a platform for cryptocurrency exchanges. People can trade in a large variety of cryptocurrencies only because of Binance. Gradually it has become one of the largest trading exchange platforms all over the world. Changpeng Zhao set up Binance in 2017. One can trade with virtual tokens such as Dogecoin, Ether, Bitcoin, and Litecoin as well as currencies with the help of Binance. It has a token named Binance coin that can be used for operations.
Binance transferred its headquarters to Malta, EU only because the crypto exchange business regulations of China are very much strict.
If you want to start trading with Binance you have to complete the KYC requirements. You will be able to add your cryptocurrency amount to the public wallet address as soon as you will be able to successfully create your account. Thus you will be able to begin trading.
The Options Of Binance Withdrawal
Before knowing how to withdraw from Binance you have to know how many motions are there for withdrawing from Binance. Binance has a variety of payment methods like other cryptocurrency exchanges. The users can use those methods to deposit as well as to withdraw money from Binance. The options that Binance offers to withdraw money are as follows:
The users will be able to withdraw those cryptocurrencies that are supported by Binance in their wallets to external wallets.
Binance allows withdrawals in fiat currencies to bank accounts in some cases.
Credit or debit card
The most popular withdrawal option is bank card withdrawals. Sometimes it allows instant card withdrawals so that the users can withdraw fiat currencies to their cards at once.
Binance P2P marketplace allows users to convert their cryptocurrencies to cash. There is no involvement of fees. This is the most interesting part of this option.
Third-party payment services
The users can also make withdrawals using external, third-party payment services but it completely depends on their location.
How To Withdraw Crypto From Binance
You can easily withdraw money from your Binance account. You have to follow a particular process to make this possible. It is not at all difficult. But you have to follow every step to make the process done smoothly. If you make a mistake you will lose your money.
You have to follow the steps that are mentioned below to make a withdrawal in this process. The steps are as follows:
Log in to your account
You have to check first whether you are logged in to your Binance account.
You have to go to your wallet once you have logged in.
Then you have to click on Fiat and Spot.
Once you have reached the page you have to click on withdraw.
Click on the crypto tab
Once you will select the crypto tag then you have to select the cryptocurrency that you want to withdraw.
Select the right network
You will find that several currencies are issued on different types of platforms. next, You have to select the one from where you want to make the withdrawal.
Choose a currency
You have to go to the trust wallet and tap on the currency according to your wish for withdrawal.
Then you have to tap on the receive option.
Copy and paste the current address
You have to copy the currency address. Then you have to go to the withdrawal page of Binance and paste your selected address. next, Then you have to click on submit.
Choose to send a code
Then you have to choose to send code option. Then you will be sent a six-digit code through email. You have to enter the code.
Enter the 2FA code
Then you have to enter the 2FA code and click on submit when everything is fine. You will be able to see the withdrawals in your transaction history.
How To Withdraw Fiat Currency From Binance
Binance supports more than 60 fiat currencies. You will also get different types of payment methods there. This process is available in the following countries now.
- Republic of Cyprus
- Czech Republic
Your withdrawal will be completed in five minutes. But sometimes it may take 24 hours. For instant card withdrawal transactions, you have to pay a 1% charge. You have to withdraw a minimum amount of 10 Euros or $11.14. You have to follow the steps that are mentioned below to make a withdrawal in this process. The steps are as follows:
Log in to your account
You have to log in to your account on Binance at first to withdraw fiat from Binance.
Then you have to select withdraw as soon as you will reach the page.
Click on the fiat tab
Then you have to click on the tab that is labeled as fiat.
Pick the fiat currency
Then you have to choose the fiat currency that you want to withdraw from Binance and choose a payment method. The payment method varies on your region as per your selected currency.
Enter the withdrawal info
Then you have to fill up the withdrawal info along with the amount you want to transfer to your bank and your bank account details. After all these are done you have to click on continue.
Check the transaction details
Then you have to check the transaction details once again to see that all are correct. As soon as you will find that everything is fine you have to click confirm.
Enter your verification code
Then you have to undergo a security verification. You have to enter your mobile number and click send SMS. A Google verification code will be sent to you in your message box. You have to enter the code in the second field and click submit. Then you will receive a confirmation message saying that your order has been submitted.
Binance Withdrawal Fees
When you are withdrawing crypto from your account with Binance you are doing a network transition. That is why you have to pay some fees. The fees are taken to cover the network transition cost. Several currencies like Ether or BNB require Binance to be able to be sent to another crypto wallet. When you make a transaction on the Binance chain, Binance smart chain, or Ethereum there will be a gas fee. The fee is taken for the miners. The user will get the cost of the transaction fee with the help of Binance.
This is to inform you that every blockchain has different fee schedules. That is why the fees for crypto withdrawals will vary according to the particular coin that you are using. The fees keep on changing as they are active and are dependent on the network activity. If you want to know the accurate withdrawal fees you have to go to the actual withdrawal page.
Also read: Trick to Earn 100usdt Using Binance Refer And Earn Program
What Is The Minimum Withdrawal Amount From Binance
If you want to withdraw from Binance you have to make the minimum withdrawal as Binance has a minimum withdrawal amount. Not only Binance you will find that there is a minimum withdrawal amount in every cryptocurrency. You will not be able to withdraw the smaller amount from the particular amount that is mentioned as the minimum withdrawal amount. You have to go to the website of Binance if you want to know the minimum amounts for every cryptocurrency. You will get a list of the minimum amount and the possible withdrawal fees also.
How Long Does It Take For Binance To Withdraw
It takes a little time to make withdrawals from Binance. The reason behind this is not that Binance is slow. The platform will process your withdrawal as soon as you make the withdrawal request. But the blockchains are different from one another. That is why it is quite natural to vary the amount of time in completing the withdrawal process for every blockchain.
You will find that Binance smart chain can complete transactions within just a few minutes. Whereas Bitcoin takes 10-30 minutes for completing one transaction. The time is longer for Ethereum. That is why the amount of time required for the transaction completely depends on the blockchain. Huge traffic in the network might be a cause for requiring more time to make a transaction successful. You have to wait for a lot of time if the traffic becomes higher.
Sometimes you will find that withdrawals to be ended up getting stuck in processing. It happens because the transaction has to be confirmed by the blockchain at first. And sometimes it happens because of congestion.
Some blockchains require more network confirmation in comparison with others. That is why you have to expect the transactions to take longer time than usual during heavy traffic.
FAQ On Binance
You have to pay a fee for every transaction like a withdrawal. The fee is charged to cover the cost of the network. Sometimes it is called a gas fee. You have to pay a particular gas fee for every cryptocurrency. That is why the withdrawal fee you have to pay varies as per the cryptocurrency These fees also depend on how busy the network is.
Every cryptocurrency allows a different amount to be withdrawn which is known as a minimum amount. You have to look at the schedule of fees and minimum amounts if you want to withdraw from Binance.
There are a lot of reasons for which you can not be able to withdraw from Binance. Sometimes while you change your password you will be unable to withdraw from Binance for 24 hours. If any doubtful activities happen on your account you will find that the withdrawals are restrained temporarily. Sometimes due to system maintenance, you can not be able to withdraw from Binance. If you face these issues you must contact Binance support. They will assist you very well.
When you do not receive your withdrawal from Binance, there is nothing to worry about. Sometimes this may happen due to huge network congestion. If you feel worried you may contact Binance support. They will help you by providing every possible detail so that your issue can be solved. You must wait for a while if you face this issue.
To Sum Up
There are a lot of cryptocurrency traders who have joined the Binance trading platform for different types of reasons. One of the most important reasons for joining the Binance platform is its low withdrawal fees. Moreover, it is a simple and easiest way to buy and sell stock. You can easily withdraw fiat and transfer it to your bank account only because of Binance. In this article, we have given you a step-by-step guide on how to withdraw from Binance. If you are wondering about the withdrawal process of Binance you must go through this article. You will find all your answers here. So now you can make withdrawals from Binance very easily.