How to Withdraw from Binance
Posted
by Frank Gogol in Crypto | Updated on August 23, 2022
Binance is a platform that many
people have started using in the past years. Still, if you’re new to this
platform, withdrawing from Binance may be difficult in the beginning. Learning
how to withdraw from Binance is
necessary if you intend to use the service on a regular basis. But don’t worry,
we’ve got you covered. Read on to find out more info on the matter.
Table of Contents
Binance is a platform for cryptocurrency exchange and one that allows people
to trade a large variety of cryptocurrencies. In fact, it is the largest
exchange platform on the planet when it comes to its daily trading volume.
Founded by Changpeng Zhao in 2017, Binance allows trading with currencies and
virtual tokens such as Ether, Dogecoin, Litecoin, and Bitcoin. It also allows
operations with its own token, respectively Binance Coin.
Because China’s crypto exchange
business regulations are very strict, Binance had to move its headquarters to Malta, EU.
People will have to complete the
KYC requirements in order to start trading with it. Once the account creation
is successful, people can add their cryptocurrency amount to the public wallet address.
This way, they can start trading.
How to Withdraw Crypto from Binance
It is possible to withdraw funds
from your Binance account. But in order to make that possible, you will have to
go through a specific withdrawal process. It’s not hard, but following every
step is necessary if you want everything to go smoothly. After all, the last
thing you want is to make a mistake and possibly lose your funds as a result.
Here are the steps you should go through:
Copy and Paste th Current Address
Each of these steps is discussed in
more detail below.
Log In to Your Account
First things first, youneed to
ensure that you are logged into your Binance account. After logging in, you
have to go to Wallet and then click on Fiat and Spot.
Click Withdraw
Click on Withdraw after reaching
the page.
Click on the Crypto Tab
After selecting the Crypto tag, you
will be asked to select the cryptocurrency you wish to withdraw.
Select the Right Network
Some currencies are issued on
various platforms. In this case, you will have to select the one you want to
make the withdrawal on.
Choose a Currency
In the Trust Wallet, tap on the
desired currency for withdrawal.
Chose “Receive”
Tap on the Receive option when
prompted.
Copy and Paste the Current Address
Copy the currency address when
prompted. Go to the withdrawal page of Binance and paste the address you just
selected. Click on Submit if everything looks good.
Choose “Send Code”
Click on Send Code, after which you
have to enter a six-digit code that was sent to your email.
Enter the 2FA Code
Enter the 2FA code, then click on
Submit if everything else is okay. It will be possible to see the withdrawals
in your Transaction history afterward.
How to Withdraw Fiat Currency
from Binance
Over 60 fiat currencies are
supported by Binance, and there are also various payment methods available. So,
it is important to know how to withdraw fiat currency from your Binance
account. Here are the steps you will have to go through:
Log into your account
Select Withdraw
Click on the Fiat tab
Pick the fiat currency
Enter the details that the page requires
Check the transaction details
Enter your verification code
Below, we’ll take a look at each of
these steps in detail.
Log
Into Your Account
Just like when withdrawing crypto
from your Binance account, you first need to log into Binance to withdraw fiat.
Select Withdraw
Click on Withdraw after reaching
the page.
Click on the Fiat Tab
Click on the tab labeled “Fiat”.
Pick the Fiat Currency
Next, choose the that you fiat
currency want to withdraw and choose a payment method. Be aware that the
payment methods available will depend on your region, as well as your selected
currency.
Enter the Withdrawal Info
Next, fill in the Withdrawal info, including the amount to be transferred and your bank account information (or that info of the recipient).
Then,
click “Continue”.
Check the Transaction Details
Check
the transaction details to make sure that it is all correct. If it is, click
“Confirm”.
Enter Your Verification Code
Next, you will be prompted with a security verification. Enter your mobile phone number and click “Send SMS”. You will receive a text message with a Google verification code. Enter the code in the second field, then click “Submit”.
If the
correct verification code was entered, you will receive a message say confirming
that your order has been submitted.
Binance Withdrawal Fees
Since you are doing a network
transaction when withdrawing crypto from your account with Binance, you will
deal with some fees. The fees are meant to cover the network transaction cost.
Certain currencies, such as Ether or BNB, need Binance to be able to be sent to
another crypto wallet.
Therefore, there will be a gas fee
when you do any transaction on Binance Chain, Binance Smart Chain, or Ethereum.
The fee is paid to miners. The cost of the transaction fee will be passed on to
the user by Binance.
Keep in mind that there are
different fee schedules for every blockchain. Because of that, the fees for
crypto withdrawals will depend on the particular coin that you are using. Also,
it is likely for fees to change, as they are dynamic and depend a lot on the
network activity. You will have to go to the actual withdrawal page in order to
find the accurate withdrawal fees.
Minimum Withdrawal Amount
There is a minimum withdrawal
amount for Binance. Every cryptocurrency has its own withdrawal amount. That
being said, you will be unable to withdraw a smaller amount than the one stated
on the withdrawal page.
If you want to find out the minimum
amounts of every currency, you can check them out on the Binance website. There
is a list of every minimum amount and the respective withdrawal fee.
How Long Does It Take to
Withdraw from Binance?
Withdrawing from Binance may take a
bit. This isn’t because Binance is slow or anything. In fact, the platform will
deal with the processing of the withdrawal as soon as you make the request.
However, every blockchain is different, so the amount of time required for
completing the transactions may vary.
For example, Binance Smart Chain
may complete transactions in only a few minutes. Bitcoin, on the other hand,
will take from about 10 minutes to 30 minutes to be able to mark a withdrawal
as successful. Ethereum may take even longer than these two.
So, it really depends on the
blockchain. Also, if a network has very high traffic, this will affect the
amount of time you have to wait. The higher the traffic, the more your waiting
time expands.
Sometimes, withdrawals may end up
being stuck in processing, and that is because the blockchain has to confirm
the transaction first. In other situations, it may be congested.
There are specific blockchains that
require more network confirmations compared to others. So, during heavy traffic
periods, you can expect the transactions to take longer than usual.
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