In this article, you will learn how to withdraw money from Binance.
Binance is the most popular cryptocurrency exchange. It is one of the best when it comes to innovations and disruptions in the world of cryptocurrency. Millions around the globe are benefiting from Binance’s services.
Binance started its operation in 2017. Changpeng Zhao (or CZ) the founder of the company had a vision behind it. He is still the most sought after person on the internet for views on crypto-related news. Additionally, he is an active supporter of crypto adoption and mainstreaming of blockchain. Binance has had its share of challenges. But CZ’s leadership has pulled the ship through every storm.
Trading through Binance is easy and smooth. The liquidity on the platform is very high due to soaring trading volume. You can always trade your crypto for fiat and vice versa without incurring losses. Besides, your money is in safe hands. Although Binance got hacked once, however, none of the users lost any value in the event as the stolen amount was reimbursed.
There is a saying in the financial community, ‘your money is safe with you‘. Hence, it is advised that after trading crypto on the exchange you should withdraw money into your personal bank account or crypto wallet. As Binance is a crypto-crypto exchange, therefore, you can only cash out bitcoin or other cryptocurrencies directly from it. However, you need to involve a third party in order to withdraw money from Binance to your fiat bank account (which doesn’t support crypto). Coinbase exchange is the best middle route for this purpose.
There are certain protocols involved in Binance withdrawal. First of all, there are extra layers of security. Firstly, Binance has an address whitelisting feature. This means that you can withdraw money to a specified wallet address. The IP address whitelisting feature also serves the same purpose. Hence, take good care when whitelisting the addresses because it will put a limitation on future withdrawals.
Binance also has an SMS and email verification system. Users get a unique code upon every withdrawal request after enabling this feature. The code is only valid for 30 minutes for security reasons.
Binance Withdrawal Limit:
Binance provides withdrawal liberty to verified users. However, if your account verification is not complete then you can only take out up to 2 BTC within 24 hours. In order to verify the Binance account, you need to upload an ID document. Subsequently, you need to take a picture in order to confirm that the person on the ID papers is actually you.
The Binance withdrawal fee varies depending on the cryptocurrency that you wish to withdraw. It can range from $1 to $15. The withdrawal of BTC costs you 0.0005 BTC per transaction.
Cashing Out Crypto:
Cashing out crypto from Binance essentially means taking out currency from one digital wallet to another. This process consists of the following steps:
- Click on your profile and select ‘withdraw’ from the drop-down menu.
- Select the coin you want to withdraw.
- Paste the recipient wallet address in the specified field. The receiving currency selected on the recipient wallet should be the same.
- Binance matches the transfer network in accordance with the currency you choose. But, if for some type of currency the network hasn’t automatically identified then you will need to manually fill the field.
- There is another special field called ‘Memo’ for some cryptocurrencies withdrawal. For instance, for BNB withdrawal you will have to copy the memo from the corresponding platform and paste it into the given section.
- After submitting all this info, the security verification step will arise. You can either verify it through email or phone number. The transaction will not proceed unless you provide the code.
- Withdrawal will be executed upon confirmation.
Withdrawing Fiat from Binance Account:
UGX (Uganda Shilling) is the only fiat currency that can be withdrawn directly from a Binance account. For the rest, you need to involve a third party. Transfer money from Binance to Coinbase. Here is the process:
- Follow the above-mentioned method of withdrawing crypto to receive currencies in your Coinbase wallet.
- Convert the currencies in USD (or any other supported money) by clicking on the “Buy/sell” button through your account on Coinbase.
- By opting to ‘sell’ select supported fiat currency and the amount you want to withdraw.
- Coinbase will deduct some amount as a transaction fee and then you can receive cash in your account.
- The reception of money in your account can take 1-5 business days depending on the country you are residing in and the service you are using. For example, SEPA transfer in European Countries takes 1-2 business days.
We have succinctly described how to withdraw money from binance. Once the currency is with you, it is safe and ready to use at other places and exchanges. Hope this article will help you in your operations on Binance exchange. For more help and guidance contact our team of professional traders.