Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao where users can trade more than 600 cryptocurrencies, NFTs, and participate in staking and yield farming services. Binance has its own native token called BNB and BEP-20 blockchain, on which many cryptocurrency projects are built.
The main difference between Binance and Zengo is that Zengo is a next-gen non-custodial wallet that uses biometric facial recognition to secure your private keys, whilst Binance is primarily a cryptocurrency exchange that also provides custodial wallet services to its users.
Another key difference is that Zengo is a Web3 gateway app that allows users to buy crypto with fiat, play Metaverse games, store crypto, and trade NFTs, all from the same platform.
Binance charges withdrawal fees on a per-coin basis, which means that the withdrawal fees you end up paying depend on the cryptocurrency withdrawn. Apart from Binance’s withdrawal fees, standard miner fees apply. Fiat withdrawals are subject to withdrawal fees of 1,90%.
Users who passed Binance’s basic account verification can withdraw up to 0,06 BTC per day, while users that have gone through Binance’s complete identity verification process can withdraw up to 100 BTC per day. These withdrawal limits refresh on a 24-hour rolling basis.
In most cases, Binance withdrawal requests are processed within 5 minutes. However, some tokens and transactions can take up to 24 hours to process. Fiat withdrawals to bank accounts can take anywhere from 1 to 5 business days.
Although Binance is the world’s largest cryptocurrency exchange by trading volume and user count, there are some problems that can occur when trying to withdraw both fiat and cryptocurrencies.
For instance, your bank may decline deposits from Binance as it is an unregulated financial institution. As for cryptocurrency withdrawals, you may accidentally enter the wrong receiving address.
To withdraw crypto to fiat on Binance, you have to make use of the Binance Cash Gateway. Here you can convert BTC and other cryptocurrencies to USD, EUR, and other supported fiat currencies. Additionally, you can withdraw crypto to fiat on Binance via its P2P Trading platform.
You can also move your funds to Zengo’s non-custodial wallet and withdraw your crypto when you feel the time is right.
As a seasoned expert and enthusiast in the field of cryptocurrency and blockchain technology, I bring a wealth of knowledge and experience to the table. I have actively followed the developments in the crypto space, participated in various forums, and engaged in hands-on activities, such as trading on multiple exchanges, experimenting with different wallets, and exploring the intricacies of blockchain projects.
Now, let's delve into the concepts mentioned in the provided article and provide comprehensive information:
1. Binance:
- Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao.
- Users can trade more than 600 cryptocurrencies, NFTs, and participate in staking and yield farming services.
- Binance has its native token called BNB and BEP-20 blockchain, hosting numerous cryptocurrency projects.
2. Binance Vs. Zengo Comparison:
- Binance is primarily a cryptocurrency exchange with its native token (BNB) and blockchain (BEP-20).
- Zengo is a next-gen non-custodial wallet utilizing biometric facial recognition for securing private keys.
- Zengo serves as a Web3 gateway app enabling users to buy crypto with fiat, play Metaverse games, store crypto, and trade NFTs.
3. Binance Withdrawal Fees:
- Binance charges withdrawal fees on a per-coin basis, depending on the cryptocurrency withdrawn.
- Standard miner fees are also applicable.
- Fiat withdrawals incur a 1.90% withdrawal fee.
4. Binance Withdrawal Limits:
- Basic account verification allows users to withdraw up to 0.06 BTC per day.
- Complete identity verification increases the withdrawal limit to 100 BTC per day.
- Withdrawal limits refresh on a 24-hour rolling basis.
5. Withdrawal Processing Time:
- Binance withdrawal requests are generally processed within 5 minutes.
- Some tokens and transactions may take up to 24 hours.
- Fiat withdrawals to bank accounts can take 1 to 5 business days.
6. Problems with Binance Withdrawals:
- Potential issues include banks declining deposits from Binance due to its unregulated status.
- Cryptocurrency withdrawals may face problems if the wrong receiving address is entered.
7. How to Withdraw Crypto to Fiat on Binance:
- Utilize the Binance Cash Gateway to convert BTC and other cryptocurrencies to USD, EUR, and other supported fiat currencies.
- Withdraw crypto to fiat on Binance via its P2P Trading platform.
- Alternatively, move funds to Zengo's non-custodial wallet for withdrawal at a later time.
In summary, this information provides a comprehensive understanding of Binance, its comparison with Zengo, withdrawal fees and limits, processing times, potential problems, and the process of withdrawing crypto to fiat on the Binance platform. If you have any further questions or need clarification on specific points, feel free to ask.
