Binance got the title of the largest cryptocurrency exchange in the world by offering clients security, reliability, convenience, and versatility in one package. Whether you are selling your crypto into cash, diversifying your portfolio, or liquidating some of your cryptocurrencies, this article will teach you how to withdraw money from Binance.
The first thing you should keep in mind is that Binance offers two primary types of withdrawal: cryptocurrency withdrawal and fiat withdrawal. In the past, only direct cryptocurrency to cryptocurrency withdrawals was available on Binance. Thanks to the introduction of fiat channels on Binance, users in many regions around the world can now make direct fiat withdraws in real-time.
Top 5 Reasons to Choose Binance for Crypto Withdrawal
There are several reasons to choose Binance over other cryptocurrency exchanges, but this article will only mention the top five.
1. Security
Binance is one of the safest cryptocurrency exchanges in the market. However, all users are encouraged not to leave their funds on the exchange for long. Make your transactions and send your funds out as soon as possible. Binance allows customers to add a list of IP addresses for withdrawal. So, if someone tries to withdraw money from your account from an IP that isn't on the list of approved IP addresses, the transaction will be blocked. For even more security, Binance integrated Google Authenticator into the withdrawal portal. Google's 2FA is one of the most reliable third-party authenticators of an additional layer of security. During every transaction, you will be asked to input your 2FA code before you can proceed.
2. Convenience
Withdrawal of cryptocurrencies and fiat from Binance is as convenient as it gets. All you have to do is log into your account and follow the steps above. Your money will reflect in your Trust Wallet or bank account in no time. Even the standard cryptocurrency and peer-to-peer trading on Binance are more convenient than they are on other exchanges.
3. Low Withdrawal Fees
The withdrawal fees on Binance are competitive. While many other exchanges charge between $10 and $30 per transaction, Binance takes between $1 and $15 for fiat currency withdrawal. It is the same range for cryptocurrency withdrawals. All you have to do is pay the cryptocurrency equivalent of $1 to $15. Binance places customers in levels depending on how frequently they use the platform and the amount of money they spend on transactions. New users who haven't spent a lot of money trading are in Level 1, as they progress, their level goes up and they receive discounts on trading fees. You may also enjoy some discounts from BNB fee deductions.
4. Withdrawal Speed
If the fee structure, convenience, and security aren't enough to entice you, the speed might be enough. Typically, a withdrawal request on Binance takes about five minutes to be completed after filling in the required details. The withdrawal itself takes only about five to ten minutes to reflect in the beneficiary account. On rare occasions, the withdrawal process might be delayed for 24 hours. If you don't get your funds within 24 hours, contact a customer care representative from Binance for help.
5. Convenience for Wallet-to-Wallet Transfers
Apart from the convenience of withdrawing from Binance to Trust wallet, you can send cryptocurrencies from your Trust wallet to any other wallet within a few minutes. Trust wallet is one of the most reliable cryptocurrency wallets out there. If you want to transfer your cryptocurrencies from Binance to another exchange, it has to go through your Trust Wallet first. The process is straightforward.
Binance offers two main methods of withdrawing your crypto: Fiat and Crypto.
Fiat Withdrawals
Binance supports withdrawal for 14 fiat currencies, including some of the most widely used in the world such as the U.S. dollar (via BUSD), Euro, and British pound. Before you can make crypto-to-fiat withdrawals on Binance, you need to make an account for the available fiat service that corresponds to your selected local currency. For these supported local currencies, we have worked with the leading financial service companies for your cash-out needs.
For the step-by-step procedure on withdrawing fiat currencies, please read this guide.
Cryptocurrency Withdrawals
The default withdrawal option since the creation of Binance, cryptocurrency withdrawal is available for all crypto tokens listed on Binance. In the case of several major tokens, we even give you the option to withdraw into different blockchains that support the cryptocurrency. For instance, if you withdraw Bitcoin now, you can select from Bitcoin, Ethereum, BNB Beacon Chain, and BNB Smart Chain as your preferred blockchain for securing your crypto funds.
While there are many crypto wallets available for your needs, Trust Wallet, Binance’s official crypto wallet app, supports several cryptocurrencies and is a strong option for storing your tokens in a fast, secure, and convenient way. For the step-by-step procedure on withdrawing crypto to your Trust Wallet, please read this guide.
Summary
Binance offers competitive rates when it comes to withdrawal fees, and deposits on the platform are 100% free. The fee structure and BNB deductions also allow loyal clients to enjoy withdrawal fee discounts. Don't forget about the security, convenience, and speed of using Binance for your withdrawals. Binance is one of the most reliable platforms in the cryptocurrency industry. Make sure that you use Google Authenticator and complete the Wishlist to add additional layers of security during withdrawals on Binance.
Try the Withdrawal Function of Binance Here
Read the following FAQ items for more information:
Crypto withdrawal FAQ
Instant card withdrawal FAQ
Fee schedule for withdrawals
The article has been edited on June 23, 2022.
FAQs
Click [Withdraw].
- Choose the currency you want to withdraw and click [Bank Transfer (EFT)].
- You will be asked to fill in your bank account details if you have not done so before. You can add up to 5 bank accounts.
- Enter the amount you want to withdraw and click [Continue]. You will see the transaction fee (if any).
Cryptocurrency is a digital currency based on blockchain technology that enables peer-to-peer (P2P) transactions. Bitcoin, ether, BNB, and USDT are notable examples of the top cryptocurrencies by market capitalization.
What is the maximum withdrawal from Binance account? ›
Increased Transaction Limits
Additionally, Binance will be increasing the transaction limit of users from 2,000,000 NGN to 5,000,000 NGN per transaction. The daily limit for active transactions will also be increased from 5,000,000 NGN to 18,750,000 NGN.
What is the fastest way to withdraw from Binance? ›
To withdraw money from Binance to a bank account, you must first log in to your account. After you have done that, go to Wallet and click on Fiat and Spot. Doing that will take you to the page where you see the deposit, withdraw, and send options; then, select Withdraw.
Why does Binance suspend withdrawal? ›
Binance CEO Changpeng Zhao speaking at a press conference during Web Summit 2022. Cryptocurrency exchange Binance halted bitcoin withdrawals for several hours on Monday, citing heavy volumes and a surge in processing fees, before clearing them at a higher cost.
How do I withdraw a large sum of crypto? ›
At the end of the day, you have 5 options: a cryptocurrency exchange, an OTC brokerage, peer-to-peer exchanges, Bitcoin ATMs, and crypto gift cards. These are the most commonly used, and ultimately, the best way to cash out Bitcoin will depend on your specific needs and circ*mstances.
What is Binance daily USD withdrawal limit? ›
If you're fully verified you can withdraw up to $1,000,000 per day via wire, which is great if you need to withdraw more than your daily ACH limit allows.
Why is Binance under investigation? ›
Aside from the latest CFTC lawsuit, Binance has been under investigation by the Department of Justice since 2018 for allegedly flouting U.S. compliance laws, anti-money-laundering rules, and sanctions.
What is Binance being investigated for? ›
Binance Investigated For Money Laundering, Criminal Activity By Senators; Bitcoin Retreats. Bitcoin retreated overnight Thursday as three U.S. senators launched an investigation into Binance, the world's largest cryptocurrency exchange, for a host of alleged illegal activity.
How do you get real money from crypto Binance? ›
You can do so easily with Binance P2P, a platform that lets crypto buyers and sellers create ads to buy or sell crypto with each other.
- Set up your ad. Choose your preferred payment method, currency and the amount of bitcoin you are planning to sell.
- Place an order. ...
- Confirm the payment. ...
- Release your crypto.
Unverified users on OKX can trade, deposit, and withdraw up to 10 BTC in crypto funds — forgoing what the industry considers best practice for KYC. Unverified users also have full access to every trading feature, including riskier products, like Futures trading, that are typically used by more experienced users.
Is it expensive to withdraw from Binance? ›
Binance does not charge deposit fees. For each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account. Withdrawals rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion.
What is the average Binance withdrawal fee? ›
There are no fees for cash deposits or withdrawals by ACH bank transfers. Bank wire deposits are free, and wire withdrawals cost $10 to $15.
What is the best network to withdraw from in Binance? ›
A simple rule of thumb is to always select the coin's native network. For example: BTC should be sent to your Ledger Bitcoin address via the BTC/Bitcoin network. ETH and ERC20 tokens should be sent to your Ledger Ethereum address via the ETH/ERC20 network.
What is the minimum amount to withdraw from Binance? ›
In most cases, your withdrawal request will be processed within five minutes. However, processing can take up to 24 hours in some rare cases. With instant card withdrawal transactions, there is a charge of 1%. The minimum withdrawal amount is 10 euros or $11.14.
Can I withdraw money from Binance to PayPal? ›
Log into your Binance account. Select on Withdraw tab. Click on the Fiat tab, and choose the currency you want to transfer to PayPal. Enter the withdrawal information, click on continue to proceed further, including details of the recipient wallet.
How do I unlock my withdrawal on Binance? ›
Alternatively, go to [Wallets] on the Binance App and tap [Spot] - [Withdraw]. You will see a pop-up window. Tap [Appeal] and follow the instructions. If you cannot see the [Appeal] button, please contact our customer service for assistance.
Why is Binance reviewing my withdrawal? ›
Why is my withdrawal function suspended? To protect your account's security, after performing certain security operations, such as changing your password, your account's withdrawal function will be temporarily suspended for 24 or 48 hours.
Why do I have to wait 10 days to withdraw from Binance? ›
In conclusion, the 10-day withdrawal hold period on Binance is a security measure that is designed to protect your funds from unauthorized access. While it can be frustrating to wait for your funds to become available, it's important to remember that this policy is in place for your own protection.
Can you cash out millions of crypto? ›
There's no limit on the amount of crypto you can sell for cash.
Here are five ways you can cash out your crypto or Bitcoin.
- Use an exchange to sell crypto. ...
- Use your broker to sell crypto. ...
- Go with a peer-to-peer trade. ...
- Cash out at a Bitcoin ATM. ...
- Trade one crypto for another and then cash out. ...
- Bottom line.
Steps to withdraw crypto
- Login to your CoinDCX account.
- Go to the “Funds” section and click on the “Withdraw” option.
- Select the cryptocurrency you wish to withdraw.
- Enter the destination wallet address and click on “Send”
- Provide the 6-digit OTP or the Google 2FA, then click on verify to validate the withdrawal request.
You will find that our fiat currency funding options make for a seamless experience that will have you trading in as little as 24 hours from the time of your deposit. Funding with Euros (EUR), US dollars (USD) and other fiat currencies, all with minimal fees.
How do I change my daily withdrawal limit on my Binance card? ›
No, you can't edit the limits as they are fixed.
Does Binance US report to the IRS? ›
Does Binance US Report to the IRS? Yes, Binance US is required to report cryptocurrency transactions that reach a certain threshold to the IRS. The IRS is working to enforce compliance and accurate reporting of cryptocurrency-related income and transactions.
Why was Binance banned in the US? ›
US regulators are seeking to ban Binance, the world's largest crypto trading platform, alleging that the firm has been operating in the country illegally. The lawsuit from the Commodity Futures Trading Commission (CFTC) said the firm cultivated US business while failing to register properly with authorities.
Has anyone sued Binance? ›
The U.S. Commodity Futures Trading Commission (CFTC) sued Binance - the world's biggest crypto exchange - along with its CEO and former top compliance executive, alleging that they were operating an "illegal" exchange and a "sham" compliance program.
Can Binance get my money back from scammer? ›
How can Binance help me? Please note that blockchain transactions are irreversible and anonymous. This means that despite our best efforts, it is unlikely that we, as an exchange, will be able to recover the scammed funds.
What are the risks of using Binance? ›
“The big risk is that Binance may need to turn BNB into fiat currencies that can be used for paying its operating expenses,” says Matt Sekerke, an economist at Johns Hopkins. If a crisis forces Binance to sell BNB, its price could collapse, putting the company at risk.
Is Binance money laundering? ›
Binance, the largest crypto exchange in the world, has not been connected to any criminal activity, nor have regulators accused it of knowingly accepting illicit funds, although the exchange is reportedly under its own criminal probe by the Department of Justice in relation to its compliance with anti-money laundering, ...
Each recipient will receive a randomly generated amount of crypto until all funds are redeemed. To pay instantly, simply type or paste your recipient's Pay ID. With Binance Pay, to pay someone via QR code, simply scan their Binance Pay QR code with your Binance app.
How do I know if I made money in Binance? ›
To check your daily income records, go to [Earn] - [Binance Pool] - [Earnings] page. Go to [Wallet] - [Funding Wallet] and click [Transfer], to transfer your funds to the spot wallet for trading or withdrawal.
How do I convert crypto to cash? ›
There are typically four ways to turn Bitcoin into cash instantly:
- Use a crypto debit card like the BitPay Card.
- Sell crypto for cash on a central exchange like Coinbase or Kraken.
- Use a P2P exchange.
- Seek out a Bitcoin ATM.
- Bonus: Gift cards.
You may see an error saying that your withdrawals are suspended due to risk management. This error indicates that you selected to make a deposit to your Binance.US account, but when our payment provider attempted to pull the funds from your bank account, they were unable to retrieve the funds.
Will I ever be able to withdraw from Binance? ›
Withdrawals and deposits are no longer available for new users and will be completely scrapped for existing users on May 22. This update doesn't affect other Binance.com in other accepted currencies and payment methods.
What happens if you don t verify your account on Binance? ›
1. What happens if I don't or can't complete the verification within the deadline? If you don't complete the new verification or haven't completed it within the deadline, your Binance account will be restricted to “Withdrawal Only”.
How do you avoid high fees on Binance? ›
Trading Fees
The higher the transaction, the higher the fee. One way to lower your trading fee is to keep some Binance Coin in your account at all times so your fees can be taken from that. Doing this fetches you a 25% discount on all trading fees.
What percentage fee does Binance take? ›
Binance at a glance
| Category | Binance |
|---|
| Cost per trade: | Fees starting at 0.6 percent Fees of 0.5 percent for instant buys Debit card fees of 3.75 percent |
| Customer service: | Live chat, support tickets and self-help |
| Mobile app: | The Binance mobile app is available on the Apple App Store and Google Play Store |
2 more rowsJan 9, 2023
As per the website, users who have completed their full KYC verification can withdraw up to $1,000,000 per day on Binance US. Please note that there is a $15 fee associated with each withdrawal.
How do I transfer money from Binance to bank account? ›
How to Withdraw ZAR from Binance via Bank Transfer
- Log in to your Binance account and click [Wallet] - [Overview].
- Click [Withdraw].
- Choose the currency you want to withdraw and click [Bank Transfer (EFT)].
- You will be asked to fill in your bank account details if you have not done so before.
Binance charges a withdrawal fee for Bitcoin and other cryptocurrencies to cover the cost of blockchain network fees associated with processing the transaction. When you withdraw Bitcoin from Binance, the fee you pay goes towards compensating the miners who process and confirm the transaction on the Bitcoin network.
How do I withdraw millions from Binance? ›
To withdraw money from Binance to a bank account, you must first log in to your account. After you have done that, go to Wallet and click on Fiat and Spot. Doing that will take you to the page where you see the deposit, withdraw, and send options; then, select Withdraw.
Can you withdraw any amount from Binance? ›
Binance accommodates for fiat withdrawals for any amount available in your account via different payment methods. To withdraw money from your account to a bank account, you can choose either the Bank Transfer SWIFT method or Instant card withdrawal.
