How To Withdraw From Binance
To withdraw funds from Binance, follow these steps:
So, you want to start trading with cryptocurrencies, and you’ve decided to use Binance. In fact, maybe you’ve already started using the platform. Either way, you’ve probably wondered how to withdraw from Binance.
Fortunately, we’re here to help. In this post, we’ll give you a step-by-step guide on how to withdraw from Binance. As such, you’ll learn how to withdraw money from Binance to your bank account and how to withdraw cryptocurrencies from Binance to an external wallet.
How to withdraw funds from Binance to your bank account
Log in to Binance
Access your account via the Binance website or app.
How to log in to Binance
Go to the withdrawal page
Navigate to the "Wallet" section and select "Withdraw."
How to select withdrawal on Binance
Choose an asset
Select the cryptocurrency or fiat currency you want to withdraw.
Fiat transfer from Binance
Enter recipient details
For cryptocurrencies, input the recipient's wallet address and network. For fiat, link your bank account or payment method.
Enter withdrawal amount
Specify how much you want to withdraw.
Confirm details
Double-check the information and confirm the withdrawal request.
Complete verification and wait for processing
Binance may require 2FA or email confirmation to process the withdrawal.
Fiat and spot
Withdrawals typically complete within minutes for crypto or 1-5 business days for fiat.
Binance withdrawal options
While we've just discussed how to withdraw funds from Binance to your bank account, it's worth noting that Binance offers several other withdrawal options as well. As with most other cryptocurrency exchanges, Binance offers a variety of payment methods that users can use to either deposit or withdraw funds from the platform.
Here, Binance offers the option to withdraw funds using:
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Cryptocurrencies: users can transfer supported cryptocurrencies from their Binance wallets to external wallets.
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Bank accounts: in certain regions, Binance facilitates fiat currency withdrawals directly to bank accounts via methods such as SWIFT or SEPA transfers.
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Credit or debit cards: some areas support withdrawals to bank cards, with options for instant card withdrawals enabling rapid transfer of fiat currencies to your card.
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P2P trading: the Binance P2P marketplace allows users to exchange cryptocurrencies for cash or other payment methods directly with other users, often without additional fees.
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Third-party payment services: depending on regional availability, users may withdraw funds using external payment providers integrated with Binance.
It's important to keep in mind that, depending on your location and the fiat currency you want to withdraw, all of these options might not be available to you. To illustrate, let's look at a few examples. For instance, if you want to make a withdrawal in Australian dollars, the only option available is bank transfers.
In contrast, if you want to make a withdrawal in euros, you can make that withdrawal using your bank card and external payment providers like Advcash. Likewise, if you want to make a withdrawal in pound sterling, you'll be able to use your bank card or Faster Payments. Here, the best advice is to go to the specific support page where you'll be able to see the supported currencies, payment methods, and fees.
How to withdraw money from Binance US?
To withdraw money from Binance US, follow these steps:
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Log into your Binance US account.
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Click on Wallet and then select Withdraw.
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Choose the US Dollar as the currency to withdraw and enter the withdrawal amount.
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Select ACH as your payment method.
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Complete the required fields and click Continue.
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Review the transaction details in the pop-up window and click Confirm.
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Check your email for a verification message from Prime Trust.
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Click Confirm Disbursement and then Confirm and Verify to finalize the withdrawal.
How long does it take to withdraw money from Binance?
The time it takes to withdraw money from Binance varies based on the type of withdrawal — cryptocurrency or fiat — and the network or payment method used. Cryptocurrency withdrawals typically take a few minutes to 30 minutes, while fiat withdrawals depend on the payment method and currency.
Cryptocurrency withdrawals on Binance are processed as soon as requested, but the confirmation time depends on the blockchain network. For example, Bitcoin transactions usually take 10 to 30 minutes to confirm, while withdrawals on Binance Smart Chain are often faster. Ethereum withdrawals may take longer, especially during network congestion.
Fiat currency withdrawals vary based on the payment method and currency. For instance, bank transfers in Australian dollars may take several business days, whereas instant card payments in pound sterling are completed much faster. Network activity and payment provider efficiency also influence processing times, so users should consider these factors when planning withdrawals.
Avoid Binance withdrawal mistakes for faster and safer transfers
Starting withdrawals on Binance at the right time can save you a lot of frustration. Avoid busy trading hours when the U.S. market opens to reduce delays. Also, if you're sending funds to another Binance user, try Binance's internal transfer feature — it's instant, free, and doesn’t require blockchain confirmations. This trick comes in handy when time is critical.
Another must-use feature is withdrawal whitelist, which lets you set approved wallet addresses. Even if someone hacks your account, they can’t send money elsewhere. Give your wallets clear labels to avoid sending money to the wrong place. If your transaction ever gets stuck, try Binance's lesser-known speed-up feature to fast-track transfers and dodge network delays.
Conclusion
Withdrawing from Binance is a straightforward process if you follow the proper steps. Ensure you select the correct asset, input accurate recipient details, and confirm all information to avoid errors. Whether withdrawing cryptocurrency or fiat, staying informed about fees and network compatibility is crucial for a smooth transaction. By following these guidelines, you can confidently manage your funds and enjoy Binance's seamless withdrawal process.
FAQs
How much will I pay for a withdrawal?
The cost of a cryptocurrency withdrawal varies based on the gas fee for the specific currency and the network's activity level. Higher network congestion leads to increased fees, as gas costs rise with demand.
What is the minimum amount I can withdraw on Binance?
The minimum withdrawal amount on Binance depends on the cryptocurrency. Each coin has a unique minimum set by Binance, and users should consult Binance's fee and withdrawal schedule for specific details.
What should I do if I don’t get my withdrawal?
When you don’t receive a withdrawal, it could be due to network congestion. If, however, the network is not congested, you should contact Binance support for more assistance.
Why can’t I withdraw from Binance?
You may be unable to withdraw from Binance due to a recent password change (24-hour hold), suspicious activity triggering a temporary suspension, or ongoing system maintenance. If none of these apply, contact Binance support for further assistance.
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Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses that want to improve their Google search rankings to compete with their competition. With expertise in search engine optimization (SEO) and content marketing, he ensures his work is both informative and impactful.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).