How To Withdraw From Binance
With the rise of cryptocurrencies came the rise of the exchanges. These exchange platforms allow you to trade from one coin to the other, opening up a whole world of possibilities for digital currencies. Some also serve as the gateway between fiat (traditional) money and cryptos.
As far as exchanges go, Binance is at the top of the list.
Binance is one of the world’s biggest crypto-to-crypto exchanges. Every day, more than $1 billion worth of crypto transactions pass through the platform. It now has a market capitalization of $1.3 billion. Its headquarters are in Malta, and a former Chinese crypto expert founded the exchange.
One of the reasons why Binance is so popular is the sheer number of trading pairs it has. Every digital coin imaginable is on the platform. It’s built to be crypto-to-crypto from the very beginning and supports not only BTC but also ETH as the base currency that you can work with.
As a trader, you’ll be doing plenty of trading and (hopefully) money-making on the platform. As such, a lot of people ask how to withdraw money from Binance. It’s pretty simple, but not so direct. So today we’ll take a look at how to do that.
The reason it’s not direct is simple: Binance withdrawal doesn’t support fiat money – the platform is purely crypto-to-crypto. So to withdraw from Binance, you have to send it to an exchange that allows you to get cryptos as U.S. dollars.
First Secure Your Account
We recommend securing your Binance account with a third-party protocol like Google Authenticator. Before withdrawal, Binance will ask you to authenticate the transaction using a unique key generated just for that purpose to ensures that it’s you who is executing the trade.
Google Authenticator is easy to use and download for either iOS or Android. Having it on mobile is the most convenient since you can perform the authentication quickly and easily.
Note Binance’s Withdrawal Fees
Depositing funds on Binance costs nothing; instead, you’ll get charged for every withdrawal you do. The fees depend on the cryptocurrency you’re withdrawing, with dollar equivalents which range from $1 to $15. BTC, for example, charges a flat fee of 0.0005 BTC.
Withdrawal in Binance terms is just sending the selected cryptocurrencies to another wallet.
Again, a thing to note is that Binance doesn’t support directly withdrawing to fiat money. Remember, the platform is strictly crypto-to-crypto. That means if you want to convert your Bitcoins into real cash, you need to transfer them into an exchange that allows you to do this, such as Coinbase.
To withdraw, begin by going to the “Funds” section, then click on the “Withdrawal” link. You’ll go to the main Withdrawal page. You can enter how many BTC or other cryptocurrencies you want to withdraw. For reference, you can check the “Available Balance” section. If you want to withdrawal all your coins, choose the “MAX” option.
You’ll then see a prompt to enter the wallet you want to send the coins to. In this case, you need to note your Coinbase wallet address. Alternatively, you can also generate a QR code to copy your Coinbase wallet address.
After you’re happy and ready to send your funds, click on the Withdraw button to initiate the transfer. Transactions can take a few days to complete, and it will take some time for the balance to update on your account.
Selling to your Coinbase wallet
Once you get the cryptocurrency from your Binance to Coinbase account, you need to convert it into fiat money before you can withdraw it. Converting to fiat is called selling to your Coinbase wallet.
Selling is relatively straightforward. Go to your wallet balance in Coinbase, and pick the Buy/Sell option, then click on the Sell subsection. You’ll see a prompt to enter the desired amount of USD you wish to withdraw, then Binance will calculate if you have the sufficient number of cryptos necessary to cover it.
After that, select the “Sell” button to initiate selling, then withdrawing the sale. Note the fees they will charge you for this transaction. If you’re amenable to that, click on OK to continue.
And that’s it. Coinbase will now search for a suitable buyer or entity to convert your BTC into hard cash. Finding a buyer takes time, but shouldn’t take more than a couple of days to execute. If you’ve already set up your bank account details, your money should appear in this account once the sale finishes.