It’s 2021, and Binance is growing fast as the world’s largest cryptocurrency trading platform. If you are a Crypto trader finding yourself on Binance, you want to know everything about withdrawal. If you are already using the exchange for a while, maybe from having participated in Binance’s referral program and have made some referral commission, you should not miss out on a single aspect of the withdrawal process.
How to withdraw funds from Binance? Can Binance withdraw to bank account? What are Binance withdrawal fees? Also, most new traders are curious about the Binance withdrawal processing time. The step-by-step guide is here to clear all your doubts and questions.
The Standard withdrawal process in brief:
- To start, log in to your account on the Binance website and click on “Funds.”
- Choose the “Withdrawal” button, which will direct you to the withdrawal page.
- Now you need to choose your cryptocurrency and the amount you wish to withdraw.
- You can opt for available credit to increase your coins or choose “Max Out” to withdraw all your coins.
- Enter the recipient address
What you need to know about Binance withdrawal
There are two primary modes of withdrawal on Binance – cryptocurrency and fiat withdrawals. Earlier, there were only direct crypto-to-crypto withdrawals. However, users from around the world can now make direct fiat withdrawals via fiat channels on Binance.
Before diving into withdrawal, you need to set up Google Authenticator to secure your Binance Account smartly. The application swiftly generates a 2-step verification code in your phone for maximum security. How to quickly set up:
- Download “Google Authenticator” for Android or iOS.
- Enable the application on Binance.
On Binance, cryptocurrency withdrawal existed as the sole mode of withdrawal since its creation. It is applicable for all cryptocurrencies on Binance. Binance withdrawal functions allow you to transfer your crypto funds to other wallets. Follow the simplified guide to withdrawing crypto from Binance to Trust Wallet:
- Sign in to your Binance account and go to “Wallet.” Now select “Fiat and Spot.”
- Tap on “Withdraw” and choose the “Crypto” tap.
- Select the cryptocurrency for withdrawal.
- Select the blockchain network on which you’d like to make your cryptocurrency withdrawal. Remember to choose the correct network withdrawal. For instance, Binance Chain issues BNB as a BEB-2 token, and Binance Smart Chain gives BNB as a BEP-20 token. Choose the BEP-2 option if you want to withdraw to a BEP-2 address.
- Open Trust Wallet or another local wallet or exchange wallet and tap on “BNB,” and go to “Receive.”
- Copy your BNB address and paste it on “Recipient’s BNB Address.” Now click on “Submit.”
- Complete the verification process by entering the six-digit code and 2FA code. Click on “Submit,” and you’re good to go.
Note: After you have successfully completed the steps, you can view your relevant outgoing crypto withdrawals in “Transaction History.” Also, remember that choosing the wrong network address may cost you all your funds.
For several big tokens, you can withdraw into other blockchains supporting cryptocurrency. Similarly, if you withdraw Bitcoin at the moment, you can choose your preferred blockchain from Bitcoin, Ethereum, Binance Smart Chain, or Binance Chain for securing your funds. You can use Trust Wallet for storing your crypto tokens securely.
Can you count on Trust Wallet?
If you want to store your crypto tokens safely, Trust Wallet ensures security and convenience. You can reserve and send cryptocurrencies in Binance’s official crypto wallet.
Can you cash out of Trust Wallet to your bank account?
- You cannot send cryptocurrencies straight to your bank account in fiat from the application.
- Trust wallet’s decentralized protocol requires you to send crypto tokens to a blockchain to transfer your fund into fiat currency.
- You now have to pay a blockchain fee which varies depending on the blockchain you are using. The Binance blockchain fee is cheap compared to the others.
How to withdraw funds from Trust Wallet into a bank account?
The first step is sending the crypto tokens to an Exchange in Smart Wallet. It involves converting your crypto tokens into a “Smart Chain.” Then follow the given steps:
- Sign in to your Binance account.
- Tap on “Wallets” on the lower right, then go up to “Spot.”
- Select “Deposit,” tap on “BNB,” and copy the wallet address (BEP20) shown on the screen.
- Open the Trust Wallet app, tap on “Smart Chain,” and go to “Send.”
- Now, go to the recipient address, paste the wallet address (BEP20) and type the amount.
- Tap on “Continue” and click on “Send” in the new window.
Note: It might take some minutes for your Binance account balance to appear.
2. Fiat Withdrawal:
Binance offers support for 60 fiat currencies, including USD via Binance USD (BUSD), Euro (EUR), and the British Pound (GBP). Cash-out procedures from cryptocurrency to fiat require an account for the listed fiat service. Your selected currency must correspond with the supported fiat service on the platform.
So many traders have questions regarding Binance fiat withdrawal. So, can Binance withdraw to a Bank account? Yes. You can now proceed to cash out funds directly from Binance into your account.
For this, sign in to your Binance account on a desktop rather than a mobile application. Now, follow the next steps carefully:
- After signing in, go to “Wallet,” click on “Fiat and Spot,” and select “Withdraw.”
- Tap on “Fiat.”
- Select the available currency that you want to withdraw and the payment method. The payment method depends on your region and selected currency.
- Follow necessary instructions and fill in the details.
- You can type in your verification code for withdrawal confirmation.
- A pop-up tab will appear confirming your order submission.
The importance of verification during withdrawal: A verification pass is essential for safety reasons during withdrawal submissions. For this, both phone and email verification codes will be valid only for thirty minutes. You can choose one from either of the two modes of verification.
If you are new to Binance, you have to ensure that all your official information in your Binance account must accurately match your identity documents. Your identity verification must be accurate if you want to withdraw fiat currency.
Payment: For payment, Binance supports both credit and debit cards, bank transfers, and cash balance. The payment method varies based on currency and region. At present, Binance supports 62 payment methods for Peer-to-Peer (P2P) trading. PayPal also comes under the recently added 58 payment methods.
Can Binance withdraw to PayPal?
Currently, PayPal users can buy, sell, deposit, and withdraw with crypto coins through Personal or Premier PayPal accounts for traders in the US. Traders must use USD for all transactions. PayPal currently supports four crypto coins:
- Bitcoin Cash
How to carry out Instant Card Withdrawal for EUR and GBP:
Making maximum cash-out instantly is a sure sign of profit from crypto trading. Binance supports instant card withdrawals directly to credit and debit cards for EUR and GBP. A fast card withdrawal system ensures a user-friendly operation for all traders.
Instantly withdrawing fiat currencies of GBP OR EUR is supported in the United Kingdom or countries of the European Economic Area (EEA). To avail of this feature, traders need to enable Visa Fast Funds. The function allows real-time processing for transactions.
First off, you need to have fiat currencies like GBP or EUR in your wallet. Now, follow the given steps:
- Go to Wallet page, click on “Withdraw,” then “Fiat.” Select the desired currency for withdrawal. Now, select “Bank Card (Visa).” You will see “Instant to your Card” on your selected card, which means you are good to go.
- To complete withdrawal, choose your linked card or add a new card.
Mobile App Withdrawal:
- On the mobile app, you can go to “Wallet,” then tap “Withdraw” and click on “Cash.” Now, follow the same steps as given in the website withdrawal to withdraw.
Eligibility for Instant Card Withdrawal:
To be eligible for the feature, a trader must live in the UK or EEA Countries. The minimum withdrawal amount for Instant Card Withdrawal is 10 EUR or 10 GBP. One must also have a linked and verified credit or debit card on Binance.
Users must also enable Visa Fast Funds (Visa Direct) on their linked cards. Also, not every card supports Instant Card Withdrawals. Banks and card providers create the eligibility requirements for Visa Fast Funds.
What are Binance withdrawal fees?
When it comes to making withdrawals, Binance charges a commission that varies depending on the cryptocurrency. The fee rates can fluctuate depending on the blockchain network and congestion.
Withdrawal fee rates: Users can get access to cheap exchange rates despite fluctuation in rates. The rates on Binance for fiat and cryptocurrency withdrawal range between 1 to 15 USD. For cryptocurrency withdrawal fees, users pay the equivalent of fiat withdrawal in coins.
Other platforms may charge between 10 to 30 USD per transaction. For Instant Card Withdrawal fees, Binance charges a 1% transactional fee.
Binance offers cheaper and reasonable fees compared to other exchange platforms. One should know that Binance pays the fees to miners for transaction costs. Hence, users have to pay network fees to respective blockchain networks. The platform maintains transparency as users can view current charges during withdrawal requests.
Minimum withdrawal amounts and limit: Each withdrawal request requires a minimum amount along with the withdrawal fee. The minimum amount depends on the blockchain network. Also, the withdrawal limit depends on the cryptocurrency.
Levels: Binance automatically places users in various levels depending on how much money they spend and how often they use the platform. New users are usually in Level 1. Interestingly, as traders progress and level up, they can avail discounted fees. Users can also enjoy BNB fee reductions.
How long does it take to Withdraw from Binance?
Binance withdrawal processing time has a rather impressive speed. Usually, it takes just about five minutes to complete a withdrawal request. It takes up to about ten minutes for a withdrawal to reflect in the beneficiary account. Withdrawal processing time takes about thirty minutes.
Sometimes, the overall Binance withdrawal processing time might take between thirty to sixty minutes. Delays happen due to congestion in blockchain networks. Every withdrawal generates a Transaction ID (TxID) which might take longer due to several network confirmations in some blockchains.
On rare occasions, Binance withdrawal time might take up to 24 hours to process. At times, Binance’s system upgrade or your recent password change might delay your withdrawal process. However, you can rely on Binance’s swift customer service for any such delay.
Can you cancel Binance Withdrawal?
Cancellation protocols: Cryptocurrency protocols do not allow cancellation since withdrawal requests require prior confirmation before final submission. According to Binance’s policy, users must pay careful attention before the completion of the withdrawal process. After confirmation, once the transaction carries out, cancellation is impossible.
Binance withdrawal suspended: Earlier in 2021, the platform temporarily disabled withdrawals that resumed within a short time. Such temporary suspension of withdrawals and deposits are due to ongoing system upgrades. Maintenance work might take about 30 minutes to 24 hours.
Binance informs users about the duration of system upgrades, so users should keep checking the Binance announcement page. Temporary suspensions might disrupt withdrawals with the added volatility of cryptocurrencies.
Hence, in April 2021, Binance scheduled a system upgrade for about four hours. The platform gave its users a thirty-minute window to cancel orders and transactions before trading resumed. Such suspensions during system upgrades are necessary for all-around improvement in system performance.
The final take on Binance withdrawal:
Binance remains top in the game for good reasons. It is steps ahead of other crypto exchanges as it offers an impressive secure withdrawal path. Since Binance uses Google Authenticator, other people cannot withdraw money from your account unless they enter the Google 2FA code.
Besides security, Binance offers convenient tools for exchanges. Users can milk maximum profits out of its features. Another added advantage is that Binance does not charge deposit fees, unlike other crypto exchange platforms.
Loyal customers enjoy higher discounts in withdrawal rates besides paying low withdrawal fees. You can enjoy every privilege in Binance once you arm your knowledge with the nitty-gritty of withdrawal procedures.