How You Can Easily Withdraw from Binance:
It is worthy to note that Binance is one of the best Crypto exchanges in the world. And many people are using Binance but most also do not know how to operate Binance. This is why I am writing this Article to help them out.
Note: On the 20th of August 2021, a mandatory KYC was adopted by Binance. For this reason, to be able to access Binance products and services, that include trades, cryptocurrency deposits, and withdrawals, Intermediate Verification is a must for all new users. As of Existing customers who have not completed Intermediate Verification, their accounts will be temporarily changed to ‘Deposit Only,’ withdrawal, position closing, order cancellation, and redemption services all restricted.
Introduction To Binance
Binance holds the largest number of cryptocurrency exchanges talking of daily trading volume. As a user, you can have access to a large selection of products and services related to the developing crypto economy. For instance, cryptocurrency trading (both spot and futures markets), staking, holding your crypto assets, borrowing, lending, and donating.
But given the fact that a great number of these products and services aim to help you with means of achieving your goal of earning profit, sooner or later, you need to withdraw your funds.
You could be having either traditional currencies (daily used currency ) or crypto assets (cryptocurrency/digital currency) in your account. You may choose to withdraw them to; another exchange’s private wallet, or to cash out your profits. With regards to this, we will be teaching you how to withdraw fiat and crypto from Binance. If you seek in-depth details, make sure to visit the Binance platform and read its review.
How You Can Easily withdraw from Binance
Traditional money withdrawal guide
At this moment, Binance supports more than 50 fiat (daily used) currencies, that includes EUR,USD,JPY, GBP, AUD, and INR. To be able to withdraw any fiat ( daily used currency ) currency from your Binance account, follow these steps:
Step a – Navigate to the ‘Fiat Spot’ page
In order to do this, login into your Exchange account ( Binancel or any other exchange you are using) and double tap on the ‘Wallet’ link at the top on the right corner of the homepage or main navigation bar. A list will appear. Click on ‘Fiat and Spot.’
Otherwise, you can go over the ‘Wallet’ link the same as you did the last time, but rather than clicking on ‘Fiat and Spot,’ you can click on ‘Overview.’
This will open the Overview page with your balance fully shown across the different Exchange products, which includes Futures, Earn, margin, mining pool, P2P, and Fiat and Spot accounts. Double-tap on the ‘Fiat and Spot’ option.
Step b – Move to the fiat withdrawal page
We have three methods of arriving at the fiat withdrawal page. ‘Fiat and Spot’ page has 2. At the top of this page, below the navigation bar, is the withdrawal link.
Otherwise, you can go down to the same page and click on the withdraw link aligned with the specific traditional currency you wish to withdraw. This is a shorter way than the other two, needing an extra step to select the currency of your choice.
Lastly, you can click on the withdrawal link shown on the ‘Overview’ page.
Most of the withdrawal buttons are linked to the withdraw crypto page by default settings. If by default you are directed to the crypto withdrawal page rather than withdraw fiat, just click on the ‘Withdraw Fiat’ link at the top right side.
Step c – Choose the currency and the payment method
Binance supports more than 50 fiat currencies. Choose the Fiat currency you wish to withdraw from the list. Just below that, you will see a list of the available payment methods allowed for your chosen currency.
Available payment methods are:
- Cards (credit/debit);
- cash transfer;
- bank transfers like SEPA (within the Eurozone) take note that as of July of 2021, it was temporarily suspended,
- Faster Payment (within the United Kingdom) take note that as of July of 2021, it was temporarily suspended
To withdraw, you have to fill in the amount you want on the right side and click the ‘Continue’ link on the bottom right. With regards to which payment method you choose, you will be asked to fill in the receiving account details in this step. Drop your details and click on continue.
Step d – Confirmation is needed.
Immediately you have provided all your payment details, you will be asked to confirm if the information provided is correct. A dialogue box will show the amount to be withdrawn, transaction fees, the payment method, and the estimated time it will take for you to receive the funds. If everything is correct, click the confirmation link, proceed to security verification using a 2-factor authentication means.
It’s as simple as this: you have withdrawn your fiat balance from Binance or any other Exchange successfully.
Cryptocurrency withdrawal guide
There are 2 destinations whenever you want to withdraw crypto from Binance. You can send your crypto to another exchange (for instance custodial wallet) or a private wallet (which is non-custodial). Non-custodial are; web wallets, mobile wallets, desktop wallets, and hardware wallets.
There are certain differences in you sending your cryptocurrency to any of these two destinations, and we are going to highlight them below. These are the steps to follow to withdraw crypto from any ‘Exchanges’.
Step 1 – move to the ‘Fiat and Spot’ page
Sign in to your Binance account, after that look for the ‘Wallet’ link, and Tap on the Fiat and Spot button on the menu.
For other means to get to the ‘Fiat and Spot’ page, refer to the withdrawing fiat from Binance above.
Step 2 –Move to the crypto withdrawal page
Click on the Withdrawal link on the right of the ‘Fiat and Spot’ page.
1. scroll down the ‘Fiat and Spot’ page, locate the specific crypto coin you want to withdraw. A withdrawal link is the right of each coin.
2. visit the ‘Overview’ page by clicking ‘Overview’ under the ‘Wallet’ link on the main navigation. This page has two Withdrawal links.
If you clicked on any of the withdrawal links and you are directed to the Fiat withdrawal page, click on the ‘Crypto’ tab to switch to the crypto withdrawal page.
Step 3 – Choose coin and transfer network
Here, you will choose the coin you want to withdraw, the receiving address, and the transfer network. And finally, it is up to you to decide whether the token/coin you are intending to withdraw is only available on one network.
Point to note: Coins like; Binance Coin (BNB) or Tether (USDt) stablecoin are available on a lot of networks, which includes;, Binance Smart Chain’s BEP20, or BEP2, Ethereum’s ERC-20. You must choose the correct transfer network because you stand the risk of losing your coins if you input a wrong transfer network.
Cost of transaction ( transfer fees) also varies from different transfer networks. If you are using more than one transfer network, you have to consider the transfer fees as well.
You will need to drop a new address in the recipient’s address field or select one from your address book. If you enable the whitelist security feature, you will not be able to add a new receiving address on the page. Rather, you will have to make use of the ‘Address Management’ page to add a new receiving address.
All the authorised wallet addresses can be accessed from the ‘Address Book’ button. The whitelist function is a security feature that you enable or disable as you wish, but it is highly recommended to enable it. It helps to make sure that only the whitelisted addresses can be used to withdraw cryptocurrency from your account.
How to add a new withdrawal address
On the Address Management page, tap on the Add Withdrawal Address link. This will display a dialogue box.
Select your chosen coin, then fill in the receiving wallet address below that. Then select the right transfer network.
Point to take note: not all coins are allowed in The MEMO field, however, if the coin you want to withdraw allows it, you will have to fill this field. The MEMO field goes by different titles depending on which wallet provider or service you are using. Other titles included are; Payment ID, Digital ID, Tag, Label, or Notes. It is different for each exchange account and helps today to identify which user account to the exchange should credit a deposit.
So if you don’t provide the MEMO tag at this stage or a wrong tag is provided, you may end up losing your cryptocurrency.
The Address origin field.
This is where you will make your choice if the wallet address is private or it belongs to an exchange. If it belongs to an exchange, you will choose the exchange you intend to withdraw your assets to.
After that, click save when you have confirmed that everything is correct. Binance will require a 2-factor authentication (2FA) to authorise.
After you must have added your wallet address for receiving, you will then have to return back to the crypto withdrawal page to select the coin that you want to withdraw, the amount you want to withdraw, the recently added wallet address you want to use to receive and the transfer network.
Step 4 – Transaction confirmation
Immediately you click on the ‘Submit’ link, Binance will ask you to confirm the transaction and authorise it through the 2FA security feature.
Click the submit link once you have verified the security details. You are done. You have withdrawn your crypto from Binance successfully.
Withdrawing fiat currencies or cryptocurrency from Binance is a simple and straightforward process. As we have shown above, it doesn’t take up five steps.
Be sure to put in the correct details when withdrawing crypto. Otherwise, you stand the risk of losing your funds without any means to regain it.