How to Withdraw from Binance

What is Binance

The Binance exchange should need no introduction. As a cryptocurrency exchange, it is right at the top when it comes to trading volumes and has thus been ranked first in countless lists. Consequently, it provides users with advanced crypto-to-crypto trading in over 350 cryptocurrencies or virtual tokens, such as ETH, BTC, LTC, DOGE, and even its own native token, BNB.

Therefore, in this article, we will be focusing more on the exchange’s withdrawal procedures and the steps that are required for each of them.

Since 2021, Coin Labs have been assigned a fee discount code from Binance. Thus, if you sign up for Binance through Coin Labs, you can benefit from the fee discount and participate in the bonus event earning up to $500.

How to Withdraw Crypto on Binance

Here, we will be looking at how you can withdraw your cryptocurrency on Binance, which, like other exchanges, is fairly straightforward and shouldn’t take that long.

Step 1

Log into Your Account

Before you withdraw, depending on where you live, you will have to complete the KYC processes on Binance first. If you haven’t, then there may be certain limits imposed on the amount you can withdraw, or you may not even be able to withdraw, for that matter. Still, if you have completed it already, just head over to its official website, log in to your account, click the “Wallet” button, and then “Overview.”

Step 2

Select Cryptocurrency and Network

Click the “Withdraw” option, and you will then be directed to its withdrawal page, after which select “Withdraw Crypto.” Following that, choose the token you wish to withdraw, like BNB or ETH, for instance.

Then you will have to choose the network. Based on the cryptocurrencies you select, you will find their supported networks and their fees for your transactions.

Here, you will have to ensure that the network you have selected matches the address you will enter. In other words, maintain consistency by selecting the same networks on the deposit platform and the withdrawal platform, which, in this case, is Binance.

If you do not select the right network, your funds may be lost and can never be recovered. (I’ve sent funds to the wrong network. What to do?)

A dialogue box will pop up then, asking you to confirm whether or not the address you want to enter supports the network you have just selected. If you are not sure, then you can click the “No, I’m not sure” button. Select the platform or exchange you want to withdraw to and click the “Check” option.

If the platform or exchange does not support the token, you can select another network. It is recommended that you confirm what networks the receiving platform or exchange supports prior to proceeding, or else your assets may get lost.

Step 3

Paste Recipient Address

Simply paste the recipient’s address into the withdrawal field, or you can choose an address that has previously been saved by selecting the address book icon.

Step 4

Enter Withdrawal Amount

Once you have entered your withdrawal address, add the token amount you wish to withdraw from your account at Binance. If you want, you can use balances from your funding or spot wallets. Take note of the transaction fee as well as the final amount that will be sent. After that, click the “Withdraw” button to continue.

Step 5

Review and Confirm

You will once again have to confirm whether the network you selected earlier is supported by the receiving platform. Click “Confirm” if it is supported. Before finalizing, you will need to carefully review the withdrawal details or check if everything is in order. Once you have done so, click “Continue.”

Step 6

Complete 2FA

As an extra security measure, you may be required to undergo a 2FA, or two-factor authentication, verification procedure prior to processing your withdrawal. This usually involves adding a verification code that will be produced via an authentication application connected to your account on Binance. Follow any on-screen instructions required to get done with the verification here.

Step 7

Await Confirmation

Once your withdrawal has been submitted, you will have to wait for your transaction to be validated on the blockchain. How long it takes will depend on the blockchains involved and their network traffic.

Step 8

Check the External Exchange or Wallet

After your withdrawal has been confirmed and fully processed by Binance, you can head over to the wallet or exchange where you transferred the funds to make sure they have been deposited there successfully. Again, bear in mind that, depending on the token, the confirmation times might vary, so do not worry if your transaction is taking longer than anticipated.

How to Withdraw Fiat on Binance

Previously, we discussed how you could withdraw cryptocurrency from the exchange; here, we will be looking at how users can withdraw fiat to their bank accounts.

Step 1

Go to Wallet

To withdraw funds from your Binance account to your bank, click on “Wallet” and then “Fiat and Spot” after you have logged in. 

Step 2

Select Withdraw

On the page, you will come across the withdraw, deposit, and send options. Click “Withdraw“

Step 3

Select Withdrawal Option

You can choose your preferred fiat option, which may allow you to withdraw over 30 currencies, like USD, EUR, etc. These options can include withdrawing from your bank card, i.e., Visa or MasterCard, among other things. Withdrawals here might incur a fee of approximately 1.8%.

If this is your first time using a bank card, then you have to integrate the new card by entering all of its details. Once you have done so, you can continue with your fiat withdrawal procedure.

Step 4

Add Withdrawal Details

After you have added your card, you can begin entering your withdrawal information, like the withdrawal amount and the account you wish to withdraw into. Press “Confirm” once you have checked if every transaction detail is correct.

Step 5

Enter Security Verification Code

Finally, you have to add your security verification codes, which will be sent to either your email address or phone number. So just paste those codes in the requested box, and then click “Submit” to submit the withdrawal request.

FAQ