How to Withdraw from BingX

What is BingX?

Registered in Singapore, BingX happens to be a cryptocurrency exchange with a ton of services under its belt. It has stayed active since November 2021 and was born out of a rebranding from Bingbon, which, in turn, was established in 2018.

Moreover, according to what we have gathered, the exchange’s global user base numbers are over 5 million, with trading support for more than 500 different cryptocurrencies. At one point, on January 18, 2023, according to CoinMarketCap, the daily trading volume for the exchange’s derivatives trading exceeded $11 billion, which, at the time, made it the second largest exchange, only surpassed by Binance, which still reigns supreme. Still, accomplishing such a feat was quite impressive, enough to warrant mentioning.

How to Withdraw from BingX

Here, we will take a look at how one can withdraw their tokens from BingX, which, similar to other exchanges, can be a fairly straightforward process and should not take too long.

Step 1. Log into Your Account

Before you withdraw here, however, you will have to go through its entire KYC process and sign up for an account first. Please click the button provided below to access the MEXC signup page, where our exclusive referral code will be automatically applied. The process of creating an extra account on the exchange is simple and quick for current account holders. We strongly encourage you to sign up using our exclusive referral code, as it may be astonishing to realize the substantial combined impact of accumulated fees.

KYC isn’t exactly compulsory here, but if you wish to increase your withdrawal limits, then you will need to complete it. However, if you have gone through it already, then you can simply head over to BingX’s official website, log into your account there, click that wallet icon at the top, and from the drop-down menu, choose the Withdraw option.

Step 2. Select Cryptocurrency & Network

Here, you will have to choose a withdrawal method. Currently, you have two withdrawal methods offered here, which include “internal transfer” and “withdraw.” We will start with “withdraw’ first.

On the withdrawal page, you will have to select the currency you want to withdraw and the relevant network for it, such as USDT and TRC-20 for instance. Also, depending on the token you choose, you will find more than one network supported for that token and the fees that could be incurred for the transaction.

In addition, you will need to make sure that the network and token you choose correspond to the address being entered. In other words, try to maintain that consistency by choosing identical networks on the platform you are withdrawing from, which, in this instance, is BingX and the deposit platform.

If, by some chance, you do not choose the right networks, your assets will be lost and unrecoverable.

Step 3. Enter Withdrawal Amount

So, once you have taken care of all that, enter the withdrawal amount and address. Other than that, you may also want to select the account you want to withdraw from, i.e., the fund or standard futures accounts, for instance, the option for which you will find below “Withdrawal QTY.” Following that, just confirm any withdrawal fees incurred and click the Withdraw button to get done with the withdrawal.

Step 4. Await Confirmations While Noting a Few Things

While this should be something that is fairly obvious to consider, please don’t disclose your Google Authenticator and SMS verification codes or your passwords to anyone.

Withdrawals have to be validated by entire blockchains, which may take anywhere between 10 and 120 minutes prior to your assets being credited to your account. One additional thing to note is that every cryptocurrency will be calculated within its equivalent USDT value, which will be based on where the price was at the time you initiated the withdrawal (i.e., recorded as the value at the time of withdrawal within the system.)

Also, during the withdrawal procedure, the system will assess how secure your account really is, i.e., its security status. So should any abnormal risks be detected, some manual review might be needed prior to your withdrawal being fully processed.

How to make an internal transfer on BingX

An internal transfer can be described as the withdrawal of tokens between accounts on BingX. In other words, they can represent a user transferring some funds to another user’s account. Earlier, we discussed how you could make those standard on-chain transfers. Therefore, here we will be discussing how you can make an internal transfer on BingX, which is pretty straightforward.

Step 1. Select Token

Head back to the withdrawal page on BingX and click the Internal Transfer option. Select the token you want to transfer or withdraw, then.

Step 2. Enter User UID

Simply enter either the user’s UID, email, or phone number here. This will represent the account you want to make the internal transfer to.

Step 3. Enter Withdrawal Account & Amount

Following that, like the on-chain transfer, select the account you want to withdraw from, which can be found beneath “Withdrawal QTY” and the amount, and then finally click the Withdraw button below to get done with the internal transfer.

One thing to note here is that BingX does not charge any fees for making internal transfers, which, unlike your usual on-chain transfers, may even be instantaneous.

To acquire knowledge on trading effectively on BingX, kindly click here.

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