How to Withdraw Money from Binance Complete Step-by-Step Guide

Some blockchains require more confirmations, making the process slower. Each cryptocurrency has its own specific minimum withdrawal amount on Binance. Make sure to reach the minimum amount before proceeding with the withdrawal. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. On the top of this page, just below the navigation bar, is the withdraw button. Binance supports peer-to-peer (P2P) trading for an extensive number of fiat currency pairs, including CNY, VND, IDR, NGN, GBP, EUR, RUB, and more.

1. This fee goes to the miners on proof-of-work blockchains like Bitcoin and Ethereum who process the withdrawal transaction.
2. The action you just performed triggered the security solution.
3. So, the SWIFT transfer comes with a hefty 30$ fee, whereas the SEN transfer is free.

If you have enabled the whitelist security feature, you will not be able to add a new address on this page. Instead, you will have to use the ‘Address Management’ page to add a new address. There are two other ways to get to the crypto withdrawal page. The first is to scroll down the ‘Fiat and Spot’ page and locate the specific crypto you want to withdraw. To the far right of each coin is a withdraw button, as shown here.

How To Delete A Binance Account

To learn about transaction times and the fastest crypto to withdraw, read this article. Once the verification codes have been entered, the final step is to click on ‘submit’ to confirm the withdrawal process. Binance will prompt on the screen that the order has been submitted if the proper verification code is inputted. To withdraw from Binance to Coinbase, first, you need to retrieve your unique address on Coinbase.

Make sure to select Faster Payments, enter an Amount of GBP you want to transfer to your bank account, and click on Continue. The rate is the current market price, once you click on convert, you have successfully converted Crypto to Fiat, it’s that easy. You just have to check which kind of Crypto / Fiat pairings are available. Sometimes you need to go through two conversions to get to your desired currency, but that is usually very easy.

Step 2: Set Up a Receiving Address

For Ethereum, the Material Ethereum cold wallet is an excellent choice to secure your cryptocurrencies safely. Users who successfully verify their identities can still withdraw up to 100 BTC per day, which amounts to approximately $4 million at the current predictive analytics BTC rate. To find out more and how long it takes to verify a Binance account, read this article. Make sure to include the correct details when withdrawing crypto. Withdrawing fiat and crypto from Binance is a simple and straightforward process.

As we have highlighted above, it takes less than five steps. The transfer costs also vary between different transfer networks. If you can use more than one transfer network, you may consider the network fees as well. If you click on any withdrawal button and end up on the Fiat withdrawal page, select the ‘Crypto’ tab to switch to the crypto withdrawal page. There are subtle differences in sending your crypto to either of these destinations, and we will highlight them in the following steps.

How to Withdraw USD from Binance to Bank Account

On the Binance withdrawal page, the “Withdraw” button is located beside the “Fiat and Spot” page. Click on it, then find the cryptocurrency to withdraw by scrolling down on the ‘Fiat and Spot’ page. Log in to Binance, then click the “Wallet” link in the upper right corner of the homepage or main navigation bar. Binance is one of the largest and most reliable crypto exchanges in the world, founded by Changpeng Zhao in China in 2017. The crypto exchange has a targeted trading platform toward US customers, registered with FinCEN, compliant with the US regulations. You will add a new address in the recipient’s address field or choose one from the address book.

There are 14 fiat currencies that can be withdrawn on Binance such as the U.S. dollar Euro, Australian Dollar and British pound using several options. The withdrawal options for the supported fiat currencies are shown in the table below. In this step, you will select the coin you want to withdraw, the address to which you are withdrawing, and the transfer network. That last part is optional if the coin/token you are withdrawing is only available in one network. Fill in the amount to withdraw on the right side and click the ‘Continue’ button on the bottom right.

Just be aware seller limits and full identity verification is required. SWIFT transfers are free but can take about four working days to process. Investors can use the SWIFT option if they have large sums and would like to avoid fees. Binance will require a security verification for withdrawal confirmation.

GBP is probably among the most used FIAT currencies on Binance, so below I am going to show you all the different ways on how to withdraw GBP from Binance. Let’s say we want to convert SLP to USDT, but the Binance Convert feature is not available to us.

Step 1 – Convert Crypto to Fiat on Binance

Now let‘s review some key considerations around withdrawing crypto from Binance. Because I know that my Ozzy friends will be upset if I don’t cover this, we might as well do it right now. As of writing this article, there are only two ways on how to withdraw GBP from Binance currently available to us – Faster Payments and Bank Card (VISA) transfer. Same as with other currencies, if you first need to convert your Crypto into Fiat, use the method shown in Step 1 to convert your Crypto to GBP.

For Bitcoin, I recommend the Material Bitcoin cold wallet, one of the most secure and user-friendly options in the market, with a 100-year warranty. Users digital health will be directed to the crypto withdrawal page if they click the withdrawal button. Choose the cryptocurrency to withdraw from the “Crypto” tab.

Depending on which payment method you choose, you will be prompted to fill in the receiving account details in this step. When you withdraw crypto from an exchange like Binance, you must pay the network transaction fee. This fee goes to the miners on proof-of-work blockchains like Bitcoin and how to buy bitcoins in easy steps Ethereum who process the withdrawal transaction. Once your account is set up, you can deposit cryptocurrency or buy crypto directly on Binance using your credit/debit card or various other payment methods. To minimize risks, avoid keeping large amounts of cryptocurrencies on the exchange.

In many jurisdictions, withdrawing crypto from an exchange to your personal wallet constitutes a taxable event. You may owe capital gains tax based on the value of the crypto when moving it off Binance versus its original cost basis. However, at some point, you‘ll likely want to withdraw your funds from Binance to an external wallet you control, especially if you plan to hold your crypto long-term. Although the withdrawal process is relatively straightforward, there are some key things you need to know first.

As one of its users, you have access to a vast selection of services and products related to the developing crypto economy. These include cryptocurrency trading (both spot and futures markets), borrowing, lending, staking, donating, and holding your crypto assets. If you paste the wrong wallet address and hit submit, those funds are gone forever with essentially no way to reclaim them. Just remember that every new receiving address requires updating your whitelist.

So, the SWIFT transfer comes with a hefty 30$ fee, whereas the SEN transfer is free. Please do your own research to check which one is best for you / is available to you. To be able to withdraw USD to your Bank Account on Binance, you need to first convert the currency you want to withdraw to BUSD. This allows us to sell our SLP for USDT at the current market price without the need of placing an order.