As a professional in the world of cryptocurrencies, I know that many of you, like me, have used Binance, the most popular exchange for buying and selling cryptocurrencies. However, before withdrawing your cryptocurrencies or funds from Binance, it’s essential to consider aspects such as fees, minimum withdrawal amounts, and processing times.
In this step-by-step guide, I will share with you exactly how to withdraw your cryptocurrencies from Binance safely and without any complications. I will also provide additional information that will be helpful before proceeding with the withdrawal.
By the way, if you also use Coinbase, you can check out my comprehensive guide on how to withdraw from Coinbase.
Let’s get started!
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How to Withdraw Cryptocurrencies from Binance
If you’ve decided to withdraw your cryptocurrencies from Binance to store them securely in a personal wallet or use them elsewhere, follow these steps:
- Log in to Binance: Access your Binance account.
- Go to Wallet: From the menu, select “Wallet.”
- Click on “Withdraw”: Select “Withdraw” from the menu.
- Select “Withdraw Crypto”: Choose “Withdraw Crypto” at this step.
- Select the cryptocurrency: Choose the cryptocurrency you wish to withdraw.
- Enter the receiver’s address wallet: Copy and paste the address of your personal wallet or the one where you want to send your cryptocurrencies.
- Choose the correct network for your cryptocurrency: Make sure to select the correct network that corresponds to the platform where you’ll be sending the funds. Choosing the wrong network can lead to irreversible loss of your cryptocurrencies.
- Put the amount to send: Enter the exact amount you wish to withdraw.
- Review the withdrawal fees: Check the fees that Binance will charge based on the withdrawal amount.
- Confirm and wait for the transfer time: Accept the transaction, and your transfer will be processed. Typically, most transfers are completed within a few minutes.
How to Withdraw Fiat Currency from Binance
If you want to withdraw fiat currency (traditional money) instead of cryptocurrencies, follow these steps:
- Log in to Binance: Access your Binance account.
- Go to Wallet: From the menu, select “Wallet.”
- Click on “Withdraw”: Select “Withdraw” from the menu.
- Select “Withdraw Fiat”: Choose “Withdraw Fiat” at this step.
- Choose the currency to receive: Select the currency in which you want to receive your funds.
- Choose the withdrawal method: Choose between the available withdrawal options, such as bank transfer or VISA.
- Fill in the required details: Enter the necessary information to proceed with the withdrawal, including the amount to transfer and the recipient’s bank account details.
- Verify the transaction details: Carefully review all transaction details before confirming.
- Enter the verification code: Provide the verification code sent to your mobile phone.
Once you follow these steps, your fiat currency withdrawal will be processed. Keep in mind that fiat withdrawals may take several business days to complete, especially if you initiate the withdrawal during the weekend.
Frequently Asked Questions about Binance Withdrawal
Now that you know the steps to withdraw from Binance, let’s address some common questions that may arise:
How to avoid scams and theft of my cryptocurrencies?
To minimize risks, avoid keeping large amounts of cryptocurrencies on the exchange. If you only need them for trading, it’s fine, but for long-term storage, always transfer them to a cold wallet.
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.
For Ethereum, the Material Ethereum cold wallet is an excellent choice to secure your cryptocurrencies safely.
Binance withdrawal fees for crypto
Binance always charges a withdrawal fee to cover transaction costs. However, keep in mind that the withdrawal fee varies depending on the blockchain network of your cryptocurrencies. This fee is dynamic and depends on various factors, including network congestion. Therefore, withdrawing Ethereum will not cost the same as withdrawing Bitcoin.
Check the corresponding Binance link to see how much they will charge for each cryptocurrency and the associated withdrawal fees.
For example, withdrawing 0.0000078 Bitcoin from the BNB Smart Chain (BEP20) network will cost around 0.0000039 Bitcoins, approximately 0.12 $.
Binance withdrawal fees for fiat currency
Let me break it down for you about Binance’s fiat currency withdrawal fees. It’s like this: the fees depend on the currency you’re pulling out, the payment method you choose, and your VIP status.
For example, if you’re taking out some Euros using SEPA bank transfer, you’ll pay 0.80 EUR as a fee. But if you go for USD withdrawals with SWIFT bank transfer, it’s gonna be 1.00 USD.
And don’t forget, Binance has a minimum amount you can withdraw for each fiat currency. For EUR, it’s a minimum of 10.00 EUR with SEPA bank transfers, and for USD, it’s at least 50.00 USD with SWIFT bank transfers.
If you want to see the full list of Binance’s fiat currency withdrawal fees, just go to their website.
Now, let me drop some cool tips to cut those withdrawal fees:
Pick a payment method with lower fees, like SEPA over SWIFT. Save those bucks, you know!
If you can afford it, take out more cash in one go. Bigger withdrawals mean fewer fees. Ka-ching!
Wanna get sneaky? Check out some third-party services; they might have lower fees than Binance.
How long does a Crypto withdrawal from Binance take?
The withdrawal time on Binance may vary. Bitcoin (BTC) withdrawals can take between 10 to 30 minutes to confirm successfully. Binance Smart Chain withdrawals are usually processed in just a few minutes, while Ethereum may take a bit longer.
How long does it take to receive my fiat currency withdrawal?
The arrival time of your fiat currency withdrawal depends on the withdrawal method you choose. For example, SEPA withdrawals are only processed on business days, so you may have to wait between 1 to 3 days if you initiate the withdrawal during the weekend.
What is the minimum withdrawal amount?
Each cryptocurrency has its own specific minimum withdrawal amount on Binance. Make sure to reach the minimum amount before proceeding with the withdrawal.
For example, if you have XRP, the minimum withdrawal amount would be 3 Ripple.
What should I do if I don’t receive my withdrawal?
It’s possible that your transaction is not yet confirmed or that the blockchain of your cryptocurrency is congested. Some blockchains require more confirmations, making the process slower.
It’s also possible that Binance has detected an issue with your account and temporarily suspended withdrawals in te following cases:
- If you recently changed your password or disabled your Google Authenticator, Binance will suspend withdrawals for 24 hours.
- If you completely restore your Google Authenticator, Binance will suspend withdrawals for 48 hours.
- If Binance detects any suspicious activity on your account, the withdrawal function will also be temporarily suspended.
Therefore, if you verified that the blockchain is not congested, and your withdrawal has not been received, please contact Binance’s support team.
Keep in mind: If you’re trying to withdraw fiat currency to your bank account, the process may take several days.
In conclusion…
As you’ve seen, withdrawing funds from Binance is straightforward and will only take a few minutes of your time.
If you decide to withdraw your cryptocurrencies for long-term holding or storage, don’t hesitate to transfer them to a cold wallet as the highest security level it exists.
With our cold wallets, I assure you that your cryptocurrencies will be safe.
If you need help with any of the steps, feel free to leave your questions in the comments section. 👇
