There are many reasons why thousands of customers use Binance exchange to buy Bitcoin and altcoins such as Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). The easy-to-use interface and straightforward options for depositing/withdrawing money are just some of them. While the exact opinions are subject to individual experience, we can say something about crypto trading on Binance.com.
You need not be a rocket scientist to deposit and withdraw money from Binance account, especially when you want to get your crypto investments back in another crypto token or fiat money. Despite the simplicity of the UI, however, you may have some doubts about the money withdrawal process. The cryptocurrency exchange also offers its native coin (BNB).
In this article, we have covered some of the common questions you may have about Binance.com and the process we have to follow to withdraw money. As is the case with any other tutorial, we will start with a step-by-step guide on how to do that.
Step By Step Guide On How To Withdraw Money From Binance
You have to follow the steps given below to withdraw the amount you have invested on any cryptocurrency token supported by the crypto exchange.
Step 1 – Depending on whether you are using the mobile app or the official app, you have to click on the link named ‘Withdraw.’ In either case, you will be redirected to the official webpage. Therefore, we recommend doing this from your computer itself.
Step 2 – On the next page, you will see a fully-fledged crypto withdrawal interface on the screen. On the left, you will see an option to select the cryptocurrency that you want to withdraw. Once you have chosen the coin from the dropdown menu, you can see the currency’s total and available balance.
Step 3 – In this step, you can input the amount of cryptocurrency you want to withdraw and deposit address where you want to withdraw it. Depending on the place you withdraw money to, you may have to follow some verification procedure.
For example, if you want to withdraw the money to a trusted wallet, you will have to go through a series of verifications. Even after this, you will be asked to verify the transaction ID (txid). At this time, Binance will also show you the transaction fee and how much you will get on the target account.
Step 4 – At this stage, you will be asked to enter a two-factor authentication code sent through Google Authenticator. Once you have provided this, it will send an anti-phishing code to the registered email address. You would be able to finish the transaction only after you have provided this code.
Step 5 – You have to click on the button called ‘Confirm Withdraw’ to finalize the process. It will now start to process your withdrawal request, which may take a specific amount of time depending on your chosen target account.
After this point, you can track your withdrawal request status by going to the Withdrawals page on its website. For additional details, you have to click on the transaction ID, which will show you everything about the said transaction.
So, this is how you withdraw cryptocurrency to a trust wallet. As we said, various aspects of this process depend on the token you want to withdraw, the network you have chosen, the wallet you use, and where you withdraw the money.
How Long Does It Take To Withdraw From Binance?
It is practically impossible to state a specific figure when it comes to withdrawing crypto. It is because the platform, like many others, relies on the blockchain network and other third-party wallets. As a result, any amount of coins you withdraw from Binance to another crypto ID address would take up to Thirty Minutes.
Now, keep in mind that 30 minutes is the figure for when the network functions with regular traffic. If there is unusual traffic and the crypto network is busy, you might have to wait for up to a few hours until you see the amount deposited in the target wallet. Again, the target network also plays a role.
If you want to conclude a figure, we will say you should wait anywhere between 30 minutes and 2 hours before raising transaction-related complaints.
Withdrawal Methods on Binance
Because Binance happens to be one of the biggest cryptocurrency exchanges to this day, it supports different withdrawal methods. We will now take a look at some of the standard ways a user can avail of.
How to Transfer Money from Binance to Bank Account
Just like you transferred money from your wallet to a trusted account, you can transfer money from your wallet to your bank account as well. However, there are a few changes in the procedure. When the site asks you to enter the destination account details, you have to provide the correct bank account details. There may also be an option to set up the bank account beforehand.
By the way, the exchange allows you to withdraw the money to your credit card or debit card, as well. As you can guess, the withdrawal fees would change depending on the method and digital currency in question. Once you have provided details on how much you want to withdraw in terms of fiat money, it would process your request. It may take up to a few minutes, though.
Similarly, depending on the bank account and the fiat currency you have chosen, the bank account’s withdrawal will take up to a few business days. You will have to stay patient during this time. It would be best if you kept in mind that the exchange has internal limits concerning how much you can withdraw to a bank account. We will talk about those later.
Binance allows you to withdraw money into currencies such as the United States Dollar (USD), Canadian Dollar (CAD), and Australian Dollar (AUD). Because these currencies are popular and widely supported across the platform, you will face absolutely no problem getting the amount moved to your account.
For instance, if you want to withdraw the United States Dollar, you have a few options to choose from. You can choose between Wire Transfer and ACH as per your convenience. In the case of ACH, you will have to verify the ACH first. Because USD is such an accepted fiat currency, you have better options here.
At the same time, it does not mean that you will have problems with CAD or AUD. You can choose the currency you want to withdraw from the Accounts section, and the rest is easy. You should note that the withdrawal fees depend on many factors and between $1 and $15.
Nevertheless, since it is fairly transparent regarding conversion and trading fees, you will know about all numbers before you hit the Confirm button. Meanwhile, you have to make sure that you enter the correct bank account/secure wallet ID.
Limitations (How Much Can I Withdraw from Binance?)
It follows a simple structure when it comes to the withdrawal limits. However, the withdrawal limit also depends on the level of your account. For instance, if you have a Level 1 verified account, you will be able to withdraw up to 2 Bitcoins within a 24-hour window. On the other hand, if you have upgraded to a Level 2 Verified account, you can increase the limit to a whopping 100BTC within the same time window.
The limits when it comes to bank transfer and SEPA depends on your account status. For instance, let’s talk about withdrawing money using the Euro. For using SEPA, you will have to conform to a daily limit of € 50,000, a monthly limit of € 500,000, and a per-transaction limit of € 20 to 15000. You also have to pay a withdrawal fee of € 1 for every transaction.
Similarly, when it comes to withdrawals in GBP via FPS, you have a daily limit of £50,000 and a monthly limit of £500,000that you have to follow. There are also per-transaction limits like the ones we saw in the case of the Euro. In terms of fees, though, a GBP bank transfer will cost you £1.95 per transaction.
However, if you are dealing with USD, the withdrawal limits are a little different. You can withdraw up to a whopping $7,500,000 using the wire transfer method to a bank account. While it does not charge you anything, your bank may charge you something.
It may require you to complete different levels of verifications to avail of these limits, though. When it comes to the Euro currency, you need to undergo the identity verification process to raise the daily limits to 500 Euros.
Comparing Two Methods: Cryptocurrency vs Fiat Currency Withdrawal
Now, let’s have a quick look at which is the better way to withdraw your investments from Binance: cryptocurrency transfer or fiat currency withdrawal.
As you can see, when talking in terms of Bitcoin, there are usually some limits on how much you can withdraw within a 24-hour window. You can withdraw up to 100 Bitcoins to a different wallet by paying one of the industry’s lowest transaction fees. It makes sure that the withdrawal fees are constant. As of December 2020, the BTC withdrawal fees are 0.0004BTC, while ETH withdrawal fees are 0.003 ETH.
On the other hand, if you withdraw your money to a bank account, the transaction fees charged by the exchange varies according to the fiat currency you choose. For instance, while doing a bank transfer via GPB, you got to pay only a simple amount like 1.95GBP per transaction. On the other hand, if you perform a wire transfer for the USD you have, there is absolutely no need to pay anything. Of course, you have to pay some fees to the bank. The maximum limit of these transactions is $7,500,000, which is enormous.
Therefore, if you are dealing with currencies like USD or GBP, it makes sense to withdraw fiat currency. You get to enjoy higher withdrawal limits and lower transaction fees.
Can You Withdraw From Binance To Coinbase?
Yes. You can withdraw your cryptocurrency from Binance to Coinbase.
You just got to provide the wallet ID that you can see on the Coinbase withdrawal page on Binance. We recommend that you copy the wallet ID from Coinbase and paste the same on the Binance withdrawal form to avoid making any mistakes.
Now, you can proceed with the withdrawal. Depending on the crypto token that you are trying to withdraw, the network may make you wait for a few minutes or a few hours. However, if you think you can avail yourself some extra profits by moving to Coinbase, this wait may be worth it.