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From Crypto to Cash: How to Withdraw from Binance

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Steps to withdraw crypto from Binance:

  • Log in to Binance and go to ‘Wallet.’
  • Select ‘Withdraw’ and then ‘Withdraw Crypto.’
  • Choose the cryptocurrency and enter the recipient’s wallet address.
  • Select the correct network and enter the withdrawal amount.
  • Review the withdrawal fees and confirm the transaction.
  • Wait for the transfer to complete, usually within a few minutes.

Steps to withdraw fiat from Binance:

  • Log in to Binance and go to ‘Wallet.’
  • Select ‘Withdraw’ and then ‘Withdraw Fiat.’
  • Choose your desired currency and withdrawal method (e.g., bank transfer or VISA).
  • Enter the required details, including the amount and recipient’s bank account information.
  • Review and verify the transaction details.
  • Enter the verification code sent to your mobile phone.

In this evolving environment, grasping how to handle digital assets is crucial, particularly when it comes to tasks like figuring out how to withdraw from a Binance account — be it to withdraw crypto or to withdraw fiat currency.

Cryptocurrencies are now forming an indispensable part of modern investment portfolios, with many investors eager to understand how to withdraw money from Binance and similar platforms.

Whether it’s for financial flexibility or capitalizing on market trends, the ability to manage these transactions has become a key skill for investors of all levels.

Why should you understand the withdrawal process?

Withdrawing crypto from Binance or withdrawing money from Binance to your bank account doesn’t need to be complex. However, it involves several steps that you might need to know.

If you know the process, you will have a smooth experience, from selecting the right withdrawal options to confirming transaction details.

With the proper knowledge and a clear understanding of the process, withdrawing fiat or crypto becomes a streamlined and stress-free experience.

How to withdraw cryptocurrencies?

Withdrawing crypto from a platform like Binance doesn’t have to be a daunting task. 

Below, you have the process broken into simple steps, guiding you through withdrawing crypto assets to an external wallet or another crypto exchange.

STEP 1: Select your withdrawal method

First, you must log in to your Binance account and navigate the crypto withdrawal page. Once there, you’ll have options to withdraw crypto to various destinations.

Whether you want to send your assets to an external wallet or another crypto exchange, selecting the correct method is crucial.

Remember to choose a compatible receiving address for the crypto you wish to withdraw, as using the wrong crypto network may lead to lost funds.

STEP 2: Enter the withdrawal address and amount

Once you’ve chosen the method, you’ll need to enter the new withdrawal address of your wallet or the receiving address on another exchange. Ensure the details are correct, as any mistake here can be irreversible.

You’ll then specify the withdrawal amount, ensuring it meets the platform’s minimum withdrawal amount requirements.

You may also be asked to confirm transaction details and possibly complete security verification on the withdrawal page.

Review everything carefully, and if all the details are correct, you can proceed with the withdrawal request. Binance will then process the transaction, sending the specified crypto assets to the designated address.

Looking for a better financial app? Try using swissmoney

The swissmoney app is a versatile solution for holding and spending crypto and fiat currencies. Unlike some exchanges, swissmoney is a FINMA-licensed platform developed by Swiss experts:

  • Crypto wallet: Buy, sell, exchange, and store crypto using swissmoney wallets and eliminate the need for an external crypto wallet.
  • IBAN accounts: Store money is a dedicated swissmoney IBAN account. These accounts support international payments and direct debits.
  • Crypto prepaid card: Spend crypto using the swissmoney prepaid card. It can be funded with assets stored on the platform and has no hard limits, making it ideal for large purchases.
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How to withdraw crypto to swissmoney crypto wallet

1. Log in to the Binance app.

2.Go to Wallets > Spot > Withdraw.

3. Choose the cryptocurrency to withdraw and select Send via Crypto Network.

4. Go to the swissmoney app and copy your wallet address.

Crypto wallet address

5. On the Binance app, enter the swissmoney wallet address, select the matching network, and enter the withdrawal amount.

6. Review the transaction fee and tap Withdraw to confirm.

7. Verify the transaction with your passkey or 2FA device.

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How to withdraw fiat currency from Binance

Withdrawing fiat currency from Binance to your bank account or card is a different process than doing it with crypto. It involves a few additional steps and understanding terms like fiat balance and fiat currencies.

How to withdraw money from Binance to your bank account

Withdrawing funds to a bank account is a common practice for many users. First, navigate to the fiat and spot page on the Binance website, where you’ll find your fiat balance.

  1. Select the currency you wish to withdraw, and choose the bank transfer option from the drop-down menu.
  2. Enter the required bank account details and confirm the amount you want to withdraw. Be mindful of the transaction fee and the minimum withdrawal requirements.
  3. You can submit the withdrawal request once you’ve reviewed the withdrawal details.

Binance will then process the transaction, and the funds will appear in your bank account within the specified time.

How to withdraw money to swissmoney IBAN account

To withdraw funds to your swissmoney IBAN account, follow these steps:

  1. Open the swissmoney app and go to the ‘IBAN Accounts’ section.
  2. Tap on your swissmoney IBAN account.
  3. Tap on ‘Top-Up.’
  4. Enter the amount in Euros.
  5. Review the transaction fee, which varies based on the amount. Select ‘Internal.’
  6. Tap ‘Top-Up’ to complete the transaction.

Credit or debit card withdrawals

The process is slightly different if you prefer to withdraw money to a credit or debit card.

Select the card withdrawal option on the Fiat and enter your card details, including your bank card number and CVV. Again, be aware of the transaction fees and choose the suitable payment method.

After confirming the details, the funds will be transferred to your credit or debit card. Depending on your bank’s policies, it may take some time for the funds to appear on your card.

How to withdraw money to swissmoney prepaid card

To withdraw money to your swissmoney prepaid card, follow these steps:

1. Go to the Cards section and click on the card you want to top up.

card top-up. swissmoney app

2. Tap the Top-up button. Select the currency to add, enter the amount and click Top-Up.

prepaid card top-up. swissmoney app

The funds will be added to the card instantly.

Note:

  • The card only supports Euros, so any currency added will be converted to Euros.
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Security and verification in the process

You’ll be asked to complete security verification if you want to withdraw funds from Binance. Security verification includes confirming your identity through a six-digit code sent to your mobile or scanned via a QR code.

This process ensures that the legitimate account holder makes the transaction and protects against unauthorised access.

Be prepared to pay network fees and Binance withdrawal fees, which are clearly outlined on the withdrawal page.

Address book and whitelist function in Binance

The address book on Binance is another essential security feature. It stores known and trusted receiving addresses, making future transactions more straightforward.

When you want to withdraw funds, especially crypto, you can choose from the saved addresses in your address book, reducing the chances of errors.

Furthermore, Binance’s whitelist function lets you specify trusted withdrawal addresses. If this feature is enabled, you can only withdraw to those addresses, adding an extra layer of protection.

The combination of security, address book, and whitelist functions in Binance creates a robust framework that promotes the safe withdrawal of funds.

Being mindful of withdrawal limits and any applicable withdrawal fees will ensure a seamless transaction experience.

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How can I minimize Binance withdrawal fees?

To minimize Binance withdrawal fees, consider these tips:

  • Use BNB for discounts: Binance offers a 25% discount on fees when using Binance Coin (BNB). Holding BNB can reduce your trading and withdrawal costs.
  • Optimize withdrawal timing: Withdraw larger amounts at once instead of making frequent small withdrawals to save on fixed fees.
  • Choose the right network: Different blockchains have different fees. For example, using the Lightning Network for Bitcoin withdrawals can be cheaper than the main network.
  • Fee reduction techniques: Convert your cryptocurrency to a low-fee coin like Algorand, transfer it to an exchange like Coinbase Pro, and then convert it back to your desired cryptocurrency.
  • Batch withdrawals: Combine smaller withdrawals into one larger transaction to reduce fees.
  • Use limit orders: Limit orders are usually cheaper than market orders, saving you on trading fees.
  • Consider alternative exchanges: Some exchanges, like Gemini, offer free or lower-cost withdrawals. Compare fees across platforms before withdrawing from Binance.

Troubleshooting in withdrawing from Binance

Withdrawing from Binance is typically smooth. However, users may occasionally encounter issues or have questions about the process.

What are the common issues faced during Binance withdrawals?

Here are some common issues that users face while withdrawing from Binance:

  • Network congestion: High withdrawal requests or blockchain limits can cause delays. For example, Bitcoin’s scalability issues have led to Binance halting withdrawals.
  • Payment processor issues: Problems with third-party payment processors can disrupt fiat currency withdrawals. This happened in Europe when Binance’s euro banking partner stopped working with them, suspending EUR withdrawals.
  • Technical glitches: Binance sometimes experiences technical issues that interrupt crypto withdrawals, causing temporary disruptions.
  • Regulatory compliance: Regulatory challenges can change Binance’s services. For instance, they stopped Nigerian Naira (NGN) services and converted NGN balances to USDT to comply with regulations.
  • Security measures: Binance’s security protocols can temporarily suspend withdrawals to prevent fraud, ensuring user asset safety.
  • User errors: Mistakes like incorrect bank account numbers or incomplete KYC verification can delay or fail withdrawals.

What to do when facing errors in the process?

ERROR 1: Wrong network error: You might face complications if you select the wrong network, such as choosing the Binance Smart Chain instead of the Binance Chain. Double-check the recipient’s address, payment ID, and network before confirming the withdrawal.

ERROR 2: Account details: Ensure you provide the correct account details, whether for a hardware wallet or a bank debit card. Incorrect information can delay or prevent a successful withdrawal.

ERROR 3: Transaction details: Check the transaction fees and ensure they meet your expectations. Be aware of the Binance withdrawal time, which may vary based on the daily trading volume or network congestion.

ERROR 4: Google verification code: If you face issues with this verification code, you may need to contact support through the Binance website or consult their FAQs.

If you want to withdraw money from your Binance account, understanding the process can help. You need to know about different terms like the Binance Smart Chain, and how to choose your payment method.

Paying attention to small details, like your receiving account information, can make everything go smoothly. It’s also good to keep an eye on your transaction history and make sure you get a withdrawal confirmation.

With these things in mind, taking money out of your Binance account doesn’t have to be complicated. Being informed and careful makes it a straightforward and satisfying experience.

FAQ

Why can’t I withdraw from Binance?

This issue may occur due to wrong network selection, incorrect receiving account details, or insufficient funds for withdrawal fees.

Can I withdraw from Binance to my bank account?

Yes, you can withdraw money to your bank using various payment methods, including bank transfers. However, if you want to withdraw crypto to a bank account, you must sell it first.

Can I transfer crypto from Binance to my bank account?

No, you cannot transfer crypto directly from Binance to your bank account. Binance, like many other exchanges, requires you to first sell your crypto for a fiat currency (such as USD or EUR).

After that, you can withdraw the fiat to your linked bank account.

Are there any alternatives to Binance for withdrawing cryptocurrencies?

Yes, there are several alternatives to Binance for withdrawing cryptocurrencies. Here are some options:

  • Coinbase: Known for its user-friendly interface and strong security, Coinbase allows users to withdraw cryptocurrencies to their wallets or bank accounts.
  • Kraken: This exchange offers many cryptocurrencies and supports various withdrawal methods, including bank transfers and debit cards.
  • swissmoney: This versatile solution lets you exchange and withdraw crypto to a dedicated IBAN account or spend it using a payment card.

Read more

Renata Pacheco

Renata is a seasoned financial market expert with over 30 years of experience in journalism and content creation, primarily focusing on the financial market. Throughout her extensive career, she has worked with leading financial institutions such as Citibank Brasil, Fiserv in Latin America, and other notable financial entities, further honing her expertise and credibility in the sector.

For more than six years, Renata has also been writing for the crypto market, collaborating with financial publications in Brazil, the US, and Europe. Her deep understanding and extensive knowledge make her a respected voice in the industry, appreciated for her ability to demystify complex financial concepts and market trends. This skill enables her to make financial insights accessible to a wide audience, from novice investors to seasoned professionals.

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Disclaimer

Please be advised that the information presented in this article is intended for general informational purposes only. It should not be construed as professional advice from swissmoney. It is important to note that swissmoney does not act as a financial adviser, and individuals are strongly encouraged to seek independent advice from qualified legal, financial, or accounting professionals before making any decisions related to cryptocurrency investments. Furthermore, investing in cryptocurrency assets carries inherent risks, and individuals should be aware that they may potentially lose all of their invested capital.

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