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As a cryptocurrency professional, I know that many of you, like me, have used Binance, the most popular exchange to buy and sell cryptocurrencies. However, before withdrawing your cryptocurrencies or funds from Binance, it is necessary 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 you start the withdrawal process.
By the way, if you also use Coinbase, you can check out our comprehensive guide on how to withdraw from Coinbase.
Let’s get started!
Table of contents
How to Withdraw Cryptocurrencies from Binance
If you decide 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 “Withdraw”: Select “Withdraw” from the menu.
- Select “Withdraw Cryptocurrency”: Choose “Withdraw Cryptocurrency” in this step.
- Select Cryptocurrency: Choose the cryptocurrency you want to withdraw.
- Enter recipient wallet address: Copy and paste the address of your personal wallet or the one you want to send cryptocurrencies to.
- Choose the right network for your cryptocurrency: Make sure you choose the right network that matches the platform you will be sending funds to. Choosing the wrong network may result in irreversible loss of your cryptocurrencies.
- Enter the amount you want to send: Enter the exact amount you want to withdraw.
- Withdrawal Fee Review: Check the fees that Binance will charge based on the withdrawal amount.
- Confirm and wait for 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 “Withdraw”: Select “Withdraw” from the menu.
- Select “Withdraw Fiat”: Select “Withdraw Fiat” in this step.
- Select the currency you want to receive money in: Select the currency you want to receive money in.
- Choose your withdrawal method: Choose between the available withdrawal options, such as bank transfer or VISA.
- Enter the required details: Enter the information necessary to proceed with the withdrawal process, including the amount you want to transfer and the recipient’s bank account details.
- Verify transaction details: Review all transaction details carefully before confirming.
- Enter verification code: Provide the verification code sent to your mobile phone.
Once you follow these steps, your fiat withdrawal will be processed. Keep in mind that fiat withdrawals may take several business days to complete, especially if you initiate the withdrawal over the weekend.
Frequently Asked Questions About Withdrawing Funds from Binance
Now that you know the steps to withdraw from Binance, let’s address some common questions that may come up:
How can I avoid scams and theft of my cryptocurrencies?
To reduce risk, avoid keeping large amounts of cryptocurrencies on an exchange. If you only need them for trading, that’s fine, but for long-term storage, always move them to a cold wallet.
For Bitcoin, I recommend the Material Bitcoin cold wallet, which is one of the most secure and easy-to-use options on the market, with a 100-year warranty.
For Ethereum, the Material Ethereum cold wallet is an excellent option to securely store your cryptocurrencies.
Binance Cryptocurrency Withdrawal Fees
Binance always charges withdrawal fees to cover transaction costs. However, keep in mind that Withdrawal fees vary depending on your cryptocurrency’s blockchain network.These fees are dynamic and depend 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 each cryptocurrency will be charged and the associated withdrawal fees.
For example, withdrawing 0.0000078 BTC from the BNB Smart Chain (BEP20) network will cost around 0.0000039 BTC, which is roughly $0.12.
Binance Fiat Withdrawal Fee
Let me explain the Binance fiat withdrawal fees. It goes like this: The fees depend on the currency you withdraw, the payment method you choose, and your VIP status.
For example, if you withdraw some Euros using a SEPA bank transfer, you will pay 0.80 Euros in fees. But if you withdraw in US dollars using a SWIFT bank transfer, the fee will be 1.00 USD.
Don’t forget that Binance has a minimum amount you can withdraw for each fiat currency. For EUR, the minimum is EUR 10.00 with SEPA bank transfers, and for USD, the minimum is USD 50.00 with SWIFT bank transfers.
If you want to see the full list of Binance fiat withdrawal fees, just head over to their website.
Now, let me give you some great tips to reduce withdrawal fees:
Choose a payment method with lower fees, such as SEPA instead of SWIFT. Save money, you know!
If you can afford it, withdraw more cash at once. Bigger withdrawals mean lower fees. Ka-ching!
Want to be a hacker? You can try some third-party services, their fees may be lower than Binance’s.
How long does it take to withdraw cryptocurrencies from Binance?
Withdrawal times on Binance may vary. Bitcoin (BTC) withdrawals may take anywhere from 10 to 30 minutes to be successfully confirmed. Withdrawals from Binance Smart Chain are typically processed in just a few minutes, while Ethereum may take a little longer.
How long does it take to receive my fiat withdrawal?
The processing time for a fiat withdrawal depends on the withdrawal method you choose. For example, SEPA withdrawals are only processed on business days, so you may have to wait 1-3 days if you initiate your withdrawal over the weekend.
What is the minimum withdrawal amount?
Each cryptocurrency has its own minimum withdrawal amount on Binance. Make sure you reach the minimum amount before proceeding with your withdrawal.
For example, if you have XRP, the minimum withdrawal amount will be 3 Ripple.
What should I do if I do not receive the withdrawn amount?
It is possible that your transaction has not been confirmed yet or that your cryptocurrency’s blockchain is congested. Some blockchains require more confirmations, which makes the process slower.
It is also possible that Binance has detected an issue with your account and has temporarily suspended withdrawals in the following cases:
- If you have recently changed your password or disabled Google Authenticator, Binance will suspend withdrawals for 24 hours.
- If you fully 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 have confirmed that the blockchain is not congested, and your withdrawal is not received, please contact Binance support team.
Remember: If you are trying to withdraw fiat currency to your bank account, the process may take several days.
Finally…
As you can see, withdrawing funds from Binance is easy and will only take a few minutes of your time.
If you decide to withdraw your cryptocurrencies for long-term storage or retention, feel free to transfer them to cold wallet As the highest protection Level is available.
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. 👇
