Binance traders can access a wide range of services and products that expose them to immense crypto market opportunities. While trading on Binance is extremely easy and affordable, what is the withdrawal process like? Are there any minimums? This guide will provide the necessary details for investors who want to cash out and withdraw from Binance.
How To Withdraw Money From Binance - Quick Guide
- Login into a Binance account
- Go to the fiat withdrawal page
- Select the fiat currency and withdrawal method (e.g. bank wire)
- Enter the amount to withdraw and confirm the request
- Enter the withdrawal verification code
- Withdraw funds to a bank account
Can You Withdraw from Binance?
Yes, Binance offers several withdrawal options for its global audience. These options' availability depends on a trader's region and selected fiat currency. Traders can withdraw their crypto from Binance by using any of the following methods below. To learn more about the Binance withdrawal methods, limits and fees, read our full Binance review.
- Withdraw crypto to an external wallet. Users can withdraw cryptocurrencies supported by Binance in their wallets to other wallets. This is fairly easy and only incurs network fees.
- Withdraw money to a bank account. Binance selectively permits fiat currency withdrawals to bank accounts. This is a great way to cash out of Bitcoin and other digital currencies. However, all these options will be available to investors based on their territory and the fiat currency chosen. Bank transfers are quite expensive in most regions and often have longer processing times.
- Withdraw cash to credit or debit cards. Card-based withdrawal requests are likely the most prevalent. Occasionally, the crypto exchange offers instant card withdrawals, allowing users to withdraw fiat currency to their cards swiftly. Card withdrawals are quite affordable on Binance. The exchange charges about 1.8% of the transaction total as a fee. This method requires Visa Fast Funds (Visa Direct) to be enabled.
- Withdraw via the Binance P2P platform. From the Binance P2P marketplace, users can exchange their cryptocurrencies for cash, bank wires and other e-wallet solutions. The P2P platform comes with zero fees.
- Withdraw via third-party payment services. Depending on their region, users may also use third-party payment services, like a Bitcoin ATM to withdraw funds from their Binance account in exchange for cash. Individuals can even transfer funds from Binance to PayPal which is a widely used payment app.
How to Withdraw Fiat on Binance To Bank Account
Now that we have explained some options to initiate withdrawals on Binance let's run through a quick tutorial on how to withdraw fiat on Binance. 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.
|Fiat Currency||Withdrawal Method|
|Australian Dollars (AUD)||Bank transfer|
|Brazilian Real (BRL)||Bank transfer, cash transfer|
|Euro (EUR)||Bank transfer (SEPA), Bank card (VISA)|
|Pound Sterling (GBP)||Bank transfer (Faster Payments), Bank card (VISA)|
To be eligible to withdraw money from Binance to a bank account, users must complete basic ID verification. Here are the procedures users must follow:
1. Log into the Binance account
Log in to Binance, then click the "Wallet" link in the upper right corner of the homepage or main navigation bar. Next, Click "Overview", as this will display the transaction history and balances across all of their Binance products, including futures, margin, mining pool, earn, P2P, and accounts for Fiat and Spot accounts.
Choose "Fiat and Spot" from the drop-down menu.
2. Go to the fiat withdrawal page
Make sure to click on the Withdraw tab on the screen that appears. Users can then choose the currency they want to withdraw and the payment method they wish to use on the Withdraw page. The available withdrawal options will vary depending on the currency and your location.
3. Pick the fiat currency to withdraw
Next, pick a withdrawal option and the amount of fiat money to withdraw. Be aware that the region and chosen currency will affect the payment options available. Afterward, enter the withdrawal information, including the sum to be transferred and the particulars of the bank account (or the recipient). Click "Continue" after that.
4. Confirm the withdrawal request
The sender will be asked to confirm the accuracy of the transaction details. These details are the payment method, associated fees, and the anticipated time frame to receive the funds. Once confirmed, click "Confirm" to move on to security verification using two-factor authentication. If any error messages appear, there may be outstanding issues that need to be rectified to avoid Binance rejecting the withdrawal. For more information, read our article on the most common reasons for rejected or suspended Binance withdrawals.
5. Enter the verification code
Next, Investors will then be required to verify their security. Input a mobile number and click 'Send SMS'. Binance will send a text message containing a verification code. In the second field, enter the code that was sent to the registered email address. The final field is to enter the Google verification code.
5. Withdraw funds to a bank account
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.
How to Withdraw Crypto on Binance
Withdrawing cryptocurrencies from Binance differs from withdrawing fiat currencies from the platform. Let's run through the steps here.
1. Login to Binance
Log into Binance, select the Wallet link from the drop-down menu by hovering over it and selecting “Fiat and Spot”.
2. Go to the withdrawal page
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.
3. Select the crypto tab
Users will be directed to the crypto withdrawal page if they click the withdrawal button. Choose the cryptocurrency to withdraw from the "Crypto" tab.
4. Choose the blockchain network
If the cryptocurrency is issued on different networks, traders can choose the network they want to make a withdrawal from. However, be cautious with this step, as users risk losing their cryptocurrency assets if they withdraw to the incorrect address. It can be very difficult to recover lost Bitcoin if sent to the wrong wallet address.
For instance, BNB is issued as a BEP-2 token on the Binance Beacon Chain (formerly known as the Binance Chain) and a BEP-20 token on the BNB Smart Chain (previously known as the Binance Smart Chain). As a result, investors should select the BEP-2 option if they want to withdraw money to a BEP-2 wallet address.
5. Confirm the cryptocurrency withdrawal
Binance will require a security verification for withdrawal confirmation. The transaction will be authorized via a Google verification code forwarded to investors after clicking the "Submit" button. Once investors have confirmed the security information, they can click submit. The transaction history will provide a list of their recent withdrawals.
How Long To Withdraw on Binance
There are varying timelines for processing fiat on Binance. The fastest is the "Visa Fast Funds (Visa Direct)" option. Fiat withdrawals sent to Visa Direct are processed within five minutes or less and sent to debit/credit cards. The only drawback with this option is the limited support. The withdrawal option is available in the UK, Austria, Germany and several other EU countries.
An alternative to card withdrawals is the SWIFT method. 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.
|Withdrawal Method||Estimated Withdrawal Speed|
|Visa Fast Funds (Visa Direct)||Within 5 minutes|
|SWIFT||Up to 4 days|
|Bank wire||1 to 2 days|
|Crypto||Depends on blockchain network|
On the other hand, the processing time for crypto withdrawals is a bit more straightforward. First off, everyone has access to these withdrawal methods and in most cases, the fees are negligible. However, the timeline often varies from network to network. For example, the BNB smart chain completes transactions in as little as two minutes. On the other hand, Bitcoin can take anywhere from 10 to 30 minutes to certify a withdrawal as successful. Ethereum may take longer.
As a result, it is truly determined by the blockchain. Users' waiting times will also vary if a network has a lot of traffic. As the volume of traffic increases, so will their wait time. To learn about transaction times and the fastest crypto to withdraw, read this article.
What Are The Binance Withdrawal Fees?
Regarding fiat withdrawal fees on Binance, two factors need to be considered. The fiat currency to be withdrawn and the payment method. Let's take the Euros as an example. The options to withdraw Euros from Binance are SEPA transfer and Visa Direct. The SEPA transfer comes with a transaction fee of 1EUR, while the Visa card is charged a 1.8% transaction fee. The most expensive fiat option is the USD withdrawal via SWIFT transfer. This option will cost an investor $15 per transfer.
For crypto withdrawals, transferring crypto from one Binance user to another is free. While transferring to third-party wallets will incur a small network fee. In most cases. A transaction fee is charged whenever users conduct a transaction on the network. These fees go to the miners/validators in charge of verifying transactions on the blockchain. Since each network has different rules, the transaction fees for crypto withdrawals are dynamic and subject to network conditions.
Are There Limits to Withdrawing on Binance?
Binance has a minimum withdrawal amount for investors. Each cryptocurrency withdrawal has its own cap. The company recently changed its Know Your Customer regulations, lowering the maximum withdrawal amounts for customers who have not completed comprehensive identification verification.
Users who have only completed the basic account security verifications cannot withdraw more than 0.06 Bitcoin (BTC) per day, or approximately $2,400. Previously, the daily withdrawal cap was set at 2 BTC, or roughly $80,000.
Users who successfully verify their identities can still withdraw up to 100 BTC per day, which amounts to approximately $4 million at the current BTC rate. To find out more and how long it takes to verify a Binance account, read this article.
In summary, we have discussed how to withdraw from Binance. Our short article explained fiat withdrawal fees and how to transfer funds from Binance to a bank account. We also discussed how investors could withdraw digital currency to an external hardware wallet. The Binance platform remains one of the easiest platforms for traders to buy, store and withdraw crypto funds with ease.