We are going to explain in this article what is the process you must do to withdraw your money from Binance . There are two options available, you can send them to your wallet or to another exchange, or directly to your bank.
Index of contents
- What is Binance
- What methods exist to withdraw from Binance and commissions
- Withdraw cryptocurrencies to wallet or exchange
- What are the withdrawal methods and fees
- How to withdraw your cryptocurrencies from Binance
- How to withdraw your cryptocurrencies in fiat from Binance
- Final words on how to withdraw money from Binance
What is Binance
It is the centralized cryptocurrency exchange that currently has the highest volume and the highest number of users . Binance was launched in July 2017 by Changpeng Zhao, who before developing this platform, worked as a trading software architect for Wall Street.
Although initially it was established as one more exchange, the benefits it offers have been increasing. A few months ago they launched their own blockchain , very similar to Ethereum, but with lower fees. This blockchain has its own native token, the Binance Coin (BNB) and also has its own stablecoin, the BUSD.
But it is also that it has added new functions and add-ons to attract users. Binance currently offers a stacking pool for Ethereum 2.0, which can now be used to earn money. It also has a “liquidi pool” that allows users to “lend” their tokens without losing control and earn a small reward. This same summer the exchange added the option to create, buy and sell NFTs deployed on the Ethereum blockchains and on the Binance Smart Chain.
What methods exist to withdraw from Binance and commissions
We can withdraw our cryptocurrencies from Binance without major problems. The exchange currently offers the possibility of withdrawing our cryptocurrencies to a wallet or another exchange, or to fiat money. We must bear in mind that these movements have a withdrawal commission. These are:
Withdraw cryptocurrencies to wallet or exchange
There is no fixed commission in this case, the commission may vary depending on the destination blockchain. What Binance charges us is the network commission plus a small extra for platform maintenance. In addition, we must bear in mind that there is in all cases a minimum withdrawal amount.
Some examples are:
- Cardano (ADA): Minimum withdrawal of 10 ADA and a commission of 1 ADA
- Bitcoin (BTC): Minimum withdrawal of 0.001 BTC and a commission of 0.0005 BTC
- Ethereum (ETC): Minimum withdrawal of 0.01 ETH and a commission of 0.005 ETH
- Dogecoin (DOGE): Minimum withdrawal of 25 DOGE and a commission of 5 DOGE
- Solana (SOL): Minimum withdrawal of 0.21 SOL and a commission of 0.01 SOL
We must emphasize that depending on the network where the cryptocurrencies are withdrawn, we will pay more or less commissions. They vary greatly depending on the network. You can see all the commissions and all the information on this page.
What are the withdrawal methods and fees
Binance offers different types of withdrawal possibilities, although some are currently not enabled. We are going to list the withdrawal possibilities in euros and the commissions, and we leave you the page to see all the possibilities and commissions in other fiat currencies.
The methods and commissions in euros are:
- By bank card: 1% commission
- Sofort: suspended method
- SEPA: € 1.5 (suspended method)
- If it is a conventional SEPA withdrawal, we will have to wait up to 72 hours working days for it to be deposited in our bank
- If it is a SEPA Instant withdrawal, the withdrawal will normally be instantaneous and may be delayed for up to 24 hours. This service is operational 365 days a year.
- AdvCash: No commission
- Etana: Commission of 0.1% (method suspended)
How to withdraw your cryptocurrencies from Binance
We are going to explain step by step the process of withdrawing your cryptocurrencies from Binance and sending it to a wallet or to another exchange. The process is the following:
- We must log in to Binance
- We must go to our portfolio,clicking on the user icon that is in the upper right corner
- The available balancein our portfolio will appear. The total will appear in Bitcoin and in dollars, in addition, it will show us in which cryptocurrencies we have distributed the balance
- We will see in yellow the button «Deposit» and the button «Withdraw». It is the latter that we must access
- By default it sends us to withdraw in fiat, but just to the left it appears to withdraw in “cryptocurrency”
- Different elements will appear that we should know:
- Currency: We choose the cryptocurrency that we want to withdraw
- Address: It is the alphanumeric combination to which we must send the cryptocurrency in question
- Network: Most of the cryptocurrencies on Binance can be sent to various networks. The network is automatically selected when we add the address
- Amount: It is the amount that we want to send and that must be at least 0.001 BTC. We must bear in mind that the maximum limit is 100 BTC, adding all the cryptocurrencies that we have, which is a huge amount of money
- We accept the payment of commissionsand wait until the transaction is validated by the network
How to withdraw your cryptocurrencies in fiat from Binance
Currently Binance does not allow withdrawals to SEPA accounts due to alleged maintenance . On July 7, 2020, Binance announced the cessation of SEPA withdrawals until further notice . To our knowledge, withdrawals to SEPA accounts have not yet been enabled.
We have to indicate that before carrying out the operation, we must convert the money to the fiat money in question. Most cryptocurrencies have a pair in the market for fiat, so we can make the conversion easily. Once we have it converted, we could start the process of sending it to our bank account.
The process of making SEPA withdrawals is as follows:
- We must log in to Binance
- We must go to our portfolio,clicking on the user icon in the upper right corner
- The available balancein our portfolio will appear. The total will appear in Bitcoin and in dollars, in addition, it will show us in which cryptocurrencies we have distributed the balance
- We will see in yellow the button «Deposit» and the button «Withdraw». It is the latter that we must access
- By default it sends us to withdraw in fiat,which is what interests us
- We must select the fiat currency,in our case it is the euro, but that depends on each one
- We select the withdrawal option,although the one selected by default, which is a card, is the best option.
- We add the amount of euros that we want to withdraw. Remember that before we must pass the cryptocurrency or cryptocurrencies to euros. It should be noted that the daily limit is $ 50,000 , but it is automatically converted to euros according to the market price.
- If we do not have a card added, we can add one or simply the one we already have added (if we have bought before)
- Once everything is ready, we can press to confirm the operationand start the withdrawal
Currently SEPA withdrawals are suspended
Final words on how to withdraw money from Binance
The process of withdrawing money from Binance couldn’t be easier and more intuitive. It is simply to fill in the fields properly and follow the instructions, which are very simple. We cannot withdraw more than we have, so in that sense we will not have the slightest problem either. The only thing that we must take into account is to report the withdrawal to the treasury and pay the due taxes to regularize the money and avoid upsets.
We explain in this article what a cryptocurrency exchange is and what it is for
We have to bear in mind that we will have to pay the corresponding commission and that the operation may take a few days. Only business days count for transactions, not holidays and weekends. The only big downside is that withdrawing money via SEPA from Binance is not activated.
Tell us about your experience after withdrawing money from Binance and if you have had any problems?
