How to Withdraw Money from Binance: Complete Guide
Binance is one of the largest cryptocurrency exchange platforms in the world, with millions of users buying, selling, and trading cryptocurrencies. However, when it comes to withdrawing funds, many people can find the process somewhat confusing. Fortunately, getting your money out of Binance is a relatively straightforward process, as long as you follow a few key steps. In this article, I will guide you step-by-step so that you can withdraw your funds from Binance safely and efficiently.
What is Binance?
Before we get into the details of how to get your money out of Binance, it's important to understand what Binance is and how it works. Binance was founded in 2017 by Changpeng Zhao and quickly became one of the world's leading cryptocurrency exchanges. It offers a wide range of cryptocurrencies to trade, as well as advanced features like futures contracts, lending, and staking.
The exchange is also known for its security, although it is always important for users to follow security best practices, such as enabling two-factor authentication (2FA), to protect their funds.
Step 1: Log in to your Binance account
The first thing you need to do to get your money out of Binance is to log in to your account. If you don't have an account, you won't be able to withdraw funds. To do so:
Visit Binance's official website at www.binance.com.
Click "Sign In" in the top right corner.
Enter your email and password.
If you have two-factor authentication (2FA) enabled, you'll also need to enter the verification code from your 2FA app, such as Google Authenticator.
Step 2: Verify your account
While you can trade on Binance without identity verification, the platform does require you to complete the KYC (Know Your Customer) verification process before making large withdrawals or when trading fiat currencies. This process ensures that Binance complies with local regulations and prevents money laundering.
To verify your account, follow these steps:
Go to your profile and select the "Verification" option.
Follow the instructions to upload documents, such as a government-issued ID and proof of residency.
Please wait for Binance to review and approve your verification. This can take from minutes to days depending on the volume of requests.
Step 3: Access the Withdrawals section
Once you have logged in and verified your account, the next step is to head over to the section where you can withdraw your funds. Binance allows withdrawals of both cryptocurrencies and fiat currencies (dollars, euros, etc.). Here's how to access the withdrawal section:
At the top of the main page, click on "Wallet".
Select “Spot Wallet”, which is the primary wallet for the assets you have purchased or received.
In the top right corner of the wallet, click "Withdraw".
Step 4: Withdraw Cryptocurrencies
To withdraw cryptocurrency from Binance, follow these steps:
Once you are in the withdrawals section, select the “Crypto” option.
Choose the cryptocurrency you want to withdraw from the drop-down list. For example, if you have Bitcoin (BTC) and want to withdraw it, select "BTC".
Enter the wallet address you wish to send your funds to. Make sure the address is correct, as blockchain transactions are irreversible.
Select the network you want to process the withdrawal on. For Bitcoin, for example, you can use the BTC network, but Binance may also offer cheaper options, such as BEP-20 (the Binance Smart Chain). The selected network must be supported by the receiving wallet.
Enter the amount you wish to withdraw.
Review the details and click "Submit."
Security in cryptocurrency withdrawals
Binance will ask for confirmation via email to ensure that the withdrawal was authorized by you.
Once you confirm the withdrawal via email, Binance will process the transaction. The arrival time to the other wallet will depend on the blockchain network congestion and the cryptocurrency you are withdrawing.
Step 5: Withdraw Fiat Currencies
Binance also allows you to withdraw fiat currencies directly to your bank account or use other payment methods, depending on your location. The steps to withdraw fiat money are as follows:
From the "Withdraw" section, select "Fiat".
Choose the currency you want to withdraw (USD, EUR, etc.).
Select your preferred withdrawal method. Common options include bank transfer (SEPA, SWIFT) or third-party payment services.
Enter your bank account or payment service details.
Enter the amount you wish to withdraw.
Please review the fees associated with the withdrawal. Fees vary depending on the method selected.
Click "Confirm" to process the withdrawal.
Considerations regarding fiat currency withdrawals
Fiat currency withdrawals usually take longer than cryptocurrency withdrawals as they involve banks and traditional financial systems.
Binance has daily and monthly limits for fiat currency withdrawals, which depend on your verification level.
Step 6: Withdrawal Fees
Binance fees vary depending on the cryptocurrency or fiat currency you withdraw and the network you use. For example:
Bitcoin withdrawal fees are generally higher than withdrawal fees for altcoins like Litecoin or Stellar, due to network congestion.
Binance offers lower fees if you withdraw on networks like BEP-20, which are part of the Binance Smart Chain, compared to more expensive networks like Ethereum (ERC-20).
Before making any withdrawal, Binance will clearly display the applicable fees, so you always have the option to cancel or select another method.
Step 7: Tracking the Withdrawal
Once you have made the withdrawal, you can track its status within your Binance account:
Go to the "Transaction History" section.
There you will see all the withdrawals and deposits you have made, along with their current status (pending, processed, completed).
For cryptocurrency withdrawals, you can click on the "TxID" (Transaction ID) link to track the transaction on the corresponding blockchain explorer.
Troubleshooting Common Problems
My retirement has not arrived yet
If you have requested a withdrawal and it has not arrived in your account after a reasonable amount of time, please follow these steps:
Check the transaction status on Binance. If it shows as “Completed”, it means that Binance has already sent the funds.
For cryptocurrencies, check the "TxID" on a blockchain explorer like Etherscan or Blockchain.info.
Make sure you entered the correct address and that the receiving wallet supports the selected cryptocurrency and network.
If you are withdrawing fiat currencies, please note that bank transfers can take between 1-5 business days.
Can I cancel a withdrawal?
Once you have confirmed a withdrawal on Binance, you cannot cancel it. This is due to the irreversible nature of blockchain transactions. It is essential that you always verify all the details before confirming a withdrawal.
ARTICLES
How to Withdraw Money from Binance: Complete Guide
Binance is one of the largest cryptocurrency exchange platforms in the world, with millions of users buying, selling and trading cryptocurrencies.
What is Entrepreneurship?
Entrepreneurship has become a vital force for economic and social development around the world. Learn about the types of entrepreneurship.
Everything you need to know about the mining industry in Chile
Mining has been an integral part of the national identity and has contributed significantly to the country's GDP. Learn its history and operation.
What are the best ports in Chile?
Chile is not only home to diverse landscapes, but also a crucial network of ports that play a fundamental role in its economy.
What are cryptocurrencies and what are they for
Invest in cryptocurrencies and discover the digital financial future. Join the great revolution with our complete guide.
Investing in Cryptocurrencies: Everything you need to know
The world of cryptocurrencies has gained great popularity in recent years. If you are thinking of investing, this article is for you!
Subscribe to our Newsletter