The withdrawal process of your money on Binance relies on the fiat currency or cryptocurrency. You can withdraw some crypto to numerous different blockchains, and thus you should be careful while choosing the right one. The duration of withdrawal also varies as per the method of withdrawal.
Each blockchain will need a specific amount of verifications for withdrawals of cryptocurrency before it appears in your wallet. If you wish to transfer money from your Binance account, you must follow the withdrawal procedure.
The procedure will change according to the fiat, cryptocurrency, or blockchain you wish to change. Actually, the process is straightforward; however, you must be vigilant to follow every step carefully to ensure that you don’t lose your money accidentally.
How to withdraw fiat from Binance ?
1: log in to your account. After that, go to the wallet menu and click on the option Fiat and Spot.
2: Now, click on the withdraw option.
4: If the cryptocurrency is present on numerous networks, choose which one you would want to withdraw.
5: hover to the BNB option in your “trust wallet”.
6: Click on Receive.
7: Copy and paste your BNB address into the Recipient’s BNB Address onto the Binance withdrawal page and click on submit.
8: Now click on the option “Send Code”, and type the 6-digit code you received through email.
9: type your 2FA code and then click on submit button. You can now quickly check your outgoing withdrawals under the option Transaction history.
How to withdraw USD through SWIFT
Follow these simple instructions to withdraw your USD from Binance through SWIFT:
- Log in to your account, visit the wallet section, and choose the fiat and spot option.
- Click on the Withdraw option.
- Under the fiat option, you will have to choose USD and Bank transfer (SWIFT) and fill up your withdrawal amount.
- Click on the continue button for generating a withdrawal request.
- Please enter your account information and verify your details and confirm your withdrawal.
- Once your request confirmed, it will take up to four working days for your requested money to reach your bank account.
Benefits of withdrawing fiat via fiat channels
Binance considered the securest cryptocurrency platform in the marketplace. This platform always suggests its customers make their transactions and send money as soon as possible. This exchange permits customers to add different IP addresses to make a withdrawal, so in case someone attempt to steal your money from an IP address that’s not register with them, the transactions will be cancel and block. For additional security, binance incorporated Google Authenticator in its withdrawal page.
2FA service from Google is the most trusted third-party authenticator that gives an extra layer of safety. The system will ask you to enter your 2FA code throughout every transaction before proceeding to the next step.
Convenience of Binance
Withdrawal of fiat and cryptocurrencies from Binance is exceptionally convenient. You will need to log in to the platform and follow the required steps. Your money will get reflected in your bank account or trust wallet. Also, the peer-to-peer trading and standard cryptocurrency on Binance are very handy than other crypto exchanges.
Reduced Withdrawal Fees
The withdrawal charges on this platform are competitive. Since several exchanges cost between $10 and $30 for each transaction, Binance charges about $1 to $15 for a fiat money withdrawal, and this fee structure is the same for crypto withdrawals.
Binance puts its customers in levels according to how often they utilize the exchange and the quantity of money they spend on every transaction.
New customers who have not spent too much money on trading are placed on level 1, and when they move further, their level increases and they get discounts on their trading charges.
If the security, convenience, and fee structure fail to grab your attention, you will surely get enticed by its speed.
Usually, a withdrawal request on the Binance platform takes approximately 5 minutes to be finished after entering the details. The withdrawal also takes nearly 5-10 minutes to get reflected in your account.
In rare cases, the withdrawal process might get delayed for one day.
If you don’t receive the money within one day, you can contact their support team for assistance.
Ease for Wallet-to-Wallet Transfers
Despite the ease of withdrawing money from Binance, you can easily send cryptocurrencies to any wallet. Trust wallet considered the most trusted wallet for cryptocurrency transactions. If you wish to send your cryptocurrencies to another crypto exchange, you will have to do it through Trust Wallet. The procedure is quite simple.
The Bottom Line About Binance
Cryptocurrencies are going nowhere, and anyone who wishes to profit from the future or current benefits can begin to invest their money into it. But don’t forget that you will not find any risk-free investment out there. Binance gives competitive prices for withdrawal fees, and there are no charges for deposits on this platform. The BNB deductions and fee structure also ley dedicated customers to receive withdrawal fee discounts. So, remember to use the Google Authenticator and finish the Wishlist for adding an extra layer of safety during your withdrawals on this platform.