Binance is one of the largest multifunctional cryptocurrency trading platforms globally today. However, newcomers to the platform may have a hard time withdrawing money from Binance and do not know the processing time of Binance’s withdrawal. The following article learns all the most complete information about withdrawing cash from Binance to your bank account.
How to withdraw money from the Binance exchange
Users can withdraw money from the Binance exchange to their bank account with a few simple steps.
Here are the step-by-step instructions:
Log in to your Binance account.
Select the Wallet tab and select Overview. Then click [Withdraw] and choose [Withdraw Fiat]
Select the currency you want to withdraw and click Continue. Currently, Binance only allows withdrawals: USD, AUD, BRL, EUR, GBP, RUB, TRY, UAH, UGX, KZT, NGN.
Enter your payment account information in the implant boxes and click Next. Follow the required steps and enter the verification code to confirm the withdrawal request.
How to withdraw fiat from the Binance exchange to your bank account
Using Binance’s withdrawal feature involves withdrawal fees and unit limits, so not everyone uses it universally. Most users choose to withdraw fiat money from Binance via P2P Trading. Proceed as follows:
Log in to your Binance account. On the toolbar, select Buy Crypto, then click P2P Trading.
Select P2P and click Sell. Then select the electronic currency in the account you want to convert into cash and choose the unit of money you want to receive. Currently, the P2P feature only accepts certain coins such as USDT, BTC, BUSD, BNB, ETH, DAI. If users have other currencies, they can switch to one of the above coins to withdraw cash. In the illustration below, the user has USDT and wants to withdraw USD to his bank account.
Choose the right seller and click Sell:
- The Advertisers column lists buyers with the number of transactions made (orders) and success rate (completion). Sellers with a pile of gold next to the name are more reliable sellers.
- The Price column is the price they are willing to buy the coin.
- The Limit/Available column shows liquidity
- The Payment column shows the payment method
- The Trade column shows the status of their trade.
Carefully review the information about the exchange rate, the amount of liquidity, the payment method and the terms of the buyer. If appropriate, enter the number of coins you want to sell to withdraw cash in the I want to sell box and click Sell.
After receiving the money in the bank account, the user must release the coin to pay the buyer. Do not believe the payment images sent by the buyer. Click to release the coin only when the money has been received in the account to avoid fraud. P2P is the most popular and convenient way to withdraw cash from Binance to your bank account.
Binance Exchange Fees
Binance charges fees for withdrawals via the Withdrawal feature. This fee is fixed, used to pay network transaction costs. Each blockchain has different prices, depending on the specific currency the user is using. In addition, rates may vary depending on network activity. Users can check the exact cost by accessing the Withdrawal feature as outlined above.
Minimum withdrawal amount on Binance
The Binance exchange applies a minimum withdrawal amount for each cryptocurrency. Users cannot withdraw a lower amount in the Withdrawal feature. With the P2P part, the minimum withdrawal amount depends on each buyer.
Processing time of successful binance withdrawal
Binance withdrawal processing time. Normally, Binance immediately processes a user’s withdrawal request. However, each blockchain takes time to complete the transaction confirmation. This time it’s not the same for every blockchain. For example, Binance Smart Chain can complete transaction confirmations in minutes. Meanwhile, Bitcoin can take anywhere from 10 minutes to 30 minutes. Ethereum may also take longer.
Binance generates a TxID (Transaction ID) to issue the withdrawal transaction when a user withdraws. However, the transaction may be delayed depending on the number of network confirmations requested. Binance gives users 30-60 minutes to monitor their withdrawal progress. To check the status of withdrawals on Binance, users can go to Binance’s transaction history page (Wallet/Overview/Transaction History).
Some information to know about Binance withdrawal processing time
Why is my Withdrawal on Binance stuck in processing?
Users can get stuck during withdrawals due to the high number of network confirmation requests or network congestion. If less than 30-60 minutes after the generation of TxID (Transaction ID), the user must wait longer. In particular, the Bitcoin network usually takes longer to confirm, so it may take longer for users to wait.
Why can’t users withdraw from Binance?
Users cannot withdraw from Binance during the Binance system upgrade or new users change their password. If the reason is from Binance, users can contact Binance Support. System updates can take anywhere from 30 minutes to 24 hours. Withdrawal is disabled until the system update is complete. Users can archive in the notification mailbox. In addition, if the new user changes the password within 24 hours, withdrawal is not possible to ensure safety and security.
How to Fix Withdrawal Error from Binance to Bank Account?
If the user did not receive the money after making the withdrawal after 6 hours, the user can wait longer or contact Binance support. However, if the money was not received after 10-20 minutes, the user should stay. Users contact binance support only through the Binance homepage and do not provide passwords or OTPs to anyone claiming to be Binance’s support staff to ensure the security of their account. Binance never asks customers for OTP codes. Therefore, if someone claims to be a Binance support officer and asks the user for an OTP, it could be a scam.