How To Withdraw Money From Binance With Just A Click Of A Button [2023]

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How to withdraw money from a crypto exchange: we explain using the example of Binance

If you open an account with a bank or with a broker, then it is quite clear to a modern person how to withdraw money: to a card or receives it in cash. But what to do when it comes to cryptocurrency? How can it be converted into the usual fiat money? Fintalk’s experts explain how to withdraw money from Binance one of the world’s largest crypto exchanges.

What is Binance

Any product can be purchased at a specialized trading platform. If we want to buy a peach or an apple, then we go to the market or the supermarket near the house. If we are interested in shares, we open an account with a broker with access to the stock market. Cryptocurrency is also traded somewhere. For example, on crypto exchanges and that is how to withdraw money from Binance comes at hand.

Brief history

The first cryptocurrency Bitcoin was created back in 2009. Binance appeared only eight years later, in 2017. The name comes from two words: binary (double) and finance (finance). Full name: Binary Finance. Although its founder is the Chinese businessman Changpeng Zhao, and the central office is located in Shanghai, the exchange is registered in the Cayman Islands – in an offshore zone. In light of recent developments in China and increased government regulation, Mr. Zhao’s decision looks reasonable.

“As for the long-term position of regulators, their pressure will increase ahead of the mass integration of national digital currencies (CBDC). Governments do not benefit from freedom-loving exchanges and decentralized solutions.”

Anton Dzyatkovsky, CEO of Platinum Software Development Company

How to withdraw money from Binance is constantly evolving. If initially, it was strictly a cryptocurrency exchange, then since 2019, settlements in fiat (ordinary) money are available there. At the beginning of 2020, customers were allowed to carry out transactions using Visa and MasterCard. By the end of 2020, Binance introduced the option to exchange crypto for cash in a “personal meeting”. And in June 2021, the exchange brought its own NFT marketplace.

Pros of Binance

The main advantage of Binance is its extensive functionality. Here you can buy cryptocurrency, and trade derivatives, buy and sell with leverage (that is, not only with your own but also with borrowed money). The exchange has a mobile application. But with all its advantages, Binance also has disadvantages:

Cons of Binance

There were cases of theft of user funds;
In moments of a large influx of customers, the site works slowly;
The activities of the crypto exchange are under scrutiny by the Internal Revenue Service and the US Department of Justice, which means that various inspections and pressure from the state are possible.

Cryptocurrency trading is a profitable business. But what to do if you urgently need rubles or dollars, and you have nothing but funds on Binance? What methods of withdrawing money does the exchange provide? Do you how to withdraw money from Binance?

How to withdraw money from Binance to a card

About how to withdraw money from Binance the most convenient way for many is to withdraw to a bank card. No need to register somewhere, understand the intricacies of electronic wallets, go through verification, and so on. Binance representatives could not help but take this into account and created the functionality for withdrawing funds to a payment card.

By and large, in this case, how to withdraw money from Binance to the card account will not differ much from the transfer from card to card. In the first stage, you will have to go through verification (confirmation) of your identity. This is a must for anyone who wants to use regular money. To do this, you must provide passport data and a photo. In addition, your face will have to be compared with a live photo. After that, go to the “Wallet” section and select “Fiat and Spot”, and click on the currency you need to withdraw.

Next, choose which card you want to withdraw money to. The problem with this method is that it is not always available. If the message “Suspended for maintenance” pops up, then you will not be able to withdraw to the card at the moment.

This type of withdrawal has disadvantages: commission, and limits (daily, monthly, for a specific operation). You can get acquainted with the current tariffs in the personal account of the exchange. They change quite often (due to the high volatility in the crypto market), so you need to keep your finger on the pulse.

If the withdrawal to the card is not available, you can make it a workaround. Transfer money to electronic payment systems, such as AdvCash or Payeer (both registered offshore, one in Belize, the other in Vanuatu). And from there you can already make a withdrawal to your card. True, it is worth noting that the pleasure is also not free: both there and there you will pay an additional commission of about 2-3%. And on AdvCash you will be required to verify your identity. In short, the method is more complicated, and due to frequent verifications, there is a risk of personal data leakage.

For some citizens, due to geopolitical events, they now also require confirmation of their address of residence. Legal entities.

How to withdraw money via p2p on Binance

You can also withdraw money through the p2p platform. This is a purpose-built platform on Binance itself. But to use it, you must separately confirm that you are you.

The principle of operation is extremely simple. Come in. Choose the crypto and fiat for which you want to exchange it (for example, rubles). In the filters, specify the method of receiving money, for example, to Tinkoff. It is worth noting that in the list that appears in front of you, there will be many offers. However, not all of them are available. So, if you select Sberbank or VTB (at least for now).

Whether a particular bank is available or not, it makes sense to check on your own, due to the unstable geopolitical situation and the adopted economic sanctions. After you deal with the card and the bank, study and choose the most optimal offer for the cryptocurrency you are interested in. After study and communication between the parties, the buyer transfers the fiat to the seller. After he confirms the fact of receiving the fiat, the crypt will be debited from the seller’s account to the buyer’s account.

In this case, how to withdraw money from Binance is simply the guarantor of the transaction. Until July 2021, the exchange didn’t even take a commission for p2p. Now the commission is from 0 to 0.35%.

In addition to the direct withdrawal of money, you can withdraw the cryptocurrency itself from Binance. And how does this work?

How to withdraw cryptocurrency from Binance

Sometimes there is a need not to withdraw money immediately, but to transfer the crypto from the exchange to another digital wallet. That is the reason you need to know how to withdraw money from Binance and its services. But for this, you need to know the exact address of the recipient. This is similar to the usual parcels or letters that we receive and for which you need to specify the postal code and address.

The translation will look like this:

Go to the “Wallet” section in the “Fiat and Spot” tab.
For the cryptocurrency you need, press withdrawal.
Insert the address to which you want to transfer the crypt.
Select the network option if the required cryptocurrency works on several blockchains (for example, the Bitcoin network).
Click “Submit” and confirm.

How to withdraw money from Binance It is no different from the usual payment for a communal apartment in Sberbank Online. Details were filled out, sent, and confirmed. In addition to transfers to the side, you can make transfers within the exchange itself.

Transfer between Binance accounts

This method is quite convenient. It has zero commission. But the transfer of money between accounts can only be carried out with verified users. However, in this case, you need to know either your recipient’s email address or phone number. In short, a piece of his private life. After all, no one spreads their data right and left.

And so everything is standard. Go to the “Wallet” section on the “Fiat and Spot” tab, then click send, enter the desired amount, email, or mobile number – and voila. The one to whom the money is intended will receive a notification by SMS or email. Within five days, the transaction must be confirmed by the recipient, otherwise, it will be canceled.

Conclusion

At the moment, Binance provides its customers with all modern ways to withdraw money. At the same time, the number of currencies with which the exchange works is constantly increasing. True, the most convenient way to withdraw money – to a bank card – may be unavailable from time to time.

Have you ever withdrawn money from Binance? Or have you never dealt with this crypto exchange at all? Write about it in the comments.