Binance is one of the main exchange of cryptocurrencies. We can enter fiat money to be able to trade with all kinds of cryptocurrencies and, of course, we can withdraw our money if we wish and as long as there is no maintenance or technical cause of force majeure that prevents it.
If you have recently started in the cryptocurrency market and, given the situation of recent weeks, you want withdraw your money from the platformthese are the steps to follow.
How to withdraw money on Binance
If you do not want to continue investing in cryptocurrencies and want to withdraw its value in fiat money, Binance supports more than 60 different currencies, as well as multiple different payment methods. The process is similar and you will only have to select the type of fiat currency and the payment method in one step.
- Login to your Binance account. Once you’re logged in, point your cursor to [Billetera] and click [Fiat y spot].
- click on [Retirar].
- Select the tab [fiat].
- Select the fiat currency you wish to withdraw and the payment method. The different options for the payment method are based on the selected currency and region.
- Enter the required details and follow the instructions.
- Enter your verification code to confirm the withdrawal.
You can also use your crypto-type card, the Visa Binance, for ATM withdrawals, if supported by your service provider. The process is the same as when you buy with this card: conveniently convert your cryptocurrencies into cash. It is a great alternative if you are looking for a more conventional method for your cash withdrawals without going through the previous steps of the different payment gateways.
Commissions, minimum amount and withdrawal time
Withdrawing money from your Binance account will entail minimal commission fees. These are charged to fund network transactions. For example, to withdraw BNB or Ether (ETH), Binance must send said crypto to a different wallet on the blockchain.
Any transaction, like any crypto operation, requires a “gas fee” that the user must pay to the miners for the costs of sealing blocks. Binance passes on the cost of this transaction fee to the user. Each blockchain has its own fee scheme, so your cryptocurrency withdrawal fees will vary from one to another. Commissions are also dynamic and change based on network activity. The best and most accurate way to find out the withdrawal fees is to go to the withdrawal page itself and see live how much of your total withdrawal will be owed.
Binance will process your withdrawal as soon as you request it, but each blockchain takes a different amount of time to confirm your transaction. Bitcoin (BTC) can take an average of ten to thirty minutes to successfully confirm your withdrawal. Withdrawals to Binance Smart Chain generally take only a few minutes, while Ethereum can take a bit longer.