Tutorial: Mastering Crypto Withdrawals on Binance

Binance, the world's leading cryptocurrency exchange, is the favourite exchange for millions of crypto users worldwide. This article will walk you through the process of withdrawing crypto assets from the Binance Exchange and exchanging them into Fiat currency.

By
Ahamdi Abarikwu
on
May 5, 2021
Category:
Tutorials

Introduction

Binance is perhaps the most popular cryptocurrency exchange in the world today. It derives its name from "(Bi)nary fi(nance)" and was founded in 2017 by Changpeng Zhao and Yi He. In just six months after launch, the exchange broke into the top three exchanges in the world. Currently, Binance is the largest exchange in terms of volume of trade and number of active users, according to Coinmarketcap


Why Do So Many People Prefer Binance

Source

With more than 13 million active users, most would agree Binance is seeing revolutionary usage. We can trace Binance’s popularity to a few key factors:

  • The exchange has one of the lowest transaction fees in the entire crypto industry. 
  • Security of users' funds is another critical incentive. Binance has a system that bears the liability if a security incident such as a hack happens, rather than users bearing the loss. 
  • Binance was the first exchange to provide a Secure Assets Fund for Users (SAFU), which raised the confidence level of the crypto community in the exchange.
  • High liquidity is another reason for Binance’s fame. The trade volume on the platform is very high. Investors find it quick and easy to buy or sell crypto.

These are some of the main reasons why many people prefer to trade on the Binance Exchange. Let’s walk through the process of withdrawing crypto assets from Binance.


Withdrawing Crypto From Binance

The interface of the Binance platform is laid out in a way that makes withdrawal straightforward. There are two types of withdrawals: cryptocurrency and fiat withdrawals. We will use the Binance coin BNB and the popular Trust Wallet to demonstrate the withdrawal steps. 

  1. Access your account by logging into the Binance website: https://www.binance.com/en
  1. Hover your cursor on the tab, 'Wallet', then click on 'Fiat and Spot' in the dropdown menu. 


Source: Binance


  1. Click on 'Withdraw', then select 'Crypto' under it. In the dropdown menu, 'Coin', choose the crypto you want to withdraw (BNB in this case). On the right-hand side of the screen, you will see the parameters for the receiving address.
Source: Binance 


  1. Open your Trust Wallet. There are two versions of BNB: Binance Chain BNB (BEP2) and Binance Smart Chain BNB (BEP-20). We will illustrate using Binance Chain BNB, so we will select BEP2. 


Source : Binance


  1. Tap on 'Receive' to reveal the Receiving address.
Source: Binance 


  1. Tap on 'copy' to copy the address.
    Source: Binance


  1. On the Binance Withdrawal page, paste the receiving address in the field for 'Recipient's BNB Address'. Do not attempt to type in the address manually because if you make any mistakes, you may lose the transferred crypto forever. Copy and paste the address, making sure you select the entire address field.
  1. Select the network that corresponds with the network of the Trust Wallet receiving address (in our example, Binance Chain, BEP2). Ensure that you correctly match the networks. If you choose a transfer network that is different from the receiving network, you could lose the sent tokens.
Source: Binance 


  1. Review the details you entered. If they are correct, click on 'Submit'. On the next page, supply the required multi-factor authentication code and submit again to complete the withdrawal.


Withdrawing Fiat From Binance

The process of withdrawing traditional Fiat is as seamless as that of crypto. Let's dive into the process.

  1. As in the steps for crypto withdrawal, log into your Binance account, move your cursor to 'Wallet', and click on 'Fiat and Spot'. On the 'Fiat and Spot' page, click on 'Withdraw'.
  1. Tap the Fiat Tab to select it. In the Currency dropdown menu, choose the fiat to be withdrawn. Highlight your preferred payment method. Under 'Withdrawal Info', Enter the details of the withdrawal request and click on 'Continue'. 
Source: Binance 


  1. Review and confirm the withdrawal details. 
Source: Binance


  1. Pass the authentication test to complete the withdrawal.
Source: Binance 


Things to Note When Making Withdrawals

  • Do not enter the receiving address by hand; instead, copy and paste to avoid errors. 
  • Make sure that the sending network you select is the same as the network of the receiving address.
  • Some tokens may require an additional identifier called 'Memo' in addition to a Receiving Address. This is usually the case if you withdraw from Binance to another platform (rather than a personal wallet like our example). In such a case, a Memo will be given by the platform, which you will fill into the appropriate space on Binance Withdrawal Page. If the receiving address does not require a memo, leave the space blank.


Conclusion

The withdrawal process on Binance Exchange is very straightforward. As long as investors follow the process correctly, they should have no issues withdrawing their currency from Binance. The simplicity of the process is one of the many reasons that investors continue to choose the exchange for their cryptocurrency needs.

Binance Exchange is the world's top exchange with support for more than 45 fiat currencies and more than 350 cryptocurrencies across 1,200 markets. The numbers will continue to increase as Binance maintains its pursuit to remain the most customer-centric crypto exchange.


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Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time.

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