Binance is one of the famous cryptocurrency exchanges, offering a wide range of digital assets for trading. If you have bought cryptocurrency on Binance and want to withdraw your funds, you may wonder how. Withdrawing funds from Binance is a straightforward process that involves a few simple steps. Stay tuned, and learn how to withdraw funds from Binance.
How to withdraw funds from Binance? [Step-by-Step Guide]
Following is a step-by-step guide to withdrawing funds from Binance.
Step 1: Log into your Binance Account
The first step in withdrawing funds from Binance is to log into your account. On Binance.com, click the “Login” button at the top right corner. Click the “Log in” button after entering your email address and password. You will be taken to your dashboard once you have successfully logged in.
When you log in to your account, ensure you have enabled two-factor authentication to enhance your account security. This step will require you to enter a code from an authenticator app on your phone or a hardware security key to access your account. Using a strong password that is hard for anyone to guess or crack is also advisable.
Step 2: Navigate to the Withdrawal Page
The next step is to log into your account and navigate to the withdrawal page. Click on the “Wallet” button at the top right corner of the page and select “Withdraw” from the dropdown menu. This action will take you to the withdrawal page.
On the withdrawal page, you will see a list of cryptocurrencies you can withdraw from your Binance account. Choose the cryptocurrency you want to withdraw from, and click the “Withdraw” button next to it. This action will take you to the withdrawal form.
Step 3: Fill out the Withdrawal Form
The withdrawal form requires you to fill in the following details:
- Destination Address: This is where you want to send your funds. Ensure that you enter the correct address to avoid losing your funds.
- Amount: Enter the amount of cryptocurrency you want to withdraw. Ensure you have enough funds to cover the withdrawal and any applicable fees.
- Network: Choose the network you want to use to withdraw your funds. Binance supports multiple networks, and the fees and processing time may vary depending on your chosen network.
- Memo (optional): Some cryptocurrencies require entering a memo or a tag when withdrawing. Ensure that you enter the correct memo to avoid losing your funds.
Step 4: Review and Submit the Withdrawal Request
Once you have filled out the withdrawal form, review the details to ensure everything is correct. Check the destination address, the amount, the network, and the memo (if applicable). If everything is correct, click the “Submit” button to submit your withdrawal request.
Binance will send a confirmation email to the email address linked to your account. Follow the instructions in the email to confirm your withdrawal request.
Step 5: Wait for Funds to Arrive
After submitting your withdrawal request, you must wait for the funds to arrive at the destination address. The processing time may vary depending on your chosen network and the amount you withdrew. You can track the progress of your withdrawal by clicking on the “Transaction History” button on the withdrawal page.
Once your funds have arrived at the destination address, you can see the transaction in the blockchain explorer for the cryptocurrency you withdrew. Congratulations! You have successfully withdrawn funds from your Binance account.
How to Withdraw Fiat from Binance ? [Step-by-Step Guide]
Follow the steps below to withdraw Fiat from Binance.
Step 1: Log in to your Binance account
To withdraw fiat from Binance, you need to have a verified account with Binance. Go to the Binance website and log in to your account with your email ID and password.
Step 2: Navigate to the Fiat Deposit & Withdrawal Page
Once logged in to your account, click the ‘Buy Crypto’ button in the top menu bar. Then, click on ‘Fiat Deposit & Withdrawal.’
Step 3: Select the Fiat Currency You Want to Withdraw
On the Fiat Deposit & Withdrawal page, select the fiat currency you want to withdraw from the available options.
Step 4: Select the Withdrawal Method
Once you have selected the fiat currency, choose the withdrawal method you prefer from the available options. Binance supports multiple withdrawal methods such as bank transfer, credit card, and debit card.
Step 5: Enter the Withdrawal Amount
Enter the fiat currency you want to withdraw in the designated field.
Step 6: Verify Your Identity
If you withdraw a large amount of fiat currency, you may need to complete Binance’s identity verification process. Follow the instructions to complete the verification process.
Step 7: Review and Confirm the Withdrawal Details
Review the withdrawal details, such as the withdrawal amount, withdrawal method, and recipient account details. Ensure that all the details are correct before confirming the withdrawal request.
Step 8: Submit the Withdrawal Request
Once you have reviewed and confirmed the withdrawal details, click on the ‘Submit’ button to initiate the withdrawal request.
Step 9: Wait for the Withdrawal to be Processed
The processing time for fiat withdrawals varies depending on the withdrawal method and the amount of fiat currency being withdrawn. Binance will notify you once the withdrawal has been processed and the funds have been transferred to your designated bank account or card.
Why Binance does not allow you to withdraw funds for 10 days?
Binance usually requires a 3-day waiting period before allowing withdrawals if the user changes their security settings to ensure that the user performing the transaction is legitimate. However, in some extreme cases, this waiting period may be extended up to 10 days, according to Binance’s policy. This is likely done to provide an additional layer of security and prevent fraudulent transactions. It gives Binance time to verify that the account owner requests the withdrawal.
Why does Binance take so long to withdraw?
Binance withdrawal can take a long time due to a combination of factors. Firstly, it may be due to a high number of required network confirmations for the particular cryptocurrency being withdrawn. Some blockchains require more network confirmations than others, affecting the withdrawal processing time.
Secondly, network congestion can also cause delays in Binance withdrawals. If the network is congested, the transaction may take longer to be processed, and the TxID (Transaction ID) might not be generated yet.
Additionally, Bitcoin network issues are common and can affect the processing time of Binance withdrawals. The Bitcoin network has a large number of unconfirmed transactions, and this can result in longer processing times.
Sometimes, the network confirmation can take up to two full days to complete. Therefore, patience is vital; you may need to wait until your withdrawal is processed successfully.
Why did Binance temporarily freeze Bitcoin withdrawals?
Binance temporarily froze Bitcoin withdrawals due to a stuck on-chain transaction. This means that a Bitcoin transaction on the blockchain was not being processed or confirmed, which prevented users from withdrawing their Bitcoin from Binance.
How long Binance BTC withdrawals take?
Binance BTC withdrawals are generally quick and usually take no longer than 30 minutes to reach your destination wallet. However, if the network is busy, it could take longer.
Why does Binance suspend withdrawal?
Binance may suspend withdrawals if there’s a maintenance procedure going on at the moment.
How much is the binance withdrawal limit?
The Binance withdrawal limit varies depending on the level of account verification. Basic account verification allows daily crypto withdrawals of up to 0.6 BTC, while KYC-verified customers can withdraw up to 100 BTC daily.
Can I withdraw from Binance without verification?
You can trade/withdraw up to 2 BTC per 24 hours without verification. You only need an email address and password. If you want to trade more, invest in IEOs, stake crypto, or lend crypto, you must do the KYC.
Why can I not withdraw from Binance?
If a user has made recent changes to their account, such as resetting their two-factor authentication or changing their password, Binance may temporarily disable their ability to withdraw.
How much money can I withdraw from Binance?
The maximum funds you can withdraw from Binance for regular users, VIP 1 and VIP 2, is 8,000,000 BUSD.
Conclusion
Withdrawing funds from Binance is a simple process that involves a few easy-to-follow steps. First, log in to your Binance account and navigate the withdrawal page. Second, you should complete the withdrawal form and confirm your request. Finally, you must wait for your funds to arrive at the destination address, which may take some time, depending on factors like network confirmation, congestion, and Bitcoin network issues.
The Binance withdrawal limit varies depending on the level of account verification. Basic account verification allows daily crypto withdrawals of up to 0.6 BTC, while KYC-verified customers can withdraw up to 100 BTC daily.