As a leading crypto exchange serving millions of users globally, Binance offers reliable and cost-effective options to withdraw your funds.
In this comprehensive guide, I‘ll explain the step-by-step process for withdrawing money from Binance directly to your bank account based on a decade of hands-on crypto trading experience. Whether you want to cash out Bitcoin profits or liquidate altcoin holdings, this guide has got you covered!
Prerequisites to Withdraw Money from Binance
Before starting the withdrawal process, there are a few prerequisites to fulfill:
1. Verify your Binance Account
You need to complete full identity verification (Level 2) to activate withdrawals on Binance.
- Navigate to your Profile > Verify.
- Submit valid government ID and address proof documents. Check Binance‘s list of supported documents.
- The verification status usually gets updated within 2 working days.
2. Have sufficient account balance
There should be enough balance in the Binance wallet to cover:
- Withdrawal amount
- Applicable withdrawal fees
Note: Attempting withdrawals without sufficient balance will lead to failed transactions.
For instance, if you are withdrawing 100 EUR via SEPA transfer (0.10 EUR fee), ensure your EUR wallet has a minimum of 100.10 EUR balance.
3. Understand withdrawal limits
Each payment method has predefined limits for minimum, maximum withdrawal amounts and frequency. This is primarily for security reasons.
For example, bank card withdrawals can be done twice a day (per user) with a maximum limit of 5,000 EUR.
Always withdraw amounts within the specified limits to avoid transaction failures.
Here is a detailed list of Withdrawal Limits and Fees across various fiat currencies on Binance.
Okay, now that the prerequisites are clear, let‘s move on to the step-by-step withdrawal process.
Step 1) Access Your Binance Fiat & Spot Wallet
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Payment Method Comparison for Withdrawals
Let‘s analyze the pros, cons and key differences between the two most popular options – bank account transfers vs card withdrawals:
| Parameters | Bank Transfers | Debit/Credit Card |
|---|---|---|
| Speed | 1-4 business days | Near instant (~30 mins) |
| Fees | Low (0% – 0.1%) | Relatively higher (0.9% – 1.8%) |
| Limits | Higher limits | Strict daily & monthly limits |
| Supported Currencies | 35+ | Very few |
So in summary:
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Card withdrawals are the fastest method if you need funds urgently. Suitable for small, occasional transfers.
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Bank transfers are economical and work well for frequent withdrawals of larger amounts.
Choose what works best for your requirements!
Managing Failed/Pending Withdrawals
In some cases…
How Binance Compares to Other Exchanges for Withdrawals
Binance sets itself apart from other major crypto exchanges when it comes to easy onboarding and withdrawals in fiat currency. Here‘s a quick comparison with some competitors:
Coinbase: Slower withdrawal times, supports only bank transfers for fiat withdrawal
FTX: Lower trading volumes compared to Binance, lesser payment method integration
KuCoin: Requires KYC verification similar to Binance, but has fewer fiat off-ramp options
So while there are minor differences in supported assets, fees and limits across exchanges, Binance scores highly in terms of global reach, liquidity and smooth withdrawal processes.
I hope this detailed, 2000+ words guide gives you a comprehensive understanding of how to withdraw money from your Binance account to your bank account.
As you can see, Binance offers multiple payment methods catering to users across 60+ countries. Whether you prefer instant card transfers or economical bank transfers, rest assured your funds are in safe hands.
Let me know if you have any other questions in the comments!
