With the advent of digital currencies, managing one’s finances has become the need of the hour. There are now various options available when it comes to withdrawing funds from an exchange, each with its pros and cons.
Binance US is one of the most popular cryptocurrency exchanges out there. It offers a wide range of coins, including popular ones such as Bitcoin, Ethereum, Litecoin, and others. For those who are new to the world of cryptocurrency, Binance crypto can be a great place to start. This article will show you how to carry out a Binance withdrawl.
What Is Binance?
Binance exchange is a cryptocurrency exchange platform allowing users to trade many cryptocurrencies. It is, in fact, the largest exchange in terms of daily volume when it comes to cryptocurrencies. Binance is a cryptocurrency exchange that Changpeng Zhao founded in 2017.
It allows trading with various currencies and virtual tokens, such as Ether, Dogecoin, Litecoin, Bitcoin, and Binance Coin. The Binance market also extends to margin and futures trading. Binance labs are the company’s blockchain incubator, which funds and develops projects relating to the Binance ecosystem.
Binance spot trading allows investors to buy and sell digital assets, while Binance Margin Trading permits users to borrow funds from other users to trade with leverage. Before trading, users must complete the KYC requirements. After that, people can create an account and add their cryptocurrency to a public wallet address.
So, now that we know a bit more about Binance, let’s take a look at how to withdraw from the exchange.
How to Withdraw Crypto from Binance?
On The Website
- Log in to your Binance App, select [Wallets], and then click on [Withdraw].
- Select the cryptocurrency you want to withdraw, for example, BNB. Then click on [Send via Crypto Network].
- Put the address you want to withdraw to and choose the network.
Please take caution when choosing the network and ensure that it is compatible with the platform you are withdrawing funds to; Otherwise, you might lose your money.
How to choose a network?
- BEP2 is the BNB Beacon Chain (former Binance Chain).
- BEP20 is the BNB Smart Chain (BSC) (former Binance Smart Chain).
- ERC20 is the Ethereum network. Its native cryptocurrency is ETH. Coti Binance and Lazio crypto exist as ERC20 tokens.
- TRC20 is the TRON network.
- EOS is the Enterprise Operation System network.
- BTC is the Bitcoin network.
- BTC (SegWit) is the Native Segwit (bech32), and the addresses start with “bc1”. You can send or withdraw Bitcoin to SegWit (bech32) addresses.
If you want your transaction to go through on certain networks, like BEP2 or EOS, then you must fill in the Memo. Without it, the system won’t be able to detect your address.
- The network you select is based on the options from the external wallet/exchange you are withdrawing from. If the only choice offered by the external platform is ERC20, then you must select the ERC20 deposit network.
- Please be aware that you can only send the ERC20 tokens to another ERC20 address and vice versa for other networks. If you send deposit funds from one network to an incompatible network, you might risk losing your money.
- Tap [Withdraw] to proceed after inputting the appropriate withdrawal amount, which will consider both the transaction fee and the final total you’ll receive.
- You will be asked to confirm the transaction a second time. Please double-check and tap [Confirm] if everything looks correct.
Warning: if you use inaccurate data or accidentally choose the wrong network when transferring, your assets will be gone forever. Please check that everything is correct before confirming the transaction.
- After you confirm the transaction, you will need to verify it with two-factor authentication devices. Please follow the directions on your screen to finish.
- Please confirm your withdrawal request and be patient while we process the transfer.
On The Website
We will use BNB (BEP2) as an example to learn how to transfer cryptocurrency from your Binance account to an external wallet or platform.
- Log into your Binance account, click [Wallet], and tap [Overview].
- Click [Withdraw].
- Click [Withdraw Crypto].
- Select the crypto you want to withdraw.
- Please choose the network wisely. You can pick between BEP2 (BNB Beacon Chain) and BEP20 (BNB Smart Chain (BSC)). Also, take note of the network fees for this transaction to avoid any losses. Withdrawing funds from the wrong network will permanently cause you to lose money.
- Enter the recipient’s address or choose from your Address Book list.
- Enter the amount you want to withdraw and the corresponding transaction fee, and your final receiving amount will populate. If everything looks good, click [Withdraw] to confirm.
- To process your transaction, please follow the instructions that will appear on your screen.
Warning: If you input the wrong information or select the wrong network while transferring, your assets will be permanently lost. Please review and double-check all information before hitting send.
Binance Withdrawal Fees
Withdrawing your cryptocurrency to an address outside of Binance will result in a “transaction fee” or “network fee.” This payment goes to the miners or validators responsible for processing the transaction and securing the blockchain network. Binance withdrawl fees are dynamic and change frequently based on network conditions.
To ensure that transactions are processed, Binance pays fees to miners. Since transaction fees are dynamic, the amount you will be charged is based on an estimate of current network conditions and can fluctuate without notice due to congestion. To check the most updated fee, please refer to the withdrawal page of the official Binance site listed on each transaction.
What is Binance Minimum Withdrawal Amount?
The minimum amount for each withdrawal request is displayed on the Deposit & Withdrawal Fees page. If you don’t see an amount that meets or exceeds the minimum, you won’t be able to make a successful withdrawal request.
Note: The Minimum withdrawal amount and fees are subject to change without notice due to factors outside our control, such as network congestion. For example, with Binance GDP withdrawal, the maximum is 0.001 BTC.
Make sure to note the minimum amount you can withdraw and the transaction fees that come with withdrawing from different networks. Jasmy Binance account, for example, has a minimum withdrawal amount of 0.002 ETH and a transaction fee of 0.005 ETH when withdrawing to an Ethereum address.
These rates will change depending on your network, so please be mindful when choosing one. If you’re trying to withdraw money to an ERC20 address (Ethereum blockchain), then make sure to select the “ERC20” option before withdrawal; otherwise, your coins may be lost forever.
Furthermore, always go for a higher transaction fee over a lower one–it’ll save you headaches down the line. Finally, please select the network that matches your withdrawal address, as selecting the wrong one will result in lost funds.
How Long Does It Take to Withdraw from Binance?
There are three steps to follow when you want to move your money from Binance to another exchange or Wallet:
- Withdrawal request on Binance
- Blockchain network confirmation
- Deposit on the corresponding platform
A TxID (Transaction ID) is usually generated within 30-60 minutes, signaling that Binance has sent the withdrawal transaction.
However, it may still take a while for the specific transaction to be confirmed and an even longer time for the funds to go into the receiving Wallet. It is because the number of needed “network confirmations” differs between blockchains.
For example:
- You decide to withdraw 2 BTC from Binance to your Wallet. After you confirm the request, you need to wait until Binance issues and broadcasts the transaction.
- As soon as the transaction is created, you will see the TxID on your Binance wallet page. The transaction will be pending, i.e., unconfirmed, and the 2 BTC will be temporarily frozen.
- After the network confirms the transaction, you will receive the BTC in your Wallet after two network confirmations.
- In this example, two network confirmations were needed until the deposit showed up in the Wallet, but the required amount of confirmations differs depending on the Wallet or exchange.
Due to the possibility of network congestion, your transaction may take a significant amount of time to process. You can use the TxID to look up the status of your asset transfer using a blockchain explorer. Your withdrawl balance will remain in a “Pending” status until the required number of confirmations is met.
Note:
- You will know the confirmation process is complete when you see it reflected on the blockchain explorer. The amount of time this takes depends on which blockchain network you use.
- If you can see that the transaction has been confirmed on the blockchain explorer, then this means that your funds have been successfully sent out. However, we cannot provide further assistance on this matter, and you will need to contact the destination address’s owner/support team for help.
- If you do not receive a TxID six hours after clicking the confirmation button from our email, please contact Customer Support for assistance. Include an attachment of the transaction’s withdrawal history screenshot to help us serve you more quickly.
Conclusion
When it comes to moving cryptocurrency from one place to another, the process is relatively straightforward. However, there are a few key points to keep in mind to ensure the safety of your crypto. One should ensure to send their cryptocurrency to the right address.
You need to know the minimum withdrawl binance amount and the fees associated with different blockchain networks. It’s important to remember that it can take some time for a transaction to be confirmed by the network and for the funds to appear in your Wallet.
