Withdrawing money from Binance to a bank account is simple when you have the right knowledge and complicated when you are not properly guided. Interestingly, you can choose to Withdraw fiat (real money) to a bank account or crypto from Binance to another crypto app.
Understand that there are terms and conditions for withdrawing from Binance, as it’s a leading exchange in the crypto market. Also, any little mistake could lead to losing your assets.
Read this article to the end to understand how to withdraw your money from Binance to your local account.
Process of withdrawing money from Binance to Bank account
- First of all, login to your Binance account
- On the bottom-right of the app, select “Assets”
- Click on Withdraw button then select Withdraw fiat on the opened page.
- Choose the fiat currency you want to withdraw
- Choose the payment method
- If you already added your payment method, you can choose to receive it there or choose another one; learn how to add a payment method to Binance
- Complete security verification to prove that you are the owner of the account to prevent theft
- Wait for the transaction to complete and avoid interrupting the transaction which may lead to losing your assets
- Congratulations, if you followed the steps outrightly then your money will be credited to your bank account
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What you should know about Binance withdrawal
To withdraw from Binance, you can choose to withdraw in any fiat currency of your preference. Alternatively, if you are in Nigeria you can just swap the coin to USDT then use the USDT/naira option to swap to Naira and withdraw to your naira account directly.
Also, if you have a domiciliary account then you can directly withdraw USDT.
Bear in mind that Binance is a leading crypto exchange that has listed many coins and still listing more.
Consider the details below when withdrawing from Binance;
Binance withdrawal fees
Binance, like every other exchange platform charges some gas fees when withdrawing tokens. However, the gas fee for every withdrawal varies by the coin in question. So, pay attention to the details of your transaction to see the fee.
Binance withdrawal limit
On Binance, you can withdraw your assets from as low as $10. However, the amount may vary by the coin you are withdrawing, pay attention.
Not forgetting, the withdrawal time may be upto 2-3 hours, you will get a notification when it is successful.
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