Withdrawing funds from your Binance account is a straightforward process. In this comprehensive guide, we will walk through the step-by-step instructions on how to withdraw money from Binance to your external wallet or bank account.
Overview of Withdrawing from Binance
Here is a quick overview of what you need to know before withdrawing funds from Binance:
- Binance supports withdrawals to both cryptocurrency wallets and bank accounts
- There are small withdrawal fees depending on the asset and network
- Withdrawals can take anywhere from 30 minutes to 5 business days depending on the asset and network conditions
- You’ll need to have completed KYC verification on Binance to withdraw larger amounts
- Double check the network and wallet address before sending as transactions can’t be reversed
Step 1: Log Into Your Binance Account
First, you’ll need to log into your Binance account. If you don’t already have an account, you’ll have to register first. Here are the steps to log in:
- Go to the Binance website: www.binance.com
- Click “Log In” in the upper right corner
- Enter your email and password
- You may be prompted for 2FA authentication if you have it enabled
- Once logged in, you will see your Binance dashboard
Troubleshooting Login Issues
If you are having issues logging into Binance, here are some things to check:
- Make sure you are using the correct email and password
- Check that your caps lock is not accidentally enabled
- Try resetting your password if you cannot remember it
- Enable 2FA if you haven’t already for extra security
- Contact Binance support if your account is locked
Step 2: Select the Asset You Want to Withdraw
Once logged into your Binance account, you’ll need to navigate to the wallet section to select the asset you want to withdraw.
- Hover over “Wallets” near the top menu and select “Spot Wallet”
- This will bring you to your main spot wallet view
- Locate the asset you want to withdraw in the list
- Click the “Withdraw” button on the right side
For example, if you wanted to withdraw Ethereum, you would locate ETH in the list and click “Withdraw” next to it.
Withdrawing Fiat vs Crypto
There are slight differences between withdrawing crypto compared to fiat currency:
- Crypto: You can withdraw to an external crypto wallet address
- Fiat (USD, EUR etc): You need to withdraw to a linked bank account
Step 3: Select Withdrawal Network
For cryptocurrency withdrawals, you’ll need to select the network you want to use. The options will vary based on the coin.
For example, when withdrawing ETH you can select between:
- ERC20
- BEP20
- Arbitrum
The network you choose will depend on factors like fees, speed, and the receiving wallet’s compatibility. Take some time to select the right network for your needs.
Common Crypto Withdrawal Networks
| Crypto | Common Withdrawal Networks |
|---|---|
| Bitcoin (BTC) | BTC |
| Ethereum (ETH) | ERC20, BEP20, Arbitrum |
| Tether (USDT) | ERC20, TRC20, BEP20 |
| Solana (SOL) | SOL, BEP20, ERC20 |
Step 4: Enter External Wallet Address or Bank Details
Next, you’ll need to enter the wallet address or bank details you want to withdraw to.
- Crypto: Paste your external crypto wallet address (e.g. MetaMask)
- Fiat: Select the bank account details already linked to your Binance account
Triple check that the address or details are correct before proceeding. Entering the wrong address could result in loss of funds.
How to Find Your Crypto Wallet Address
To find your wallet address on different crypto wallets:
- MetaMask: Click your account icon > Account Details
- Trust Wallet: Click the asset > Receive
- Ledger: Log into Ledger Live > Account > Select Asset > Receive
Step 5: Enter Withdrawal Amount
Now enter the amount you want to withdraw. You can select from the following options:
- Amount – Enter the exact number of coins to withdraw
- Max – Withdraw your entire asset balance
- Min – Withdraw the minimum amount allowed
If you do not have enough of that asset available, you will not be able to withdraw the full amount.
Check Withdrawal Fees
Make sure to double check the network withdrawal fees before entering the amount. The fees will be subtracted from the total amount withdrawn.
Step 6: Complete Withdrawal
Once all the withdrawal details are entered correctly, click “Submit” to complete the withdrawal.
You may be prompted to enter your 2FA code or email verification code before the withdrawal is processed.
Once submitted, you can review the status of the withdrawal under “Withdrawal History” on Binance.
Reviewing Withdrawal Status
It’s important to review the status of your withdrawal to make sure it completed successfully:
- “Processing” – The withdrawal is being processed
- “Completed” – The withdrawal succeeded
- “Failed” – The withdrawal did not go through for some reason
If the status shows “Failed” or remains “Processing” for a long time, you may need to reach out to Binance support to investigate.
How Long Do Binance Withdrawals Take?
The amount of time Binance withdrawals take depends on the asset and network selected:
| Asset Type | Estimated Withdrawal Time |
|---|---|
| Bitcoin (BTC) | 30-40 minutes |
| Ethereum (ERC20) | 5-10 minutes |
| SOL, DOT, ADA | 10-30 minutes |
| XRP, Litecoin | Under 5 minutes |
| Bank transfer | 2-5 business days |
Delays can happen during times of high network congestion. Contact Binance support if your withdrawal is stuck for over 24 hours.
Binance Withdrawal Fees and Limits
Binance charges a small fee on withdrawals depending on the asset. Fiat withdrawals to bank accounts have higher fees.
Binance Cryptocurrency Withdrawal Fees
| Asset | Withdrawal Fee |
|---|---|
| BTC | 0.0005 BTC |
| ETH | 0.01 ETH |
| LTC | 0.001 LTC |
| BNB | 0.0025 BNB |
| XRP | 0.25 XRP |
| ADA | 1 ADA |
Fiat Withdrawal Fees and Limits
- Bank transfer fees vary by region
- Higher fees for express withdrawal options
- Daily/monthly withdrawal limits in place
- Limits depend on account verification level
Why Is My Binance Withdrawal Suspended?
There are a few possible reasons why your Binance withdrawal could be suspended or rejected:
- Not completing KYC verification – Unverified accounts have low withdrawal limits
- Entering an invalid wallet address or details
- Failed risk management checks by Binance
- Insufficient network transaction fees
- Temporarily disabled withdrawals due to technical issues
The best thing to do is contact Binance customer support if your withdrawal is suspended. They can investigate the issue and re-enable withdrawals if needed.
How to Avoid Rejected Withdrawals
Here are some tips to avoid having your Binance withdrawal rejected:
- Triple check the wallet address or bank details
- Make sure you have enough balance to cover fees
- Verify your account fully if needed
- Select optimal network with sufficient fees
- Confirm transactions carefully before submitting
Conclusion
Withdrawing funds from your Binance account is straightforward once you understand the process. The key steps are:
- Log into your Binance account
- Navigate to the Spot Wallet
- Select the asset and click “Withdraw”
- Choose the withdrawal network
- Enter the external wallet address or bank details
- Double check address and confirm withdrawal
- Allow time for processing based on asset/network
Just keep in mind the withdrawal fees, processing times, and any limits based on account verification. Taking precautions like triple checking the address helps avoid any issues with your withdrawal. Contact Binance customer support if you encounter any trouble or have questions along the way.