Follow the on-screen instructions to complete the withdrawal, ensuring your funds are transferred securely and efficiently. You can opt to withdraw them to another exchange, a private wallet, or want to cash out your gains. In this guide, we are showing you how to withdraw from Binance, whether it is fiat money or cryptocurrency. If you want to know more details about the platform, be sure to read our in-depth Binance review.
However, this did not affect UK customers depositing and withdrawing cryptocurrency from the Binance platform. Even though things have become inconvenient since these changes, there are ways you can still use Binance and withdraw GBP to a UK bank account. This section of the article will guide how to transfer fiat currency from Binance through the three most common ways to do it highlighted above. In this example, we’re withdrawing to a Bank Card (Visa) with a transaction fee of 1%. However, the payment methods and fees will vary depending on the fiat currencies you are withdrawing.
Binance Spot Wallet: An Overview
The biggest advantage of using this method is that the transaction is settled immediately. Conversely, this method is relatively costly compared to other available methods and is only recommended when fast transaction speeds are desired. Again, depending on the Cryptocurrency you’re looking to withdraw from Binance, there will be a minimum amount you can withdraw. The amount can also change depending on the network you are using. Binance is no longer just a crypto exchange; it has quickly become a one-stop shop for all things crypto.
Lastly, enter your card’s security code (the three numbers at the back of your card) in the “Security Code” field. After you’ve clicked on “Withdraw”, you’ll land on the withdrawal page of Binance. This is because withdrawals will be temporarily suspended when there is a system upgrade. Therefore, if you verified that the blockchain is not congested, and your withdrawal has not been received, please contact Binance’s support team. For example, if you have XRP, the minimum withdrawal amount would be 3 Ripple.
- In 2020, Binance expanded its presence in the UK by acquiring a local company.
- The process of withdrawing from Binance can be complicated initially, but once you have done it, you shouldn’t have any issues.
- It is beneficial to withdraw fiat on Binance through the available payment channels as they are often more cost-effective, fast, and extremely convenient.
What should I do if I don’t receive my withdrawal?
The biggest advantage is that these third-party payment companies provide localized services. For instance, Binance users in Brazil can withdraw the local Brazilian Real using the CapAccount service, a channel not available to most other users. Finally, Binance users can also deposit or withdraw fiat using third-party channels. Some of these payment avenues include using AdvCash or Etana, among several others. Read on to discover ways in which to cash out your profits from Binance. Depending on your 2-factor authentication method, you may be requested to complete security verification before the withdrawal is complete.
To withdraw from Binance to Coinbase, first, you need to retrieve your unique address on Coinbase. Select “send/receive,” go to the “receive” tab and pick which asset you want to transfer. There you’ll get your what is function of expense method unique address for that specific cryptocurrency. As of October 2023, UK Binance customers cannot withdraw GBP directly from Binance to their bank accounts. This restriction, implemented on May 22nd, 2023, is due to regulatory challenges and the suspension of Binance’s partnership with its local banking partner in the UK. To mitigate risks, it is advisable not to rely solely on one crypto exchange.
Related guides
You should easily find your way to the fiat withdrawal page from our previous sections. If not, just scroll back up and revisit the first two steps of how to transfer funds from Binance via the SWIFT channel. Before we continue, it’s worth pointing out that not all payment cards can be used to withdraw fiat funds from Binance. Only Visa cards with the Fast Funds (Visa Direct) feature enabled can be used. If your Visa card does not have the feature, contact your card provider.
Below that, you will see a list of the available payment methods supported for your chosen currency. The ability to withdraw money from your Binance account directly to your bank is temporarily paused for UK customers. Binance is actively trying to resolve this, and when they do, we will promptly inform you once normal service resumes. Meanwhile, we invite you to explore alternative methods available for UK crypto investors to access their funds on Binance. The duration of Binance withdrawals is influenced by various factors, such as the cryptocurrency being withdrawn, withdrawal amount, and network congestion level.
As noted earlier, SWIFT transfer is available on Binance only for the USD currency. The SWIFT transfer option will automatically be preselected for you. If not, just tap on it to show the small orange checkmark on the top right of the selection box. Click the [Withdraw] button on the Fiat and Spot page to launch the withdrawal wizard.
For example, if you live in the US, you need to sell the cryptocurrency in USD. Alternatively, you can click on “Transaction History” on the left sidebar of your fiat and spot wallet. After you’ve confirmed the withdrawal, the “Security Verification” pop-up will open. Once you’re done entering your card information, click on “Add card” to add your card.
In this step, you will select the coin you want to withdraw, the address to which you are withdrawing, and the transfer network. That last part is optional if the coin/token you are withdrawing is only available in one network. It has become difficult to deposit or withdraw to Binance using UK banks due to the FCA. The FCA advised UK banks to block payments to and from crypto exchanges deemed high-risk. As a result, most UK banking providers have ceased transactions with Binance. Binance is renowned for its competitively low fees, which often stand out compared to other exchanges that charge up to 4% or more.
In the example below, we will withdraw Euros from a bank card connected to my account. The withdrawal process and payment method may differ, as you may have more payment methods available depending on your location. Exploring other cryptocurrency exchanges like Coinbase is another practical alternative. In this guide, you have learned some of the best ways to withdraw fiat currencies from Binance to your bank account and accounts in third-party payment services. You have also learned the benefits of using the fiat transfer route instead of withdrawing crypto. For instance, it could be more cost-effective, faster, and convenient.
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