Binance is a cryptocurrency exchange platform that has the highest daily trading volume of any crypto exchange. It is the largest crypto exchange in the world, though it is closely followed by its main competitor Coinbase Pro.
Although its detailed setup means that it is generally restricted to experienced traders, many users have flocked to Binance due to its low fees and wide range of currencies. Binance also makes the process of withdrawing simple and they support multiple fiat currencies from all over the world. However, it has run into a number of controversies in the past that have left many to regard it as slightly more unstable than other exchange platforms.
So how do you withdraw from Binance? What currencies does it support? And why is it such a controversial platform?
We are going to explore all these questions and more as we dive into, how to withdraw from Binance.
How do you withdraw from your Binance account?
You can easily withdraw cryptocurrency and exchange it for a fiat currency on Binance by logging into your account and making a transfer into your Fiat and Spot page (see a detailed step-by-step guide below). When you withdraw from Binance you will be charged a withdrawal fee, the price of which depends on the crypto you are withdrawing.
Although Binance is the world’s largest crypto exchange, it regularly faces regulatory impediments in different countries across the world, and it is not unusual for users to have difficulty accessing their accounts while the site has been suspended during an investigation. This, coupled with the risk of trading on any market, means that you should exercise caution when trading on Binance.
So let’s now jump in and take a closer look at what Binance actually is.
What is Binance?
Binance is a cryptocurrency trading platform that is the largest crypto exchange in the world in terms of daily trading volume.
It was founded in 2017 by Chinese businessman Changpeng Zhao. Initially based in China, the company moved its headquarters to the Cayman Islands as the Chinese government tightened regulations on the cryptocurrency market.
Binance is designed for experienced cryptocurrency investors and is not a good option for traders who are new to the world of crypto. It offers low trading fees and one of the widest selections of cryptocurrencies for trading, which makes it very attractive for many traders.
However, Binance is not shy of controversy and has run into a number of regulatory issues and has been investigated by the US Department of Justice and the UK’s Financial Conduct Authority (FCA).
Binance also has its cryptocurrency called Binance Coin (BNB). At the time of writing, 1 BNB is worth £200.60. However, it has previously reached values of up to £572 per BNB.
Can you use Binance in every country?
Binance has been stymied by multiple regulatory clampdowns in countries across the world and is not accessible in many parts of the world.
Here’s a list of countries whose traders are banned from trading on Binance:
- Europe (for derivatives trading)
More countries may be added to this list as regulators clamp down on crypto exchanges. There may also be countries taken off the list as Binance adjusts its compliance policies.
There isn’t an official list of countries in which Binance can operate, and users often find that the site may be closed intermittently as the company is investigated by the relevant authorities.
What Fiat currencies does Binance support?
Binance currently supports many fiat currencies including:
- Pound Sterling
- US Dollar
- Turkish Lira
And many more.
This means that you can use these currencies in your Binance account and exchange your crypto into these currencies when you withdraw it.
How much are you charged to withdraw from Binance?
Every time you withdraw from Binance you are charged transaction fees or withdrawal fees.
The cost of withdrawing from Binance depends upon the crypto you are withdrawing. The fee for withdrawing each crypto is paid at a flat rate, but changes depending on the market’s status. This means that it can be hard to know exactly how much it will cost until you are ready to withdraw.
Some seasoned traders will even be able to make trades at just the right time to ensure they get the best withdrawal fees possible.
Every crypto has a minimum withdrawal amount. Again, the exact amount depends on the crypto.
How long does it take for a withdrawal to be processed?
Binance processes your withdrawal as soon as it is requested. However, every crypto and its blockchain takes different amounts of time to validate and confirm your withdrawal.
A BNB withdrawal request is normally processed within five minutes. However, some cryptos can take up to 24 hours to process a withdrawal, though this is rare.
Bitcoin normally takes around half an hour to complete withdrawal confirmation.
Step-by-step guide on how to withdraw from Binance
The withdrawal process with Binance is simple. Here we will take you through a step-by-step guide on how to do it.
- First, log into your Binance account.
- Click on your Wallet.
- Then click on Fiat and Spot in the dropdown menu.
- On the Fiat and Spot page, click Withdraw
- On the Withdraw page, click Crypto and choose the cryptocurrency you want to withdraw. In this example, we will use Bitcoin.
- If the cryptocurrency you want to withdraw is issued on multiple networks, then you need to select which one you would like to make your withdrawal on. Different networks have different withdrawal fees.
- Next, go to your Trust Wallet and click on Bitcoin (or whichever cryptocurrency you are trying to withdraw).
- Then click on Receive and copy the address code you get.
- Now go back to the Withdraw page and paste the code into the Recipient Address box.
- Enter how much you want to withdraw and then click Submit.
- Click on Send Code to receive a verification code.
- Head over to your emails, copy the verification code and enter it into the Verification Code box.
- Then enter your personal 2FA code for final security verification and then click submit.
- Your withdrawal should then be processed.
Why is Binance controversial?
Binance is embroiled in many controversies. The countries in which it is not allowed to operate each have their own reasoning.
For example, some countries have “No regulation, no operation” rules that state that since most financial market regulators do not supervise the crypto market, Binance is not allowed to operate there.
Other regulators ban Binance as they say that it does not advertise the risks associated with crypto trading. The crypto market is a high-risk gamble, and investors can lose large sums of money; and Binance is often criticised for not warning users of these risks.
Binance also has a new product called “Stock Tokens”, which are highly controversial. The tokens are cryptocurrencies that are linked to the value of stocks, thus blurring the lines between the crypto market and the stock market. This has led many regulators to implement bans on Binance.
Binance has also run into controversy regarding its tax payments and the fact that it operates from a haven in the Cayman Islands.
And there is also the small detail that Binance is protected by stating in its terms that the possibility of closing an account is at their sole discretion. This means you may see your account closed for no reason at any time.
So it’s good to keep some of this in mind.
How does Binance compare to other crypto exchanges?
Binance offers a wide range of cryptos and supports a large number of fiat currencies which, combined with its rates, makes it an attractive platform for many traders.
However, there are some issues with its regulation and compliance standards.
So, if you are considering other cryptocurrency exchange platforms, then the best alternative comparison is Coinbase Pro – Binance’s main competitor and the second-largest crypto exchange in the world.
The international Binance platform supports more cryptos than Coinbase Pro. However, Binance’s US subsidiary supports fewer than Coinbase Pro. So, if you are a US trader, then Coinbase Pro has more crypto options.
Binance charges lower trading fees than Coinbase Pro, but Coinbase is considered to be one of the most stable and secure cryptocurrency exchanges. Whereas Binance has had repeated issues with security and compliance.
Coinbase Pro is generally seen as more user-friendly and easier to navigate, so it is good for beginners. However, Binance is the platform that is preferred by more seasoned traders.
Binance is a cryptocurrency trading platform that allows you to easily withdraw crypto and exchange it for a fiat currency.
When you withdraw money from your account, you are charged a transaction fee that varies depending on the crypto you withdraw.
Binance is the most popular crypto exchange in the world and is particularly favoured by experienced crypto traders. However, it has run into some issues in the past, so users should keep their options open when assessing which platform to opt for.