How to withdraw money on Binance: fees, terms and currencies

To withdraw cryptocurrencies, the steps are:

• Log in to your Binance account.
• Once you are logged in, point your cursor to [Billetera].
• Click [Fiat y spot].
• Click [Retirar].
• Select the tab [Cripto].
• Choose the cryptocurrency you want to withdraw.

If the currency has been issued on multiple networks, Binance explains that You can select the one you want to use to make the withdrawal. On the other hand, they also make it clear that care must be taken when choosing the deposit network. So it is one of the points that must be checked, since you must select a network that matches that of the platform to which the funds are going to be allocated. In the case of making a mistake when selecting the network, they warn that it is possible that the funds you have will be lost directly and cannot be recovered.

Withdraw fiat currency

If you no longer want to invest in cryptocurrencies and want to withdraw their value in fiat money, Binance supports more than 60 different currencies, as well as multiple different payment methods. The process is similar and you will only have to select the type of fiat currency and the payment method in one step. We explain, step by step, how we should do it

The steps we must follow are the following to withdraw fiat currency:

• Sign in with your Binance account.
• Point the cursor to [Billetera].
• Click [Fiat y spot].
• Click [Retirar].
• Select the tab [fiat].
• Select the fiat currency you wish to withdraw.
• Choose the payment method you want to use.

• Enter the required details
• Follow the instructions step by step, as in the screenshot
• Enter your verification code to confirm the withdrawal

You can also use your crypto card, the Visa Binance, for ATM withdrawals, if supported by your service provider. The process is the same as when you buy with this card: Conveniently convert your cryptocurrencies into cash. It is a great alternative if what you are looking for is a more conventional method for your cash withdrawals without going through the previous steps of the different payment gateways.

What to take into account

When withdrawing money on Binance, a series of factors that affect this process must be taken into account. For example, how much we can withdraw or how much the estimated withdrawal time is, in addition to how many commissions we will have to pay.

How much can we withdraw?

Before withdrawing money on Binance we need to know how much money is the minimum we can withdraw. If it is too small we will not be able to do it, as explained on the help page. As explained on said website, we need to go to the deposit and withdrawal commissions page to check the minimum amount of each cryptocurrency because it will vary depending on each one of them.

Furthermore, we must keep in mind that the minimum amount will not always be the same. “However, you should keep in mind that the minimum withdrawal amount and commissions may change without notice due to unforeseen factors, such as network congestion,” they explain from Binance. So you can check it from the withdrawal page to know exactly what the minimum amount is at that moment, but we tell you that you will not be able to withdraw amounts that are too small, generally.

Withdrawal fees

Withdrawing money is not free but you have to pay a small percentage to Binance to do so, in the same way you pay when you withdraw money at some bank ATMs. A commission for removing it. Withdraw money from your Binance account will entail minimal commission expenses and it will depend on the cryptocurrency. These are charged to pay for network transactions.

Any transaction, like any crypto operation, requires a “gas commission” that the user must pay to the miners for the costs of sealing blocks. Binance transfers the cost of this transaction fee to the user. Each blockchain has its own fee schedule, so your cryptocurrency withdrawal fees will vary from one to another. The commissions are dynamic and change depending on the activity of the network. The best and most accurate way to find out the withdrawal fees is to go to the withdrawal page itself and see live what amount will be owed from the total of your money withdrawal.

They explain it from the website: “Since transaction fees are dynamic, you will be charged based on current network conditions. The fee amount is based on an estimate of network transaction fees and may change without notice due to factors such as network congestion.

Withdrawal time

Binance will process your withdrawal as soon as you request it, but each blockchain takes a different period of time to confirm your transaction. Bitcoin (BTC) can take an average of ten to thirty minutes to successfully confirm your withdrawal. Withdrawals to Binance Smart Chain generally take only a few minutes, while Ethereum may take a little longer.

As explained on the website, it may take some time for that specific transaction to be confirmed “and you may have to wait a little longer until the funds are credited to the destination wallet.”

Which network is chosen

In the moment of choose the network When withdrawing cryptocurrencies from the Binance service, the truth is that this changes depending on the options offered by the wallet or external exchange from which you are carrying out the withdrawal. Therefore, if the external platform is only valid with ERC20, you will have to choose the ERC20 deposit network. So it is an example that must be taken into account at all times.

This is why you should not choose an option that can offer you cheaper commissions, but rather the that is compatible with the external platform. An example offered by Binance is: «you can only send ERC20 tokens to another ERC20 address, and you can only send BSC tokens to another BSC address«. In this case, they make it clear that if an incompatible or different option is chosen, the funds that they wanted to withdraw will be lost.

In addition to the latter, it must also be clear that the receiving platform can accept the contract address of the token that you want to withdraw. If this is not the case, the truth is that they warn that, again, the funds may be lost and the worst of all is that they could not be recovered.

Errors and failures

We may see some issues or errors in withdrawals on Binance and it cannot be completed. In this case, the platform gives us a series of possible frequently asked questions that we must take into account when doing so.

For example, Binance tells us what a network address is or why it says the address is invalid. They explain from the page that if you wrote the address wrong (a cryptocurrency address is a single string of letters and numbers) the system will display an error message saying it is invalid, for example.

It can also tell us that a memo is invalid when we make a withdrawal. What does it mean? This is a note that, collected from Binance, is “an additional steering function necessary to identify the recipient of a transaction beyond a wallet address.” If you enter an incorrect memo, you should check it and make sure with the recipient.

How to contact

If we have any type of problem when withdrawing our cryptocurrencies or fiat money or need help with any other procedure on this platform, Binance offers us several forms of support and resolution of doubts, below we explain and analyze them. so you can choose the one that best suits what you need.

Help Center

The first option we have is to access the Help Center from Binance. The help platform for the most popular exchange in the world has several different sections. The first of them is the category “automatic”. Here we can carry out different procedures completely automatically, these are: verify our account, reset our login password, manage the unlocking of our account if for some reason it has been blocked, reset the security verification by phone, change our email email, reset Google authenticator, and make an unaccredited cryptocurrency deposit. All of these options are closely linked to the security of our account and therefore of our cryptocurrencies.

On the other hand, if what we need is to ask any questions or solve a problem, we also have the information section at our disposal. “frequent questions”. These questions are classified by the following topics: account functions, tutorial, Binance fan token, Binance Ear, deposit/withdraw crypto (the option that may interest us the most, in this case), buy crypto, trading, crypto derivatives, bots, finances , api, security, terms of use, tax, Binance convert, NFT and VIP.

Within the crypto deposit/withdrawal section we find a video tutorial and two different sections explaining how to proceed in each case. Additionally, if we do not find our question here, we also have a search engine at the top where we can write our query to see solutions to this problem or similar alternatives.

If we continue browsing this help page we find a space for announcements and news from Binance and we can also see the latest and most popular articles published by platform support, where how to deposit/withdraw cryptocurrencies is in first place.

Support Chat

Now, if the frequently asked questions are not enough because we cannot find our question or we need an answer or help for a very specific problem, Binance also has an uninterrupted support chat. When we connect to the chat we find a bot which allows us to choose between frequently asked questions and recommends different query options (the most common), in order to solve the problem.

We can resolve some of these doubts in “self-management” mode, but if we want to ask a more specific question we can continue moving forward and choosing between different predefined answer options. If we cannot solve the problem in this way, we can finally contact a support agent to provide us with personalized attention.

Likewise, we can also make inquiries through the Binance web form, for which we will have to open a ticket, or we can try to contact them directly through their social networks.