What is Binance?

Binance is a cryptocurrency exchange that was established in 2017 by Changpeng Zhao, a Chinese Canadian developer. Despite facing competition upon its launch, Binance quickly gained popularity and is now one of the top cryptocurrency exchanges worldwide in terms of users and trading volume. Binance offers over 400 trading pairs and is ideal for those who want to keep all their crypto in one wallet. Although Binance was originally based in Hong Kong, the company had to move its servers offshore due to the China cryptocurrency ban. Today, Binance operates from the Cayman Islands and Seychelles and is considered one of the safest cryptocurrency exchanges due to its advanced security protocols.

In addition to being a safe and popular exchange, Binance also offers a range of other services, including margin trading, futures trading, and staking. Binance’s platform is user-friendly, making it accessible for beginners, while its advanced trading features make it suitable for experienced traders as well. Binance’s success has led the company to expand its offerings, including launching its own cryptocurrency, Binance Coin (BNB), and developing decentralized finance (DeFi) platforms.

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How to Withdraw Funds (FIAT) from Binance?

If you’re looking to withdraw money from Binance and back to your bank account, the process will depend on your location and the fiat currencies you wish to withdraw. For this example, we will use withdrawing GBP to a bank card.

Step #1 Log into Binance

To begin, navigate to Binance.com or Binance.us if you’re in the US, and log in to your account.

Step #2 Go to Binance’s “Fiat and Spot” Page

From the top of the Binance home page, select “Wallet” and choose “Fiat and Spot.”

Step #3 Choose Fiat Currency to Withdraw

Next, select the fiat currency you wish to withdraw from the available Fiat and Crypto Balances by clicking on “Withdraw.”

Step #4 Select the Withdrawal Method

On the Binance withdrawal page, choose your preferred withdrawal payment method. In this example, we’re withdrawing to a Bank Card (Visa) with a transaction fee of 1%, but fees and payment methods will differ based on the fiat currencies you’re withdrawing.

Step #5 Enter the Withdrawal Amount

Enter the amount you want to withdraw or select “Max” to withdraw your entire available fiat balance. If there are any limits, you can find them by clicking on the “i” icon.

Step #6 Add Beneficiary’s Information

Add your bank card information by selecting “Add New Card” and “Continue,” followed by your billing details. The steps may differ depending on your payment method, and you may need to enter your receiving account details for a bank transfer.

Step #7 Confirm Withdrawal from Binance

When you’re ready, click “Continue.” Depending on your 2-factor authentication method, you may need to complete additional security verification, such as entering a Google verification code, before withdrawing your money.

After confirming your withdrawal, your fiat will be transferred to your bank account, credit card, or debit card, and the withdrawal will be displayed in your “Recent Withdrawal History” on Binance. Remember that the process and payment methods may differ based on your location and the fiat currencies you’re withdrawing.

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How to Withdraw Cryptocurrency from Binance?

To withdraw your cryptocurrency from Binance exchange, follow these simple steps:

Step #1 Log in to your Binance account

To start, go to Binance.com and log in to your account. Then, click on “Wallet” at the top of the screen and select “Fiat and Spot”.

Step #2 Choose the cryptocurrency you want to withdraw

Next, you’ll see a list of all your fiat currencies and cryptocurrency balances. Click on “Withdraw” next to the cryptocurrency you want to withdraw.

Step #3 Enter the recipient’s address

On the crypto withdrawal page, you’ll be prompted to enter the withdrawal address. Copy the “Receive” address from your external wallet (or scan the QR code) and paste it into the field.

Step #4 Enter the amount you want to withdraw

Enter the amount of cryptocurrency you want to withdraw or click on “Max” to withdraw all your available balances. The minimum withdrawal amount will already be filled in for you.

Note that the fees for withdrawing your cryptocurrency will be displayed on the screen as the total amount that you will receive.

Step #5 Confirm your withdrawal

When you’re ready, click on “Submit” to confirm your withdrawal request. Depending on your 2-factor authentication method, you may be prompted to complete security verification before the withdrawal is complete.

Once your withdrawal is successful, you can view it under “Recent Withdrawal History” on Binance.

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Conclusion:

In conclusion, withdrawing funds from Binance is an easy process that can be completed in just a few simple steps. Thanks to the platform’s user-friendly interface, even beginners can navigate it easily. However, it is important to be mindful of the fees incurred during crypto and fiat trades, as they can add up over time. By following the steps outlined in this guide and keeping track of your fees, you can safely and efficiently withdraw your funds from Binance with confidence.

Additionally, Binance’s commitment to security and regulatory compliance ensures that your funds are safe and secure during the withdrawal process. The platform employs a variety of security measures, including two-factor authentication, to protect against hacking and theft. Overall, withdrawing from Binance is a seamless process that allows you to quickly and securely transfer your funds to your desired destination.

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