Binance is a reputable exchange in the crypto market.
To make use of this platform, all you have to do is register an account on the platform.
Once you do that, you’ll have access to buy, sell and transfer, or convert fiat currencies, as well as BTC for many other Altcoins.
For your security reasons, choosing a reliable platform that has built a strong reputation on the market is necessary, when it comes to cryptocurrency investment.
Binance is one such crypto exchange, serving millions of customers worldwide since 2017. Originally from China, the company operates from crypto-friendly Malta.
Many investors liked it for listing vast number of cryptocurrencies, ranging from the most popular ones to lesser-known obscure coins.
It also charges incredibly low fees, has a native currency BNB that can be used for getting discounted fees, and offers its own digital wallet.
As I always advise; it’s not a great idea to leave your money on any crypto exchange, no matter how much reliable they seem.
Either you use get a dedicated hardware wallet, or software to keep your crypto safe.
If you want to withdraw your investment off Binance exchange, keep reading this guide to find out how to do it successfully.
Things to have in mind
These are things you should have in mind before trying to withdraw your crypto investments from the exchange platform.
1. Binance security methods
I recommend protecting your Binance account with Google Authentication app to create an added layer of security to your Bitcoin transactions.
This is a third-party protocol used for two-step verification services.
Once the service is activated, it will syncs with the platform, so to generate a unique key for transactions you make afterwards.
If you decide to deactivate this security feature, you may experience Binance withdrawal suspended error.
2. Binance withdrawal limit
The non-verified account holders (i.e. Level 1) can withdraw up to 2 BTC per 24 hours, whereas verified account holders can withdraw up to 100 BTC per day.
However, you don’t have to submit any documents when exchanging cryptocurrencies on the platform.
3. Binance withdrawal fees
Binance has zero deposit fees, but it’s different for withdrawal fees – depending on the cryptocurrency in question.
The fees can range from $1 to $15.
4. Binance withdrawal time
Normally, Binance withdrawal processing time usually take not more than 30 minutes to reach your secure crypto wallet.
How to withdraw on Binance
Initially, Binance was a crypto-to-crypto only exchange, which means withdrawing funds will cause you to transfer your crypto out.
However, the team later made it possible to withdraw crypto investment fund without needing any third-party fiat currency conversion.
Below are the steps on how to withdraw from Binance to both bank account and PayPal safely.
How to withdraw crypto from Binance to PayPal
PayPal supports four cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC) accordingly.
In other words, you have login to your Binance account and pick any of these cryptocurrencies, keeping in mind that PayPal only support their native networks.
There are simple steps you need to follow, so you can safely transfer crypto from Binance to PayPal account.
Here’s how to transfer crypto from Binance to PayPal:
- Firstly, log in to your PayPal account
- Head to the dashboard crypto section
- Choose the cryptocurrency of choice
- Click on the ‘Transfers’ button (An icon with two arrows)
- Then click on the ‘Receive’ option
- Complete PayPal ID verification process (If it’s your first time)
- Access the PayPal crypto wallet address
- Copy the address, or use the QR code
- Paste the address into Binance withdrawal page.
Once you complete the steps and request for withdrawal, you will be presented with questionnaire to fill-up before approval.
Normally, the same address for a particular cryptocurrency can be reused, but it’s not recommended due to privacy and security.
This is why PayPal always generate a new wallet address for every cryptocurrency transaction.
Always double-check if the address you’re sending, or receiving crypto is correct to avoid loss of invested funds.
Cryptocurrency transactions are irreversible, and transferring your coin to a mistyped address means your money is lost.
How to withdraw fiat money from Binance
Binance currently has support for more than 60 fiat currencies, including USD, EUR, GBP, INR, AUD, NGN and JPY.
Traditionally, to withdraw any money from Binance to bank account, you need to follow these simple steps below:
- Visit Binance exchange website
- Register or login into your account
- Hover on the navigation bar ‘wallet’ link
- Click on the ‘P2P’ option link
- Navigate to the Peer-to-Peer page
- Select your desired cryptocurrency to sell
- Filter the list of vendors by payment methods
- Enter the amount of cryptocurrency to sell
- Select your choice of trusted buyer
- Enter the cryptocurrency transaction process
- Confirm that you’ve got a bank transfer alert.
You have successfully withdrawn your funds out of Binance to your bank account!
Over to you
As you can see, the withdrawal process is not hard, and I hope you’ve learned how to withdraw from Binance safely.
However, you’ll need to know exactly what you’re doing to avoid losing your investment in the process.
Make sure to include the correct details when withdrawing, otherwise, you’ll risk losing your funds without any trace.
If you intent leaving the funds for a long time in digital asset form, I strongly recommend using a hardware wallet because they’re highly secured.
According to research and reviews gathered online, Ledger Nano X wallet seems to be the best with it’s security features.