If you are new to the cryptocurrency universe and you feel worried about the idea of withdrawing funds from Binance, don’t panic.
The fact that it may look complicated at first sight gets much easier when the proper guidance is followed.
Interestingly, Binance became a major player in cryptocurrency exchange in 2021 with a massive $7.7 billion trading volume.
This is a comprehensive guide that takes you through each step of withdrawing your cryptocurrency from Binance.
This guide, starting from logging into your account to checking that your chosen wallet has been credited successfully, is simplified to fit your needs and perception.
How to Withdraw Crypto from Binance in Easy Steps
Withdrawing cryptocurrency from your Binance account is not a difficult task. One can do it by just following the below-mentioned 9 simple steps. Let’s have a look:
Step 1: Login to your account
The first step is to go to the official website of Binance through any of the preferred browsers. Enter the login credit so that you can gain entry into your account.
Step 2: Go to the page of withdrawal
Once you gain access to your account, go to the withdrawal page. It is usually under the “wallet” section. Go to “withdraw” or “withdraw funds” to continue.
Step 3: Choose the preferred cryptocurrency
There will be a list of cryptocurrencies and you need to choose from either of those. Make sure to be careful while choosing the preferred cryptocurrency. If you choose the wrong one, you can be in trouble and also suffer a loss.
Step 4: Select the Withdrawal Network
For some of the cryptocurrencies, there can be more than one network or protocol in which it operate. As an example, one can send Ethereum either via the mainnet or the Binance Smart Chain (BSC). Decide on the network or protocol you will use for your withdrawal based on your destination wallet’s compatibility.
Step 5: Input the Withdrawal Details
Now, insert the amount of cryptocurrency you want to take off your Binance account. Ensure that the appropriate amount is entered, with an allowance for any network fees that could be deducted by a smart contract. On top of that, also give the wallet address to receive the withdrawn funds. To make sure that your destination address is correct and avoid accidental loss of funds, double-check the destination address.
Step 6: Full Security Screening
Part of Binance’s security system is the requirement for you to complete an additional verification process before your withdrawal is processed. This could imply entering a verification code which has been sent to your email that is registered with the bank.
Step 7: Agree and Submit
Make sure that you have carefully checked all the details of the withdrawal, such as the sum and the destination address. Make sure that all the details are correct and then confirm the withdrawal. If everything works out fine, send your request.
Step 8: Watch Your Transactions
Now watch your withdrawal request status after you submit it. Due to several factors, like network congestion and blockchain confirmation time, the withdrawal may take some time before it is processed and confirmed. Hence, it is important to keep an eye on it till it finally reaches your account safely.
Step 9: Check your destination wallet
Make sure that the money is correctly transferred to your destination wallet. Check your transaction history and verify if the credit amount is correct. If you find any issues with the amount, do reach out to the help executives as soon as possible.
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Binance’s Key Financial and Trading Metrics
By the end of 2021, the price of BNB jumped over 50% compared to its end-of-year 2020 price. Regardless of this, the price slumped significantly in 2022. For example, on April 7, 2024, alone a single BNB coin was calculated to equal $584.10 as compared to its all-time high of $600 observed in November 2021.
In the end, despite that, Binance Coin still belongs to the top ten most valuable cryptocurrencies in 2022.
The fact that BNB had a strong rise in its value in November 2021, at the same time Ethereum (ETH), the crypto coin originating from its platform in 2017, made a similar gain in value, is also important.
Wrapping Up
Transferring out of cryptocurrency from Binance doesn’t have to be a complicated or risky event. This guide offers simple and clear instructions to help you feel confident about the process of withdrawal, as well as allowing the secure transfer of your funds to the desired wallet of your choice. From logging in to your Binance account to your cryptocurrency being transferred to the wallet of your choice, all this happens in a straightforward and easy-to-understand manner. Users just need to follow the steps as it is and they can easily withdraw their cryptocurrency within seconds.
