One of the most popular crypto exchange apps facilitating easy online trading, Binance has established itself as the world’s biggest platform witnessing the highest volume of cryptocurrency trade. Getting started with Binance is easier than many other crypto exchange platforms.
And that is why it is recommended as one of the beginners friendly platforms for users who are new to the crypto trading world. If you are an active user of Binance then you might have covered its basic functions and flow of work.
But things become a little complicated later. One of such things is how to withdraw money from the Binance account. This article is going to answer this question for you.
Once you are done setting up your Binance profile, starting trading, and making profits by crypto exchange, the better part comes in which is withdrawing your money from the Binance account. But before we get there, let’s look at some of the features of the Binance trading app.
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Why Did Binance Become Popular?
As mentioned before, Binance is one of the fastest-growing crypto exchange platforms. It just started in 2017 and within 5 years, it has gained so much popularity in the crypto exchange market.
Today, it has become the world’s biggest crypto exchange online place. And it did not achieve it by being ordinary. It facilitated its users in many ways. Some of those features are:
- Binance allows the exchange of most cryptocurrencies which are estimated over 600 types of virtual currencies. This is one of the biggest reasons why Binance is used by many. There are different types of Cryptocurrencies and a platform that supports many of them is quite likely to attract many users.
- Binance was launched at a time when cryptocurrencies were hype. When the world was facing a pandemic and severe economic crisis, cryptocurrencies were touching heights. Many local investors also took this opportunity to invest in cryptocurrencies. Many such investors looked up to online crypto exchange platforms and Binance emerged as one of the beginner’s friendly platforms.
- It also allows its users to start their investment with a very low value. When a user could start their investment in cryptocurrencies with as little as $10, many local businessmen also showed their interest in crypto trading. This helped Binance to get more users and increased the number of transactions each day.
- Binance was originally a Chinese company. But in 2017, it disabled its services for its users in the United States and decided to launch the Binance.US version which would only be open to US residents. Although Binance is not available in some of the states, it is used in most of the states of the US.
- Investors who used the Binance crypto exchange or Binance coin received discounts on the transaction, and this isn’t the only profit. But Binance coin could also be used in the exchange of cryptocurrencies such as Bitcoin and Ethereum. Other such benefits of using the Binance crypto exchange gave Binance a huge rise in transactions.
How Does Binance Work?
We have already discussed enough Binance and the reasons why it emerged as the world’s biggest crypto exchange. Now, moving to one of the most important questions which is how does Binance work? You must know that dealing with virtual currencies is one big task.
And if you are a new Binance user then you need to know its workflow. Understanding how it works will not only help you to use Binance better but also with investment. So, here is a simple stepwise tour of the crypto exchange app for you.
- The first step includes creating a Binance account. Once you have registered yourself on Binance successfully, log in to your account.
- The next step is funding your Binance account. To start trading on Binance, you first need to credit some currencies to your account. And here currencies refer to crypto exchanges or virtual currencies. You can use any of the cryptocurrencies that are supported by Binance.
- In continuation to the second step, you must deposit an amount. For this, go to Deposits and then choose a crypto exchange type. After this Binance will generate an address for the initiation of the transaction. Once the address is generated and the deposition of the crypto exchange is completed, you can select the amount that you want to transfer. The selected amount will then be visible in your Binance account.
- The last step comes the most interesting part which is investing or trading. Go to the trade option in your Binance account and select one option out of Basic or Advanced. Based on your selection, you will be directed to current crypto market details. To sell Binance crypto exchange at the price of any other cryptocurrency, choose the exchange type for which you want to sell from the right panel.
Lastly, click on BNB to see the corresponding trading details. Next, go to the bottom of the page, till you find the Buy BNB and Sell BNB options.
When the pop-up states “Limited Sell order Created”, go down to Open Orders and wait for your order to complete successfully. Once, it is completed, your trade is marked as completed.
How To Withdraw Money From The Binance Account?
Learning and getting started with the Cryptocurrencies trade is one big deal. Once, you have started trading with Binance, you are going to go through profits and losses as the crypto exchange market is very volatile.
But once you make a good amount of profit, it’s wise to withdraw it at the right time. So, let’s see how to withdraw money from the Binance account to your bank account.
- Login to your Binance account using its mobile app.
- Click on the wallet icon that you can see in the bottom-right corner of your screen.
- Choose your currency type from the currency list that appears. If you want it to be US dollars then select USD.
- Next, Click on the Withdraw option that you can see on the bottom-left side of your screen.
- The last step will lead you to withdraw page. There, you have to select the withdrawal type. Under the recommended section, you can see the SWIFT option. Select it to withdraw your money to your bank account.
- Now, Enter the amount that you want to withdraw, then select Available, and lastly, tap on Continue. Your withdrawal amount must be higher than $11.14 or 10 euros.
- A confirmation message will pop up. Tap on Confirm. The transaction may take 1-4 business days to complete.
How To Withdraw Money From A Binance Account Instantly?
As the above method will require you to wait for 1-4 business days, you can also go for an instant withdrawal method. You can use your VISA card to withdraw money from your Binance account instantly.
However, the Instant Card Withdrawal option through VISA Direct is available in some countries only. Those countries include
- Austria
- Belgium
- Bulgaria
- Croatia
- Republic of Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Greece
- Hungary
- Iceland
- Italy
- Lavita
- Lithuania
- Malta
- Poland
- Portugal
- Romania
- Slovakia
- Slovenia
- Spain
- Sweden
- Russia
- UK
Money withdrawal using instant card withdrawal takes up to a few minutes. However, this method charges you 1% of your amount. So, if you don’t have an emergency and you want to save yourself that 1% of the amount then the best option is withdrawing money to your debit or credit card.
Conclusion
Crypto exchange trade took a boom during the pandemic which even encouraged local vendors to exchange cryptos. Virtual currency trade was brought to local people through crypto exchange apps such as Binance.
Binance emerged as the fastest-growing and biggest crypto exchange market within very little time. As this market is never steady, it is best to withdraw your amount at the right time. For you, this article shares methods to withdraw money from the Binance account.
