Hi It's Unicorn

 

How to withdraw cryptocurrency from Binance Exchange, and then transfer the cryptocurrency to other exchanges, or convert it into fiat currency. There are two methods of withdrawal on Binance Exchange currently: Binance Wallet Withdrawal and P2P Withdrawal.

 

Wallet Withdrawal

 

Step 1: Click the Fiat and Spot.

 

If you want to withdraw money from Binance Exchange, which is very similar to the deposit procedure, first click "Fiat and Spot” and select the coin that you want to withdraw.  

 

Source : Binance

 

Step 2: Confirm the withdrawal address

 

Fill in the Address and select the Network to proceed with the withdrawal operation.

 

Tip: You must make sure the address and the network are correct or not, otherwise it may cause assets lost.

 

Source : Binance

 

Depending on the currency, different network will generate different handling fees and different transmission speeds, some are faster and some are slower, and the minimum withdrawal limit is also different. Binance Wallet currently supports the following types of networks :

 

 

✓ BEP2 refers to the Binance Chain.

✓ BEP20 refers to the Binance Smart Chain (BSC).

✓ ERC20 refers to the Ethereum network.

✓ TRC20 refers to the TRON network.

 

 

Source : Binance

 

Different currency will incur different withdrawal fees. Normally the BEP2 network usually  can get a lower handling fee, but there will still be different handling fees according to the currency, so just choose a network with a lower handling fee. 

 

Step 3: Confirm the transaction and enter the verification code

 

Enter the "mobile phone verification code", "mailbox verification code" and "Google 2FA" verification code to continue the transaction

 

If you want to directly convert cryptocurrency to fiat currency, you can also use the "Withdraw fiat currency” page to do the operation on the page. However, the handling fee is the highest among all withdrawal methods. It costs USD$30 per time, and you have to wait for 2-4 days for receiving funds, which is very uneconomical.

 

Source : Binance

 

P2P withdrawal

 

P2P is a very convenient way to withdraw funds. First, you need to transfer the assets of the spot wallet to the P2P account.

 

Source : Binance

 

Then we can select the currency merchant and payment method like the previous P2P trading, including domestic bank transfer, LINE Pay, and other options. Follow the buyer's instructions and create your payment method. After the transaction is confirmed, Binance will release your cryptocurrency to the buyer and transfer the currency from the exchange to the buyer. Be more careful with the buyer and seller you select, otherwise your account may be frozen because the buyer or seller has some trouble in previous transactions.This is the risk of P2P transactions, and the best way is to choose buyers who have verified their safety.

 

 

Source : Binance

 

Conclusion

 

1. There are two main methods of withdrawal on Binance: wallet withdrawal and P2P withdrawal.

2. According to different blockchain network that you select, the handling fee will be different.

3. If you choose P2P transactions, you can exchange your cryptocurrency into other fiat currency without handling fees.