How to Withdraw from Binance
Cryptocurrency trading is one of the fastest growing businesses on the planet today. Learning how to withdraw from Binance is worthwhile as the exchange is among the top three most used platforms for Bitcoin transactions. If you do not have an account yet with Binance, then register here.
Tokens can be kept in wallets or left in account balances with a cryptocurrency exchange. Using a personal wallet is one of the recommended means of avoiding losses to hackers or exchange shutdown.
Having your tokens in your personal wallet is safe, and the fear of loss is minimized. As long as you have our private keys, you can transfer your tokens as the need arises.
On a basic note, you need to understand that sending of tokens is dependent on wallet compatibility. Most exchange-based wallets cannot be used for transactions on the ethereum blockchain.
ERC20 tokens require compatible wallets to send or withdraw. In essence, always verify that the token you are sending is compatible with the recipient’s wallet to avoid losses.
PART 1: How to Withdraw Cryptocurrency from Binance
To withdraw cryptocurrency from your Binance account, you can follow these steps:
Step 1: Log In
- When you log into your Binance account, you will find the “funds” tab on your dashboard.
- Click on the funds tab, to reveal the withdrawal page to the left side of your screen
Step 2: Currency Selection
- Click on the dropdown menu to reveal the available currencies
- You will find the balance you have on each currency underneath the tab, and this is shown as “Available Balance”
- So, click on the currency you want withdraw. The example above uses ADA, which is the Cardano token
- You can decide to transfer the specific number of tokens of your choice.
- Click on the “Max”, to send your entire balance or enter the desired number of tokens you wish to send
Step 3: Enter Recipient Address and Submit
- You will find the recipient’s wallet address tab underneath as shown on the tab above, and enter the address in the space provided. You can also scan the QR code using the QR tab.
- At this point, be at ease to click the submit tab underneath to send the transaction using the space provided as shown above.
You Should Note
After you click on the withdrawal tab, you should expect verification procedures. This might require an email confirmation. If an email is sent to you, you will have to click on the link provided to verify the transaction.
If you already linked your account to the 2FA ( 2 -factor authentication ) or phone verification, the following process will ensue:
- You will be prompted to enter the Google Authenticator code or SMS code
- The SMS code is for users who have their phone linked to their account
- The 2FA is for users who have Google Authenticator activated.
- With regards to the use of Google Authenticator, it is simple to activate.
- You need to go to the Google Play Store and download it.
- Check more from my Binance Review article.
Until you have completed the verification requested, you should not expect a transaction completion. Any new request to send tokens to third parties requires that you use a new address option.
You will find the new address option as you click on the drop-down menu on the withdrawals tab.
Here is a video that summaries what to do when navigating the Binance website for withdrawals and other transactions.
Reasons to Withdraw Tokens
Why should anyone withdraw tokens? There are a few reasons why this should happen.
When sending tokens to your private wallet
If you are sending tokens to your private wallet, it is possible to do so from you Binance account. If this is the case, you will follow the same process above. Only make sure that your private wallet address is copied correctly.
The need to safeguard your tokens from loss as a result of hacking of the exchange or through shutdowns is a motivation for this step.
When withdrawing to sell
It is possible you want to sell your tokens for cash when you have a goal in mind.
Whatever the reason for selling might be, you have a right to withdraw your tokens. You need to be sure that the recipient address is correctly copied to prevent a permanent loss.
When withdrawing to donate
Sometimes, you might have to give to a good cause like some humanitarian activity or social support system.
You should be able to withdraw from Binance on this score, provided that you have copied the recipient’s address correctly.
When withdrawing to use in an ICO
ICOs are common today, and many people are eager to participate in this buzz, this also forms a good reason for withdrawing your tokens from Binance.
However, you need to be aware that most Ethereum addresses for ICOs only work with ERC20 wallets ERC20 wallets like MEW ( my ethereum wallet) and MetaMask web wallet.
In this case, always send your tokens from Binance to MEW, before sending it across to the ICO sale address.
Safeguards to Watch
- Always make sure that you are sending the token to a matching token wallet recipient
- Do not send Bitcoin to an Ethereum address or you will lose your tokens
- When copying your recipient wallet address, it is advisable not to type it in
- Learn to use your “CTRL C” to copy the address from wherever you saved it or directly from the exchange
- When you have pasted the wallet address, remember to check the entries to ensure that they match the recipient data
- You can also use the QR code, and just make sure you are using the scanner correctly.
One take-way from this tutorial on how to withdraw from Binance is that you are not paying any fee for the transaction. Do not forget that you cannot sell your tokens on Binance as it is a trading platform.
You can send your tokens to marketplaces like Spectrocoin, Coinbase or LocalBitcoins, among others. When on these platforms, you can get cash or the payment of your choice with ease after paying the transaction fees.