The first thing you should keep in mind is that Binance offers two primary types of withdrawal: cryptocurrency withdrawal and fiat withdrawal. In the past, only direct cryptocurrency to cryptocurrency withdrawals was available on Binance. Thanks to the introduction of fiat channels on Binance, users in many regions around the world can now make direct fiat withdraws in real-time.
Top 5 Reasons to Choose Binance for Crypto Withdrawal
There are several reasons to choose Binance over other cryptocurrency exchanges, but this article will only mention the top five.
1. Security
Binance is one of the safest cryptocurrency exchanges in the market. However, all users are encouraged not to leave their funds on the exchange for long. Make your transactions and send your funds out as soon as possible. Binance allows customers to add a list of IP addresses for withdrawal. So, if someone tries to withdraw money from your account from an IP that isn't on the list of approved IP addresses, the transaction will be blocked. For even more security, Binance integrated Google Authenticator into the withdrawal portal. Google's 2FA is one of the most reliable third-party authenticators of an additional layer of security. During every transaction, you will be asked to input your 2FA code before you can proceed.
2. Convenience
Withdrawal of cryptocurrencies and fiat from Binance is as convenient as it gets. All you have to do is log into your account and follow the steps above. Your money will reflect in your Trust Wallet or bank account in no time. Even the standard cryptocurrency and peer-to-peer trading on Binance are more convenient than they are on other exchanges.
3. Low Withdrawal Fees
The withdrawal fees on Binance are competitive. While many other exchanges charge between $10 and $30 per transaction, Binance takes between $1 and $15 for fiat currency withdrawal. It is the same range for cryptocurrency withdrawals. All you have to do is pay the cryptocurrency equivalent of $1 to $15. Binance places customers in levels depending on how frequently they use the platform and the amount of money they spend on transactions. New users who haven't spent a lot of money trading are in Level 1, as they progress, their level goes up and they receive discounts on trading fees. You may also enjoy some discounts from BNB fee deductions.
4. Withdrawal Speed
If the fee structure, convenience, and security aren't enough to entice you, the speed might be enough. Typically, a withdrawal request on Binance takes about five minutes to be completed after filling in the required details. The withdrawal itself takes only about five to ten minutes to reflect in the beneficiary account. On rare occasions, the withdrawal process might be delayed for 24 hours on rare occasions. If you don't get your funds within 24 hours, contact a customer care representative from Binance for help.
5. Convenience for Wallet-to-Wallet Transfers
Apart from the convenience of withdrawing from Binance to Trust wallet, you can send cryptocurrencies from your Trust wallet to any other wallet within a few minutes. Trust wallet is one of the most reliable cryptocurrency wallets out there. If you want to transfer your cryptocurrencies from Binance to another exchange, it has to go through your Trust Wallet first. The process is straightforward.
Binance offers two main methods of withdrawing your crypto: Fiat and Crypto.
Binance supports withdrawal for 14 fiat currencies, including some of the most widely used in the world such as the U.S. dollar (via BUSD), Euro, and British pound. Before you can make crypto-to-fiat withdrawals on Binance, you need to make an account for the available fiat service that corresponds to your selected local currency. For these supported local currencies, we have worked with the leading financial service companies for your cash-out needs.
For the step-by-step procedure on withdrawing fiat currencies, please read this guide.
The default withdrawal option since the creation of Binance, cryptocurrency withdrawal is available for all crypto tokens listed on Binance. In the case of several major tokens, we even give you the option to withdraw into different blockchains that support the cryptocurrency. For instance, if you withdraw Bitcoin now, you can select from Bitcoin, Ethereum, Binance Chain, and Binance Smart Chain as your preferred blockchain for securing your crypto funds.
While there are many crypto wallets available for your needs, we recommend the use of Trust Wallet, Binance’s official crypto wallet app, which supports several cryptocurrencies and is a leading option for storing your tokens in a fast, secure, and convenient way. For the step-by-step procedure on withdrawing crypto to your Trust Wallet, please read this guide.
Summary
Binance offers competitive rates when it comes to withdrawal fees, and deposits on the platform are 100% free. The fee structure and BNB deductions also allow loyal clients to enjoy withdrawal fee discounts. Don't forget about the security, convenience, and speed of using Binance for your withdrawals. Binance is one of the most reliable platforms in the cryptocurrency industry. Make sure that you use Google Authenticator and complete the Wishlist to add additional layers of security during withdrawals on Binance.
Try the Withdrawal Function of Binance Here
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