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How to Withdraw Cryptos and Money From Binance to Bank Account
As a cryptocurrency enthusiast or trader, you’re likely to have questions about withdrawing your assets from the popular exchange platform, Binance. In this article, we’ll take an in-depth look at the withdrawal process for both crypto and fiat currencies on Binance.
Before we dive into the details, it’s essential to remember that Binance has different policies and fees for various types of withdrawals depending on the network or method you choose. For this reason, it is crucial to understand the options available before proceeding with your request.
Crypto Withdrawals
For crypto assets like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others, Binance applies withdrawal fees based on the blockchain network selected for processing. The current BTC fee structure for withdrawals includes:
– BNB Chain (BEP20): 0.0000066 BTC (approximately $0.60)
– Bitcoin Network (BTC): 0.00003 BTC (roughly $2.75)
– Lightning Network: 0.000001 BTC ($0.09)
– Ethereum (ERC20) network: 0.000048 BTC ($4.40)
These costs are subject to change and may vary depending on the blockchain’s transaction fees.
Fiat Withdrawals
For fiat withdrawals, such as transfers to a bank account in USD or other currencies, Binance has different policies for users. In the United States, you’ll have free ACH (Automated Clearing House) withdrawals with Binance.US, while wire transfers will incur a fee of $25.
It is crucial that you are aware of these fees before initiating your withdrawal.
Withdrawal Limits
Binance has set specific daily and lifetime limits for withdrawals based on user account levels and verification status. For standard users, the maximum withdrawal limit is 8,000,000 BUSD per day. On the other hand, Binance.US, a US-based exchange, allows verified KYC customers to withdraw as much as $1 million in USD via wire transfers.
Conclusion
In conclusion, it’s crucial to understand that different cryptocurrencies have unique network fees for withdrawals on Binance, and you should choose your desired blockchain method based on the withdrawal amount. Furthermore, fiat currency withdrawals are subject to specific limitations depending on user verification and the chosen method.
References:
Tyler Grant – Editor-in-Chief
Source: https://www.cryptoninjas.net/crypto/how-to-withdraw-from-binance/
