How to withdraw money from binance to a bank account for new crypto market entrants on the binance exchange. If you have an amount of crypto that you want to sell to withdraw money to your bank account, but you do not know how to do it, read this article, Cryptocurrencyin4.com will guide you in detail step by step.
1. Sign up for a Binance account
If you do not know how to register and how to verify KYC a binance account to start trading, please see the tutorial below. View more:
Or you can register directly at the owner’s link binance.com
2. Overview of the withdrawal process
To withdraw money, your account needs to ensure 2 layers of security, KYC verified, and add a bank account to the payment method.
Next, you will transfer all the cryptocurrencies you want to withdraw from your Margin wallet, futures, … (if any) to your Fiat wallet.
At fiat and spot wallets you will sell these cryptocurrencies to earn USDT, and then continue to use USDT to sell in the form of P2P transactions, you will receive the buyer’s money transferred to your bank account.
If you don’t understand what form of transaction “P2P” is, cryptocurrencyin4.com explains as follows:
This is a form of crypto transaction between buyer and seller through the binance exchange, the process is as follows:
1. The buyer places an order to buy the seller’s crypto.
2. Binance detains the seller’s crypto.
3. Buyer makes bank transfer to seller.
4. The seller checks that the buyer’s bank transfer balance is sufficient.
5. If the amount the seller has received is enough, confirm with Binance.
6. Binance transfers the crypto to the wallet for the buyer.
3. Notes before withdrawing money
Before withdrawing money you need to check binance’s system maintenance notice or not. If in case you see the system maintenance message, please click to see the maintenance time details.
During system maintenance, you will not conduct transactions temporarily, because the transaction processing time for you will be longer than usual.
4. Step by step instructions on how to withdraw money from Binance to your bank account
You follow the steps below to be able to withdraw money from Binance to your bank account.
4.1 Step 1: Add a bank account to the payment method
Note: The bank account must be yours to register with your owner, do not borrow or use someone else’s bank account. You should make a separate bank account just to use binance transactions and do not transfer any other money into this account such as salary, business money.
To be able to add your bank account to a P2P payment method, go to the “security” section of your account.
You click on “payment” -> “P2P” -> “add a payment method” -> “bank transfer”. Or you can choose to “see more” to choose other payment methods.
Here you enter your bank account information in the order as shown below:
1. Enter your bank account number.
2. Enter the name of your bank.
3. Enter bank branch information.
4.Press button “Confirm” and follow the next steps of binance to complete.
4.2 Step 2: Transfer Crypto from margin wallets, futures (if any) to Fiat and Spot wallets
If you have cryptocurrencies on margin or futures wallets then you need to switch to a “Fiat and Spot” wallet.
You press the button “Transfer”
Now execute the operation in the order shown below:
1.Press the switch icon to toggle the margin wallet on the left, the fiat wallet and the spot on the right.
2. Select the Crypto you want to transfer.
3. Click on “use max amount” to select all amount of that crypto.
4.Press the “confirm” button to finish.
4.3 Step 3: Sell Crypto and get USDT
After you have transferred the crypto to your Fiat and Spot wallet now you need to sell it to collect USDT. To sell, you choose the “trade” -> “advanced”.
Now execute the operations in the order shown below.
1. Press the “Spot” button.
2. Press the down arrow icon to select it.
3. Enter to find the crypto you want to sell.
4. Select the USDT trading pair.
5. Press the button “SELL”.
6. Select “market” order to execute fast processing according to the market price.
7. Drag the 100% slider to sell out the quantity of Crypto you choose.
8. Click on the “Sell BAT” button to complete.
4.4 Step 4: Transfer USDT from Fiat and Spot to P2P
After you’ve collected USD in your Fiat and Spot wallets, now you need to switch to a P2P wallet.
You click to select “wallet” -> “Fiat and Spot”.
You press the “transfer” button in your Fiat and Spot wallet.
You operate in the order of steps as shown below:
1. Select the “Fiat and Spot” wallet.
2. Select the wallet “P2P”.
3.Enter selected USDT.
4.Press “Use max amount”.
5.Press the “confirm” button to finish.
4.5 Step 5: Sell USDT to collect money to the bank account
After you have transferred USDT to a P2P wallet, you will now sell it in the P2P form.
You select “Buy Crypto” -> “P2P Trading”.
You operate in the order as shown below:
1. Select “sell”.
2. Select the currency “USDT”.
3.Choose the correct currency for your country.
4. See the minimum and maximum limits that are right for you.
5. Select and press the sell button for an appropriate person.
At this point you will wait for the buyer to pay within the time specified by binance.
Once you have received the notification of the amount transferred to your account, you need to log into your account to check whether the amount you have received is enough or not.
If you have received the full amount then press the button “Confirm release” to have binance transfer USDT to the buyer.
Next binance asks you to enter the 6-digit security verification code in the google authenticator app or SMS to complete.
So cryptocurrencyin4.com has finished giving you instructions on how to withdraw money from binance to bank account. Hope you will practice successfully!