Binance withdrawal processing time: The complete guide of 2022
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Binance is one of the largest multifunctional cryptocurrency trading platforms globally today. However, newcomers to the platform may find it difficult to withdraw money from Binance and do not know Binance withdrawal processing time. The following article learns all the most complete information about withdrawing cash from Binance to your bank account.
How to withdraw money from Binance exchange
Users can withdraw money from Binance exchange to their bank account with a few simple steps. Here are the step-by-step instructions:
Log in to your Binance account.
* See more: The complete guide Binance from a to z
Select the Wallet tab, and select Overview. Then click [Withdraw] and choose [Withdraw Fiat]
Select the currency you want to withdraw and click Continue. Currently, Binance only allows withdrawals: USD, AUD, BRL, EUR, GBP, RUB, TRY, UAH, UGX, KZT, NGN.
Fill in the payment account information in the planting boxes and click Next. Follow the required steps and enter the verification code to confirm the withdrawal request.
How to withdraw fiat from Binance exchange to your bank account
Using Binance’s withdrawal feature incurs withdrawal fees and unit limits, so everyone does not universally use it. Most users choose to withdraw fiat money from Binance through P2P Trading. Proceed as follows:
Log in to your Binance account. On the toolbar, select Buy Crypto, then click P2P Trading.
Select P2P and click Sell. Then select the electronic currency in the account you want to convert to cash and choose the unit of money you want to receive. Currently, the P2P feature only accepts some coins such as USDT, BTC, BUSD, BNB, ETH, DAI. If users have other currencies, they can switch to one of the above coins to withdraw cash. In the illustration below, the user has USDT and wants to withdraw USD to his bank account.
Choose the right seller and click Sell:
- The Advertisers column lists buyers with the number of transactions they have made (orders) and success rate (completion). Sellers with a gold stack next to the name are more reputable sellers.
- The Price column is the price they are willing to buy the coin.
- Limit/Available column shows liquidity
- The Payment column shows the payment method
- The Trade column shows the status of their trade.
Carefully review the information about the exchange rate, liquidity amount, payment method, and terms of the buyer. If appropriate, enter the number of coins you want to sell to withdraw cash in the box I want to sell and click Sell.
After receiving the money into the bank account, the user needs to press release the coin to pay the buyer. Do not believe in the payment images sent by the buyer. Only click to release the coin when the money has been received in the account to avoid fraud. P2P is the most popular and convenient way to withdraw cash from Binance to your bank account.
Binance Exchange Fees
Binance charges fees for withdrawals through the Withdraw feature. This fee is fixed, used to pay for network transaction costs. Each blockchain has different prices, depending on the specific currency the user is using. In addition, fees may vary depending on network activity. Users can check the exact cost by accessing the Withdraw feature as instructed above.
Minimum withdrawal amount on Binance
Binance exchange applies a minimum withdrawal amount for each cryptocurrency. Users cannot withdraw a smaller amount in Withdraw feature. With the P2P part, the minimum withdrawal amount depends on each buyer.
Successful Binance Withdrawal Processing Time
Binance withdrawal processing time. Normally, Binance immediately processes a user’s withdrawal request. However, each blockchain takes time to complete the transaction confirmation. This time is not the same for each blockchain. For example, Binance Smart Chain can complete transaction confirmations in just a few minutes. Meanwhile, Bitcoin can take anywhere from 10 minutes to 30 minutes. Even Ethereum may take longer.
Binance generates a TxID (Transaction ID) to issue the withdrawal transaction when a user withdraws. However, the transaction may be delayed depending on the number of network confirmations required. Binance offers 30-60 minutes for users to track their withdrawal progress. To check the withdrawal status on Binance, users can go to the Binance transaction history page (Wallet/Overview/Transaction History).
See more: How to view deposit and withdrawal history, transaction history on Binance?
Some information to know about Binance withdrawal processing time
Why is my withdrawal on Binance stuck in processing?
Users may get stuck during withdrawals due to the high number of network confirmation requests or network congestion. If less than 30-60 minutes after TxID (Transaction ID) is generated, the user needs to wait for more. In particular, the Bitcoin network usually takes longer to confirm, so it may take longer for users to wait.
Why can’t users withdraw from Binance?
Users cannot withdraw from Binance during Binance system upgrade, or new users change their password. If the reason is from Binance, users can contact Binance support. System upgrades can take anywhere from 30 minutes to 24 hours. Withdrawal is disabled until the system upgrade is completed. Users can check in the notification mailbox. In addition, if the new user changes the password within 24 hours, the withdrawal is also not possible to ensure safety and security.
How to fix withdrawal error from Binance to bank account?
If the user has not received the money after making the withdrawal after 6 hours, the user can wait for more or contact Binance support. However, if the money has not been received after 10 to 20 minutes, the user should stay. Users only contact Binance support through the Binance homepage and do not provide passwords or OTPs to anyone claiming to be Binance support staff to ensure the security of their account. Binance never asks customers for OTP codes. Therefore, if someone claims to be a Binance support officer and asks the user for an OTP, it could be a scam.
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