Thanks to crypto exchanges, crypto trading has never been easier! All you have to do is register for an account on one of these platforms and become a part of the large community of crypto enthusiasts who buy, sell, transfer, or convert cryptocurrencies into fiat currencies and vice versa on a daily basis.
For security reasons, choosing a reliable platform that has already built a strong reputation on the market is a must. Binance is one such crypto leader, serving millions of customers worldwide since 2017. Originally from China, the company operates from crypto-friendly Malta.
Binance is well-liked for the vast number of supported cryptocurrencies, ranging from the most popular ones to some lesser-known obscure altcoins. It also charges incredibly low fees, has a native currency BNB that can be used for getting discounted fees, and offers its own digital wallet.
After using the platform for a while, you’ll probably want to withdraw some of your profit. The slight drawback here is that Binance is a crypto to crypto exchange so in order to convert your digital assets into US dollars, for example, first, you’ll have to send them to an exchange that supports crypto to fiat conversions.
Keep reading our guide to find out how to do this the right way.
For an added layer of security to your transactions, we recommend protecting your Binance account with Google Authenticator. This is a third-party protocol used for two-step verification services. Once you activate this service, it syncs with the Binance platform, so that every time you request a transaction it will generate a unique key. You’ll insert this key when asked by the exchange and Binance will verify your request.
Google Authenticator can be downloaded on Android and iOS devices as well, which is very convenient if you’re planning to use Binance’s mobile app.
On Binance, you can also activate the withdrawal whitelist and list all IP addresses that are allowed to withdraw funds from your wallet. Binance will automatically block all the rest.
Binance has zero deposit fees but things are different for withdrawal fees. Depending on the cryptocurrency in question, the fees can range from $1 to $15. If you want to withdraw bitcoins, for example, it will cost you 0.0005 BTC per transaction.
Withdrawing Funds From Binance
Since Binance is a crypto to crypto exchange only, withdrawing funds essentially means transferring a selected amount of cryptocurrencies to another digital wallet. For example, you can send them to a fiat to crypto exchange such as Coinbase.
On the Binance website, click on the “Funds” section and then find the “Withdrawal” button to be redirected to the withdrawing page. You’ll be asked to select a cryptocurrency and the amount you wish to “withdraw”. You can click on the “Available Balance” to double-check the amount you own or you can choose the “MAX” option to withdraw all your coins.
Next, enter the desired recipient wallet address, i.e. the Coinbase wallet address. Once you’ve checked the information for any mistakes, you can submit the request. You should be ready to wait for up to a few days for the transfer to be completed.
Converting the Cryptocurrencies From Your Coinbase Wallet
Once you get notified that the cryptocurrencies have reached your Coinbase wallet successfully, it’s time to convert them into fiat currencies before you finally withdraw them.
On Coinbase, Go to the “Buy/Sell” section and click on “Sell”. Enter the amount of US Dollars or any other supported fiat currency that you want to take out and the platform will check whether you have enough crypto assets to complete your order. This is when you’ll see the withdrawal fees at which point you can either cancel or continue with your transaction and click “OK”.
That’s all! Sit back and let Coinbase do the rest of the job. This included finding a buyer who would take your cryptocurrencies and give you the right amount of fiat currencies. It shouldn’t take more than a couple of days before the money reaches your bank account.