Money

How to withdraw from Binance

August 28, 2019

If the first question you have is about how you can buy into crypto, your next question must be how you can get revert your crypto back to fiat. The answer to both questions always depends on the desired currency, location-specific regulations and the exchange you intend to trade on.

In this article, we look at the question of how to withdraw from Binance (How to deposit into Binance is discussed separately). We will discuss two options:

  1. You withdraw your funds to another Binance account - specifically, Binance Jersey - and then have the funds transferred to your bank account; 
  2. You withdraw your funds into your Bitspark account and either have your funds transferred to your bank account, or revert your crypto to cash in your local currency. This is the cheapest and easiest method. 

What is Binance? 

Founded in 2017, Binance has grown into one of the largest crypto exchanges in the world. It is a centralised exchange (CEX) that hosts crypto-to-crypto trades. It is often praised for its low trading fees and impressively wide variety of coins available on the exchange.

How to withdraw your funds from Binance through Binance Jersey

  1. Login to your Binance Jersey account.
  2. At the upper right corner, click Funds, then Deposits.
  3. Click the desired cryptocurrency you wish to deposit.
  4. Copy the displayed address, or scan the deposit QR code (this is the target address).
  5. Login to your regular Binance account and go to Withdraw.
  6. Select the coin you wish to withdraw and input the amount as well as the target address (with some coins you may need to include a memo). 
  7. After you have put in the amount you wish to withdraw, the fee will be displayed; if you agree, then click submit. 
  8. Complete Two-Factor Authentication procedures, and check your email to confirm the withdrawal request. 
  9. If you want to know the status of the withdrawal, go to ‘recent withdrawal history’, click the link behind TxID. This will take you to Binance Explorer where your transaction status is detailed. 
  10. Login to your Binance Jersey account. Once you have received your funds, go to Funds, Withdrawals, and select your desired fiat currency on the left side of the screen.
  11. Input your bank details, the amount you wish to withdraw, click submit and complete Two-Factor Authentication procedures.
  12. Your withdrawal request has now been submitted - You can check the status at Transaction History, under Funds. 

It’s good to know that this option only allows for withdrawals in EUR and GBP. 

How to withdraw your funds from Binance through Bitspark

  1. Login to your Bitspark account on bitspark.io.
  2. At the bottom left, click on Deposit New Currency.
  3. Select your currency (eg. Bitcoin or Ethereum).
  4. Choose the Wallet you’ll be withdrawing from.
  5. Copy the displayed target address or scan the QR code.
  6. Login to your regular Binance account and go to Withdraw.
  7. Select the coin you wish to withdraw and input the amount as well as the target address - with some coins you may need to include a memo. 
  8. After you have put in the amount you wish to withdraw, the fee will be displayed; if you agree, then click submit. 
  9. Complete Two-Factor Authentication procedures, and check your email to confirm the withdrawal request. 
  10. If you want to know the status of the withdrawal, go to ‘recent withdrawal history’, click the link behind TxID. This will take you to Binance Explorer where your transaction status is detailed. 
  11. Login to your Bitspark account.
  12. Exchange the received crypto for your local currency stablecoin - For example, if you want HKD then exchange your crypto for Sparkdex.HKD; if you want Philippine peso trade for stable.PHP).
  13. Once you have your stablecoins, you can have funds transferred to your bank account or go to any of Bitspark’s Cash Points to revert to your local currency in cash. 

The main benefit of withdrawing your funds through Bitspark is that you have a lot more local currencies to choose from, instead of only EUR and USD. Also, Bitspark enables you to revert to your local currency via bank or in cash at very low fees, depending on your method of choice.  

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