Binance Exchange: What Is It?
Binance Exchange, founded in Hong Kong in 2017, is a leading cryptocurrency exchange. A strong emphasis is placed on trading altcoin. In addition to Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and Binance Coin (BNB), Binance offers crypto-to-crypto trading in more than 500 cryptocurrencies and virtual tokens. Because of China’s strict regulations on crypto exchange businesses, the company relocated its headquarters in 2018 to Malta, EU.
How to Withdraw from Binance
In this example, we’re going to use BNB (BEP2) to demonstrate how you can transfer crypto from your Binance account to an external wallet or platform.
- Sign in to your Binance account and then click [Wallet].
- Click on the [Withdraw] button.
- Click on [Crypto].
- To withdraw a cryptocurrency, select it from the list. We will draw BNB in this example.
- Choose a network. To withdraw BNB, we can choose either BEP2 (Binance Chain) or BEP20 (Binance Smart Chain). There will be a charge for this transaction from the network as well. To avoid withdrawal losses, you must verify that the network and the addresses network are equal.
- Select from your address book or enter the recipient’s address.
- Adding a new recipient address.
- Click [Address Book] – [Address Management] to add a new recipient.
- Select the [Add Withdrawal Address] button.
- Choose a cryptocurrency and a network. Enter the address, the wallet label, and the memo.
- A wallet label is a name given to each withdrawal address for your reference.
- MEMO can be omitted. When sending funds to another Binance account or another exchange, you must provide the MEMO. Trust Wallet addresses do not require a MEMO when sending funds.
- Make sure to determine if a MEMO is necessary. If a MEMO is required but isn’t submitted, your funds may be forfeited.
- Wallets and platforms may refer to MEMO as Tag or Payment ID.
- You can add the new address to your Whitelist and enable [Whitelist] by turning it on. You will be able to make withdrawals only to allow listed addresses when this function is enabled.
7. You will see the corresponding transaction fee and the final amount you receive after you enter the withdrawal amount. To withdraw, click [Withdraw].
8. You must verify the transaction. Follow the instructions on the screen.
- Making a transfer with incorrect information or selecting the wrong network will lead to permanent asset loss. Make sure the notification is accurate before transferring funds.
How to Withdraw From Binance to Coinbase
- Sign in to your Coinbase account.
- If you are withdrawing from Binance and transferring to Coinbase, your transfer will be routed through Coinbase.
- You can deposit coins on the Coinbase deposit page by selecting the coins you would like to deposit. Imagine BTC, ETH, etc.
- Copy your currency’s address.
It is important to remember that Coinbase will only allow you to deposit coins that Coinbase supports. We assume Binance coin (BNB) cannot be deposited on Coinbase since Coinbase does not support BNB. Once you have the address for your Coinbase deposit, follow these steps:
- Open the Binance website.
- Open the Binance Spot wallet.
- Go to the Withdrawal section of your spot wallet.
- A window will open.
- To begin with, select the Binance coin from which you wish to withdraw funds to Coinbase. To deposit on Coinbase, you must use the same coin.
It would help if you also remembered that to withdraw from Binance to Coinbase, the coin must be on both exchanges.
- Please enter your BTC recipient’s address in the section labeled “Recipient’s BTC Address.”
- Under “Amount,” enter Bitcoin (or the currency you wish to withdraw).
- The address of that recipient will lead Binance and miners to send your requested amount to that address.
In addition to displaying the transaction fee, it will also tell you what BTC you will receive after the payments are deducted.
- Click the “Submit” button.
- Submitting the withdrawal request does not complete the process.
- You will be asked to enter your 2FA code by Binance.
- Enable 2FA security on Binance before requesting a withdrawal if you haven’t yet done so.
- After successfully entering all 2FA security codes, you may be asked to confirm your withdrawal request via the email address associated with your Binance account.
- After you verify your withdrawal request from your email, your withdrawal will appear in “Recent Withdrawal History” and be completed shortly.
There are many 2FA codes and email confirmations, but both are essential to protect customers’ funds. Withdrawal requests are typically submitted within five minutes. Important points to remember when withdrawing funds from Binance to Coinbase.
You need to pay attention to some details when withdrawing funds. From Binance, you choose BTC. If you decide ETH from Coinbase and send BTC from Binance, you need to select BTC as your deposit currency on Coinbase (or any other exchange you are using to send funds). ETH and BTC use different blockchains. You will lose money if you send BTC to an ETH address or ETH to a BTC address, and you will not be able to recover that money. Do not send any coins to other coin addresses.
Copy the Coinbase address and enter it in Binance Recipient address. Make sure you double-check your address. Your coin address’s first four and last four characters must be verified to ensure that you have correctly copied the address. If this proves challenging, be sure to check the first four and the last four characters of your speech as well.
Be careful not to be hasty. The issue is your funds. Like Tether (USDT), some coins are available on multiple exchanges. Ethereum, Tron Algorun, EOS, Liquid Network, Omni, and OMG Network are all Tether. If a currency is functional on so many blockchains, you must be extremely precise when transferring Tether from Binance to Coinbase.
In most cases, the Binance system automatically matches the recipient address with the matching network. If you enter the wrong network, you should check that yourself. Put, if Coinbase supports Tether on the Ethereum and TRON blockchains, then Binance has to support Tether either on ETH or TRON as well.
How to withdraw funds from Binance?
Depending on the cryptocurrency or fiat currency you want to move, you can withdraw your funds on Binance. It is essential to select a suitable blockchain when starting some crypto.
Fiat currency withdrawals from Binance
Over 60 fiat currencies and several different payment methods are supported by Binance.
- Go to Binance and log in. After you log in, go to [Wallet], and click on [Fiat and Spot].
- Click on the [Withdraw] button.
- Click on the [Fiat] tab.
- You can select the fiat currency you want to withdraw and a payment method. Your payment method options are determined by the money and region you choose.
- Follow the instructions and enter the required information.
- Verify your withdrawal by entering your verification code.