This is how the payout works at Binance. Photo: salarko / shutterstock.com
In this guide, we will show you how to withdraw money from the crypto exchange Binance.
Binance is a popular crypto exchange because many coins and tokens can be traded there and the handling is quite simple. If you have made a profit by selling or exchanging a cryptocurrency, you naturally want to have it paid out at some point. How the payout works at Binance
Binance customers currently have two ways to withdraw their money.1. Withdrawal to credit card (Visa only)
The first way to withdraw winnings from Binance in Euros is to transfer them to the clearing account of a Visa credit card. Here’s how it works:
- Log in to Binance
- Under the menu item “Wallet” select the option “Fiat and Spot”
- From there, click on “Withdraw” in the menu at the top and then on “Withdraw Fiat”
- Select Euro for the currency and “Bank Card (Visa)” as the withdrawal method
- If you have not already done so, you still need to deposit your Visa card
- When withdrawing, please note that 1% fees apply
- For “Withdrawal info”, enter the amount you want to withdraw
- Then click “Continue” to move forward
- Check the withdrawal information and confirm with “Confirm”
- Now you will receive a confirmation code by SMS and/or e-mail with which you can complete the withdrawal
If the Visa card is not directly linked to your bank account, you will need to transfer the money from your credit card account to it.
Reading tip: NFTs explained for newbies2. Payout via other exchange
If you want binance to withdraw your money directly to a bank account, you have to take the detour via another exchange such as Coinbase or the Digital Exchange of the Stuttgart Stock Exchange. In the first step, you should open an account there. Then transfer the cryptocurrency of your choice from Binance to the wallet of the other exchange. If the coin to be sold is not available there, you should first exchange it for a cryptocurrency that is tradable on the exchange. So for example Bitcoin, Ethereum, USDT etc. For more tips on selling cryptocurrencies, check out our guide.
- Log in to Binance
- Under the menu item “Wallet” select the option “Fiat and Spot”
- From there, click on “Withdraw” in the menu at the top and then on “Withdraw Crypto”
- Now select the cryptocurrency you want to withdraw
- Add the address of the other exchange wallet to “Withdraw to”
- Choose the right network at Network
- Now specify the amount you want to withdraw
- Note that there are transaction fees when withdrawing, depending on the cryptocurrency
- Confirm the withdrawal with “Withdraw”
- You must then confirm the transaction with a confirmation code by e-mail and/or mobile phone
- As soon as the coins are on the new exchange, you can exchange them for euros there and withdraw them to your bank account
Tax note: If there are profits when exchanging or selling cryptocurrencies, they may be taxable. We have summarized all relevant information in our tax guide for crypto currencies. Is it also possible to withdraw money via the Binance app?
It is also possible to withdraw money and coins via the Binance app. To do this, you must first switch from the Lite version to the Pro version. To do this, click on the menu in the upper left corner of the app. Now press the switch behind “Binance Lite” to switch to the Pro version. Then click on “Wallets” at the bottom of the menu. There you will find the “Withdraw” function, through which you can withdraw crypto or fiat currencies. The process is the same as above. Just follow the instructions. Is there a withdrawal limit at Binance?
For fiat currencies, withdrawal limits change from time to time. As a rule, however, the maximum amount is a six-digit sum that can be paid out per day. However, this maximum amount must be divided into smaller instalments. For example, €10,000 per transaction until the daily maximum amount is reached. For cryptocurrencies, the payout limit per day is currently 8 million BUSD.
Also read: Difference between coins and tokens
