TL;DR: Before withdrawing from Binance, you’ll need your own secure crypto wallet. Download Zengo and read through the step-by-step below.
In this how-to withdraw money from Binance guide, we will take you through the steps of withdrawing your funds as safely as possible from Binance without making any mistakes and how to store them on your Zengo wallet instead.
Before you can withdraw funds from Binance, you need to make sure you’ve correctly set up your Zengo wallet, which is a next-generation non-custodial wallet that makes use of industry-leading MPC technology to make sure that your crypto is safely stored. Zengo offers better performance than any hardware wallet and is more trustworthy than cryptocurrency exchanges as it provides an easy account recovery through biometric facial recognition, has no private key vulnerability, and has a built-in Web3 firewall.
You can easily set up your Zengo wallet by downloading the app and following the on-screen instructions.
You can easily double-check the status of your funds in the Zengo app by simply opening the app, logging in with facial recognition, and then checking the main balance page. If you want an overview of your latest transactions or want to see more details about a specific transaction, click on the ‘History’ button in the main menu of the app, located at the lower right corner of your screen.
Zengo is the best place to store both your crypto and NFTs as it is a non-custodial Web3 gateway wallet, enabling you to buy, store, and trade digital assets all from the palm of your hand via the Zengo app.
Zengo is one of the safest and most secure crypto wallets available to retail users today. The wallet app utilizes state-of-the-art MPC technology, three-factor authentication with biometric login and transaction confirmation for an extra layer of security. With Zengo, you don’t need to remember any difficult seed phrases as your face is used to generate a truly unique and secure seed to access your digital assets!
With Zengo’s non-custodial wallet, you are in complete control of your own private keys without having to worry about security or losing access to your funds. Furthermore, our fiat on-ramp service allows you to easily diversify and grow your crypto portfolio by purchasing your crypto of choice with fiat currency. Aside from that, you can also take part in our savings program.
If you ever need any assistance with your Zengo wallet, you can contact our real human customer support staff at any time, even on weekends and holidays. Alternatively, you can check out our Help page to see if your question has already been answered.
It’s easy to send crypto to external wallets with the Web3-ready Zengo wallet app. In order to get started, log into the app, tap on the ‘Actions’ located in the main menu, and then tap ‘Send.’ Choose the cryptocurrency that you want to send from the drop-down menu, enter the amount, paste the recipient’s address, and verify the transaction using Zengo’s facial recognition.
Alternatively, if you wish to convert your crypto to fiat instead, tap the ‘Actions’ button, and then press the ‘Sell’ button. In this step, you’ll have the option to sell your crypto of choice for fiat (GBP, USD, or EUR). Choose the fiat currency you prefer and confirm the transaction. Now all that’s left to do is wait for the funds to reach your bank account.
Still got questions? We’ve put together a list of the most commonly asked questions on how to withdraw money from Binance.
Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao where users can trade more than 600 cryptocurrencies, NFTs, and participate in staking and yield farming services. Binance has its own native token called BNB and BEP-20 blockchain, on which many cryptocurrency projects are built.
The main difference between Binance and Zengo is that Zengo is a next-gen non-custodial wallet that uses biometric facial recognition to secure your private keys, whilst Binance is primarily a cryptocurrency exchange that also provides custodial wallet services to its users.
Another key difference is that Zengo is a Web3 gateway app that allows users to buy crypto with fiat, play Metaverse games, store crypto, and trade NFTs, all from the same platform.
Binance charges withdrawal fees on a per-coin basis, which means that the withdrawal fees you end up paying depend on the cryptocurrency withdrawn. Apart from Binance’s withdrawal fees, standard miner fees apply. Fiat withdrawals are subject to withdrawal fees of 1,90%.
Users who passed Binance’s basic account verification can withdraw up to 0,06 BTC per day, while users that have gone through Binance’s complete identity verification process can withdraw up to 100 BTC per day. These withdrawal limits refresh on a 24-hour rolling basis.
In most cases, Binance withdrawal requests are processed within 5 minutes. However, some tokens and transactions can take up to 24 hours to process. Fiat withdrawals to bank accounts can take anywhere from 1 to 5 business days.
Although Binance is the world’s largest cryptocurrency exchange by trading volume and user count, there are some problems that can occur when trying to withdraw both fiat and cryptocurrencies.
For instance, your bank may decline deposits from Binance as it is an unregulated financial institution. As for cryptocurrency withdrawals, you may accidentally enter the wrong receiving address.
To withdraw crypto to fiat on Binance, you have to make use of the Binance Cash Gateway. Here you can convert BTC and other cryptocurrencies to USD, EUR, and other supported fiat currencies. Additionally, you can withdraw crypto to fiat on Binance via its P2P Trading platform.
You can also move your funds to Zengo’s non-custodial wallet and withdraw your crypto when you feel the time is right.
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