If you’re trading crypto over on the Binance exchange it’s important to withdraw from Binance and not to keep your crypto stored on an exchange long term. As with any centralized exchange, you don’t have access or control over your private keys and are entrusting a 3rd party. Also, an exchange that holds a lot of assets is far more likely to be a target for hackers.
Its, therefore, recommended moving your crypto assets from Binance and into the safety of a wallet once you’ve finished trading. One of the safest wallets would be the likes of a hardware wallet like a Ledger Nano or a Trezor. Hardware wallets allow you to keep your crypto assets offline and away from any potential threats.
How to Withdraw from Binance – Step by Step Guide
In this step-by-step guide, I’ll show you how to withdraw from Binance and send your funds across to an external wallet address. Withdrawing your crypto to a hardware wallet such as a Ledger or Trezor are the safest ways to store your crypto.
To get started, log Into to Binance.com, go to ‘Wallet’ at the top of the screen, and select ‘FIAT and Spot‘
This will then display a list of all your available Fiat and Crypto Balances. You can then select the token you wish to withdraw by clicking ‘Withdraw‘.
The crypto withdrawal screen will then display, where you’ll be prompted to enter the ‘Recipient Address‘ for your withdrawal. Copy your ‘Receive‘ address from your chosen external wallet (or scan the QR code) and paste it into this field.
Enter the amount that you would like to withdraw, or click onto ‘Max‘ to withdraw all of your available balance. Any minimum withdrawal amounts will be pre-populated in the ‘Amount‘ field.
The fees for your crypto withdrawal will be shown on screen, as well as the total amount that you will receive.
When you are ready, select ‘Submit‘. Depending on your 2-factor authentication method, you may be requested to complete this before the withdrawal will complete.
Any withdrawals will be displayed under your ‘Recent Withdrawal History‘.
Binance Withdrawal Fees
When your withdrawing your funds from Binance, an important factor to check out are the Binance withdrawal fees. Binance withdrawal fees depend on the type of cryptocurrency that you are withdrawing and is on a crypto-by-crypto basis. There are also minimum withdrawal amounts that you’ll need to adhere to. You can check out the Binance Withdrawal fees and minimum amounts on their fee page.
How to Reduce Binance Trading Fees
Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.
After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.