Home Cryptocurency ExchangesHow to Withdraw Cryptocurrency From The Binance Exchange
How to Withdraw Cryptocurrency From The Binance Exchange

How to Withdraw Cryptocurrency From The Binance Exchange

Updated 2/3/2018 for new Binance layout!

WARNING!

Do not send anything other than the token specified for an address when withdrawing to another exchange. Example:  Only send ETH to the Coinbase or GDAX ETH wallet, do not send any other tokens. Even though it is an Ethereum wallet  they do not support anything else being in this wallet!  This will result in a loss of your funds. 

If you have your own personal Ethereum wallet, then you can send other tokens to the same ETH address.  Please read this guide to understand wallets and their compatibility.  

IMPORTANT:  Converting Crypto to Cash

Binance does not currently allow you to sell your crypto for a fiat currency.  This means you will want to withdraw your crypto  to an exchange like Coinbase, GDAX, BitStamp, etc. that allows you to sell for fiat and then withdraw to your bank account.

If you are planning to use Coinbase, check out this guide on how to avoid their fees.  For an overview of the flow of crypto  to fiat currency, check out this article.

While Binance is a reputable cryptocurrency exchange, some might prefer to keep their tokens in their own personal wallet.  This is considered safer because an exchange could potentially shut down at any time.  It’s also a nice feeling to have them in your own wallet and know they are fully in your possession.  Check out the YouTube version of this guide too!  

Please note the following example goes through withdrawing an Ethereum based token, but the process is the same for other tokens.  You just need to make sure the token you are sending is compatible with the wallet that will be receiving it!

If you do not have an account with Binance, please consider using my referral link!  And if you need your own personal wallet, check out this guide for an Ethereum wallet and this guide for a NEO wallet.

Steps to withdraw from Binance

1. Go to the Binance website and login

2. Select the “Funds” tab and click “Withdrawals”

Binance Withdraw Option

3. Find the token you want to withdraw by using the drop down list and searching for it.  In this example I am using the NEO token, so I clicked on NEO when it popped up.

Binance search for coin and click for withdraw options

4. There are 2 ways you can do this part.  If you click the drop-down at the “Withdrawal Address” field and select “Use New Address“, it will save the address for later use.  It also provides a “Label” field so you can give a name to the address.  I am not worried about saving this address, so the only difference in the following steps is not filling out a “Label” field.

Fill in the “Withdrawal Address” field (1) with the wallet address you want to send to, and the “Amount” field (2) with how much you want to withdraw. Then click “Submit” (3).

NEO Note:  NEO must be sent in a whole number, you cannot send fractions.  Also notice there is no transaction fee for withdrawing NEO.  This could change in the future, but right now that is money saved!

Binance withdraw details

The only thing left to do is complete any security measures that pop-up.  They will also send an E-mail to confirm the transaction, so be sure to check for that. The “History” section beside the “Withdrawals” section you just filled out should update and will also mention the status.  As you can see, it’s letting me know an E-mail was sent.

Binance withdraw status

Summary

Binance is a great exchange with a good reputation and a lot of liquidity.  They also take security very seriously, so you can feel safe leaving funds on here.  Read more about them in my Binance review post, or check out the KuCoin review for another great up-and-coming cryptocurrency exchange. 

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