Usually, when someone withdraws from Binance, they have to pay a certain amount of fee. But there are ways you can withdraw from Binance without any fee.
Binance is the leading cryptocurrency exchanges among all, and it is becoming more popular day by day. Cryptocurrency actually can be defined as a digital asset that works as a medium of exchange.
Every year billions of dollars are exchanged through cryptocurrencies. In 2019, Binance had a 24- hour trading volume of USD 1.1 billion, and their 30- day trading volume was USD 28.6 billion.
Binance opens a platform for trading more than 100 cryptocurrencies. Since more people are getting interested in cryptocurrencies, companies such as Binance are getting more successful.
But Binance isn’t free. If you open an account, you will have to pay some fees. The taker fee is 0.10%, and the maker fee is 0.10%. You might also have to pay a fee if you want to withdraw from Binance.
The withdrawal fee is 0.0005 BTC, which is roughly 3 USD. This amount is far below the industry average. The global industry withdrawal fee is 0.000812 BTC.
But some people may not want to pay a withdrawal fee. If you want to know how to withdraw from Binance without fees, then keep reading this article.
The Method of Withdrawing from Binance without Paying Fees:
- First, you will have to go to the homepage of Binance. Then you will have to Log in to your Binance account.
- After logging in to your account, go to the [Wallet] option on the upper right- hand side of the page. Then click [Withdraw].
- Once on the withdrawal page, you can choose the coin you want to withdraw. You can either input the name of the coin you wish to withdraw or select from the list. If the wallet is undergoing maintenance, sometimes withdrawal can be unavailable for certain cryptocurrencies. In that case, you may have to wait a few days to try again.
- Let’s say you are withdrawing BNB. In this case, you will have to send BNB to a Trust Wallet address. To get the receiving address, open your Trust Wallet and select the coin you want to receive. Click on the “Receive” button, and you will see the receiving address along with its QR code.
- If you don’t have Trust Wallet, you’re going to have to download it from the Trust Wallet website.
- If you choose to withdraw BNB from Binance, please make sure you are deposing it to the corresponding platform or wallet.
- Next, you need to go to the withdraw page and input the address you would like to send your funds. If your whitelist function is enabled, then you will only be able to withdraw to one of the whitelisted addresses. If the whitelist function is disabled, you will have to input the address manually. For security reasons, you should always enable the withdrawal whitelist function.
- Different cryptocurrencies have different withdrawal process. In the case of BNB, a MEMO is required. If you send BNB to another account on Binance, you must include the MEMO. If you don’t do this, you may lose your funds. But you should check the address you are sending BNB to see if they require a MEMO. If you are sure you don’t need a MEMO, select the ‘’NO MEMO’’ box.
- After that, type the amount of coin you want to withdraw. If you want to withdraw all of your available balance, click on the amount displayed next to ‘’Available Balance”. After setting the withdrawal amount, Binance will automatically deduct the transaction fee. You won’t have to give any additional fees. When you are ready, click ‘’ Submit’’.
- Next, you will be required to provide your 2FA authentication.
- If everything goes just as it should be, you will receive an email to confirm your withdrawal request. In case you haven’t received the email, make sure the email address you provided is correct. Add Binance to your email address whitelist and try again.
- If you have received the email, then follow the instructions. Before proceeding, make sure the Anti-phishing code is correct and check the address carefully.
- If everything is in order, click ‘’Confirm Withdraw”. Until the request is processed, you will have to wait. The successful withdrawal will be displayed on your withdrawal page.
- For more information about your withdrawal request, you can click on the transaction ID, and you will be able to see the transaction in detail.
More and more people are getting interested in cryptocurrencies. But if you want to trade cryptocurrencies, you should know about them in detail. Most people don’t know that Binance deducts a withdrawal fee automatically when they withdraw. Those who don’t know this end up paying additional fees. We hope this article helped you to learn more about cryptocurrencies.