Can I Receive Cash Back from Binance?
Do you have a crypto coin to trade or do you want to sell a fiat currency? How to get cash back from Binance is a complete guide for freshers and professionals. Find out how to convert all coins, ETFs, and cryptocurrencies into real cash in a few steps!
The world is going digital including transactions all over the globe. You can make outrageous worth of transactions with simple steps using crypto coins.
It is less stressful and void of delayed bank policies, processing days, fees, and above all your convenience.
All you need to start trading and cashing out real money via crypto is your smartphone, a steady network, and an account on Binance.
How to Get Cash Back from Binance
Binance is a trading platform for the exchange of coins for other coins or real cash (money) no matter your currency.
For you to get cash back from Binance, you will have to sell or trade your coin for cash by offering it to an available buyer.
1. Log in to your Binance account, choose “Withdraw” and click on the “Crypto” tab.
2. Select the right network and choose the currency you want to receive money.
3. Click “Receive” and copy the current address.
4. Choose “Send Code,” then enter the 2FA code.
You can also check out the processes for withdrawing from Binance.US via the mobile app and website.
How Do I Convert a Fiat Currency to Cash on Binance?
More fiat currencies are introduced into the crypto market daily which keeps increasing the number. Currently, there are up to 60 of them.
For you to successfully exchange a fiat currency into cash you should follow these steps:
1. Log into your Binance account, select “Withdraw” and click on the “Fiat” tab.
2. Choose the fiat currency you want to withdraw.
3. Enter the required details on the page.
4. Review the transaction details carefully and enter your verification code to initiate the transaction.
How Long is Binance Withdrawal Time?
Withdrawing from Binance might take some time because each blockchain operates differently.
Binance Smart Chain can process transactions in just a few minutes, while Bitcoin can take 10 to 30 minutes. Ethereum even takes more time to withdraw cash.
The time also depends on network traffic. If a blockchain has a lot of users, it can slow down the process.
During busy times, like when many people are trading, you might have to wait longer.
Sometimes, withdrawals hang because the blockchain needs to confirm the transaction. Other times, it’s because of too many users and withdrawal.
Some blockchains need more confirmation, especially during busy periods. So, transactions can take longer than usual. Just be patient and always check your withdrawal status.
How Can I Avoid Losing My Crypto?
Understanding the value of each coin, NFT, or cryptocurrency you have in your Binance account, scammers will always chase after your account and do away with your assets.
Therefore, you should devise a means to safeguard your assets which may include keeping little or no cryptocurrency on the exchange platform if you want to reduce risks.
Always move your coins to a cold wallet for long-term safekeeping if you want to use them for anything other than trading.
A 100-year warranty and one of the safest and most convenient Bitcoin cold wallets available is the Material Bitcoin wallet.
A good option for safely securing your Ethereum cryptocurrency is the Material Ethereum cold wallet.
You can also set two-factor authentication, verify addresses before sending funds, and avoid sharing private keys or passwords.
What is Binance Cash Back Limit?
Binance sets minimum withdrawal amounts for fiat currencies like EUR at 10.00 EUR via SEPA.
For USD, you can only withdraw 50.00 USD via SWIFT to ensure economic viability, comply with regulations, and minimize fees.
These amounts may vary based on regulations, costs, and Binance policies. These different thresholds help users plan withdrawals efficiently and avoid delays.
Can I Withdraw Directly to a Bank Account?
You can easily withdraw money from Binance to your bank account in a few easy steps.
Although Binance does not now support direct fiat bank withdrawals in USD and GBP, users can still withdraw EUR and other fiat currencies.
You can use bank card withdrawals or bank account transfers to do this.
Which Bank Card is Best for a Binance Transfer?
Since Binance and Visa collaborated to introduce the Binance Visa Card, using a Binance debit card comes with no fees upfront, with no monthly costs.
You get to enjoy better offers because some transactions are completely free and transaction costs are as low as 0.9%.
While using other credit and debit cards will incur a lot of cost and protocols will have to be observed during some transactions.
It might even take a longer time to withdraw cash back into these cards since they are partly compatible with Binance.
In a nutshell, the ways to cashback your cryptocurrencies from Binance are practically simple if you follow our guides.