How to cash out through Binance (PC)
Withdrawing your funds is a process that depends on the blockchain, cryptocurrency and fiat that you prefer. Extra caution must be taken to make sure that you do not lose your assets.
Topics to read before diving into this course:
At the end of this course, you will be able to answer the following:
How can I verify my Binance account?
How can I convert my cryptocurrency tokens to fiat currency?
How can I add a payment method?
How can I transfer fiat to any payment method?
If you are a mobile user, you may also cash out through Binance on your mobile device.
A stablecoin is a type of cryptocurrency whose value is pegged to a fiat currency or some other commodity. An example of this is Tether or USDT which is a stablecoin that is pegged to the value of the US Dollar. Unlike other cryptocurrencies, stablecoins are less volatile, which is why they are often exchanged for fiat currency.
A fiat currency is a government-issued currency whose value is controlled or regulated by a central government. Examples of fiat currencies are the US Dollar (USD) and the Philippine Peso (PHP).
To cash out on Binance, you will need to:
Verify your Binance account
Add your preferred payment method/s
Convert your cryptocurrency tokens to stablecoin
Convert your stablecoin to fiat currency
In this tutorial, we will be converting BNB tokens into USDT (stablecoin), and then we will sell it for US Dollars (fiat currency) that will be deposited into our bank account.
Step 1 - Verify your Binance account#Copy URL to this article section
For security purposes, only verified Binance accounts can process fund withdrawals. Learn how to verify your account here.
Step 2 - Add your preferred payment methods#Copy URL to this article section
Next, you need to add your preferred payment methods. This is where your cash will be deposited after you sell your stablecoin.
Go to “Profile” and click on “Dashboard”.
Select the “Payment” tab on the left side and click “Add a payment method”.
Adding a payment method
Choose any of the payment methods indicated on the screen. Enter your account details and click “OK”.
Step 3 - Convert your cryptocurrency tokens into stablecoin#Copy URL to this article section
Click “Wallet” on the top right corner of the screen, and select “Fiat and Spot”.
Fiat and Spot in Binance
Click “Convert” and select the currency you want to convert (BNB) and the currency you want in exchange (USDT). Enter the amount of currency you want to withdraw and click “Preview Conversion” to see how much it is as exchanged currency.
Conversion from BNB to USDT
Click “Convert” to proceed and wait until the screen shows that the conversion is successful.
Confirming conversion of token to stablecoin
Successfully converting BNB to USDT
Step 4 - Transfer fiat to your bank account#Copy URL to this article section
Now that you have stablecoins, you may convert those to fiat by transferring it from Fiat and Spot to Funding. By doing this, you will be able to sell your stablecoin to others in exchange for the fiat currency of your choice. You will receive their payment through your payment method (bank account).
To do this, click “Wallet” on the top right corner, and select “Spot”. Then click on the “Transfer” button.
Fiat and Spot in Binance
Transfer in Fiat and Spot
Select From “Fiat and Spot” To “Funding” and select USDT coin. Indicate how much USDT you want to transfer then click “Confirm”.
Transferring USDT from Fiat and Spot to Funding
Once you have successfully transferred your Fiat and Spot to Funding, click on “Trade” and select “P2P”.
P2P in Trade
P2P provides you 2 options: Express (i.e. the system will automatically choose where you sell your assets) and P2P (i.e. you can select to whom you will sell your assets).
Choosing between Express and P2P
Through Express#Copy URL to this article section
If you do not want to go through the trouble of picking the buyer yourself, you can choose the Express option. Go to the “Sell” tab. Indicate the amount of stablecoins you want to sell, then click “Sell with 0 Fee”.
Selling with 0 Fee through Express
Then, select your payment method and click “Confirm Sale”. Wait for the payment to be transferred to your bank account.
Confirming sale through Express
Through P2P In this option, you get to pick the buyer of your stablecoin from the Advertiser list.
In the “Sell” tab, select your preferred fiat currency and payment method. Indicate the amount of stablecoins that you are selling, as well. Then, choose where you want to sell your fiat from the Advertiser list and click “Sell”.
ALWAYS check the minimum and maximum amount of stablecoin the Advertiser/Seller is willing to purchase. This is indicated beside the price of the stablecoin as Limit. The Available shows the amount of stablecoin they currently have.
As an example, the image below shows a Seller/Advertiser with a minimum limit of USD 40.00 (47 USDT) and a maximum limit of USD 22,000.00 (25,851.94 USDT). This means you need to sell at least 47 USDT to continue with the transaction, and the Advertiser/Seller can only sell/buy up to 25,851.94 USDT USDT.
Input the amount of stablecoin you want to sell. This part also shows you how much you’ll receive for selling the amount of stablecoins you have specified, and this depends on the buying price of the Advertiser/Seller. In this example, the buying price is at USD 0.851.
Putting your USDT in Advertiser's List through P2P
Next, you will need to communicate with the Advertiser/Seller to let them know your account number. Once you’ve provided this, wait for the money to appear in your bank account.
Note: You SHOULD always check your bank account to confirm if the payment was sent to you before proceeding with the transaction. Do NOT solely rely on the screenshot sent by the Advertiser/Seller.
Waiting for buyer to make their payment
To confirm that you have received your payment, click “Payment received” and select “I have received the correct payment amount and confirm to release my crypto”, then tap “Confirm”.
Confirming release of stablecoins
Congratulations! You have successfully converted your cryptocurrency into fiat currency! Keep grinding and enjoy the fruits of your hard work!