After making money on Binance, most people want to know how to cash out. Binance does not support direct fiat withdrawals to bank accounts in every region, but you can sell crypto through P2P trading and receive fiat currency in your bank account. The entire process, from placing an order to receiving the funds, usually takes anywhere from 15 minutes to 1 hour. You will need to Sign up on Binance and complete KYC verification first. Once you Download the Binance App, you are ready to go.
Basic Withdrawal Process
Step 1: Convert Your Crypto to USDT
If you hold Bitcoin, Ethereum, or other tokens, sell them for USDT on the spot market first. USDT has the highest trading volume and the most buyers on the P2P market, so transactions settle faster.
Step 2: Transfer to Your Funding Account
Move your USDT from the spot account to the funding account. This can be done on the "Wallet" page of the app and is instant.
Step 3: Go to P2P Sell
On the app's home page, find the "Sell" option and select P2P trading. You will see listings from many buyers with their quoted prices.
Step 4: Choose a Buyer and Place an Order
Pick a buyer with a good reputation and a fair price, enter the amount of USDT you want to sell, and confirm the order.
Step 5: Wait for the Buyer to Pay
After you place the order, your USDT is held in escrow by Binance. The buyer must transfer the fiat amount to your bank account within the allotted time.
Step 6: Confirm Receipt and Release Crypto
Once you see the funds in your bank account, tap "Confirm Receipt and Release" in the app. The transaction is now complete.
Timeline Breakdown
Here is an approximate time breakdown for each step:
| Step | Estimated Time |
|---|---|
| Convert crypto to USDT | Instant (seconds) |
| Transfer to funding account | Instant |
| Match with a buyer | 1–5 minutes |
| Buyer sends payment | 5–30 minutes |
| Bank account credited | Instant to a few hours |
The total process typically takes about 15 minutes to 1 hour. However, the following situations may cause delays:
- Inter-bank transfers can take longer
- Weekends and holidays may slow bank processing
- Large transfers may trigger compliance reviews at your bank
- Some banks batch-process transfers outside business hours
Withdrawal Limits
P2P trading limits depend on your KYC verification level and trading history:
- Initial limits are generally sufficient for everyday use
- Limits increase automatically as your number of completed trades and trust score grow
- Contact support if you need a higher limit
How to Choose a Reliable Buyer
When selling on the P2P market, choosing the right buyer matters:
- Check trade volume: Prioritize buyers with high monthly volume
- Check the rating: A rating of 95% or above is a good sign
- Check verification badges: Choose buyers with merchant verification
- Check online status: Online buyers complete trades faster
- Check the price: Prices vary between buyers, but do not ignore reputation for a slightly better rate
Withdrawal Fees
P2P selling itself is fee-free. However, keep the following indirect costs in mind:
- There is a spread between the P2P buy and sell prices
- If you need to convert another token to USDT first, the spot trade incurs a small fee
- Your bank may charge a fee for large incoming transfers (varies by bank)
Troubleshooting
The buyer is not paying
If the buyer fails to pay within the time limit, the order is automatically canceled and you can sell to another buyer.
Payment received but the amount is wrong
Do not release the crypto right away. First communicate with the buyer through the P2P chat window. If you cannot resolve the issue, tap "Appeal" to have Binance support step in.
Bank account flagged for risk
If your bank account frequently receives transfers related to crypto trading, the bank may flag it for review. Avoid excessively frequent or large withdrawals. After you Sign up on Binance, plan your deposit and withdrawal frequency thoughtfully.
FAQ
How much can I withdraw per day?
P2P trading does not impose a strict daily limit, but it is wise to avoid very frequent or very large withdrawals on the same day to prevent triggering bank compliance checks.
Are there fees for withdrawing?
P2P selling is fee-free, though the buyer's quoted price is typically slightly below the market rate.
Can I withdraw to a digital payment account like PayPal?
Some P2P buyers support alternative payment methods. However, bank transfers tend to be the most stable and reliable.
What if my bank account gets frozen after a withdrawal?
If that happens, cooperate with your bank and provide the relevant transaction records as proof. Keep all Binance transaction records on hand.
Safety Tips
- Double-check your bank account details before initiating a withdrawal
- After receiving payment, verify the actual deposit in your banking app rather than relying solely on SMS notifications
- Do not engage in any off-platform fund transfers with the buyer before releasing crypto
- Keep screenshots of all transaction records and chat logs
- Use the official P2P feature within the Download the Binance App to conduct trades