If you are looking to withdraw funds from your Binance account, you have several options to convert your cryptocurrency into traditional currencies like TWD or USD. In this guide, we’ll explore three common methods, compare their fees, and provide step-by-step instructions to help you complete your transactions securely and efficiently.
Overview of Binance Withdrawal Methods
Here’s a quick summary of the most popular ways to withdraw funds from Binance:
| Method | Description | Currency Received | Best For |
|---|---|---|---|
| Wallet Transfer | Transfer crypto to a local exchange, sell for fiat, and withdraw to your bank. | TWD | Low cost, secure, and intuitive. |
| Bank Wire Transfer | (Note: This service has been discontinued for many users) | USD | Large withdrawals. |
| C2C Trading | Sell crypto directly to another user on Binance in exchange for fiat currency. | TWD, USD, others | Speed and flexibility. |
Each method has its own steps, fees, and considerations. Below, we break them down in detail.
Method 1: Wallet Transfer to a Local Exchange
This is one of the most common and cost-effective ways to convert your cryptocurrency into TWD. You'll transfer your crypto from Binance to a supported local exchange (like MAX Exchange), sell it for TWD, and then withdraw to your bank account.
Steps to Transfer from Binance to a Local Exchange
- Log in to your Binance account and go to your Spot Wallet.
- Select the cryptocurrency you want to withdraw (e.g., USDT).
- Click Withdraw and enter the deposit address from your local exchange.
- Confirm the transaction, including the network (e.g., TRC-20 for USDT).
- Once the funds arrive at the local exchange, sell them for TWD.
- Withdraw the TWD to your linked bank account.
Estimated Fees: You will typically pay a Binance withdrawal fee (e.g., 1 USDT for TRC-20 transfers), a trading fee on the local exchange (~0.02–0.1%), and a small bank withdrawal fee (e.g., 15 TWD). For larger withdrawals, the percentage fee becomes very small.
👉 Explore real-time fee calculators and tools
Method 2: Bank Wire Transfer (Discontinued)
Previously, users could withdraw USD directly to a foreign currency bank account via wire transfer. However, this service has been discontinued for many users and regions. Always check the latest updates on Binance’s official announcements page for available services in your area.
Method 3: C2C (Customer-to-Customer) Trading
C2C trading allows you to sell crypto directly to other Binance users. You can receive payment via various methods, including bank transfer or e-wallets.
How to Use C2C on Binance
- Transfer crypto from your Spot Wallet to your Funding Wallet.
- Go to Buy Crypto > C2C Trading.
- Switch to the Sell tab.
- Choose a buyer with good ratings and a suitable payment method.
- Agree on the terms, confirm receipt of payment, and release the crypto.
Important Considerations: While there are no official fees, the exchange rate may be less favorable. There are also potential risks, such as fraud or payment disputes. Always trade with verified merchants and follow Binance’s guidelines.
Fee Comparison
| Method | Typical Fees | Notes |
|---|---|---|
| Wallet Transfer | Network fee + trading fee + local exchange withdrawal fee | Most cost-effective for most users. |
| Bank Wire | Service discontinued for many users | Previously involved wire and intermediary fees. |
| C2C | No direct fees, but less favorable exchange rates | Higher risk; requires careful selection of trading partners. |
Frequently Asked Questions
Q: What is the safest way to withdraw from Binance?
A: Transferring your crypto to a reputable local exchange and then to your bank is generally considered safe, low-cost, and compliant with local regulations.
Q: Can I withdraw TWD directly from Binance?
A: No, Binance does not support direct TWD withdrawals. You must use a intermediary service or a local exchange that supports TWD transactions.
Q: Is C2C trading safe?
A: It can be safe if you use verified merchants and follow platform guidelines. However, be aware of potential scams and always confirm receipt of funds before releasing crypto.
Q: Why was the bank wire transfer service discontinued?
A: Changes in regulatory and banking relationships have led Binance to suspend direct bank withdrawal services in certain regions. Always check the official Binance website for the latest updates.
Q: What is the minimum withdrawal amount?
A: This varies by cryptocurrency and network. You can check the minimum amount in the withdrawal section of your Binance wallet.
Q: How long do withdrawals take?
A: Crypto transfers usually take between a few minutes to an hour. Bank withdrawals from a local exchange can take 1–3 business days.
Conclusion
When withdrawing from Binance, the best method depends on your needs for cost, speed, and security. For most users, transferring crypto to a trusted local exchange remains the most reliable and affordable option. Always ensure you are using correct wallet addresses and comply with local financial regulations when moving funds.