A crypto currency investment can make you a lot of money very quickly, but it isn’t much good if you cannot convert into hard cash.
I have recently seen a post on Martin Lewis’s Facebook page and there were comments about people not knowing how to withdraw their investment. So, here is an easy, step by step guide for Binance.
Log into the Binance website (not the mobile app).
Step 1 – Convert your Crypto currency into GBP
The first thing you need to do is to convert whatever crypto currency that you want to withdraw into GBP.
The easiest way to do this is to choose the option from the top Trade->Convert. Choose BTC in the top box, GBP in the bottom box and then click the “MAX” option and you can then preview your sale before confirming it. If this works for you, jump to Step 2.
Depending on which crypto currency you own, you might not be able to do this. You need to swap it for GBP, but Binance might not support that market pair. So you might need to swap to an intermediary currency first (BTC and BNB is swappable with most currencies)
To swap one currency for another – this example is BTC to GBP.
- Choose Trade -> Classic
- On the upper right there is a search box, enter BTCGBP and it will show BTC/GBP under it – click that.
- Scroll down to where it shows Buy BTC and Sell BTC. You want to Sell BTC for GBP, so you will be using the right side boxes.
- Just above the boxes, but to the left of the screen, there are options for “Limit”, “Market” and “Stop-Limit”. Using the “Market” rate simplifies the process and means you will get a sale now. If you want an idea of how much you might get, try using the “Limit” option first and it will tell you. You can then switch back to “Market”. If you click sell when you have chosen “Limit”, you might create an order that is trying to sell at more than the market is willing to buy at, which might not get filled. If this happens your currency is “locked” until you release the trade by cancelling it.
- After you have chosen “Market”, in the Sell section on the right, there is a bar with blobs on it which lets you easily select how much you want to sell. So click one of the blobs and adjust it to how much you want to sell.
- Click the red Sell Button and some some boxes will flash up the screen saying “Order Created” and “Order Filled”.
- Click the “Trade History” option that is a bit lower on the screen and you will see how much you got and what fee you paid.
- Click on Wallet -> Fiat and Spot to see how much you now have in your GBP wallet.
Step 2 – Withdraw your GBP
- Click Wallet -> Fiat and Spot
- Under the GBP asset, click the Withdraw link.
- Choose which ever option is cheaper – Faster Payments £1.50 fee, or payment to card at 1% fee.
- If you want to withdraw it all, just click on the number what it says is available and it will fill it in for you.