Binance withdrawal tutorial: Wallet transfer, C2C peer-to-peer trading
Binance withdrawal tutorial: Wallet transfer, C2C peer-to-peer trading
Ⅰ. Wallet withdrawal (transfer out from Binance to external wallet)
This method is the same as the deposit method, mainly through the transfer between
The following will use BNB as an example to see how to transfer cryptocurrency from "Binance Wallet" to "External Trust Wallet Wallet".
Binance withdrawal tutorial: Wallet transfer, C2C peer-to-peer trading
1. Go to the page of the "Spot Wallet":
2. Find the item of BNB and click "Withdraw" on the right side:
3. Open your Metamask wallet (Little Fox wallet) and find the BNB address and MEMO:
In BNB, you will see the options of BEP2 and ERC20, you can choose according to the protocol on your original wallet.
- BEP2: Binance self-developed Binance Chain protocol
- ERC20: Ether-based smart contract protocol
4. Paste the transfer address on Binance to complete the transfer
Copy and paste the address of the external wallet to Binance, and enter the transfer amount at the same time to complete the transaction!
(Binance withdrawal fee is 0.1%, which is denominated in BNB, which is quite cheap)
Ⅱ. C2C withdrawal (transfer from Binance to the account with legal currency)
If you are looking to convert cryptocurrencies into "TWD/USD" for withdrawal, then this method can meet your needs.
The so-called C2C is a peer-to-peer trading platform for"fiat currency and crypto assets"provided by Cryptocurrency.
It is similar to the concept of an online mall, where different issuers can list cryptocurrencies on it and users can choose to buy them.
This method is very similar to "online shopping": you first select the currency you want to buy on the platform, and then the system will send out the transfer information. After you transfer the Taiwan dollar (other currencies), the system will automatically transfer the encrypted currency to you In your Binance account!
The C2C platform features the following：
- Web version to be launched in February 2020
- Free of handling fees
- Support for multiple currencies, including fiat and cryptocurrencies
On the C2C platform, merchants (sellers) usually have a "yellow check mark" and "no check mark" next to their names. The difference is that "the former are merchants who have passed the verification of Cryptocurrency and have paid the deposit" and "the latter are merchants who advertise outside of Cryptocurrency and can be anyone". For buyers, it is recommended to choose the one that has passed the verification (with a yellow check mark) or has a high transaction rate for more peace of mind.
Anyone can sell coins on the C2C platform. For both buyers and sellers, they may encounter some disputes, so the advice is as follows.
- Binance is only a third-party platform. The entire matchmaking is a consensus transaction between buyers and sellers (just like online shopping), so you need to pay more attention.
- Cell phone verification and personal identification must be completed before you can use the C2C service.
- Merchants (sellers) usually have "yellow tick" and "not tick" next to their names: the difference is that the former is a merchant verified by Binance and has a deposit; the latter is a merchant that advertises outside of Binance. , Can be anyone.
- For buyers, sellers with Binance verification "yellow tick" or high transaction rate will be more secure. Please keep in touch with the merchant at any time during the process of buying coins to confirm the transaction status.
- For sellers, sometimes they may receive black money from unknown sources. If they rush to collect the money, they will face the situation of bank account being frozen, because this may be a fraud group laundering money through sellers on C2C. If you encounter this type of situation, the seller can cancel the transaction voluntarily and suggest immediate response to Binance customer service.
- For users who deliberately refrain from buying and order more than three cancellations on the same day, Binance will prohibit transactions on the same day. If you do this for two consecutive days, you will be blacklisted and permanently prohibited from using the C2C platform; 5 transactions, with a 7-day completion rate of 0, will also be blacklisted by Binance.
The following demonstrates how to exchange cryptocurrencies back to Taiwan dollars and withdraw them to your personal bank account through a C2C platform.
1. Bind the collection method on Binance (set up a personal bank account)
Login to AccountBackstageSelect "Payment method" on the left, and click "Add payment method".
Currently C2C supports four withdrawal methods, they are：
- Bank
- Alipay
- QIWI
"Bank" payment setting
It is very easy to fill in your bank account number and branch information.
Select "Bank acct/Card", then fill out the bank account information (you can write Chinese), and finally click "Authorize".
Then, you are done with the payment method!
2. Transfer all cryptocurrencies to your C2C account first
Next, you need to exchange your cryptocurrency back to "RMB/USD".
Therefore, you need to transfer the cryptocurrency in your "Spot Account" to your "Fiat Currency Account" (C2C) first, the process is as follows
3. Sell the cryptocurrency on the C2C platform and exchange it for RMB/USD
Go to your "Fiat Currency Account" and confirm that the transfer was credited.
Then, click "Sell" next to the cryptocurrency, and you will enter the C2C trading page.
Cryptocurrency is kind enough to help you filter out the merchants that you can use to trade with "RMB".
Take USDT as an example, you can select the merchant you are happy with on the C2C trading platform and select "Sell USDT".
Next, fill in the relevant quantity and amount, and click "Sell Now".
The system will automatically jump to the order page, then you just need to wait for the other party to send money to your account.
(If you have any questions about the order, there is a chat room on the right side where you can check the latest status with the merchant at any time)
4. Receive RMB/USD and complete the withdrawal!
After the other party has sent the money to your account, your page will show "Paid".
As long as the confirmation is correct, you can click "Release" and Binance will automatically transfer your USDT to the other party!
Your bank account will then be credited with a sum of Taiwan dollars, and the withdrawal of the cryptocurrency will be successfully completed.
In addition, there are no fees for withdrawing funds through the C2C platform, so it's a good deal!
(The "Release" button will be grayed out until the other party pays, so that users don't accidentally touch it)
Note: C2C platform FAQ
- What qualifications are required for C2C transactions? "Need to have a Binance account, and complete KYC and mobile phone authentication"
- Is there a fee for C2C transactions? "No! Currently, the Cryptocurrency C2C trading platform does not charge any fees for fiat currency transactions or pending orders, and all amounts traded will go into your pocket."
- What cryptocurrencies does C2C currently offer? "Fiat currency trading is only available for the time being: BTC/USDT/BUSD/ETH/BNB/EOS.
- How are C2C trading prices determined? "C2C quotes are provided by a third-party platform, and merchants are free to adjust the amount they want.
- What do I have to do if I find a merchant problem? "When there is a disagreement or dispute between the user and the counterparty, you can initiate a complaint by clicking the complaint button, and the platform's customer service will intervene after the complaint.
- How do I become a C2C merchant? "You can become a C2C merchant only after you have a certain amount of assets and apply to the platform to become a merchant.
To sum up
For investors, "Deposit" and "Withdrawal" are the two most important things.
Binance currently supports two withdrawal methods, which are very convenient and fast, and do not charge any handling fees:
- For those who want to withdraw funds in "cryptocurrency": you can do it via wallet transfer!
- For those who want to withdraw funds in "RMB/USD", you can do so through the C2C platform!
Related posts
