Binance is one of the largest cryptocurrency exchanges in the world. It allows users to trade a variety of cryptocurrencies and offers a range of services including margin trading, spot trading, futures trading, and staking. Binance also allows users to withdraw their cryptocurrencies to their personal wallets or to other exchanges.
One of the questions that users often ask is how long does Binance withdrawal take? The answer to this question depends on several factors, including the cryptocurrency being withdrawn, the withdrawal method, and the verification status of the user’s account.
Withdrawal time for different cryptocurrencies
The withdrawal time for different cryptocurrencies can vary greatly. Generally, the withdrawal time for cryptocurrencies that have faster block times, such as Ethereum (ETH) and Litecoin (LTC), is faster than for cryptocurrencies with slower block times, such as Bitcoin (BTC).
Here are some typical withdrawal times for popular cryptocurrencies on Binance:
Bitcoin (BTC) – up to 60 minutes Ethereum (ETH) – up to 15 minutes Litecoin (LTC) – up to 30 minutes Binance Coin (BNB) – up to 5 minutes Bitcoin Cash (BCH) – up to 60 minutes Ripple (XRP) – up to 10 minutes
Withdrawal method
The withdrawal method also affects the withdrawal time. Binance offers several withdrawal methods, including:
- Cryptocurrency withdrawal – This method allows users to withdraw their cryptocurrency directly to their personal wallets or to other exchanges. The withdrawal time for this method depends on the network congestion of the cryptocurrency being withdrawn.
- Bank transfer – This method allows users to withdraw their funds to their bank account. The withdrawal time for this method can take up to 3 business days.
- Debit or credit card withdrawal – This method allows users to withdraw their funds directly to their debit or credit card. The withdrawal time for this method can take up to 10 business days.
Verification status
The verification status of a user’s account can also affect the withdrawal time. Binance has three verification levels: Level 1, Level 2, and Level 3.
Level 1 verification requires users to provide their email address and phone number. This level allows users to withdraw up to 2 BTC per 24 hours.
Level 2 verification requires users to provide their full name, date of birth, and address. This level allows users to withdraw up to 100 BTC per 24 hours.
Level 3 verification is for institutional accounts and requires additional documentation.
Users with higher verification levels generally have faster withdrawal times.
Conclusion
In conclusion, the withdrawal time for Binance depends on several factors, including the cryptocurrency being withdrawn, the withdrawal method, and the verification status of the user’s account. Generally, the withdrawal time for cryptocurrencies with faster block times is faster than for cryptocurrencies with slower block times. The withdrawal method also affects the withdrawal time, with bank transfers and debit or credit card withdrawals taking longer than cryptocurrency withdrawals. Finally, users with higher verification levels generally have faster withdrawal times.
