IMPORTANT:  Converting Crypto to Cash

Binance does not currently allow you to sell your crypto for a fiat currency.  This means you will want to withdraw your crypto  to an exchange like Coinbase, GDAX, BitStamp, etc. that allows you to sell for fiat and then withdraw to your bank account.

If you are planning to use Coinbase, check out this guide on how to avoid their fees.  For an overview of the flow of crypto  to fiat currency, check out this article.

Binance Exchange

While Binance is a reputable cryptocurrency exchange, some might prefer to keep their tokens in their own personal wallet.  This is considered safer because an exchange could potentially shut down at any time.  It’s also a nice feeling to have them in your own wallet and know they are fully in your possession. 

Please note the following example goes through withdrawing an Ethereum based token, but the process is the same for other tokens.  You just need to make sure the token you are sending is compatible with the wallet that will be receiving it!

If you do not have an account with Binance, please consider using my referral link!  And if you need your own personal wallet, check out this guide for an Ethereum wallet and this guide for a NEO wallet.

 

Steps to withdraw from Binance

1. Go to the Binance website and login

2. Select the “Funds” tab and click “Deposits Withdrawals

 

3. Find the token you want to withdraw, in this example I am using the SingularDTV token (SNGLS), and click “Withdrawal

 

4. Fill in the “Label” field with any name you want to use, the “Address” field with your personal wallet address, and the “Amount” field with how much you want to withdraw. Then click “Submit

The only thing left to do is complete any security measures that pop-up.  They may also send an E-mail to confirm the transaction, so be sure to check for that. 

Notice if you were to go back to withdraw the tokens again, your address will now be saved in the “Withdrawal” box.  This means you do not need to enter the address and label again.  If you need to send to a new address  though, just click the “Use new address” option in the drop-down.

 

Summary

Binance is a great exchange with a good reputation and a lot of liquidity.  They also take security very seriously, so you can feel safe leaving funds on here.  Read more about them in my Binance review post, or check out the KuCoin review for another great up-and-coming cryptocurrency exchange. 

87 Comments

  1. JIten

    Hi. Thanks for this post. I wanted to know I see you wrote “While Binance is a reputable cryptocurrency exchange, some might prefer to keep their tokens in their own personal wallet. This is considered safer because an exchange could potentially shut down at any time.” What does this mean exactly? Is there a wallet we need to keep the token in? Also I use the website Einstein Exchange. Have you heard of that website? Any thoughts on it? It accept to buy crypto from credit card and also withdraw to your bank account. Thanks

    Reply
    • Chris McCoy

      The most classic example is Mt. Gox: https://en.wikipedia.org/wiki/Mt._Gox .

      People stored their BTC on Mt. Gox and then they shut down out of the blue, claiming 850,000 BTC were missing and likely stolen. Although not as common anymore, an exchange could also be shut down by a government at any point in time. If you have funds on the exchange, they will likely get frozen or potentially lost forever. You have no control over those situations and are at the mercy of the exchange.

      If you keep your funds in your own wallet, it’s like carrying cash around. The only way you would lose access to it is if you lose the private key and password. This puts a greater liability on yourself because there have been stories of a persons computer crashing and then their private key is gone forever. Hardware wallets are probably the best option because the private key is stored on an encrypted USB and also has a seed phrase to recover in case the device is every damaged/lost/stolen.

      In the end it’s all about what you are comfortable with and understanding the associated risks with each method. I have not heard of Einstein Exchange before, but they do seem to be a newer exchange. I also couldn’t find them on CoinMarketCap’s list of exchanges (or at least the top 171). I would just be very careful and keep a close eye on Reddit or their social media for anything fishy. BitStamp and Coinbase also allow for purchases from credit cards (at least Coinbase does) and withdraws to your bank account. They have been around for a long time and have a solid reputation. Personally, I would consider those first if they are options for you.

      Thanks,
      Chris

      Reply
  2. brian

    Chris … I am trying to WD TRON and send to my Exodus or Coinbase but it states that I should ONLY send Etherium to the address. Can you clarify???

    Reply
    • Chris McCoy

      Hey Brian,

      Yes, do not send Tron to either of those wallets. Although both have an Ethereum wallet, their front ends are only built to handle ETH and no other tokens.

      If you create your own private Ethereum wallet you would be able to store Tron, ETH, and other Ethereum based tokens in it with no issues.

      Let me know if you have any other questions.

      Thanks,
      Chris

      Reply
      • brian

        THANKS for all your help

        Reply
        • Chris McCoy

          Anytime, always happy to help!

          Reply
    • BRandon

      Hello chris and how can we make a private etherum wallet? And where?!

      Reply
      • Chris McCoy

        Hey Brandon,

        The easiest and most reputable place is MyEtherWallet. This guide goes over creating one: https://blockchaindk.com/2017/11/04/create-ethereum-wallet-with-myetherwallet/. The biggest difference between a private wallet and a wallet on an exchange is that you actually hold the private key of the wallet. The private key is what allows you to transact with the wallet and have full control over it.

        Thanks,
        Chris

        Reply
  3. Lisa

    hello chris,
    thank you for your great service! : )

    I would kindly ask for you help:
    I would like to buy the PAC coin with my ethereum from binance and registered myself at yobit.net to do so.
    I never send ethereum from binance to other providers and heard that we should be really careful with the wallet adresses (otherwise its possible to loose the amount).

    question:
    can you explain me how I can send ethereum from binance to yobit?

    thank you so much
    Lisa

    Reply
    • Chris McCoy

      Hello Lisa,

      Appreciate that and glad you find it helpful!

      Yes, you always want to be very careful when transferring funds because if they go to the wrong address they are likely gone forever :/. For depositing to YoBit:

      1. After logging into YoBit, go to the “Wallets” tab
      2. Search for “ETH” and then click the “+” sign under the “Deposit” column
      3. If it does not show any address, you will need to click the “Obtain new address” button
      4. The address it gives you is what you will use for the “Address” field in step 4 of the Binance withdrawal tutorial. You can copy and paste it, but double/triple check it. I’ve heard stories of people thinking they copied the right address and it being the wrong one!

      Note that I was unable to obtain an address for YoBit, so their system might be experiencing a lot of traffic right now. I’ll try back a little later.

      Let me know if that helps or if you have any other questions.
      -Chris

      Reply
      • Lisa

        Thank you so much for the help…and yes it seems that yobit seems to be pretty busy right now: “No free addresses for such currency. Please try again in 2 minutes.” everyone seems to try to buy the small coins right now on this providers : ) will try it again later

        Reply
        • Chris McCoy

          No problem, and that was the message I got too. Same here, let me know if it works!

          Reply
  4. Mohita

    Chris!

    To answer your question: “Are you wanting to move it to sell for cash? Or just prefer to keep it on Coinbase?”

    I would want to transfer in my ETH Wallet in coinbase so that the amount is my BankAccount

    Reply
    • Chris McCoy

      If you have more than 0.5ETH on Binance then you just need to enter an amount equal to 0.5 or above 0.5. Otherwise it will be stuck on Binance until they lower the minimum, or you could send more ETH to Binance to make it over 0.5 and then withdrawal to Coinbase. Those are really the only options to get it back to Coinbase :/

      Reply
      • mohita

        Got It !!

        Thanks Chris for all the information.

        Reply
        • Chris McCoy

          Anytime Mohita, always happy to help!

          Reply
  5. Stuart beare

    Hi Chris. You’re doing an awesome job with the information here and the tutorials. I have XRP, TRX and XLM on Binance. Came in through Coinbase to Gdax to Binance. What is the best way to withdraw? I can’t see how you can get them changed to BTC or ETH within Binance. Is there a wallet app available that will take them all? What do you suggest is the best way to manage them? Thank you and best wishes Stuart

    Reply
    • Chris McCoy

      Hi Stuart,

      Appreciate that! If you are wanting to cash out, you will need to sell them on Binance for BTC or ETH. Selling is essentially ‘converting’ them, and this guide for Binance covers it: https://blockchaindk.com/2017/12/22/sell-on-binance/

      The Ledger Nano S hardware wallet has support for XRP, XLM, and TRX. These can be kind of pricey, but they are very secure and that alone pays for itself. I had a wallet get compromised and wish I would have had the hardware wallet. You can find a link on my sidebar to the Nano S!

      It really depends on what you are most comfortable with. Binance is the #1 exchange by volume, so they are reliable and pretty secure. I prefer Coinbase/GDAX just because they are US based and have insurance on your digital assets, as well as USD. The hardware wallet will be the most secure out of all though because you are in full control of it.

      Hope that helps!
      Chris

      Reply
      • Stuart

        Many Thanks Chris … it does. So you’re using Coinbase/Gdax as your BTC/ETH wallet. Do you mind me asking which exchange you find best for vast array of coins available? Best wishes. Stuart

        Reply
        • Chris McCoy

          The exchange that seems to have the biggest selection is Cryptopia (list of trading pairs here: https://coinmarketcap.com/exchanges/cryptopia/). I can’t personally vouch for them, but I am seeing more people recommend them. They also have a decent amount of volume, which is a good sign. Bittrex and Poloniex have a good selection too, but they have been slow to add new ones recently. They also de-listed some that the SEC might deem a ‘security’.

          Thanks,
          Chris

          Reply
  6. Mohita

    HI Chris!

    In Binance when i withdraw ETH and hit the Max which is mentioned in the Amount field it gives me an error “Minimum withdrawals not enough” Also when in that field when i keep a specific amount it gives an error “Not Enough”. Could you help me with that.

    Reply
    • Chris McCoy

      Hi Mohita,

      I just checked and it looks like the minimum amount to withdraw ETH is 0.5. If you are trying to withdraw less than 0.5 ETH they will not let you. I’m hoping they adjust that because it’s a pretty steep minimum (~$500). I checked their minimum for a Bitcoin withdraw and it is only ~$34 worth.

      Unfortunately, the only way to withdraw for now will be to withdraw 0.5 ETH or higher. I’m assuming they will lower this at some point, but no timeline on how long it could take, and there is the potential they leave it as-is :/.

      Thanks,
      Chris

      Reply
      • mohita

        Hi Chris.

        Sorry to question again. But when I keep the Amount 500 in the filed it hows me an error “Not Enough” and this happening to me since last two days. Any particular reason it does not let me go through.

        Reply
        • Chris McCoy

          Not a problem and that message typically means you don’t have enough in your account to withdraw. If your ETH balance is less than 500 that message will pop up. Just to confirm, are you trying to withdraw ETH or another cryptocurrency?

          Reply
          • mohita

            Thanks Chris for replying.

            Well I am trying to withdraw ETH and transfer to my Coinbase ETH Wallet.
            Sure by now you know I am a beginner. Thanks for being so patient-full with me.

          • Chris McCoy

            Anytime! It’s a lot of stuff to learn, but you will pick it up quickly.

            Are you wanting to move it to sell for cash? Or just prefer to keep it on Coinbase?

  7. Tony

    Hey Chris,

    Just stumbled on your site and I’m not even sure if I read the whole article yet, but I got a lot of useful info from the comments. I noticed a lot of people talking about withdrawal fees on binance so figured I’d chime in. I was also annoyed by the high fees, but XRP is currently being charged 0.25 as a fee. That’s not bad (less than $1.00 USD). Only downside is there is a minimum withdrawal of 22 XRP. Either way, good for people to know if they are looking to move things around (rather than withdrawal to fiat).

    Thanks - I’m going to check out some of your other articles as well!

    Reply
    • Chris McCoy

      Hey Tony,

      Thanks and glad you found the info useful! It’s nice to have lots of comments because there are so many different situations that can occur with this stuff.

      That is good to know. I could see converting to XRP and then using BitStamp to cash out. NEO is another one and has 0 transaction fees (for now), but I don’t know of any exchange that would cash it out.

      Reply
  8. mARV

    Maybe a stupid question but is there and easy way to compute how many shares of verge it would take to equal lets say $1500?

    Reply
    • Chris McCoy

      It’s a great question and I think the easiest way would be to use CoinMarketCap to find the current USD price per verge if the exchange you are using doesn’t provide the USD price. Then just do 1500/[price per verge].

      As an example it’s currently listed at ~$0.18 (https://coinmarketcap.com/currencies/verge/). 1500/0.18 = ~8,333. It won’t be exact, but gets you very close.

      Hope that helps!

      Reply
  9. Kathy

    I have TRX in Binance and I was going to move it to Coinbase but Coinbase says move only BTC otherwise funds will be lost. I’m totally newbie! Can I move it or should I get a wallet?

    Reply
    • Chris McCoy

      Hi Kathy,

      Nope, Coinbase only accepts BTC, LTC, ETH, and BCH.

      Wallets have their benefits because you are in full control of the funds, whereas an exchange could get hacked or shut down at a moments notice. However, being in full control of the funds also means you have to be extra diligent in protecting it because there is no ‘support’ line. Tron is an Ethereum based token, so you could setup a wallet through MyEtherWallet. Here is a guide for that: https://blockchaindk.com/2017/11/04/create-ethereum-wallet-with-myetherwallet/

      If you wanted to send the TRX to Coinbase to convert to cash, you would need to sell it on Binance for BTC or ETH, and then you could move the BTC or ETH to Coinbase.

      Hope that helps!

      Thanks,
      Chris

      Reply
      • Kathy

        You’re the best! Thank you so much for answering my question. There are so many moves in this economy moves to buy moves to sell moves the store… We need crypto brokers just to handle all of this!

        Reply
        • Chris McCoy

          Thanks Kathy and I completely agree! It can be extremely confusing until you’ve done it a few times, but even then it is very tedious. That’s not a bad idea, I might look into it 🙂

          Reply
  10. Nicole

    How long does it take for the transaction to go form binance to Coinbase?

    Reply
    • Chris McCoy

      Hey Nicole,

      It can vary depending on what cryptocurrency is being withdrawn (BTC generally takes longer than ETH). Networks have been much slower lately due to the increase in traffic, but I would think it should at least be pending in Coinbase within a few hours.

      Reply
      • JASON

        when withdrawing from Coinbase to USD(your bank account) what are the taxes involved? Capital gains?

        Reply
        • Chris McCoy

          As a disclaimer, I am not an accountant and this is not tax advice. It is highly recommended to seek a professional accountant for this subject.

          This is a hot topic and the general consensus from what I have read is that tax events are triggered on crypto < -> crypto and fiat < -> crypto. Either way though, the tax events are treated as capital gains, so you have short term and long term gains. I highly recommend using a platform that helps with tracking these. My personal favorite is CoinTracking. More detail about them can be found here: https://blockchaindk.com/2017/12/29/review-cointracking-cryptocurrency-portfolio-tracker/

          Reply
      • alex

        hey i submited a withdrawal and everything was confirmed on my end. the email. i entered the receiver address and the amount. now on binance is showing PROCESSING for about 1 hours. i sent ethereum, and no tix number yet. am i having a problem or is normal for this to take this long

        Reply
        • Chris McCoy

          Hey Alex,

          The exchanges and networks have been swamped recently, so right now that seems to be normal. I would give it a few hours and then check back.

          Thanks,
          Chris

          Reply
          • alex

            hi, thanks for your reply. it went trought after 6 hours but cant use it now because my exchage website is down. bnummer.

          • Chris McCoy

            No problem, and yeah the networks have been struggling. It used to be minutes to receive things. It will work itself out in time though!

  11. John

    Hey Chris!

    Great info all around! Noob here…. I’ve been on Coinbase since June but am new to Binance and GDAX. I just sent ETH coins to Binance today to buy some XRP, TRX, and XLM. My question is, can I withdraw XRP directly to my BTC or ETH address on GDAX even tho they are different coins? Or do I have to convert ripple to say ETH on Binance first before I can send it there? I don’t currently have any other wallets besides what’s on coinbase. You may have answered this above but I wanted to clarify what I’m trying to do in my own words lol. Thanks in advance!

    John

    Reply
    • Chris McCoy

      Hey John,

      Thanks and glad you find the info helpful!

      You would need to convert the XRP to one of the Coinbase supported coins (ETH, BTC, LTC, or BCH). The same would apply for TRX and XLM. It’s always good to clarify, this space has no refund mechanisms so mistakes can be costly!

      Also note that even though Coinbase has an ‘Ethereum’ wallet, they only support ETH. If you create your own private Ethereum wallet you would be able to send Ethereum based coins to it, not just ETH.

      Hope that helps!

      Chris

      Reply
  12. Ed

    Chris,

    This morning I withdrew two transactions of TRX. I sent it to my etherium coinbase wallet address using two different addresses. NOW, i did not hit the “new address” tab in binance. I just copied and pasted the coinbase address in to the binance address so i could get it back to my coinbase account. the transactions have been completed and I click on the “check” tab in the binance history and it takes me to this estherscan.io place where it shows my transactions. its been 4+ hours and it still hasnt showed up in my coinbase etherium wallet. I am scared that I did something terribly wrong and lost my money. Am I right?

    Reply
    • Chris McCoy

      Hey Ed,

      I would contact Coinbase support and see if they will send your TRX tokens back to Binance or to a private personal wallet (such as MyEtherWallet). Although they provide an Ethereum wallet, they do not ‘support’ other tokens. The TRX are definitely in that address, but their system is not setup to display and handle them on the customer side.

      The safest bet is to use a personal wallet for Ethereum tokens because you will control the private key and can use a service like MyEtherWallet to send and receive all of the different Ethereum tokens. Let me know if you decide to go that route and I would be glad to help out.

      Thanks,
      Chris

      Reply
  13. MIKE

    Hi Chris,

    Appreciate all the responses you give with great detail!

    I have a coinbase account. Recently sent some BTC to binance and invested in TRX and XRP. When I’m ready to sell and withdraw to USD via coinbase, would you recommend converting to ETH or BTC? Not sure if there are less fees with one of those options.

    Thanks,
    Jon

    Reply
    • Chris McCoy

      Hey Jon,

      Thanks and glad its helpful!

      ETH will typically have faster transactions and cheaper fees, so that is what I would recommend. Just note the recent increase in the price of ETH makes it an expensive withdraw fee from Binance (I think 0.01ETH, so almost $10). The real money saver is using GDAX to sell to cash: https://blockchaindk.com/2017/12/30/avoid-coinbase-fees/

      Hope that helps!

      Reply
  14. Camden

    Chris…amazing article. I have a question. I started off with LTC on Coinbase and joined Binance for more options to buy into. I currently have some good amounts of XRP and TRX. Now, for me to sell some of the TRX or XRP, do I need to SELL back to LTC or even BTC before I can send back to Coinbase to withdraw to my bank account? Appreciate the help. Thank you.

    Reply
    • Chris McCoy

      Hey Camden,

      Thanks, glad you found it helpful!

      Yep, you nailed it. It will be easier to trade back to BTC, otherwise you would need to go TRX -> BTC -> LTC. I would recommend sending back to GDAX though and selling through them. It’s run by the same company, so you actually already have an account there. The main reason to use them is that the fees are much cheaper, and transfers between Coinbase and GDAX are instant/free. This guide goes over avoiding the Coinbase fees: https://blockchaindk.com/2017/12/30/avoid-coinbase-fees/

      As a side note, there is an exchange that allows you to convert XRP to USD. The exchange is BitStamp, but I have not personally used them yet. I will be doing guides on XRP and BitStamp this weekend though, so more to come on that!

      Reply
      • camden

        Never thought about the GDAX. have heard about it. but with that process…even tho owned by CoinBase…the verification process done again with the bank account situation or all under the one roof no need for that,.

        so does not matter with GDX or CoinBase, Binance can be sent to either (just GDAX is lower fees and easier process). thanks again

        Reply
        • Chris McCoy

          No need to do verification again. The bank account(s) setup on Coinbase are already options on GDAX, except for debit/credit cards. GDAX is basically reading everything from Coinbase, they just have a different interface.

          Exactly, you can send to either one and will be good to go. Anytime!

          Reply
  15. Wen

    Hey Chris,

    I’m new to this crypto currency.

    If a person pays with credit card to purchase bitcoin on coinbase and transfers it to Binance, how do you get the money out on a withdrawal, where does that withdrawal go, and more importantly, how do you change that to actual USD?

    Thanks so much!

    Reply
    • Chris McCoy

      Hey Wen,

      Welcome to world of the Crypto!

      In the situation mentioned, you would need to withdraw a cryptocurrency back to Coinbase (BTC, ETH, LTC, or BCH). Then you will be able to sell that back to USD and withdraw it to your bank account.

      Check out this article to get an overview of converting from cryptocurrency to USD: https://blockchaindk.com/2017/12/18/convert-cryptocurrency-to-fiat-currency/

      Also, to avoid fees on Coinbase, I would use GDAX. GDAX is run by the same company, so you will actually have an account there already. Here is a guide on avoiding the Coinbase fees: https://blockchaindk.com/2017/12/30/avoid-coinbase-fees/

      Hope those help and let me know if you have any questions.

      Thanks,
      Chris

      Reply
      • WEN

        HI Chris,

        Thanks so much for responding. This also applies if the original purchase was made with a credit card? I was so confused as to why Coinbase let’s you purchase with a credit card without a withdraw option. Just don’t quite understand how you could cash out a credit card payment option.

        Is the original credit card payment option considered fiat too?

        Thanks again!

        Wen

        Reply
        • Chris McCoy

          Hey Wen,

          Not a problem and correct. You will need to link a bank account to get cash out. They do have a USD wallet, so you could still sell while waiting for your bank account to be connected and keep the cash there. Then you just withdraw from your USD wallet to your bank account once its linked.

          Yeah, the credit card purchase would be considered paying fiat for a cryptocurrency. They just make the conversion on the back end, so you don’t see the ‘cash’ being deposited and then converted in that situation.

          Reply
          • Wen

            Hi Chris,

            Thanks for confirming. It would absolutely horrible to find out that your purchase with a CC can’t be converted to cash once you cash out!

            Hope you don’t mind. I’m sure I’ll have more questions!

            Best,

            Wen

          • Chris McCoy

            Anytime! Haha, that would not be good at all.

            Feel free to contact me through E-mail from the Contact page too if you have a question that isn’t covered by any particular guide.

            Thanks,
            Chris

      • WeN

        Hi Chris,

        Oh, sorry…one more question. GDAX currently let’s you set up an account, but the camera does not work, meaning I can’t send to GDAX. I have tried multiple times to take a picture of myself. Is there any way to contact them?

        Best,

        Wen

        Reply
        • Chris McCoy

          Hey Wen,

          No worries, and I would check this link to contact them: https://support.gdax.com/customer/portal/emails/new . I haven’t had experience with issues on GDAX, but others have had issues with pictures. They tend to be very picky.

          Thanks,
          Chris

          Reply
  16. Lars

    Hi Chris,

    How does it works…

    I have invested in 5 diff. coins at Binance with XXX/BTC. If I want to sell all five and withdraw to Coinbase i bought from, what about the value of the BTC then.
    Exmaple I have bought at Coinbase on the 29/12 and if i witdraw one year later the value of BTC is much lower, would my profit i acheived on Binance then be gone?

    Hope you understand 😉

    BR, Lars DK

    Reply
    • Chris McCoy

      Hey Lars,

      The profit would be gone in USD (or another fiat currency) terms, but your BTC amount would be the same.

      Example: Let’s say you started with 0.5 BTC and sold the 5 coins for 1 BTC today. Your profit would be 0.5 BTC, which would currently be worth $7,500. If you left it until next year and Bitcoin drops to $10,000, you would still have your 0.5 BTC in profit, but now it’s worth $5,000.

      Let me know if that makes sense!

      Thanks,
      Chris

      Reply
  17. Justin

    Hi Chris
    Thank you for this review your experience is much appreciated. I have only $500 worth of bitcoin and am interested in crypto exchanging, hoping to create some profit. I have read many reviews about exchanges all have many negative rather than positive. I guess this is human nature, to complain when things go wrong, yet not to comment when things go well. Many reviews tell how it is difficult to remove their coins from the exchanges, often not having enough coins in their accounts to meet minimum transaction fees. etc.
    Does Binance have any minimum withdrawal limits?
    eg. can i withdraw $10 sending it directly to my Electrum wallet address?
    If you think Binance is not very good for a novice like myself can you reccomend another exchange i should use that has a lot of alt coin options.
    Ps I am in England UK and find it difficult to convert my BTC to actual fiat cash because of UK regulation and having to use SIPA transfer. So i have ordered a Cryptopay.me debit visa card. Do you have any experience of the Cryptopay.me card?
    Thank you for your reply in advance
    Regards Justin

    Reply
    • Chris McCoy

      Hey Justin,

      Thanks and glad you find this information helpful!

      I agree that people tend to leave negative reviews much more often than positive reviews. That is a valid issue with Binance because the withdrawal fees are somewhat steep. I checked a few tokens yesterday and it would cost between $6-$8 just to withdraw them. There is no minimum withdrawal limit as long as you have enough to pay the withdrawal fee. Binance also leaves ‘dust’ when you sell tokens. Dust being an amount so small that you can’t place a sell order for it, and not enough to meet the withdrawal fee. It’s normally pennies though, so more obnoxious than anything. Other than those 2 issues, Binance is a very good exchange. Lot’s of liquidity, great security measures, and pretty good about adding new tokens.

      The only other exchange I would have recommended is Bittrex, but I think they recently suspended new account openings. They operate in the US and have been tightening their operation, so they aren’t adding new tokens as often anymore. Might still be worth checking out though. An up and coming exchange is KuCoin. They have been extremely fast at adding new alt coins. Here is an overview of the KuCoin exchange so you can get an idea of them. They are going through some growing pains, but they went from ~$5Mil a day last in volume last month to over $100Mil as of the past couple of days, so I give them a little slack when the site is slow.

      No experience with Cryptopay, but I would be very interested to hear about your experience with it when you get it. That is a hot topic in this market, so I have been following a few of the projects (TenX, TokenCard, etc.). Do you use Coinbase/GDAX for converting to fiat?

      Thanks,
      Chris

      Reply
  18. Chrystle

    First of all, I would like to say Thank You to Chris McCoy for all your answers and insights. You have been extremely helpful for newcomers like myself.

    I do have a question that hopefully you can help me with. When looking at BINANCE and going to my account under History …. how do I find how much I paid for each transaction (SALT)? Is there somewhere where it tells me what I paid for it (or is there a conversion formula we have to use to figure out by using their price)? Also, vice ‘ versa….(conversion formula for the USD price before selling it) I would like to know what the conversion of something is before I send it back to my Coin Base acct.

    Also do you have a twitter account people can follow you on? You are pretty knowledgeable and helpful in a “user friendly” kind of way…..Thank you again!! Happy New Year!

    Reply
    • Chris McCoy

      Hi Chrystle,

      Appreciate the kind words and glad you find this information helpful!

      Binance does not offer a view of how much an order is worth in USD terms. However, there are some tracking applications that will do this for you. My personal favorite being CoinTracking (review here: https://blockchaindk.com/2017/12/29/review-cointracking-cryptocurrency-portfolio-tracker/). CoinTracking lets you upload the “Trade History” report from Binance and then it will calculate everything in USD terms. The free version is limited to 200 trades, so if you are a light trader this account will be fine. The specific report in CoinTracking is called “Trade Prices” and shows USD and BTC values for every trade.

      Yep, Twitter account is here. It mainly has bounty Tweets now, but I am transitioning away into more helpful information. Hope this info helped and let me know if you have any other questions! Happy New Year!

      Reply
  19. ammar

    Is it possible to buy any other currency from litecoin apart from BTC, BNB, ETHEREUM?

    Reply
    • Chris McCoy

      It is, but not on Binance. Cryptopia is the only exchange I have seen with LTC as a base pair, so that will have the most choices. I have not used Cryptopia before, so I would check out a couple of reviews first. There are some other exchanges like Poloniex that let you trade LTC for XMR, but that only gives you 1 additional choice.

      Here is a list of Litecoin trading pairs: https://coinmarketcap.com/currencies/litecoin/#markets

      Reply
  20. SEAN

    Hey David,

    Thank you sharing, found it very helpful and informative. Quick question….I bought some TRX on Binance this morning and plan on sending it to MEW, but the transaction fee to be charged is like 100.00 at the moment. That almost half the TRX I own….This is crazy!!!! Am i missing something or is this normal?! If that is the case, I will have to buy more TRX just to make it worthwhile sending it to MEW.

    Reply
    • Chris McCoy

      Unfortunately that fee is correct at the moment. I’m hoping they adjust a lot of their fees down since most tokens have gone up a lot. I checked ChainLink, ETH, and a couple other Ethereum tokens and they ranged from $6-$8.50 in transaction fees from Binance :/

      Reply
      • SEAN

        WOW! Thanks for confirming it for me. I will keep it on the exchange for a short while (until I can buy more), then move it. I know the risks involved, but I’m not willing to lose 100 TRX right now. Cheers buddy.

        Reply
        • Chris McCoy

          Not a problem and I am right there with you. Binance has a good reputation and seems to take security seriously, so it’s definitely one of the better ones to leave stuff on. Cheers!

          Reply
          • David

            Your answers are helpful. However, I’m still a bit confused. Are the fees shown in dollar amount or percentage of the transaction value or number of coins charged? ie: Tron is $100 fee or 100% fee or 100 coins? Thanks

          • Chris McCoy

            Fees are shown in coins. In the example of Tron, 100 TRX are charged as a withdraw fee. They typically adjust them when prices rise a lot. 100 TRON was cheap a month ago, but now its a lot to pay for a transaction fee.

  21. anon

    They are now requiring 2FA for any kind of withdrawal. Bad for business.

    Reply
    • Kurt

      Hey Chris I wasn’t able to withdrawal my lumens tonight cause the 2 step Auth kept failing. Saying wrong code or tag. Is this a problem happening on binance?

      Reply
  22. Ben

    I traded coins, the coins \i sold are still sitting in my wallet. Can i transfer say NEO/BTC from Binance to Coinbase?

    Reply
    • Chris McCoy

      Hey Ben,

      Coinbase accepts BTC, so you can transfer the BTC from Binance to Coinbase. Coinbase does not accept NEO though, so you would need to convert it to one of the coins Coinbase accepts (BTC, ETH, BCH, LTC).

      Your BTC Coinbase address can be found by going to the accounts section and then clicking the “Receive” button for the BTC Wallet. In-depth guide on depositing into Coinbase can be found here: https://blockchaindk.com/2017/12/24/make-coinbase-deposit/

      Hope that helps and let me know if you have any other questions.

      Reply
  23. Kautilya

    I want to convert cryptocurrency ripple into canadian or us dollars and withdraw in my bank account or someway to encash it.

    Reply
    • Chris McCoy

      Hello Kautilya,

      From what I have been reading, BitStamp has XRP/USD pairs. This means you would be able to sell your XRP directly to USD without needing to convert to BTC/ETH/etc. first. BitStamp is a top 10 exchange based on volume, so they are quite popular and have a lot of liquidity.

      Hope that helps!

      Reply
  24. David

    Chris, I am having trouble with transferring BNB and CND into my MyEtherWallet. This question is basic but where do I find the address for these two tokens in MyEtherWallet to put into Binance. I apparently mistakenly sent some BNB to the Owners address for BNB and they are GONE. I also tried the address shown under the symbol on the Add a Token page but Binance gave me a message that said “illegal address”, so I’m doing something wrong I learned one hard lesson with BNB that I don’t want to repeat. I also went through a Video of setting up the Wallet on Palm Beach Confidential and it seemed to be saying that all ERC Tokens in the Wallet can be sent to the Wallet using the same main address, is that correct, it doesn’t seem logical.
    Thank you, David

    Reply
    • Chris McCoy

      Hey David,

      Wanted to leave my response here in case it helps someone else reading the site. You are able to send the tokens to the same address, as long as they are on the Ethereum blockchain, which CND and BNB are. As an example, check out this random address I found: https://etherscan.io/address/0x17bc58b788808dab201a9a90817ff3c168bf3d61 . If you click the “view tokens” box on the right side you can see that this one address has a lot of different tokens, including ETH. All of the tokens are allocated to this 1 address.

      I think of it like a physical wallet that can hold gift cards. A gift card is specific to a company, but you can keep lots of them in the same wallet.

      -Chris

      Reply
      • Juli

        I have the same problem with myetherwallet.
        do not let me move the crypto. it shows me still the voice:
        “Withdrawal adrress error”
        What is for problem?

        Reply
        • Chris McCoy

          There are 2 things I would check.

          1. Double check the address and make sure there isn’t a space at the beginning or end
          2. Check and make sure it is an Ethereum based cryptocurrency. Feel free to reply with the cryptocurrency name and I can find out for you if needed

          Let me know if that helps!

          Reply
          • Tom goulthorp

            Hi mate new to all this and am wanting to withdraw my stellar and trx.. around 1400 USD worth. But keep on binance and reinvest. Do I have to withdraw from my binance to my coinbase wallet then send the Bitcoin back to binance? Any help would be much appreciated.

            Regards, Tom

          • Chris McCoy

            Hi Tom,

            Nope, you can sell the XLM and TRX on Binance for BTC, so there is no need to withdraw them. Check out this guide on how to sell on Binance to trade them for BTC.

            Let me know if that helps or if you have any other questions.

            Thanks,
            Chris

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