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.
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.
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.