I’m going to teach you how to sell cryptocurrency such as Dogecoin or Bitcoin on Binance and withdraw your fiat currency, whether that be Great British pounds, Canadian dollars, USD, Australian dollars, from Binance to your bank account.
To get started, you want to go into Binance, and you want to log in using the information you originally signed up with. In my case, it was an email address, but it could also be a mobile phone if you signed up that way.
Now, once you’re logged in, you’ll be able to see your current balance. This is a combination of the balances from all the different assets you might have. However, in my case, I have Dogecoin.
Now, to sell the Dogecoin, in my case, or cryptocurrency, you’re going to want to click on the nine squares, which is just next to the logo on the top left hand side. You then want to go down to the exchange.
Now, when you click on this, it’ll take you to this crazy graph.
What you want to do is, on the right-hand side, you want to click in the search bar and type in cryptocurrency you’re looking to sell. So, in my case, I’m looking to sell Dogecoin, so I’m going to type in Doge.
Then you want to select the currency you wish to trade it into. So, in my case, I want to exchange it for British pounds, but if you’re in the US, you might want to trade it into USD, Australia AUD, etcetera.
Quick side note, some cryptocurrencies only convert into some currencies, and others convert into more. So it depends on the popularity of the cryptocurrency.
For example, you have a cryptocurrency that doesn’t convert into your national currency.
For instance, if you want to trade Dogecoin, and there are no euros, you’d have to convert it into either USD or Great British pounds, and then convert that USD or Great British pounds into Euros. All of that can be done in Binance.
Now, once you’re happy with that, you want to click on the currency you wish to trade it into, and you’ll notice that the chart will change. In my case, I’ve converted it into the chart that shows Dogecoin into Great British pounds.
Selling the Dogecoin
So, now what you want to do is you want to scroll down to the bottom of the page, and you want to go to the sell box at the bottom here. On the left, you can see a buy box, and on the right-hand side, there is a sell box.
Here, you can decide between a limit or a market sell. You can do that using the tiny links at the top there.
So, a limit sell allows you to set the price you want to sell the currency at. In contrast, a market price will automatically sell the currency at that market price as soon as you click the button.
In this case, I opted to sell at a limit rather than a market. So, right now, Dogecoin is trading at 0.05091.
I’ve looked at the chart over the last 15 minutes, and I’ve seen that it’s gone up a relatively large amount and down rather large amount, so I’m going to opt to sell it at 0.051.
This is within reason for the volatility of this particular currency within the last 15 minutes or an hour. And I want to sell this currency within the next 15 minutes or an hour.
If you wanted to sell in the future when it only hits a specific price, say, I only wanted to sell Dogecoin when it hit 10 pence, then I can put that in.
But obviously, I’m just going to leave it going and leave it there. But in this case, I do want to try and sell it within 15 minutes.
I want to put the price there so I can see how much I’m going to be getting, and how many Dogecoin I specifically need to sell to get that price.
So, I can adjust the amount of Dogecoin I’m going to sell to achieve the optimal amount I want to withdraw. Now, in my case, I want to get to a total of around 100 pound.
I dragged the little slider at the bottom up until it reached around 100 pounds. And then I just played with the numbers in the amount to get it as close to the 100 mark as possible.
In this case, if I sell 1,961 Dogecoin at 0.051 pence, I will get 100 pounds and a penny.
I’m totally happy with that, so that I will click on the sell Doge button. So now, if you scroll down just a little further, you can see that I have this open order section. And you can see I have an order open.
That will remain there until the price of Dogecoin hits the price that I’ve specified. I can click the cancel button if I’ve made a mistake, I changed my mind, but I’m just going to wait for the price to hit 0.051.
So, now Dogecoin has hit the price I specified. Therefore, the order has been sold and moved to the order history tab. So, now we can go back to the top of the page and we can click the wallets and overview section.
Here, we can see that my balance is now made up of Dogecoin and Great British pound sterling.
If I click on the fiat and spot button here, I’ll see a breakdown of the balances between the two currencies. Obviously, if you’ve got different currencies, cryptos or more, they will show differently to mine.
So, you can see how I’ve got 100 pounds and a penny in Great British pounds. In Binance, it shows me the value of Bitcoin, but that’s irrelevant to me right now because I want to withdraw that money from Binance and put it into my bank account.
Withdrawing to your Bank Account
So, to do that, I will click on the withdrawal button. Once I click this, I’m going to select how much I want to withdraw. Then, I’m going to select faster payments.
Helps for faster payments as it uses the details I already have from when I deposit it.
If you need to enter any details here, it’ll prompt you to make sure they are correct before submitting. Quick side note: the cost of withdrawing from Binance is currently at 1.50 pounds.
In the UK, it does vary depending on where you live in the world based on the currency amounts.
So, once I’m happy with the withdrawal, I’ll click confirm. And then a popup appears to give me a little information about the withdrawal.
If I’m happy with that, I’ll click withdraw. Then you have to complete some basic security information. After that, they’ll send a code to your email, or your phone, or both, that you need to enter.
Then when you’ve completed that, it’ll come with a popup and tell you your order has been submitted.
Binance takes a couple of days to withdraw from the app to my bank account, even using either payment methods, the faster payments or the direct method.
That’s how you convert cryptocurrency into fiat currency and then withdraw that from Binance into your bank account.