This post will demonstrate how I have been withdrawing Great British pounds from my Binance account despite Binance having blocked all Great British pounds withdrawals from their system into UK bank accounts. This is the unique method that I use and made up myself, there may be different and better methods out there, but this method I find pretty good, quick and affordable.
Okay, so we’re in my account here, and we’re under Fiat and Spot, and you can see I have £38.76 in my Binance account. So now, if we click on withdraw here, it’ll take us to the withdraw page, and we can see that both channels are currently suspended, including faster payments and bank card withdrawals.
So if we go back to my Fiat and Spot account and hover over the trade, we will get a variety of options. In this case, I’m scrolling down and going to Doge/Great British pounds because I’m using everybody’s favourite good boy, I am using Dogecoin for this transaction, and I’m using Dogecoin for three key reasons:
Number one: it’s a relatively fast cryptocurrency.
Number two: it’s relatively affordable when it comes to transaction fees.
Number three: it’s available on the exchange that we’re going to be using for the other half of this transaction, which in this demonstration will be Coinbase.
So go to Doge/Great British pounds, click on that. And then this page loads, and we’re going to scroll down, and we’re going to use our Great British pounds to buy Dogecoin. I’m going to scroll up here because I’m using 100% of the Great British pounds I have to buy Dogecoin. I’m going to then click on buy Doge, and then we can see my transaction has been processed.
So if we go down here and click on order history, we can see that the transaction took place at 12:46. It was a limit order, and I paid an average of 0.14361 Great British pounds per Dogecoin; as a result, I got 269.8 Dogecoin, and the status is filled. So we come back up here, scroll to the top, hover over wallets, go down to Fiat and Spot.
And we can see now in my account, I have no Fiat currencies, but if we click on hide small balances, just here, you will see I do have some, in Great British pounds I have 0.02p, but because I’ve got hide small balances turned on, you can’t see that, and there’s not a lot I can do with two pence, I’m just going to hide that.
Withdrawing Dogecoin via Coinbase
Now it’s time to withdraw the Dogecoin that I have just purchased. So, we’re going to click on this withdraw button, and we will be withdrawing some Dogecoin. In this case, I’m going to be using Coinbase.
You can use any other cryptocurrency account, provided that cryptocurrency account allows you to withdraw to Great British pounds. However, in this tutorial, I’m using Coinbase because I’m assuming that most people have a Coinbase account over any other account.
In addition, it’s relatively simple to use so I thought it’d be suitable for this demonstration, but do keep in mind that you can use any other cryptocurrency exchange. So yes, as long as they allow you to withdraw Great British pounds, make sure that the cryptocurrency you are trading, in this case, Dogecoin, is available on that exchange, and in Coinbase’s case, it currently is, so that’s fantastic.
So going to go over now to Coinbase, and we will get our address. So to do this, what we do is we click on this send and receive button in the top right-hand corner, click on the receive tab and then scroll down.
You want to make sure your asset is a Dogecoin; in this case, click on that, and in that case, we have our address.
Going to click on the copy button that copies the address, go back over to Binance, and I’m going to paste that address straight in there. It’ll automatically fill in the network, which is Doge.
I’m going to paste that address straight in there. It’ll automatically fill in the network, which is Doge, and then I’m going to decide on my withdrawal amount, which in this case is 269 Doge because that’s the price that I sold my Great British pounds at.
In this instance, we can see I’m charged a five Doge network fee, which is about 75p at the time of writing this post because one Dogecoin is currently equivalent to about 15p.
Now once I’m happy with everything, go ahead and click on the withdraw button, and we can see here I’ve got all the transactions; I’m just double checking my address.
If you have a significant transaction, it might be worth doing it in a couple of smaller transactions to ensure you get the process right. It costs you a little bit more in fees, but much rather that, than you lose all your cryptocurrency because you try to do it all in one go and maybe messed it up slightly, maybe with the wrong letter or number at the end of the address, maybe on the wrong network, who knows.
Still, yeah, it’s something I’ve always done if I’m doing a large amount of cryptocurrency, but in this case, 30 pounds, I’m okay with doing that in one transaction. Happy with everything, so I’m going to click continue and now we can see the withdrawal request has been submitted.
Okay, so I said I used Dogecoin because it’s a fast blockchain, and I’m not lying, but there is a caveat to that. So we can see here it took about, so I completed the transaction at 12:48 on the Binance side. However, the transaction took about an hour to show up on the Coinbase side.
So now it only took 10 minutes for the transaction to be completed on the Binance side, and that’s when the six nodes on the Dogecoin network have all gone through. However, Coinbase has its nodes, and therefore they estimated it would take an estimated additional six hours for the transaction to complete.
It took about an hour in total, and now I came back an hour later, and if we click on the left-hand side, click on portfolio and scroll down, we can see I now have some Dogecoin in my account, 264, which is the 269 less the five Dogecoin fee.
Converting the Dogecoin back to GBP
So with that being said, I now have, of course, the Dogecoin in my account, and it’s time to convert it back to Great British pounds. So to do that, click on this overview tab, then click on the sell tab, and then, in this case, I’m going to sell all. So I’m selling all to my Great British pounds wallet, and it’s 264 Doge, and the sale is £38.85, but there is a fee, a Coinbase fee of £1.99.
Now, if you’re a more experienced cryptocurrency trader, by all means, use Coinbase Pro and get those lower fees. I’m just trying to keep this as simple as possible, and in this instance, I’m happy to pay the £1.99 fee. So I go ahead, and I click sell now.
So now that transaction has gone through, I want to click on this withdraw funds button here, click on that, and it takes me straight to my Great British pound wallet. We can see in my wallet I have £36.86, and I’m going to withdraw all of that. So I’m just going to type that in, 36.86, click continue.
I have had to blow some stuff out just for personal security and all that. But we can see here it’s allowing me to withdraw to my UK bank, click that, and yes, I’m not charged a withdrawal fee, so I am withdrawing £36.86 by clicking that withdraw now bottom.
And that is the total withdrawal. So I started with £38.76 of Great British pounds over in my Binance account, and after all the fees, the Doge fees, the Coinbase fees, I was left withdrawing £36.86, which I don’t think is terrible. I could certainly get it cheaper if you were willing to go Coinbase Pro; just for the sake of this tutorial, I like to keep things as simple as possible.