How to cash out your Crypto on Binance. Cryptocurrencies aren’t just for investing and holding for extended periods of time with the aim of striking rich, they are also there to be traded like normal currencies on the financial markets.
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We’ll show you a step by step example of how to do this on Binance, but you can also do it through GDAX or any other big exchange. Trading Ripple for another cryptocurrency on Binance 1.
How to create Account on Binance. You can create account on binance exchange easily and smaller transactions do not even require the KYC. Binance is one of the most popular exchanges to buy cryptocoins. The trust and the transaction commissions are making Binance even more popular. I personally
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Since Binance is strictly a cryptocurrency exchange, you’re not able to fund your account with fiat currency or get money out of Binance. 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.
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In order to cash out of Binance, as a US citizen, you must convert the crypto that you would like to cash out into LTC, ETH, or BCH in preparation for it to be transferred out. The reason for avoiding BTC during this conversion is simply due to the high transaction fee associated with it.
It’s a good idea to have accounts with other exchanges ready just in case one exchange goes down. When Coinbase went down during the bitcoin cash launch, I bought some on the Binance exchange. But.