How to Cash Out Crypto on Binance
45sClear, actionable tutorial that addresses a common pain point for crypto users.
▶ Play ClipAI Summary
This video provides a step-by-step guide on how to sell cryptocurrency for cash using the Binance exchange. It covers two primary methods: using spot trading pairs for better exchange rates and using the buy/sell feature when spot pairs are unavailable. The tutorial also explains how to withdraw the resulting fiat currency to a bank account, with a note that availability depends on the user's region.
Chapters
[00:01]
Two methods to sell crypto
There are two methods to sell crypto into cash on Binance, depending on where you live.
[00:16]
Accessing assets and balances
Go to the assets page (bottom right) to see fiat and crypto balances. Need to find which crypto is available to sell into the desired currency.
[00:44]
Using spot trading pairs
Spot trading pairs offer the best fees and exchange rates. Navigate to Trade > Spot, then search for the trading pair in the desired currency (e.g., USDT/AED).
[01:26]
Selling via spot market order
Choose a market order to sell immediately. Enter the amount (e.g., $100 USDT) and confirm. The price shown is the highest bid (e.g., 3.68 AED per USDT). A trading fee applies.
[02:31]
Using buy/sell when no spot pair
If no spot pair exists, use the Buy/Sell option. Select the currency (e.g., AED), enter the amount, and note the exchange rate is worse (e.g., 3.65) but no trading fee is charged.
[03:53]
Withdrawing cash to bank
After selling, you can withdraw the fiat balance (e.g., AED) via bank transfer if available in your region. Set up bank transfer method if not already done.
The video effectively demonstrates how to cash out crypto on Binance, emphasizing the trade-off between spot trading (better rates but fees) and buy/sell (worse rates but no fees). The key takeaway is to compare both options and use the one that yields the best net amount, then withdraw via bank transfer if supported.
Mentioned in this Video
Tutorial Checklist
Study Flashcards (5)
What are the two methods to sell crypto to cash on Binance?
easy
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What are the two methods to sell crypto to cash on Binance?
easy
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Spot trading pairs and the buy/sell option.
00:01
Which method typically offers better exchange rates and fees?
easy
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Which method typically offers better exchange rates and fees?
easy
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Spot trading pairs.
00:44
What is the difference in exchange rate between spot trading and buy/sell in the example?
medium
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What is the difference in exchange rate between spot trading and buy/sell in the example?
medium
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Spot gave 3.68 AED per USDT, buy/sell gave 3.65 AED per USDT.
03:11
Does the buy/sell option charge a trading fee?
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Does the buy/sell option charge a trading fee?
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No, but the exchange rate is worse.
03:11
What is the final step after selling crypto to fiat?
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What is the final step after selling crypto to fiat?
easy
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Withdraw the fiat balance to your bank via bank transfer if available.
03:53
💡 Key Takeaways
🔧
Spot trading recommended
Spot trading offers the best fees and exchange rates, making it the preferred method when available.
00:44
💡
Trade-off between rate and fees
The video highlights the trade-off: spot has better rates but charges fees, while buy/sell has worse rates but no fees.
03:11
📊
Withdrawal availability varies by region
The ability to withdraw to a bank depends on the user's region, which is a crucial practical consideration.
03:53Full Transcript
[00:01] can withdraw that cash to your bank account if it's available for you in live and the currencies that you're using, you might have a few different this video. There are two methods to sell crypto's into cash on Binance and
[00:16] dependent on where you live. So, the first thing to do is go down to the assets page in your Binance account. So, bottom right-hand corner, click assets. balances. I've got a fiat currency balance of AED and then a bunch of
[00:30] crypto balances as well. We need to find which crypto is available to sell into the currency that we want. So, go to the trade screen, bottom middle, click trade. And up at the top, you can see buy/sell.
[00:44] there's a spot. So, I'm going to click spot. Now, if you've got spot trading pairs, this is probably going to be the best option in terms of the fees and the exchange rates that you get. So, I'd recommend doing this if you can.
[00:59] pairs. So, where it says spot up at the top, below that it says USDT/AED, that's click this, I can go and search for all of the trading pairs in the currency that I want to get. So, up at the top, press uh press search.
[01:14] pairs. Then at the bottom here, you've got one, USDT/AED. transfer it directly into AED. What I'd have to do is get my Bitcoin, sell it
[01:26] into USDT, the stable coin, then sell the USDT into my cash. If you're in a different country or region, you might have more trading pairs or even none, so you're just going to have to figure that out. So, if I click USDT/AED,
[01:40] I've got some USDT, so what I want to do is go ahead and sell. I'm going to choose a market order here. Just below the sell button, click that. Market limit, I'm going to choose market for this example here. Market order is
[01:52] where you sell immediately, so what I'm going to do is where it says amount, says USDT here. Right? I'm just going to sell USDT. Uh let's sell $100 of USDT. And I'm going to sell into AED. Now, on
[02:06] the left-hand side, the price that I'm going to get is 3.68. That highest green That's the highest bidder, so I'll get 3.68 uh dirhams for one USDT. I'm going
[02:18] to sell 100 USDT. So, I'm going to press sell USDT, that big red button here. You can see that I've got a fee as well, so I have to pay a trading fee. And I'm going to do that, so press confirm. So, that will sell my USDT, and I've bought
[02:31] some AED with the trading fees as well. If you don't have any spot trading pairs for your currency, then there is the buy sell option as well. So, I'm going to go back into the trade icon down at the bottom in the middle here, press trade.
[02:43] top of the screen, I'm going to go to the left-hand side and press buy sell. And I've got this option as well. So, the from is USDT, and the two is AED. I can click the two icons, so the AED option here, I'm going to click that.
[02:58] currency options here. I'm going to click AED. of USDT that I want to sell. Let's say 100. And it's going to give me the exchange rate. Notice that the exchange rate is
[03:11] worse. In the spot trading screen, I got 3.68. The exchange rate here is 3.65 for 100 USDT, it's 365. That's the amount of dirhams I'm getting. However, there is no trading fee here. So, work out is the spot going to be better for
[03:26] well. Is that going to work out a better exchange rate or is the buy sell going Uh and you might not have an option either, there might just be one. But I'm going to sell, and the receive method here is my AED balance.
[03:38] trading account as a cash balance. So, buy sell USDT to AED, preview order. but the trading fee is in the price, so I get a slightly worse exchange rate. Press confirm. That's going to sell that USDT into AED and put it into my spot
[03:53] trading account. If you have the option in your region, you can now withdraw you can see down at the bottom it says withdraw AED. I'm going to click that withdraw this, bank transfer. I've set up my bank transfer method. If you
[04:07] haven't, just go press continue. You can set up your bank transfer. The way that your card number and everything else. You can go ahead and do that very easily. If you don't have this option in your region, Binance may add it in the
[04:20] right now. If you need a more in-depth guide to Binance and how to do in the description below and some sign-up links to the exchanges I use way G. Cheers for watching and I'll see you in the next one.
