Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is currently undertaking scheduled maintenance on its withdrawal system. The last time the exchange underwent similar maintenance was in mid-2017.

At the time of writing, the Binance website shows a message that reads “Withdrawals are temporarily suspended for maintenance. We apologize for any inconvenience caused and will provide an update as soon as possible.”

The exchange has not given a specific timeline for when the withdrawal system will be back up and running. However, based on past experience, it is likely that the maintenance will take a few hours at most.

In the meantime, trading on the Binance platform is still possible. However, users will not be able to withdraw any funds from their account.

This is not the first time that Binance has had to suspend withdrawals due to technical issues. In February 2018, the exchange had to halt withdrawals for a brief period of time due to “unscheduled system maintenance.”

While it can be frustrating for users when exchanges have to halt withdrawals, it is important to remember that these types of technical issues are relatively common in the cryptocurrency space. exchanges are constantly working to improve their systems and minimize disruptions.

Binance US, the American branch of the world’s largest cryptocurrency exchange, only allows withdrawals in cryptocurrency. So, if you want to cash out your dollars, you’ll first need to convert them to a supported cryptocurrency.

Then, you can withdraw that cryptocurrency to an external wallet or exchange. The whole process can take anywhere from a few minutes to a few hours.

Here’s a step-by-step guide to withdrawing money from Binance US:

1. Convert your dollars to a supported cryptocurrency

The first step is to convert your dollars into a supported cryptocurrency. Binance US only supports trading in a handful of cryptocurrencies, so you’ll need to pick one of those.

Bitcoin, Ethereum, and Litecoin are usually good choices.

To convert your dollars, go to the “Funds” page on Binance US and click on the “Deposit” button next to the currency you want to convert to. On the next page, select “Fiat Currency” as your deposit method and enter the amount of money you want to convert.

You’ll then be given instructions on how to deposit money into your Binance US account.

Once your deposit arrives, it will be converted into the cryptocurrency you selected and added to your Binance US account balance.

2. Withdraw your cryptocurrency to an external wallet or exchange

Once you have some cryptocurrency in your Binance US account, you can withdraw it to an external wallet or exchange. To do this, go to the “Funds” page and click on the “Withdrawal” button next to the currency you want to withdraw.

On the next page, enter the amount of currency you want to withdraw and the address of your external wallet or exchange. Then, click on the “Withdraw” button.

Your withdrawal will usually be processed within a few minutes. However, it can sometimes take up to an hour or two for large withdrawals.

Once your withdrawal has been processed, it will show up in your external wallet or exchange account.

3. Convert your cryptocurrency back into dollars (if necessary)

If you want to cash out your money completely, you’ll need to convert your cryptocurrency back into dollars (or whatever fiat currency you use). To do this, you can simply send your cryptocurrency back to an exchange that supports fiat withdrawals and sell it there for cash.

Or, if you have a friend or family member who wants to buy some cryptocurrency, you can sell it directly to them in exchange for cash.

Once you have cash in hand, you can withdraw it from your exchange account using a bank transfer or PayPal withdrawal (if available). Or, if you used a peer-to-peer transaction site like LocalBitcoins, you can simply request a cash withdrawal from the buyer.

The process of withdrawing money from Binance US can take anywhere from a few minutes to a few hours depending on the method used and the amount of money involved. However, once you know what you’re doing, it’s relatively simple and straightforward.

A funding rate is the fee that a trader pays or receives for holding a leveraged position overnight. The funding rate is calculated by taking the interest rate differential between the two currencies involved in the trade, and then multiplying it by the size of the trade and the number of days the trade is held.

For example, let’s say that you buy 1 BTC worth of ETH/USDT contracts with leverage on Binance Futures, and you hold the position for five days. The interest rate differential between ETH and USD is 3.5%. The size of your position is 1 BTC, and the number of days you hold the position is 5.

Therefore, your funding rate would be (3.5% * 1 BTC * 5) / 5 = 0.035 BTC.

If the funding rate is positive, then the trader pays the funding rate to Binance; if the funding rate is negative, then Binance pays the funding rate to the trader. The funding rate is charged or paid every eight hours at 00:00, 08:00, and 16:00 UTC.

The funding rate can be a useful tool for traders because it allows them to earn or pay interest on their positions. However, traders should be aware that the funding rate can also lead to situations where a losing trade becomes a winning trade, or a winning trade becomes a losing trade.

The following is an example of how this can happen:

Let’s say that you buy 1 BTC worth of ETH/USDT contracts with leverage on Binance Futures, and you hold the position for five days.

If ETH goes up by 2% during those five days, then your position would be worth 1.02 BTC when you close it out. However, because you were charged a funding fee of 0.035 BTC, your net profit would be 1.

02 – 0.035 = 0.985 BTC.

On the other hand, if ETH goes down by 2% during those five days, then your position would be worth 0.98 BTC when you close it out.

However, because you were charged a funding fee of 0.035 BTC, your net loss would be 0.98 – 0.