Assuming you already have a Binance account (if not, here’s a link to create one), here’s how to go about converting your crypto to fiat:
1. On the main page, under the ‘Exchange’ tab, select ‘Basic’.
2. Find the currency pair you want to convert your crypto into (e.g.
BTC/USDT), and then click on the ‘Buy BTC’ button.
3. Enter the amount of crypto you want to convert, or click on the 25%, 50%, 75%, or 100% buttons to convert all of it.
Then click on the ‘Buy BTC’ button again.
4. Your order should now be placed.
To view it, go to the ‘Orders’ tab and click on ‘Open Orders’. When your order is filled, the crypto will be converted into USDT and appear in your USDT wallet under the ‘Wallets’ tab.
NOTE: WARNING: Converting cryptocurrency to fiat currency on Binance carries significant risk. Please be aware that the value of cryptocurrencies is highly volatile, and can drastically lose or gain value in a matter of hours. Additionally, the process of converting crypto to fiat currency can involve fees, so please make sure that you understand all associated costs before making any transactions.
5. To withdraw the USDT from Binance and into your bank account, go to the ‘Wallets’ tab and select ‘Withdrawals’ next to USDT.
6. Enter the amount of USDT you want to withdraw, select your bank account from the drop-down menu, and then click on the ‘Submit’ button.
Your withdrawal should now be processed, and you should receive the USDT in your bank account within 1-5 business days.
And that’s it! You have now successfully converted your crypto into fiat currency using Binance!.
8 Related Question Answers Found
Yes, you can convert crypto to fiat on Binance. Binance is a cryptocurrency exchange that offers a platform for trading various cryptocurrencies. As of June 2017, Binance was the largest cryptocurrency exchange in the world in terms of trading volume.
Fiat currency is legal tender whose value is backed by the government that issued it. The most common fiat currencies are the U.S. dollar, the euro, and the Japanese yen.
Yes, You can deposit Fiat on Binance. Here is how:
If you want to deposit fiat currency onto Binance, you first need to go through a process called “Know Your Customer” (KYC). This is a compliance measure that exchanges must take in order to prevent money laundering and other illegal activities.
Fiat balance is the total value of all the fiat currencies that a person has in their Binance account. This can be in any form, including cash, investments, and property. The term “fiat” is derived from the Latin word for “let it be done.” In other words, it is money that is not backed by any physical commodity.
Yes, you can deposit fiat on Binance. However, the process is a bit different than what you’re used to if you’ve only ever dealt in crypto. If you want to deposit fiat on Binance, you first need to go through a third-party provider called Simplex.
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, does not currently accept fiat currency deposits. This means that in order to buy cryptocurrencies on Binance, you first need to acquire a cryptocurrency that is listed in a trading pair with the cryptocurrency you want to purchase. For example, if you want to buy Ripple (XRP) on Binance, you would first need to buy Bitcoin (BTC) or Ethereum (ETH) and then use that BTC or ETH to purchase XRP.
Fiat currency is a legal tender that is backed by the full faith and credit of its government. Fiat money does not have intrinsic value and is not backed by any physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of.
Fiat is a legal tender issued by a government or central bank that is backed by reserves. The value of fiat currencies is derived from the faith and credit of the issuing government or central bank. Fiat currencies are not backed by any physical commodity, such as gold or silver.
