🆕 How To Withdraw Money From Binance Australia 

‍Binance is a favored option for numerous Australian (🇦🇺) traders and investors due to its smooth experience with fee-free deposit methods and a wide selection of crypto assets on a contemporary platform.

However, withdrawing funds requires some skill and understanding, as PayID and bank transfers from your wallet are unavailable. If you need to convert cryptocurrency to cash for a withdrawal, here is how you get around it. 

1. Log into your Binance account and go to the P2P.
2. Choose the crypto to sell and fiat.
3. Choose the merchant.
4. Place the order and make the withdrawal.

To discover more, read our in-depth Binance review.

Create an account now and receive a 100 USDT bonus.

‍

Can You Withdraw From Binance?

Unfortunately, Binance Australia does not support direct transfers of fiat cash to a nominated bank account. PayID is also not available. 

Instead, the only way to withdraw cash from your Binance wallet is to sell some of your crypto assets through the P2P exchange for fiat. Some of the supported payment methods for P2P merchants include bank transfers, PayID, cash deposits, and OSKO.

‍

How To Withdraw Money From Binance Australia in 4 Steps

Cash withdrawal on Binance Australia is only possible through its Peer-to-Peer (P2P) marketplace. Here’s how you do it.

‍

1. Go to the P2P

Access your Binance account and navigate to the P2P section. This option can be located under the ‘Trade’ dropdown menu on the main page.

‍

2. Choose the crypto to sell and fiat currency

Once you access the P2P section, click on ‘Sell’ to view all the verified vendors offering cryptos in exchange for fiat currency. After that, choose the cryptocurrency you wish to cash out. 

Currently, you can convert USDT, BTC, USDC, FDUSD, BNB, ETH, SHIB, and ADA. While this isn’t an extensive list, it should cover most people.

Next, use the drop-down menu to select your preferred fiat currency, such as AUD. Binance P2P accommodates a variety of fiat currencies, including major ones like USD, AUD, GBP, CAD, and EUR.

‍

‍

3. Choose the P2P merchant

The next step involves selecting the vendor. Naturally, you should examine their withdrawal methods, such as bank transfers, PayID, cash deposits, and OSKO.

When picking a P2P vendor, there are additional factors to consider. These include:

1. Review the vendor’s feedback rating. Ideally, this rating should be derived from a substantial number of reviews. 
2. Confirm that the vendor has completed the necessary identity verification on the platform, which includes email, SMS, ID, and address verification. 
3. Verify the vendor's minimum and maximum trading limits to suit your requirements. 
4. Evaluate their payment time constraints and average payment processing time for prompt responses to prevent delays. 

‍

4. Place the order

Choose your desired payment method and specify the amount of cryptocurrency you wish to convert to cash. Upon placing the order, your cryptocurrency will be held in escrow by Binance P2P. This indicates that Binance will retain the crypto until the seller successfully sends you the fiat currency through your selected payment method.

‍

‍

The Mechanics Of Binance P2P

The listings on Binance P2P are contributed by other Binance users, including verified P2P Merchants who have gone through Binance's P2P Merchants Program. This initiative has increased trust in the P2P marketplace and safeguards users against common P2P frauds. You can identify verified P2P Merchants by the yellow badge displayed next to their usernames.

The platform offers users easy access to cryptocurrencies and accommodates more than 800 payment methods. Users have a diverse range of options for both sending and receiving payments.

‍

***

‍

We aim to publish factual and accurate information as of the publication date. For specific information about a cryptocurrency exchange or trading platform please visit that provider's website. This information is general in nature and is for educational purposes only. We do not provide financial advice, nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

‍

-

Start your own crypto broker business and start earning from withdrawal fees and more. Find out more here.