Isn’t it amazing that a few minutes ago we saw how to swiftly deposit Naira on Binance and buy Bitcoin/Crypto both as a verified and non-verified member, amazing, right? Yes.
Today, we are even going further, so, we are looking at how to exchange your cryptocurrencies on Binance and finally, withdraw the money in Naira to a bank account here in Nigeria.
The good news is that all the Nigerian banks support Binance, so, there is zero sense of limitation.
And in case, you are wondering how to trade the right way and make money then see this guide on how to trade on Binance.
Alternatively, you can see how to earn some free altcoins. 😉
Binance Withdrawal Fees
When we analyzed the top 5 crypto exchanges to buy and trade assets in the world, it turned out that Binance was the most favorable, both for beginners/advanced users, and most importantly, the transaction/withdrawal fees were fairer.
For a full review on how Binance withdrawal fees compare to others, see this review guide.
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How to Withdraw Naira (Fiat) from Binance in Nigeria to Bank Account (with zero fees)/Bank Transfer
Here is how to go about the withdrawal on Binance to a bank account here in Nigeria.
Step 1. Sign up/Sign in
The first step is signing up-and-in to get started.
➡ Click here now to create your crypto account on Binance.
And if you already created your account, sign in and continue.
Step. Click on Withdraw
Having signed in, on your dashboard, click on withdraw and continue.
Step 3. Select Fiat – fiat is the local currency.
Still, on your dashboard, click on “Fiat” and select NGN – Naira.
Step 4. Select Withdrawal Method
As displayed, you will see that you have 2 withdrawal options.
Go ahead and select the one you prefer –“Cash Transfer or Bank Transfer”.
With Cash Transfer – you get zero-fee withdrawal,” – I don’t recommend it.
The cash transfer option was added to the Binance platform, where users can send and receive NGN to anyone (both Binance and Non-Binance account holders) easily.
The bad side with it is that recipients will be forced to sign up and create a Binance account.
So, if you want to get your money in your bank account, do not use it, rather, go for a Bank transfer.
Withdrawal with Bank Transfer – to your Naira bank account
Select “Bank Transfer” and enter the amount you want to withdraw.
With the amount entered, click on “continue” and go on to select your bank account and withdraw your funds.
Give it some time to process the payment which will eventually drop in your bank account.
Kindly note that the minimum withdrawal fee via Bank Transfer is N300. Also, the minimum amount to withdraw on Binance to Naira is N5,000 only.
That is all.
Let’s go on to see how to withdraw cryptos to Naira.
How to Trade or Exchange Cryptocurrencies on Binance for Naira Bank Withdrawal
The logic here is simple.
Now, let’s say you were trading a coin like TRON and you want to withdraw your trading earnings in Naira, how can you go about that?
Here is what to do.
Trade or Exchange Tron coin and get Naira – if only the trading pair is available.
Also, what if you can’t Trade or Exchange Tron for Naira, as in, the trading pair is NOT available?
Then trade or exchange Tron for popular coins like ETH, USDT, and others that have sustainable trading pairs and finally withdraw via fiat.
To help you further let’s do this in 2 parts.
Part 1. Withdrawing Naira directly from TRON coin.
Part 2. Exchange ATOM coin by reselling for ETH or other coins before withdrawing in Naira.
Part 1. Withdrawing Naira directly from TRON coin
Step 1. On your Binance dashboard, go to “Trade” and click on “Classic trading interface”.
Select NGN as the major trading pair.
[Since we have TRON we will select TRON/NGN – that is, we want to give Binance TRX and get Naira, as in, trade TRX for NGN].
When the trading interface opens up, go to the trading platform and enter the amount of Tron coin you want to sell for Naira.
Click on “Market” and hit sell TRX.
Because the trading pair is TRX/NGN, when you sell TRX, you will get Naira, from which you can withdraw via Bank Transfer as we did the first time.
That is all.
Part 2. Exchange ATOM Coin by Reselling to BTC or ETH before withdrawing in Naira.
Now let’s say that Binance does not offer ATOM/NGN trading pair as we had with TRX/NGN.
What you want to do is first of all exchange ATOM coin for ETH or to any other coin that has a trading pair with NGN.
When done, go ahead and select ETH/NGN and sell the coin for Naira as we did with TRX, and finally withdraw via Bank Transfer to your local bank institution.
That is all.
Wrapping up on Binance withdrawal in Nigeria
Gone are the days a big exchange like Binance wasn’t there nor integrate direct withdrawal to Nigerian bank accounts.
Today, with a lot of sophistications, and even a dedicated Binance platform called “Binance Nigeria” – dedicated to Nigerians, anyone can easily withdraw from Binance to his/her bank account and get the funds in NGNS.
Over to you.
How often do you withdraw from Binance to a Nigerian bank account?