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Help withdrawing ADA from Binance

  • 01-10-2021 9:54am
    #1
    Registered Users Posts: 6,107 ✭✭✭ frag420
    Registered User


    I need to take my coins from Binance as need the cash in the real world asap!!


    I mainly have Cardano, how do I do this as I see that I can only withdraw ADA tokens?


    I have trust wallet downloaded and ready to receive...I think?


    Any help greatly appreciated!



Comments

  • Registered Users Posts: 14,626 ✭✭✭✭ banie01
    Registered User


    ADA is cardano.

    If you need real world money, can I ask how you plan on getting that from Trust wallet?

    That "you think" you have it ready to receive, should motivate you to read up on both Binance academy and Trust Wallet's documentation to ensure you have each step of your withdrawal correct.

    In any case, you cannot go to cash from Trust Wallet, there is no current off ramp to bank that I am aware via there.

    Binance will allow you to sell your Ada and then transfer your funds out via a direct to card payment at 1% or via 3rd party SEPA transfer at €5 +0.5%.



  • Registered Users Posts: 6,107 ✭✭✭ frag420
    Registered User


    Thanks for your reply!

    Could you kindly elaborate on the last paragraph as this is what I am looking to do but my understanding was that I needed a wallet to do this?



  • Registered Users Posts: 14,626 ✭✭✭✭ banie01
    Registered User


    On your Binance account, go to markets and search for Ada/EUR.

    That will bring you to the chart and trade page. Click sell, then enter the amount of ADA you wish to sell.

    When the sale completes, go to your spot wallet in Binance, click Euro, then click withdraw and choose your option.

    Either to card or to SEPA via 3rd party with fees applicable to both.

    Easier still depending upon how quickly you need the money(and whether cash is needed rather than spending ability) is to apply for a Binance Visa card and just use that as a payment card.



  • Registered Users Posts: 14,626 ✭✭✭✭ banie01
    Registered User


    Answered your query above.

    But for the love of God, I mean this in the nicest possible way. If you are finding yourself confused about Exchanges, wallets and how to get back to cash?

    Read up in Binance academy and other sites and double check everything. A mistaken withdrawal address, forgotten seed phrase or carelessness in adding a memo where needed could well mean loss of the entire value of a transaction.

    Also, and I include myself in this advice. Don't trust a single point of advice for anything to do with withdrawal or transfer, always, always seek confirmation and double check any advice 😉

    **Added comment**

    Now, all that said. This sub is a good place for advice and everyone is happy to help and share knowledge. I hope that you made a profit, and your withdrawal goes smoothly.

    Post edited by banie01 on


  • Registered Users Posts: 123 ✭✭ James2020App
    Registered User


    And an additional nuggest of information, if you have a thousand ADA test your process with say five ADA, and do everything to get the five ADA to cash first.


    Always try with a very small percentage first, because if you get it wrong with a small percentage no real problem. If you get it wrong with your whole lot, that would be a serious problem.


    I have learned this the hard way a few years ago, once bitten twice shy.



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  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat
    Registered User


    Binance is a pain to sell, keep getting withdrawal declined from euro.

    Best is the transfer to coinbase and move the euro from there. It's in the bank account in seconds.



  • Registered Users Posts: 244 ✭✭ degzs
    Registered User


    What percentage are you charged on this process?



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