Thinking about cashing out your crypto holdings on Binance Australia? While Binance previously allowed direct AUD withdrawals via bank transfers, this option is no longer available as of June 2023. But fear not! There are still ways to withdraw your funds. This guide will explore alternative methods for withdrawing from Binance Australia.
Important Note: Before initiating any withdrawals, ensure you understand the associated fees and network confirmations required for each cryptocurrency.
Here are your withdrawal options:
1. Withdraw Crypto to a Third-Party Platform:
This method involves transferring your crypto from Binance to a platform that supports AUD withdrawals. Popular options for Australians include Wayex, Swyftx and CoinSpot.
Steps:
- Create an account on your chosen platform i.e. Wayex and obtain a deposit address for your desired cryptocurrency.
- Log in to your Binance account, navigate to the "Wallet" section, and select the cryptocurrency you want to withdraw.
- Click "Withdraw" and enter the withdrawal address from your chosen platform. Double-check the address for accuracy!
- Select the appropriate withdrawal network (consider fees and transaction speed).
- Enter the amount you want to withdraw and confirm the transaction.
- Once your funds have arrived into your chosen platform i.e. Wayex, navigate the “Cash Out” section and select the cryptocurrency you want to withdraw to your bank account.
2. Withdraw Your Funds to Another Wallet:
You can transfer your crypto from Binance to a personal wallet that you control, such as a hardware wallet or a software wallet. This method offers greater security and control over your funds.
Pro: Increased security, independence from exchange regulations.
Con: Requires additional setup and understanding of managing your own wallet.
3. Hold Your Funds in Binance:
This option allows you to keep your crypto holdings on Binance. You can use them for further trading, staking (earning interest on certain coins), or simply hold them as an investment.
Pro: Convenient for continued trading activity, staking opportunities for passive income generation.
Con: Crypto market is volatile, so the value of your holdings can fluctuate.
Important Things To Remember:
Security: Only withdraw crypto to wallets you control. Double-check withdrawal addresses before confirming transactions.
Fees: Be mindful of withdrawal fees associated with each method. Choosing the fastest network might incur higher fees.
Extra Options:
- Spend Crypto With The Wayex Card
Currently available in Australia, the Wayex card allows you to spend your crypto balance directly at merchants that accept VISA or withdraw cash from ATMs. Simply top up your Wayex wallet with crypto funds and start spending on everyday purchases!
Click here for a step by step guide.
- Hold Your Funds in Wayex
You can keep your crypto holdings on Wayex, an Australian crypto exchange platform. This might be suitable if you are looking for a simple and user-friendly platform to store your crypto. You can even buy, sell, spend and cash out your crypto with ease using Wayex.
Conclusion:
While withdrawing AUD directly from Binance Australia is no longer available, alternative methods still allow you to access your funds. Consider the fees, transaction speed, and your comfort level with each method before choosing the best option for you.
If you have any questions, head to our website and contact our Support Team via the live chat. We are available around the clock 24/7.
**All information in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by CryptoSpend to invest, buy, or sell any coins, tokens, or other crypto assets. Any descriptions of CryptoSpend products or features are merely for illustrative purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. It is essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
