How to Sell Crypto on Binance and Withdraw to a Bank Card

After buying cryptocurrency, there always comes a time when you want to sell and cash out. Whether you've made a profit and want to secure it, or you urgently need money and want to exchange your coins for fiat currency, you need to know how to sell your coins on Binance and withdraw the money to your bank card. The whole process is not complicated, but there are some details to pay attention to, otherwise, you might easily fall into traps. First, make sure you have completed registration and identity verification on the Binance Official Website, and have installed the Official Binance App. If Apple users haven't installed the APP yet, you can check the iOS installation tutorial.

Preparations Before Selling Crypto

Before you prepare to sell your coins, you need to confirm that the following things have been settled:

• Identity Verification Passed: Only after completing KYC verification can you perform P2P trading and withdrawals
• Linked a Receiving Method: You must link at least one receiving method (bank card, WeChat, or Alipay)
• Coins in the Correct Account: Confirm that the coins you want to sell are in the Funding Account; if they are in the Spot Account, you need to transfer them first
• Know the Current Coin Price: Before selling, look at the current market price and choose a price you are satisfied with to sell

How to Link a Receiving Bank Card

If you have not yet linked a bank card, the operation method is as follows:

1. Open the Binance App, click "Trade" at the bottom
2. Select "P2P"
3. Click "..." in the upper right corner to enter settings
4. Find "Payment Methods"
5. Click "Add a payment method"
6. Select "Bank Card"
7. Fill in your bank card information (card number, opening bank, name)
8. Confirm and save

Note: The name of the linked bank cardholder must match the real-name information of your Binance account, otherwise, transactions may encounter problems.

Transfer Crypto to the Funding Account

If your coins are in the Spot Account, Futures Account, or Earn Account, you need to transfer them to the Funding Account first before you can sell them in P2P trading:

1. Open the App, click "Wallets" at the bottom
2. Click the "Transfer" button
3. Choose from "Spot Account" to "Funding Account"
4. Select the coin and amount you want to transfer
5. Confirm the transfer

Transfers are credited instantly and there are no fees.

Method 1: P2P Selling (Most Commonly Used)

P2P selling is the preferred way for most people to cash out cryptocurrency. You sell your coins to another real user, and they transfer the money to you via a bank card.

Operation Steps

1. Open the Binance App, click "Buy Crypto" on the homepage → switch to the "Sell" tab
2. Select the coin you want to sell (e.g., USDT, BTC, etc.)
3. Enter the amount or quantity you want to sell
4. Select the fiat currency you want to receive as CNY (RMB)
5. Browse the buyer list, and you will see quotes from different buyers
6. Choose a suitable buyer and click "Sell"
7. Confirm the order information, including quantity, price, and total amount
8. Wait for the buyer to pay
9. After receiving the payment, confirm "Payment Received"
10. The transaction is complete, and the coins will be released to the buyer

Tips for Choosing a Buyer

• Look at the Trading Volume: Choose buyers with a high number of trades, indicating they are active traders
• Look at the Completion Rate: Buyers with high completion rates are more reliable
• Look at the Price: Different buyers may offer different prices at the same time; choosing a higher price is more beneficial for you
• Look at the Online Status: Choose online buyers so the transaction speed is faster
• Look for the Merchant Badge: Those with a "Merchant" tag are verified by Binance, making the transaction more secure

Must Confirm After Receiving Payment

There is a very important principle here: you must confirm that you have actually received the money in your bank app or WeChat/Alipay before clicking "Payment Received". Do not click confirm just because the other party says "Paid", because:

• Some scammers will send fake screenshots claiming they have paid
• Bank transfers may experience delays
• Once you click confirm, the coins are released and cannot be retrieved

The correct way to confirm receipt of payment:

1. Open your bank app
2. Check your account balance or latest transaction history
3. Confirm that you have received a transfer of the corresponding amount
4. Click "Payment Received" in the Binance App only after confirming the arrival of funds

Method 2: Express Selling

If you find selecting buyers in P2P too troublesome, you can use the Express selling feature:

1. Open the Binance App, click "Buy Crypto" → "Express"
2. Switch to "Sell"
3. Select the coin to sell
4. Enter the amount to sell
5. Select the receiving method
6. The system automatically matches the best price
7. Confirm to sell

The advantage of Express selling is that it is simple and fast, but the price might be slightly lower than P2P.

How Long Does It Take to Withdraw to a Bank Card After Selling Crypto

The arrival time depends on the receiving method you use:

• Bank Card Transfer: Usually arrives within 5 minutes to 2 hours; in very rare cases, it may take 1 business day
• Alipay: Basically arrives instantly
• WeChat Pay: Basically arrives instantly

If the expected time has passed and the funds haven't arrived, do not rush to confirm the payment. You can contact the buyer to confirm or initiate an appeal on the order page.

Risks to Pay Attention to When Selling Crypto

Risk of Bank Card Freezing

This is the issue many people worry about the most. In P2P trading, if there is a problem with the buyer's source of funds, your bank card may be temporarily frozen. Ways to reduce risk:

• Choose buyers with large trading volumes and good reputations
• Do not blindly pursue high prices and choose buyers with unknown sources
• You can prepare a bank card specifically for trading
• Check the status of your bank card promptly after completing the transaction
• Keep all transaction records and chat histories

Do Not Trade Privately

Some people might say in the chat, "Let's transfer privately, not through the platform." Never agree! Trading on the Binance platform is guaranteed, and Binance will escrow your coins as collateral. Once a private transaction goes wrong, Binance cannot help you recover it.

Pay Attention to Trading Limits

P2P trading may have single transaction limits and daily limits. If you need to sell a large amount of crypto:

• You can split it into multiple transactions
• Choose merchants with higher limits
• Know your bank card's daily incoming transfer limit in advance

Differences in Selling Different Cryptocurrencies

Selling BTC (Bitcoin)

If you hold BTC, you can choose to sell BTC directly for fiat via P2P. However, the merchants and liquidity for USDT in the P2P market are usually better than for BTC, so many people choose to:

1. First sell BTC for USDT in Spot trading
2. Then sell USDT for fiat via P2P

Although this operation takes an extra step, the overall price might be better.

Selling USDT (Tether)

USDT is the most liquid coin in the P2P market, with the most buyers and the fastest transaction speed. If you hold other coins, it is recommended to convert them to USDT first before selling.

Selling Other Cryptocurrencies

If you hold other coins like ETH, BNB, etc., the processing method is similar to BTC: first convert them to USDT in Spot trading, and then sell them via P2P.

What Are the Fees

• P2P Selling: Sellers usually do not pay any fees
• Spot Trading: Default fee is 0.1%, which can be discounted using BNB
• Express Selling: Included in the price spread, no separate charge

Overall, the fees for selling crypto through P2P and withdrawing to a bank card are very low.

FAQ

How Soon Can I Withdraw After Selling Crypto?

Through P2P selling, the money is transferred directly to your bank card, so there is no "withdrawal" waiting time. After you confirm the payment receipt, the transaction is complete, and the money is already in your card.

Is There a Minimum Amount for Selling Crypto?

Yes. The minimum amount for P2P trading is usually around 10-20 USD. Different merchants may set different minimum transaction amounts.

What is the Maximum I Can Sell in a Day?

This depends on your verification level and the merchant's limits. Basic verified users can usually trade tens of thousands to over a hundred thousand RMB per day. If higher limits are needed, you can complete a higher level of verification.

Do I Need to Pay Taxes on Selling Crypto?

This depends on the tax policies of your region. It is recommended that you understand local regulations and keep good transaction records.

What Should I Do If the Counterparty Paid but the Amount is Wrong?

Do not confirm the receipt! Click "Appeal" directly on the order page and explain the situation. Binance customer service will intervene to handle it. During the appeal period, your coins will be locked in escrow and will not be released.

What Should I Do If My Bank Card is Frozen?

First, don't panic. Contact your account-opening bank to find out the reason for the freeze. If it was triggered by risk control due to P2P trading, you usually need to cooperate with the bank to provide proof of trading. Keep screenshots of transaction records on Binance; these are all useful evidence.