How Long Does Binance Withdrawal Take in 2024? (A Crypto Entrepreneur‘s Guide)

As a cryptocurrency entrepreneur, I often get asked – how long does a Binance withdrawal take in 2024?

The short answer is anywhere from 30 minutes to a few days, depending on the withdrawal method.

But there‘s a lot that goes on behind the scenes that affects how fast you can withdraw funds from Binance.

In this detailed guide, I‘ll draw upon my experience founding a crypto startup to explain the key factors that influence Binance withdrawal times.

Overview of Withdrawal Options

Before we dive in, let‘s quickly go over the main ways you can withdraw funds from Binance:

  • Crypto withdrawals – Transfer coins/tokens to an external crypto wallet address. This includes options like BTC, ETH, BNB, and 100+ other cryptocurrencies.
  • P2P trading – Sell your crypto to buyers and get paid directly to your bank account via P2P trading.
  • ACH/Wire transfers – Withdraw via bank transfer to your connected bank account. This includes options like ACH and SWIFT transfers.

Crypto withdrawals are fast, while bank transfers take longer. I‘ll explain why next.

Crypto Withdrawals – Speed Varies by Blockchain

If you withdraw via crypto from Binance, how long it takes depends on the blockchain of the currency:

Cryptocurrency Average Withdrawal Time
Bitcoin 30-60 minutes
Ethereum 5-10 minutes
Litecoin 30 minutes
BNB (BEP2) < 1 minute

The reason for the differences – block time.

  • Bitcoin blocks take ~10 minutes to mine.
  • Ethereum blocks take ~15 seconds.
  • Litecoin blocks take ~2.5 minutes.

Faster block times equal quicker withdrawals. BNB on Binance Chain has the fastest 1-3 second block time, so BNB withdrawals are basically instant.

Here‘s a real example – withdrawing 0.5 ETH from Binance to MyEtherWallet:

Binance ETH withdrawal screenshot

The withdrawal was processed and confirmed by the Ethereum network in about 8 minutes.

So if you need funds quickly, crypto withdrawals are ideal. Next let‘s look at two slower options…

P2P Trading – Depends on Buyer Payment Method

P2P lets you sell crypto directly to buyers and get paid in fiat to your bank account.

Withdrawal times vary based on the buyer‘s payment method:

  • PayPal / Credit Card – Instant withdrawal once buyer pays.
  • Bank transfer – Usually 1-2 days for funds to clear.

P2P is slower than crypto withdrawals but faster than regular bank transfers from Binance.

ACH/Wire Transfers – Plan for 1-5 Days

Withdrawing fiat via bank transfer methods like ACH, SWIFT, SEPA takes 1-5 business days.

This is because the legacy banking system is slow. The transfer needs to go through various intermediary banks before reaching your account.

Here are the typical withdrawal times based on bank transfer method:

Fiat Withdrawal Method Estimated Completion Time
ACH Transfer 3-5 business days
SWIFT Transfer 1-3 business days
SEPA Transfer 1 business day

Even if Binance processes the withdrawal request quickly, your bank will take a few days to credit the funds to your account.

So if you need funds ASAP, I don‘t recommend withdrawing via bank transfer from Binance.

Other Factors That Impact Withdrawal Speed

Apart from the withdrawal method itself, a few other things can slow down withdrawal times:

  • ID Verification Level – Higher verification level means higher withdrawal limits. If your limit is too low, withdraw more frequently.
  • Network Traffic – During times of heavy blockchain congestion, crypto withdrawals can be delayed.
  • Binance Traffic – Peak trading hours on Binance may lead to some processing delays. Avoid withdrawing at the same time as everyone else!
  • Incorrect Address – Typos and wrong addresses will lead to failed withdrawals which you‘ll have to redo. Double check the address!
  • Maintenance – Binance occasionally goes down briefly for maintenance. Avoid withdrawals during maintenance windows.

The main delays can be avoided by:

  • Withdrawing at off-peak hours
  • Verifying your ID to increase limits
  • Using crypto networks with fast block times like BNB

Best Practices for Binance Withdrawals

Based on my experience, here are some withdrawal tips:

  • Do a test transfer first – Always test with a small amount to ensure everything works before transferring larger amounts.
  • Double check addresses – Typographical errors can lead to lost funds. Triple check every address.
  • Use cold storage – For large amounts, withdraw to a cold wallet or hardware device for enhanced security.
  • Monitor the status – Log into Binance and check the withdrawal status page for updates.
  • Keep records – Maintain withdrawal receipts and transaction IDs for tracking purposes.
  • Avoid peak times – Withdrawing when traffic is low results in faster processing times.

Following these tips will help avoid headaches and ensure smooth withdrawals from Binance.

The Importance of Controlling Your Private Keys

As someone who founded a cryptocurrency startup, I consider it important to control my private keys and not keep large amounts on exchanges long term.

Exchanges like Binance are convenient "on-ramps" into crypto. But at the end of the day, they still custody your funds.

Once you withdraw to a wallet where you control the private keys, you have full autonomy. The funds are secured by the blockchain directly. No need to trust Binance‘s custody services anymore.

So even though withdrawals take some time to process, it‘s worth it for the added security and peace of mind in my opinion.

Conclusion

To quickly recap the key withdrawal timeframes:

  • Crypto withdrawals – Under 60 minutes usually
  • P2P trading – Instant to 1-2 days
  • Bank transfers – 1-5 business days

The fastest option is crypto withdrawals, while bank transfers take the longest.

Factor in additional potential delays like network congestion and incorrect addresses as well.

As a crypto entrepreneur, I prefer crypto withdrawals or P2P trading to get funds quickly and securely. The ability to control my private keys and custody my own assets is worth the effort.

I hope this guide gives you clarity on what to expect when withdrawing from Binance in 2024! Let me know if you have any other questions.