How to use Binance to affordably withdraw to local currency


This article outlines the process of conducting transactions using crypto with GrabrFi. We'll cover purchasing USDT crypto using Coinify, transferring it to Binance, and selling it using the P2P (peer-to-peer) method in your local country.

Note: Binance may not be available for operation in all countries.

What is Binance?

Withdrawing money from a US bank account using cryptocurrencies is gaining popularity due to the convenience and speed it offers. Binance, one of the world's leading digital asset exchanges, enables users to buy, sell, and trade cryptocurrencies securely. This guide will walk you through the process of withdrawing money from a US bank account using crypto with Binance.

Create a Binance account

  1. Visit the Binance website and click on the 'Register' button.

  2. Provide a valid email address and create a strong password.

  3. Complete the registration process by verifying your email address.

  4. Enable two-factor authentication (2FA) to ensure the security of your account.

Complete the KYC verification

  1. Log in to your Binance account.

  2. Navigate to the 'Identification' section under your account settings.

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  3. Complete the required KYC (Know Your Customer) verification steps, which include uploading a valid government-issued ID and a selfie.

Find your Binance USDT account

To proceed with buying crypto using Coinify, receiving it on Binance, and later selling it using P2P, you'll need to have your USDT account number ready. Here's how to find your USDT ERC-20 funding wallet address on Binance:

  1. Hover over the 'Wallet' tab in the top-right corner of the main page, and click on 'Fiat and Spot' (or 'Overview') from the dropdown menu.

  2. In the 'Fiat and Spot' (or 'Overview') section, you will see a list of your cryptocurrencies and their respective balances.

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  3. Locate the search bar, usually above the list of cryptocurrencies, and type 'USDT' to find Tether (USDT).

  4. When USDT appears in the search results, click on the 'Deposit' button located next to it.

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  5. A window will open, displaying various networks for depositing USDT. Look for the 'ERC-20' or 'Ethereum' network and select it.

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  6. Make sure you have the ‘Funding Wallet’ chosen, that would allow you to trade P2P in the next steps without making necessary transfers.

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  7. Your USDT ERC-20 funding wallet address will be displayed as a combination of letters and numbers. You can copy the address by clicking the 'Copy' button next to it. Keep it saved, you’ll need it in the next step.

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Buy crypto with your GrabrFi bank card using Coinify

Currently, Coinify is not available for users in Argentina.

Coinify is a popular choice for purchasing crypto due to its simplicity, convenience, and affordability. Follow the instructions to purchase USDT:

  1. Visit the Coinify website and sign up for an account if you don't already have one.

  2. Select your preferred cryptocurrency (e.g., Bitcoin, Ethereum). We recommend purchasing USDT, a popular stablecoin, to simplify the withdrawal process later on.

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  3. Enter the amount you wish to purchase in USD. Click ‘Continue’.

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  4. Enter the USDT address for receiving you have from the previous guide section.

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  5. Choose your payment method (credit or debit card) and click 'Continue'. You can choose a different payment method with different limits, but in this guide we’ll focus on the most quick one which is using GrabrFi’s card.

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  6. Double-check the estimated crypto amount and total cost, agree to the terms, and click 'Go to Payment.'

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  7. Enter your GrabrFi bank card details, including the card number, expiration date, and CVV code.

  8. Complete the transaction by following the prompts and providing any additional verification requested by Coinify. No need to worry, Coinify will release the blocked funds if you are not successfully verified.

  9. Once the transaction is successful, your purchased cryptocurrency will be deposited into your Binance USDT wallet, usually within an hour.

We understand that this option to buy crypto doesn't look very profitable, but currently, it is one of the easiest and cheapest ways to purchase cryptocurrencies.

How to withdrawal crypto using P2P at Binance

Withdrawing USDT as real money using Binance P2P in your local country involves trading your USDT for your local currency with a buyer through a peer-to-peer (P2P) transaction. Here is a step-by-step guide on how to do this:

  1. Access the P2P trading platform: Once logged in, hover over the 'Buy Crypto' tab on the top navigation bar and click 'P2P Trading' to access the platform.

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  2. Choose the 'Sell' tab: On the P2P trading platform, select USDT.

  3. Fill in the following filters:

    • 'Amount': Enter the amount of the local currency you expect to receive.

    • 'Fiat': Choose your local currency.

    • 'Payments': Select the payment method you will be using to receive money.

    • 'Available region(s)': Choose the country where you will receive funds.

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  4. Review offers and select a buyer: Browse through the available offers and select a buyer based on the exchange rate, payment method, and reputation. Make sure to choose a buyer with a good trading history and positive feedback.

  5. Enter the amount of USDT: Input the amount of USDT you want to sell and click 'Sell USDT' to initiate the transaction.

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  6. Provide your (recipient's) payment details.

  7. Wait for payment confirmation: Once you've received the payment, make sure to check your bank account to verify that the funds have arrived.

IMPORTANT NOTE: Do NOT release the crypto before receiving the money in your bank account. Releasing the crypto prematurely may result in loss of funds.

  1. Release the USDT: After you have confirmed that the funds are in your bank account, go back to the Binance P2P platform and click 'Confirm Release' to send the USDT to the buyer's account.

  2. Complete the transaction: The transaction is complete once the USDT has been released to the buyer. You can now use the funds in your local currency.

Remember to always exercise caution when trading on P2P platforms, and make sure to release your crypto only after you have received and verified the payment in your bank account.


Things to remember

  • Don't store crypto long-term on any digital asset exchanges. If it doesn't belong to you, it's not secure.

  • Make sure you meet the Coinify minimum and maximum limits.


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