How To Withdraw Bitcoin To My Bank Account

Posted on4/9/2022by admin

Read all about how to transfer bitcoin to bank account in Nigeria.

Bitcoin is the most valuable and popular cryptocurrency, it was created by an unknown person who goes by the name satoshi nakamoto.

Confirm with your PIN or Touch ID; You must have a balance of at least 0.0001 bitcoin to make a withdrawal. You can withdraw up to $2,000 worth of bitcoin every 24 hours and up to $5,000 within any 7-day period. Transfers to external wallets usually take between 30–40 minutes but can take longer. To view your bitcoin limits and progress: Tap. The usual procedure would be to deposit the bitcoins into a bitcoin exchange, sell them there, and withdraw the cash to your bank account. You will have to identify yourself to the exchange, and the exchange must be able to send money to your bank.

It is a decentralized currency that cannot be controlled by any institution or government body, which is possible because of the blockchain technology.

If you want to know more about bitcoin, you can read my post on it here.

To withdraw bitcoin to your bank account is very easy and there are many ways to this, but the one I am going to be showing you is how to withdraw bitcoin to your bank account with luno.

The below is a step by step guide on how to transfer bitcoin to your bank account in Nigeria on Luno.

Make sure you read till the end and also drop a comment if you have any question.

Let’s get into it then…

How to withdraw bitcoin to your bank account in Nigeria?

I choose to use luno because, luno wallet is safe and secure and they are trusted, you can scroll down to read a little about luno.

NOTE: When registering on Luno, be sure to use your name just as it appears on the bank account you link with luno.

To transfer bitcoin to your bank account in Nigeria, you will have to follow the below steps:

Go to the home screen, click on “MORE” under you BTC balance.
Click on “INSTANT SELL”. Enter the amount you want to sell in Naira or in BTC, confirm the amount and proceed. Once you do this, the money will instantly be in your Naira wallet on Luno.
Go to menu, click on “WALLETS” to see your NGN wallet.
On the NGN wallet, click on “WITHDRAW” to transfer the money into your local bank account.
Enter amount you wish to withdraw and proceed.

NOTE: To deposit or withdraw from LUNO, you must first verify your LUNO Account using anyone of these: National ID card, Voters card, Driving license or International passport.

If you try depositing money on LUNO without first verifying your account, your money might never reflect on your LUNO Wallet.

You are charged a processing fee of N100 on any withdrawal you make on LUNO. First level users can deposit or withdraw maximum amount of N200,000 on LUNO, while the maximum amount to be deposited or withdrawn by second level users is N500,000 monthly.

About Luno

Luno is a Cryptocurrency exchange where you can buy bitcoin, Bitcoin cash and ethereum. Luno was established in 2013.

Luno was formerly known as bitx, it was only as recently as 2016, that it rebranded to luno.

It was setup by Timothy stranex and the platform offers services as a Cryptocurrency trading platform, a brokerage service and a Bitcoin wallet also.

Luno initially only supported Bitcoin, but as of recent, it has added both ethereum and Bitcoin cash to its list of supported currencies.

The exchange seems open to adding even more Cryptocurrency in the future. On Luno, you can buy bitcoin using any of the following:

Bank transfer
Card deposit
Paystack
GTbank transfer

Conclusion

With this post, it should now be easy for you to withdraw bitcoin to your bank account in Nigeria, if you have questions or maybe you want to add something, you can leave it in the comment section below.

Remember to share with your friends who might need this and don’t forget to subscribe to this blog to keep getting posts like this straight to your email.

Thank you for reading.

Binance has become one of the major reputable exchanges in the cryptocurrency market.

To make use of this platform, all you have to do is register an account on the platform and become of the crypto-community that buys, sells or transfer or convert fiat currencies and Bitcoin for many other Altcoins.

For your security reasons, choosing a reliable platform that has built a strong reputation on the market is necessary, when it comes to cryptocurrency investment.

Binance is one such crypto exchange, serving millions of customers worldwide since 2017. Originally from China, the company operates from crypto-friendly Malta.

Binance is well-liked for listing vast number of cryptocurrencies, ranging from the most popular ones to some lesser-known obscure coins.

It also charges incredibly low fees, has a native currency BNB that can be used for getting discounted fees, and offers its own digital wallet.

As I always advise individual investors, it’s not a great idea to leave your money on any crypto exchange platform, no matter how trustworthy they seem.

So it’s either you use yet a dedicated cryptocurrency wallet device or software to keep your cryptocurrency safe, or you simply withdraw it back into fiat currency.

And i guess you have need to get your money off the Binance, so keep reading this guide to find out how to do this the right way.

Before we embark on the ways to withdraw cash from Binance, let also touch and explain somethings like; Security methods, withdrawal limit, fees and processing time.

Binance security methods

I recommend protecting your Binance account with Google Authentication app to create an added layer of security to your Bitcoin transactions.

This is a third-party protocol used for two-step verification services. Once you activate this service, it syncs with the Binance platform, so that every time you request a transaction it will generate a unique key.

Once you decide to deactivate this security feature, you will experience Binance withdrawal suspended error. So learn more on why your withdrawals can get rejected.

Binance withdrawal limit

You don’t have to submit any documents to trade cryptocurrencies on the Binance exchange. The non-verified account holders (i.e. Level 1) can withdraw up to 2 BTC per 24 hours, whereas verified account holders can withdraw up to 100 BTC per day.

Binance withdrawal fees

Binance has zero deposit fees, but things are different for withdrawal fees. Depending on the cryptocurrency in question, the fees can range from $1 to $15.

Binance withdrawal time

Normally, Binance withdrawal processing time is quick, and usually take no longer than 30 minutes to reach your crypto wallet.

How to withdraw from Binance

Initially, Binance was a crypto-to-crypto only exchange, which means that withdrawing funds essentially has to do with the process of transferring a selected amount of cryptocurrencies to another digital wallet.

For example, you can send them to a fiat to crypto exchange such as Coinbase, Quidax or Luno platforms before you can withdraw as cash funds.

But with the recent updates the Binance team have made on the platform already, you can actually withdraw your crypto coin investment fund without needing any other platform to convert it to fiat currency.

In this guide, am going to discuss how to withdraw from Binance to both bank account and PayPal without having glitches at all.

Binance cash withdrawal to bank account

Visit Binance and Log in to your registered account
After the login, click on [Wallet] – [Spot Wallet] on the upper right-hand side of the page. Then, click on [Withdraw] button on the right banner
Input the abbreviation or full name of a coin/token to withdraw, or select from the list
Take Bitcoin (BTC) as an example, after confirming the address, copy it into the [Recipient’s BTC Address] field, and enter the withdrawal amount. The system will automatically calculate the handling fee and give the actual arrival amount: actual arrival amount = withdrawal amount-withdrawal fee
For some special coins or tokens, there’s also a special identifier to be filled in the [Memo] section (They’re known as Tag or Payment ID for some tokens)
Using BNB as an example, first fill in the BNB withdrawal address. After that, copy the BNB [MEMO] in the corresponding platform and paste it into [MEMO] field. If the receiving address belongs to a personal wallet which has no memo, you may leave this field blank
For account safety reasons, you will be guided to pass the Phone verification code and email verification code will be valid only for 30 mins. Please check and enter the relevant codes in time
Please double-check your withdrawal crypto, amount and address before clicking [Submit] on the Security verification page, or the withdrawal will not be executed
After the withdrawal is executed successfully, you may return to [Wallet]-[Spot Account] and click [Transaction History]. Then select [Withdraw] and the corresponding [Date] to view the relevant withdrawal. You may also click the corresponding TXID to view the progress of the withdrawal on the blockchain.

How To Transfer Bitcoin From Coinbase To My Bank Account

At this point, you have successfully withdrawn your cryptocurrency investment funds out of the Binance platform and straight into your bank account.

How To Withdraw Crypto To Your Bank Account

In conclusion

Transfer Bitcoin Into Bank Account

As you can see, withdrawing cash from Binance platform is not hard at all, but you will need to know exactly what you are doing to avoid loosing your investment in the process.