Binance Info

[Sealey]

How do you convert a coin in Binance to cash and move to your bank account if you want to cash out?      I know in CoinBase you can link it to uour bank account.    

Anyone know ?

[OzAlphaWolf]

You'll need to send crypto, typically BTC, ETH, LTC or BCH to another exchange that deals in fiats and cash out there. Avoid transfers of BTC if at all possible. Ridiculous wait times and fees.

[Sealey]

so i would have to sell my coin of choice - say IOTA  -  in binance into one of the few cryptos that coinbases deals in ( BTC/LTC/ETH ).   then move that crypto to Coinbase????   Then once i Coinbase convert to cash?     

[Zerponaut]

Yes that's your only option, Litecoin or Eth would be best, avoid Bitcoin.

[OzAlphaWolf]

Yes, that's it. 

[Sealey]

That sucks....Almost sounds like a racket between the two exchanges......You just seem to end up paying fees to move back and forth.

 

[Sealey]

other than the transaction fee can't you lose money in the process if the crypto ( LTC/ETH) rises in price, which ETH is doing a nice job these days.    is that just the risk you take and you just covert to cash once in CoinBase as fast as you can to take your profit?

 

[Sealey]

also i can't find it, but is there any way to put cash directly into a Binance wallet ( BNB or CAsh ) or can you only use BTC/ETH/LTC or BNB?