Withdrawal of funds from Bingx - detailed instructions

BingX is a centralized cryptocurrency exchange and trading platform founded in 2018. Like many centralized exchanges, it offers the ability to deposit and withdraw funds.

Withdrawal Options on BingX

There are three main methods to withdraw funds from the exchange: – Fiat withdrawal via P2P platform (person-to-person transactions). – Transfer to an account on another cryptocurrency exchange. – Transfer to cryptocurrency wallets.

Transferring to Another Exchange

To withdraw funds from BingX to another cryptocurrency exchange, follow these steps:

1. Open the exchange where you want to transfer the funds. Locate the Deposit section, search for the desired token, select the blockchain network for the transfer, and copy the deposit address provided by the exchange.

2. Next, log in to your BingX account. On the homepage, navigate to the Assets section, choose Withdraw, select the token to send, specify the amount, select the blockchain (transaction fees will be displayed and deducted automatically), and enter the recipient address.

3. Double-check all the information and confirm the transaction.

4. The tokens will be transferred to the receiving exchange within a few minutes, and you can track the transaction status in the Operation History.

Fiat Withdrawal Using P2P

BingX offers a variety of fiat currencies, payment systems, and e-wallets for P2P transactions. The platform acts as a guarantor, ensuring transaction security for both parties.

Steps to Withdraw Fiat Funds via P2P:

1. Go to the Assets section in the main menu and select the P2P icon.

2. Choose the Sell option, select the desired payment method (banks, payment systems, e-wallets, or cash), specify the fiat currency and amount.

3. From the list of buyers, review their terms and exchange rates, choose one, and initiate a transaction.

4. Provide your payment details so the buyer can transfer the fiat funds to you.

5. Once the funds are credited to your account, release the corresponding cryptocurrency amount. If the funds do not arrive within the specified time, contact the platform's support team.

Transferring to a Cryptocurrency Wallet

Withdrawing funds to a crypto wallet follows a process similar to transferring to another exchange:

1. Open your cryptocurrency wallet, go to the Receive section, select the desired token and blockchain, and copy the wallet address.

2. Log in to BingX, navigate to the Assets section, choose Withdraw, enter the token, amount, blockchain, and paste the wallet address.

3. Verify the details and confirm the transaction.

4. Check the wallet's Assets section to ensure the tokens have been received.

How Long Does Withdrawal Take?

Blockchain withdrawals typically take no more than 5 minutes, though network congestion may extend the wait to 10-15 minutes. P2P transactions generally complete within 15 minutes under normal conditions.

Are There Limits on Maximum Withdrawal Amounts?

The daily limit for deposits made via bank transfer or debit card is $2,000, with a monthly cap of $10,000 USDT. Limits can be increased upon verification of the source of funds. There are no restrictions on cryptocurrency withdrawals. However, the daily fiat withdrawal limit matches the deposit limit, set at $2,000, and can be raised by contacting support.

What Are the Withdrawal Fees?

Withdrawal fees for transfers to wallets or exchanges vary depending on the chosen blockchain, averaging around $0-1. P2P transactions have no withdrawal fees, but the exchange rate is determined by the selected buyer.

Conclusion

BingX offers a variety of convenient withdrawal options. For P2P transactions, identity verification (KYC) at a basic level is required to ensure security.

Frequently Asked Questions

1. What are the available withdrawal methods on BingX?
   BingX offers three main ways to withdraw funds: transferring to another cryptocurrency exchange, transferring to a crypto wallet, and fiat withdrawal via the P2P platform. Each method has specific features suitable for different needs.

2. How do I withdraw funds from BingX to another exchange?
   To transfer funds to another exchange: obtain the deposit address of the token on the receiving exchange, select the token and blockchain on BingX, specify the amount and recipient address, and confirm the transaction. The funds will be credited to the new exchange, and you can track the status in the operation history.

3. What steps are needed to withdraw funds via P2P to fiat?
   For P2P fiat withdrawals: go to the P2P section on BingX, choose “Sell,” specify the payment method and currency, select a buyer, provide payment details, and release the cryptocurrency once you receive the fiat funds.

4. How long do withdrawals take from BingX depending on the method?
   Blockchain withdrawals usually take about 5 minutes but may extend to 15 minutes during high network traffic. P2P fiat transactions are typically completed within 15 minutes under normal conditions.

5. What are the fees for withdrawing funds from BingX?
   Withdrawal fees for transferring to a crypto wallet or exchange depend on the chosen blockchain, averaging around $1. P2P transactions have no withdrawal fees, but exchange rates are set by the buyer.