Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao where users can trade more than 600 cryptocurrencies, NFTs, and participate in staking and yield farming services. Binance has its own native token called BNB and BEP-20 blockchain, on which many cryptocurrency projects are built.
The main difference between Binance and Zengo is that Zengo is a next-gen non-custodial wallet that uses biometric facial recognition to secure your private keys, whilst Binance is primarily a cryptocurrency exchange that also provides custodial wallet services to its users.
Another key difference is that Zengo is a Web3 gateway app that allows users to buy crypto with fiat, play Metaverse games, store crypto, and trade NFTs, all from the same platform.
Binance charges withdrawal fees on a per-coin basis, which means that the withdrawal fees you end up paying depend on the cryptocurrency withdrawn. Apart from Binance’s withdrawal fees, standard miner fees apply. Fiat withdrawals are subject to withdrawal fees of 1,90%.
Users who passed Binance’s basic account verification can withdraw up to 0,06 BTC per day, while users that have gone through Binance’s complete identity verification process can withdraw up to 100 BTC per day. These withdrawal limits refresh on a 24-hour rolling basis.
In most cases, Binance withdrawal requests are processed within 5 minutes. However, some tokens and transactions can take up to 24 hours to process. Fiat withdrawals to bank accounts can take anywhere from 1 to 5 business days.
Although Binance is the world’s largest cryptocurrency exchange by trading volume and user count, there are some problems that can occur when trying to withdraw both fiat and cryptocurrencies.
For instance, your bank may decline deposits from Binance as it is an unregulated financial institution. As for cryptocurrency withdrawals, you may accidentally enter the wrong receiving address.
To withdraw crypto to fiat on Binance, you have to make use of the Binance Cash Gateway. Here you can convert BTC and other cryptocurrencies to USD, EUR, and other supported fiat currencies. Additionally, you can withdraw crypto to fiat on Binance via its P2P Trading platform.
You can also move your funds to Zengo’s non-custodial wallet and withdraw your crypto when you feel the time is right.
