Topic: Does Binance automatically convert your altcoins to Bitcoins when withdrawing? (Read 108 times)
November 10, 2021, 08:00:17 AM
Never seen any similar service. Not sure if any exists. Firstly you need to sell alt to btc.
November 10, 2021, 07:47:28 AM
Binance will not automatically convert any of your altcoin into bitcoin even there is no exchange site who will convert your altcoin into bitcoin. If your account has been banned and give access to withdraw your fund then you have to withdraw your fund to the same altcoin which balance will be shown to the wallet.
November 10, 2021, 04:15:53 AM
Do they convert the coins to bitcoin upon withdrawal so the receiving wallet gets the coins in bitcoin?
You can't, exchanging into bitcoin can only be done on the trading interface page and even then it's not allowed.
And yes, I have withdrawn my altcoins (non ERC20) one by one to my personal wallet. For ERC20 network tokens, luckily they still allow non KYC users to "convert small balances to BNB". I converted the remaining tokens to BNBs to avoid the high withdrawal fees, it's on the Overview > Fiat & Spot page. I sent my BNB to another exchange to buy back some of my sodl tokens.
November 10, 2021, 03:35:52 AM
How many ways are there to convert them to btc?
How how can you know what the fees would be for each coin?
Here you can find fees for all the coins https://www.binance.com/en/fee/cryptoFee. Just keep in mind that withdrawal for some coins is more expensive than others. For example, BTC withdrawal fee is 0.0005 BTC, which equals to ~33 USD at the moment. So better to pay that fee once instead of paying relatively similar fee for each and every coin you have there. Unless of course you really want to keep those altcoins and in that case you will have to pay fee for each coin separately. November 10, 2021, 03:31:43 AM
For unverified users on Binance.com who have multiple altcoins and want to withdraw everything to another wallet, how does it work? Do you send the coins to the wallet one by one?
Yep, you have to send various coins one by one, and for each you have to pay withdrawal fee so I suggest that your convert all of them to BTC in order to lower the fees. Unless of course you plan to hold them for longer period of time so you really want to keep those altcoins.Do they convert the coins to bitcoin upon withdrawal so the receiving wallet gets the coins in bitcoin?
No. You have to exchange those coins for BTC by yourself, and then withdraw it to your BTC wallet.How many ways are there to convert them to btc? How how can you know what the fees would be for each coin?
November 10, 2021, 03:11:49 AM
For unverified users on Binance.com who have multiple altcoins and want to withdraw everything to another wallet, how does it work? Do you send the coins to the wallet one by one?
Yep, you have to send various coins one by one, and for each you have to pay withdrawal fee so I suggest that your convert all of them to BTC in order to lower the fees. Unless of course you plan to hold them for longer period of time so you really want to keep those altcoins.Do they convert the coins to bitcoin upon withdrawal so the receiving wallet gets the coins in bitcoin?
No. You have to exchange those coins for BTC by yourself, and then withdraw it to your BTC wallet. 
November 10, 2021, 03:10:24 AM
If your account is not verified and ask you to withdraw your coins, you will be able to withdraw it one by one to a specific address you want for the withdraw. It is not possible for binance to convert your altcoins to bitcoin when you are not trading, if you want to withdraw, just withdraw the coins one by one.
Plus, you need to take kyc verification before you can withdraw using binance as its mandatory to them as their new terms (not unless you were verified already). 
November 10, 2021, 02:54:39 AM
If your account is not verified and ask you to withdraw your coins, you will be able to withdraw it one by one to a specific address you want for the withdraw. It is not possible for binance to convert your altcoins to bitcoin when you are not trading, if you want to withdraw, just withdraw the coins one by one.
November 10, 2021, 02:50:59 AM
For unverified users on Binance.com who have multiple altcoins and want to withdraw everything to another wallet, how does it work? Do you send the coins to the wallet one by one? Or is it one shot? Do they convert the coins to bitcoin upon withdrawal so the receiving wallet gets the coins in bitcoin?
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