Problems faced in Binance

1. The Lengthy and Non-Beginner Friendly Process of Binance Withdrawals: Binance is a global exchange, and this international nature often means that users don't have direct support for Indian banks. The traditional way to withdraw INR from Binance is through the peer-to-peer (P2P) method. While this method is functional, it can be cumbersome, especially for beginners.

2. Limited Withdrawal Methods: Binance may offer limited withdrawal methods for INR, restricting users' flexibility.

3. Scammers in the Crypto Sphere: Cryptocurrency markets have long been a haven for scammers looking to exploit unsuspecting traders. These scammers often pose as legitimate sellers or buyers, enticing users with lucrative offers or urgent sales. The result? Loss of funds, and in some cases, complete disappearance.

Solutions by Onramp

1. Solution to P2P Problem: In the realm of cryptocurrency, scammers have been a persistent concern. When opting for P2P transactions, traders have been vulnerable to unscrupulous individuals seeking to defraud them. However, the adoption of Onramp, a renowned and trustworthy service, has changed the game.

2. User-Friendly Interface: Onramp prides itself on its user-friendly interface, making it accessible to both beginners and experienced traders. Binance's interface can be intimidating for newcomers.

3. Robust Customer Support: Onramp is known for its exceptional customer support, promptly addressing user queries and concerns.

Here's a step-by-step guide on how to withdraw money from Binance through Onramp:

Step 1:

Step 2: Click on the "Sell" button, which is available after clicking the hamburger icon. 

Note that completing your KYC (Know Your Customer) is essential before proceeding.

- Basic KYC allows you to sell cryptocurrency with a monthly limit of 1 lakh.

- Video KYC increases the limit to 10 lakhs per month.

Step 3: Select the cryptocurrency you want to sell (for example, USDT). You'll see various network addresses for that cryptocurrency.

Step 4: Enter the quantity of the cryptocurrency you wish to sell. You'll see the amount in INR you will receive in return.

Step 5: Click "Proceed".

Step 6: Add your bank account where you want to receive the money and click "Proceed."

Step 7: Choose Binance as the method for transferring cryptocurrency and click "Continue."

Step 8: Review the confirmation details, verify them, and then click "Confirm."

Step 9: Copy the provided address and go to your Binance account.

Step 10: Go to your spot wallet and select the cryptocurrency you're withdrawing (in our example, USDT).

Step 11: Click on the "Withdrawal" option and select "Send via Crypto Network." Paste the Onramp address.

Step 12: Fill in the remaining details and click on "Withdrawal."

Step 13: Click "Confirm" and submit the verification code.

Step 14: After the withdrawal is completed on Binance, copy the transaction ID.

Step 15: Return to the Onramp app, tick the box saying "I have sent via Binance Smart Chain," and choose "I have Sent."

Step 16: Paste the transaction ID for Onramp to verify.

Step 17: Finally, Onramp will initiate the transfer of money to your bank account.

Onramp makes the process of withdrawing INR from Binance significantly more convenient, especially for newcomers to the world of cryptocurrency. By simplifying the steps and providing a user-friendly interface, Onramp is eliminating the complexities and drawbacks of the traditional process, ensuring that your hard-earned crypto assets can be effortlessly converted into INR and transferred to your bank account. 

Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein. 

The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. 

Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.1.

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Updated: 26 Oct 2023, 07:36 PM IST