Binance is one of the most popular cryptocurrency exchanges, allowing users to buy, sell and trade hundreds of different cryptocurrencies. One of the cryptocurrencies available on Binance is Ethereum (ETH).
When you want to withdraw your Ethereum funds from your Binance account to an external Ethereum wallet, it’s natural to wonder – how long will this withdrawal take to complete? In this detailed guide, we’ll look at the various factors that affect Ethereum withdrawal times on Binance.
Processing Times for Ethereum Withdrawals
Binance aims to process Ethereum withdrawals within 24 hours. However, the actual time taken may vary depending on several factors, including:
- Network Congestion: Ethereum, like many blockchains, experiences periods of high network traffic, leading to longer block confirmation times. During these periods, Ethereum withdrawals on Binance may take longer to process.
- Binance Security Measures: Binance prioritizes the security of its users’ funds, implementing various measures to protect against unauthorized withdrawals. These measures can sometimes add to the processing time, as they require additional verification steps.
- Withdrawal Amount: Larger Ethereum withdrawal requests may take longer to process compared to smaller amounts. This is because larger transactions require more network confirmations to ensure security.
- Overall Exchange Volume: Binance handles a high volume of cryptocurrency transactions, including Ethereum withdrawals. During periods of increased activity, the overall processing time for withdrawals may increase.
Ethereum Withdrawal Process on Binance
Before we discuss Ethereum withdrawal times specifically, let’s first understand the general withdrawal process on Binance:
Step 1: Initiate Withdrawal
Log in to your Binance account and navigate to your Wallets page. Here you’ll find all the cryptocurrencies available in your Spot Account. Select the Ethereum wallet and click on ‘Withdraw’.
This will open up the Ethereum withdrawal page where you will need to enter some details like:
- Ethereum address you want to withdraw to
- Amount of ETH you want to withdraw
- Additional details like memo/payment ID if required by your wallet
Once all details are entered correctly, you can submit the withdrawal request.
Step 2: Validation and Processing
As soon as you submit your withdrawal request, Binance starts validating if all the details entered are correct. This includes checking aspects like:
- Validating wallet address: Binance checks if the Ethereum address is formatted correctly and is a valid address on the Ethereum blockchain.
- Security verification: You may need to undergo additional security verifications if your account is newly set up or if you have enabled withdrawal address whitelisting.
- Available balance check: Binance verifies if your Spot Account has enough ETH balance to cover the withdrawal amount.
Once validated, the withdrawal request moves to ‘Processing’ status which means it will now get picked up by a miner to be included in a block.
Step 3: Inclusion in Ethereum Blockchain
For the withdrawal transaction to complete, it needs to:
- Get picked by a miner
- Included in a new block on the Ethereum blockchain
- Have the required number of block confirmations
We’ll expand on this next.
Typical Ethereum Withdrawal Timelines
Based on recent data and user feedback, here’s an estimated timeline for Ethereum withdrawals on Binance:
- Under Normal Conditions: During periods of normal network congestion and exchange activity, Ethereum withdrawals typically take between 24 and 48 hours to complete.
- During Network Congestion: When the Ethereum network experiences high traffic, withdrawals may take longer, possibly ranging from 48 to 72 hours.
- For Large Withdrawal Amounts: Larger Ethereum withdrawal requests may take longer to process, potentially extending beyond 72 hours.
Minimizing Withdrawal Delays
To minimize the potential for delays in Ethereum withdrawals, users can follow these tips:
- Initiate Withdrawals During Off-Peak Hours: Network congestion is often lower during off-peak hours, such as late evenings or early mornings. Initiating withdrawals during these times may help reduce processing delays.
- Avoid Large Withdrawal Amounts: If possible, break down large Ethereum withdrawal requests into smaller amounts. This can help reduce the processing time associated with each transaction.
- Monitor Network Congestion: Keep an eye on Ethereum network congestion levels using online tools or blockchain explorers. Avoid initiating withdrawals during periods of high congestion to minimize delays.
Ensuring Withdrawal Security
Security is paramount when withdrawing Ethereum from any exchange, including Binance. To ensure the safety of your funds, follow these guidelines:
- Verify Withdrawal Address: Double-check the Ethereum withdrawal address before confirming the transaction. An incorrect address could lead to the loss of funds.
- Enable Two-Factor Authentication: Activate two-factor authentication (2FA) on your Binance account to add an extra layer of security. This helps prevent unauthorized withdrawals.
- Beware of Phishing Attempts: Phishing scams are common in the cryptocurrency space. Always ensure you are accessing the official Binance website and avoid clicking on suspicious links or attachments.
What Affects Ethereum Withdrawal Times on Binance?
Now that you understand the general withdrawal process, let’s discuss the specific factors that can affect Ethereum withdrawal turnaround times on Binance:
1. Ethereum Network Traffic and Processing Speed
The biggest factor is the current traffic and congestion on the Ethereum network itself.
In times of high network usage, there could be a huge backlog of transactions waiting to get included in the Ethereum blockchain. And since blocks have limited space, withdrawals can take longer to process.
For context, the average Ethereum block time is between 10-15 seconds. But during network congestions, a withdrawal transaction might have to wait 4-6 blocks or more before it gets included.
So in periods of high traffic, an Ethereum withdrawal from Binance could take anywhere between 1 minute to over an hour.
Whereas during periods of low network usage, Ethereum withdrawals usually get processed within 1-2 blocks, taking just 10-30 seconds!
{{< img src=”eth-network-congestion.png” alt=”Ethereum network congestion affects withdrawal times” >}}
2. Amount of Miner Fees Paid
When you initiate a withdrawal on Binance, you have the option of setting the miner fees (also called gas fees) you want to pay to process the transaction.
Higher miner fees incentivize miners to prioritize that transaction and include it faster in a block.
Whereas low fee transactions might have to wait longer before a miner picks them up.
So paying higher miner fees can certainly speed up Ethereum withdrawal times during network congestions.
{{< img src=”eth-miner-fees.png” alt=”Higher miner fees can speed up withdrawals” >}}
Just remember that while you want fast withdrawals, unreasonably high fees impact your total transfer cost.
So try to set a balanced gas price – high enough to incentivize quicker processing but not something absurd that overly inflates your fees.
3. Additional Security Verifications
As mentioned earlier, Binance also carries out some additional verification checks as a security measure for certain withdrawals.
For example, if you have newly set up your Binance account or have recently updated your withdrawal address, you may have to undergo additional verification procedures to approve that withdrawal.
This typically involves steps like:
- Submitting identity documents again
- Getting a confirmation email
- Entering authenticator app codes
Or even answering security questions in some cases.
These verification steps protects against unauthorized withdrawals. But they also increase the withdrawal processing time.
So if you’re wondering why some Ethereum withdrawals take longer than usual, it might be because you accidentally triggered enhanced security checks.
The best way to avoid this is by setting up your withdrawal address well in advance. Also, try not to change the address frequently.
How Long For Ethereum To Reach My Wallet?
Once the blockchain congestion and security checks are dealt with, the actual Ethereum transfer itself via the blockchain network is very quick.
Here is a realistic estimate of how long it takes:
- Binance → Mempool: 30 seconds to 15 minutes
- This is the time it takes the withdrawal transaction to get picked up from Binance and get added to the mempool (temporary holding area before inclusion in a block).
- Mempool → Block inclusion: 1 minute to 1 hour
- This refers to the wait time for actual inclusion in a new block, depending on gas price paid and network congestion.
- Block inclusion → Receiving wallet: Instant to 5 minutes
- Once included in a block, the transfer takes just instant to a few minutes to reach receiving wallets.
So in total, during low to medium network usage, your Binance Ethereum withdrawal can take just 2-20 minutes to reach your external wallet.
But during high network congestion, it can take anywhere from 45 minutes to several hours.
Tips For Faster Withdrawals From Binance
Here are some handy tips to speed up your Ethereum withdrawals from Binance:
1. Check Ethereum Network Status First
Before initiating a time-sensitive withdrawal, always check https://etherscan.io/ to gauge current network usage and gas fees. This allows you to set appropriate expectations upfront.
You can also use Eth Gas Station website to estimate optimal gas pricing for fastest processing.
2. Use Binance Smart Chain Withdrawals
Want faster withdrawals? Consider moving funds using Binance Smart Chain instead.
BSC offers similar capabilities as Ethereum but with faster blocks and lower fees. Withdrawals via BSC usually complete within 5-20 minutes.
So evaluate if you really need mainnet Ethereum transfers or if BSC would suffice. That call could save you hours!
3. Schedule Withdrawals Strategically
Ethereum traffic tends to be lower nights and weekends. So scheduling withdrawals during leaning hours can ensure quicker processing.
4. Pay Dynamic Gas Fees
During network congestions, try using the “Post Only” withdrawal option. This submits your transfer using dynamic gas pricing – so your transaction gets top priority as soon as traffic clears up.
5. Whitelist Withdrawal Addresses
By whitelisting addresses, you avoid additional security checks and streamline the withdrawal process. Although keep addresses limited for safety.
How to Checking Status of Stuck Ethereum Withdrawals
Despite your best efforts, some Ethereum withdrawal might occasionally get struck or delayed longer than expected.
Here is how you can check the status:
1. Check Processing Status on Binance
Log in to Binance account → Spot wallet → Withdrawal history.
Here you can check the status of each Ethereum withdrawal:
- Processing: Your withdrawal is still in queue waiting for block inclusion.
- Completed: Funds debited from Binance. Check receiving wallet for arrival.
- Canceled: Withdrawal request canceled. Resubmit transaction.
If stuck on processing for hours, cancel withdrawal & retry with optimal gas.
2. Check Transaction Hash on Etherscan
You can also independently verify the status of your Ethereum withdrawal on Etherscan:
- Copy the Withdrawal Hash from Binance withdrawal history
- Go to https://etherscan.io/
- Paste the hash into the search field
- This will show current status of the transaction
This allows you to check number of network confirmations received. Typically, exchanges require 30+ confirmations.
3. Contact Binance Support
If your Ethereum withdrawal remains stuck beyond reasonable timeframes, reach out to Binance customer support from inside your account.
Provide them the transaction hash and request assistance. Their technical team can investigate further into what’s causing delays.
For fastest response, try contacting them via live chat for stuck withdrawals. This ensures quicker resolutions.
Conclusion
To summarize, during normal network conditions, you can expect ETH withdrawals to complete within 2-20 minutes.
But during traffic congestion, transfers can take up to several hours – so factor that in for time-sensitive withdrawals.
You can also optimize withdrawal times by paying dynamic gas fees, using BSC transfers, whitelisting addresses and checking transaction status via Etherscan independently.
Frequently Asked Questions (FAQ)
How long does it take to withdraw Ethereum from Binance?
Under normal conditions, Ethereum withdrawals on Binance typically take between 24 and 48 hours to complete. However, the actual time may vary depending on several factors, including network congestion, security measures, withdrawal amount, and overall exchange volume.
Why do Ethereum withdrawals from Binance take longer than deposits?
Ethereum withdrawals take longer than deposits because they involve a more complex process that requires verification from the Ethereum blockchain. Deposits, on the other hand, only require confirmation from Binance’s internal systems.
What can I do to minimize the time it takes to withdraw Ethereum from Binance?
There are a few things you can do to minimize the time it takes to withdraw Ethereum from Binance:
- Initiate withdrawals during off-peak hours: Network congestion is often lower during off-peak hours, such as late evenings or early mornings. Initiating withdrawals during these times may help reduce processing delays.
- Avoid large withdrawal amounts: If possible, break down large Ethereum withdrawal requests into smaller amounts. This can help reduce the processing time associated with each transaction.
- Monitor network congestion: Keep an eye on Ethereum network congestion levels using online tools or blockchain explorers. Avoid initiating withdrawals during periods of high congestion to minimize delays.
What does “processing” mean when withdrawing Ethereum from Binance?
When you withdraw Ethereum from Binance, the status of your withdrawal will initially be “processing”. This means that Binance is preparing your withdrawal request and sending it to the Ethereum blockchain for confirmation.
What does “pending” mean when withdrawing Ethereum from Binance?
Once Binance has sent your withdrawal request to the Ethereum blockchain, the status will change to “pending”. This means that your withdrawal is waiting to be confirmed by the Ethereum network.
What does “confirmed” mean when withdrawing Ethereum from Binance?
Once your withdrawal has been confirmed by the Ethereum network, the status will change to “confirmed”. This means that your Ethereum has been successfully withdrawn from Binance and should be arriving in your external wallet soon.
What should I do if my Ethereum withdrawal is taking too long?
If your Ethereum withdrawal is taking longer than expected, you can try the following:
- Check the status of your withdrawal: You can check the status of your withdrawal in your Binance account history.
- Contact Binance support: If your withdrawal has been pending for an unusually long time, you can contact Binance support for assistance.
