Binance, as one of the world's largest cryptocurrency trading platforms, supports transactions between various digital assets, including the exchange of USDT (Tether) and fiat currencies. USDT is one of the most popular stablecoins, pegged to the US dollar, making it widely used in digital currency trading for hedging and transactions. Many users wish to convert USDT into fiat currencies (such as RMB, USD, etc.) or vice versa. This article will guide you through the process of converting USDT to fiat currency on the Binance platform.
Step 1: Register and Complete Identity Verification
To start, you need to register an account on Binance. If you don't already have one, you can sign up via the Binance website or mobile app. After registration, it's recommended to complete the identity verification (KYC) process to access higher withdrawal limits and fiat trading features.
Step 2: Deposit USDT into Your Binance Account
If you already hold USDT, you can transfer it to your Binance account. Log in to your Binance account, navigate to the "Wallet" page, click "Deposit," select USDT, and follow the instructions to obtain your deposit address. You can choose from different blockchain networks (e.g., ERC-20, TRC-20) for the transfer. Once deposited, the USDT will appear in your Binance account balance.
Step 3: Use Binance P2P Trading Platform to Convert USDT to Fiat
Binance offers a P2P trading platform where users can exchange USDT for fiat currencies directly with other users. Follow these steps:
- Access the P2P Trading Section: On the Binance homepage, click "Wallet" and select "Fiat and Spot."
- Sell USDT: In the P2P trading section, choose USDT as the cryptocurrency you want to sell and select your desired fiat currency (e.g., RMB, USD).
- Filter Traders and Prices: Compare prices and trading conditions to find a suitable buyer. Binance displays various buyers along with their payment methods and transaction reviews.
- Execute the Trade: After confirming the buyer's details, click "Sell USDT" and enter the amount. The system will create a trade order and prompt you to wait for the buyer's payment.
- Confirm Receipt and Complete the Trade: Once payment is received, verify the funds and click "Confirm Receipt" on Binance. The USDT will be exchanged for fiat currency.
Step 4: Use Binance’s Fiat Gateway for Direct Conversion
Binance also supports a fiat gateway, allowing users to buy or sell USDT directly via bank transfers or other payment methods. Here's how:
- Navigate to the Fiat Purchase Page: On the Binance homepage, click "Buy Crypto" and select the fiat payment option.
- Choose Buy or Sell USDT: Select your preferred payment method (e.g., bank card, Alipay, WeChat Pay) and enter the amount of USDT or fiat currency you wish to exchange.
- Complete the Transaction: Confirm the payment details, and Binance will promptly convert the funds between fiat and USDT.
👉 Explore Binance’s fiat gateway
Step 5: Withdraw Fiat to Your Bank Account
If you've converted USDT to fiat and want to withdraw it to your bank account, follow these steps:
- Select Withdrawal Method: Go to "Wallet" > "Fiat and Spot" > "Withdraw."
- Enter Withdrawal Details: Choose your preferred withdrawal method (e.g., bank transfer, Alipay) and input the amount and account information.
- Confirm and Complete: Submit the withdrawal request, and Binance will process the transfer to your bank account.
FAQ Section
Q1: Is KYC mandatory for USDT-to-fiat conversions on Binance?
A1: Yes, completing KYC is required to access higher withdrawal limits and fiat trading features.
Q2: What are the fees for converting USDT to fiat on Binance?
A2: Fees vary depending on the method (P2P or fiat gateway). Binance provides a transparent fee structure on their platform.
Q3: How long does a P2P trade take to complete?
A3: Most P2P trades are completed within minutes after payment confirmation.