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How to Withdraw Money from Crypto.com
If you’ve been trading on Crypto.com, you might be wanting to transfer cryptocurrency at some point. In this guide, we’ll explore the Crypto.com withdrawal process in detail. Read on to learn more!
How to Withdraw Money from Crypto.com
Withdrawing money from Crypto.com can be done in a series of steps. Here is what you will have to do if you want your money transferred:
- Open the Crypto.com app.
- Add a bank account if it’s not already linked.
- Tap “transfer” beneath your crypto balance.
- Choose “Withdraw” from the menu at the bottom.
- Select “Fiat” for bank withdrawal.
- Pick your preferred currency.
- Enter the withdrawal amount.
- Tap “Withdraw”.
Now, you will get a confirmation screen once you click on the “Withdraw” button, where you can see the amount withdrawn. It also shows you the possible fees, as well as the processing time, recipient, and the total amount you ended up withdrawing.
There are some restrictions when it comes to how much you can withdraw every month, though, so you need to consider that before proceeding. Every month, you can withdraw about $50,000. You also cannot withdraw less than $100. In case you try to do so, they will notify you.
- Direct Bank Transfer: Easy transfer of funds directly to a linked bank account.
- Convenience: The process is straightforward and can be completed within the app.
- Currency Selection: Offers the option to select preferred currency for withdrawal.
- Transparency: A confirmation screen displays all the transaction details, including fees and processing time.
- High Withdrawal Limit: Allows for a significant amount of money to be withdrawn each month (up to $50,000).
- Minimum Withdrawal Limit: Cannot withdraw amounts less than $100, which may be inconvenient for small account balances.
- Fees: Possible fees associated with the withdrawal process.
- Processing Time: It may not be instant; users must wait for the processing time.
- Bank Restrictions: Users must have a bank account linked, which may not be suitable for those looking for anonymity or who do not have a bank account.
- Monthly Cap: There is a cap on how much can be withdrawn each month.
How to Withdraw Crypto from Crypto.com
Withdrawing cryptocurrency from Crypto.com is only possible if you are a Starter level or higher. Here are the steps you must take to be able to withdraw crypto:
- Go to crypto.com/exchange and sign in.
- Click on “Balance” at the top right.
- Find and select “Withdraw” for the crypto you want to move.
- Choose to withdraw to an external wallet or to your connected Crypto.com app.
- For an external address, add and save a new withdrawal address after selecting the right currency. Label the address and verify with Google.
- Select your withdrawal address from the list and confirm the amount.
- Click “Review Withdrawal”.
- Check the transaction details, including the withdrawal fee.
- Confirm the withdrawal. It might take up to two hours to process.
- Flexibility: Allows withdrawal to an external wallet or the connected Crypto.com app, providing options for users.
- Security: Users must verify with Google for added security during the withdrawal process.
- User Level Accessibility: Available for users with a Starter level and above, making it accessible for most users.
- Control: Users can withdraw to their personal wallets, giving them full control over their cryptocurrency.
- Confirmation Details: The review process ensures users double-check withdrawal details, minimizing the risk of errors.
- Withdrawal Fees: Users may be subject to fees depending on the cryptocurrency being withdrawn.
- Withdrawal Times: May take up to two hours to process, which is not instantaneous.
- Complexity: The process can be more complex than fiat withdrawal, especially for those not familiar with crypto wallets and addresses.
- Security Risks: If a user inputs an incorrect address, the funds can be irreversibly lost.
- Verification Process: Requires additional steps like adding and verifying a new withdrawal address, which might be a hassle for some users.
How to Automate Withdrawals on Crypto.com
The users’ deposits are held in cold storage by Crypto.com, which is all done for security reasons. But when you make a withdrawal request, it is automated for all cryptos. What is even better is that most withdrawals happen instantly, and they do not tend to take more than two hours to process.
Crypto.com 2-Factor Security
In order to do address whitelisting and start a crypto withdrawal, 2-factor authentication will be required.
Withdrawal Address Whitelisting on Crypto.com
Withdrawal address whitelisting is necessary to increase the security of your funds whenever you wish to transfer to new addresses. To do it, you will have to select the TRANSFER button and then go to “Withdraw”, then “Crypto” and then “External Wallet”.
Next, click on “+Add Wallet Address”. Pick the crypto you want to withdraw and then paste, type, or scan the withdrawal address. Give a name to your wallet and then select “CONTINUE”. You will have to enter a 6-digit verification code that your authenticator app produces. Then, you can repeat all these steps to save a whitelisted list of all the withdrawal addresses.
You must also make sure you remove any whitespace before or after the characters whenever you enter the withdrawal addresses. Anything that is not part of the address should be removed.
How to Make a Withdrawal
Making a withdrawal requires the following steps:
- Click on “TRANSFER” on the home screen of your app.
- Select “WITHDRAW”
- Pick “CRYPTO”
- Choose “External Wallet”
- Find the withdrawal address you whitelisted and tap “Withdraw”
- Enter the amount needed and tap “Withdraw”
When you get a confirmation for the withdrawal address, you will receive a withdrawal request confirmation. It’s important to check your email to find it. This shows you that Crypto.com has acknowledged getting your request and will get to it as soon as possible. When the request is processed, you will get a different notification.
Crypto Trade Beware
If you somehow end up getting an email for something you didn’t request, such as a crypto withdrawal or address whitelisting, you should contact the Crypto.com support team as soon as possible. They will help you disable crypto transactions, change the passcode and even stop the withdrawal request.
Withdrawal Guidelines on Crypto.com
Crypto.com has specific withdrawal policies that users need to be mindful of:
- Minimum Withdrawal Amount – There’s a set minimum amount you must reach before withdrawing. This threshold differs based on the cryptocurrency or fiat you’re choosing to withdraw.
- 24-hour Lock Period – For security purposes, any new withdrawal address undergoes a 24-hour lock. This precaution helps counter unauthorized transactions.
- Regulatory Adherence – Based on financial regulations and your jurisdiction, there might be monthly withdrawal restrictions. Knowing these limitations is essential when withdrawing funds from your Crypto.com account.
Understanding Withdrawal Fees
Transparency is a core principle for Crypto.com when detailing its fee structure. Prior to confirming your withdrawal:
- A specified fee will be shown.
- There are fees for both cryptocurrency and fiat withdrawals. These charges encompass network and administrative expenses.
- Cryptocurrency withdrawal fees typically have a set rate, which changes depending on the particular crypto. Conversely, fiat withdrawal fees might be a set rate or a percentage, often influenced by your geographical location and your chosen withdrawal technique.
Always examine these fees closely, as they will influence the final amount that appears in your external account or wallet.
Addressing Common Withdrawal Challenges
Even experienced crypto enthusiasts sometimes face withdrawal challenges. Let’s tackle a few on Crypto.com:
- “Invalid Address” Error – This typically emerges when attempting to send funds to an incorrect or unsupported wallet. Ensure the address you input matches the crypto type you’re transacting.
- Crypto Transaction Suspension – If there’s unusual activity on your account, you might see crypto transactions temporarily halted. Following Crypto.com’s guidelines, like identity verification, is vital to reactivate them.
- Delayed Withdrawal Confirmation – On occasion, withdrawal confirmations might not be instantaneous. It’s worth noting that Crypto.com can take a maximum of two hours for withdrawal processing. If you’re left waiting beyond that, it’s recommended to touch base with their support team.
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Withdrawing Money from Crypto.com: Common FAQs
Crypto.com is a popular cryptocurrency platform that allows users to trade, buy, and sell various types of digital assets. If you’re looking to withdraw money from your Crypto.com account, the following frequently asked questions can guide you through the process.
1. How do I withdraw fiat money from my Crypto.com account?
You can withdraw fiat money (like USD, EUR, GBP, etc.) from your Crypto.com account to your bank account. First, go to your Fiat Wallet on the app, select “Transfer”, then “Withdraw”, and finally “Fiat”. Enter the amount and confirm your bank details, then complete the withdrawal process by following the prompts.
2. What are the withdrawal fees on Crypto.com?
The fees for withdrawing fiat money from Crypto.com vary based on the currency and method of withdrawal. For instance, SEPA and SWIFT transfers can have different fees. It’s best to check the latest information on the Crypto.com website or app for accurate details.
3. How long does it take to withdraw money from Crypto.com?
The withdrawal time from Crypto.com to your bank account can vary based on several factors, including your bank’s processing times and the type of transfer. Generally, it can take anywhere from 1 to 5 business days.
4. Can I withdraw money to my credit card?
No, as of my training cut-off in September 2021, you cannot withdraw money directly to a credit card from Crypto.com. You need to withdraw to a bank account.
5. What are the daily/weekly withdrawal limits on Crypto.com?
The daily and weekly withdrawal limits on Crypto.com depend on the level of your account verification and whether you are withdrawing crypto or fiat money. You can check the specific limits within the app or on the Crypto.com website.
6. What Is Crypto.com?
Crypto.com is a cryptocurrency exchange platform and a trustworthy one. It has been around since 2016, and it has more than 90 cryptocurrencies available for U.S. traders, and more than 60 fiat currencies. It can be accessed by people from more than 80 countries.
Some of the cryptocurrencies you can trade on Crypto.com include:
- Enjin Coin
- USD Coin
- SHIBA INU
Crypto.com is popular because it is a great choice for traders who are more experienced. The exchange is not the hardest one to use, but it can be a bit overwhelming at first due to the website. It provides a digital wallet and high-level security. Furthermore, it is known to be a quite cheap alternative compared to other crypto exchange platforms.