How to withdraw crypto to bank account?
When you invest in crypto, eventually, you want to withdraw your investment or profit. And that is when the question arises: how to do it?
What is crypto withdrawal?
A crypto withdrawal is a process of transferring or moving money from one account or wallet to another. It involves sending cryptocurrency assets from a particular platform, exchange, or digital wallet to an external wallet address.
Cryptocurrency withdrawals allow users to take control of their digital assets that let them store or convert crypto – use them as a user sees fit.
How does cryptocurrency withdrawal work?
The withdrawal process itself usually involves specifying the amount of crypto to be sent and providing the address of the destination wallet.
It is important to double-check the accuracy of the recipient’s wallet address before initiating a crypto withdrawal to ensure a safe and successful move.
Fiat money is money issued by a government that is not backed by a tangible asset such as gold or silver. The value of fiat currency depends on the stability and credibility of the government that issued it and the interaction between supply and demand.
Unlike commodity-backed money, the value of fiat money isn’t based on the price of a particular commodity. Many modern paper currencies, such as the dollar, the euro, and other well-known world currencies, are classified as fiat currencies.
A Fiat wallet, such as a USD fiat wallet, acts as a link between the conventional financial system and the world of crypto. Users of a fiat wallet can quickly sell crypto holdings for US dollars, which are then securely stored in the wallet.
The wallet, which is used to store digital assets, is distinct from the crypto wallet. The wallet typically offers various payment options for the deposit and withdrawal of funds, including bank transfers and debit/credit cards. Also, it lets you sell crypto.
Are digital wallets safe?
Some platforms may have a whitelisted list of all the withdrawal addresses used to increase security, meaning users can only send money from their Fiat Wallet to an external address that has been approved in advance to prevent fraudulent transactions.
For the record: a confirmation window displays the crypto’s current value in a fiat currency for about 15 seconds.
What Is Crypto.com?
Crypto.com is a leading high-level security cryptocurrency exchange platform founded in 2016. On this platform, US traders can exchange over 90 cryptocurrencies and more than 60 fiat currencies. It is available in more than 80 countries.
The platform is a popular choice for more experienced traders but caters to both beginners and experienced users. The platform provides a crypto wallet where users can securely store their digital assets.
For the convenience of Crypto.com developed an app. The Crypto.com app allows users to manage and access various aspects of the cryptocurrency ecosystem.
The Crypto.com app allows users to buy crypto, sell crypto, and trade various cryptocurrencies such as Bitcoin and many others. It is a highly user-friendly crypto exchange app that provides features such as real-time market data, price charts, and portfolio tracking with push notifications.
It’s a very convenient and excellent platform, but some services are not free. Crypto.com charge fees for trading, deposit, and withdrawal.
Can I withdraw crypto directly to my bank?
Yes. Many cryptocurrency platforms and exchanges offer the option to sell crypto and transfer the resulting funds directly to your linked bank account.
If you want to withdraw money, you typically click ‘Sell’ on your cryptocurrency platform and choose to withdraw to your bank account.
The operation usually consists of several steps. First, you need to select the crypto you wish to sell, then specify the amount, and choose the withdrawal to a bank account as the payout method.
It’s important to note that the procedures for crypto withdrawals depend on the platform. Therefore, it’s recommended to check the instructions of the chosen platform.
What happens if you withdraw from crypto?
When you withdraw money from the Crypto.com exchange, a transaction is made. During the withdrawal, the crypto is moved to an external cryptocurrency address. As with all other transactions on the blockchain, these withdrawals may be subject to fees.
How do I transfer money from crypto to my bank account?
To transfer cryptocurrency into cash, you have to follow the complete list of steps:
Step 1: Log in to your account.
Step 2: Locate your crypto holdings and set up your fiat wallet.
Step 3: Select the fiat currency you want to convert and click the “Sell’ option to sell crypto.
Step 4: On the fiat wallet window, select the cryptocurrency you wish to convert to fiat.
Step 5: In the confirmation screen, click ‘Withdraw’, select ‘Fiat’, and enter the amount to start your USD withdrawal request and transfer the funds.
Step 6: Tap on your USD balance and choose ‘Withdraw USD.’ Select the bank that has already been linked to your Crypto.com account or click on ‘Add Bank Account’ to transfer USD funds.
If you haven’t already set up your bank account, you can connect by selecting the bank of your choice and signing in with your online banking credentials. After the bank account has been successfully added, withdrawals will be possible.
Step 7: Complete the withdrawal request and wait for your money.
How do I withdraw from crypto to Bank UK?
To withdraw funds from your crypto to a bank account in the UK, you first need to open an account with a reputable cryptocurrency exchange or platform that allows withdrawals to UK bank accounts.
Once you have such an account and want to deposit or withdraw money, click on the platform’s withdrawal or ‘cash out’ section.
Here you select your preferred currency and the amount of money to be withdrawn. Please also provide your preferred bank account details: account number and sort code.
After reviewing the details, confirm the withdrawal request and wait for the specific period noted in a pop-up for the crypto to be processed. The process can take anywhere from a few minutes to several days.
If everything is successfully set, the funds should be transferred to your UK bank account after the specified period.
It is important to note that these steps may vary depending on the cryptocurrency exchange or platform concerned and its rules.
Why can’t I withdraw crypto to my bank?
It may be due to the storage period. If the cryptocurrency was purchased through card, ACH, or Open Banking transactions, a crypto restriction period may apply.
During this period, you may not withdraw money from your cash account (GBP, EUR, or USD) or move funds to your crypto wallet.