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How To Withdraw Money From BlockFi

Renata Pacheco

Written by

Renata Pacheco

February 7, 2024

Reviewed by

Ciaran Lawler

When managing your digital assets, it’s important to understand the withdrawal process. BlockFi withdraws can be tricky, but this guide makes it easy.

We’ll show you how to get your money out quickly and safely. You’ll also learn the key steps for BlockFi wallet accounts. We’ll help you avoid problems and move your money smoothly to another wallet.

This guide is clear and simple, whether you’re used to crypto or just starting.

Can I withdraw my assets from BlockFi?

Yes, you can now withdraw your money from this wallet. In fact, following the recent decisions by the bankruptcy court, the company has updated its withdrawal policies for all clients.

Now, you can move your digital money or other funds to other wallets. Check BlockFi’s latest news and any court rules to see if your account can be withdrawn and how.

What are the withdrawal options available from Blockfi?

Blockfi provides several ways to take out your money. The main method is to directly move money from your BlockFi wallet to another wallet.

For example, you can move money to a digital bank or a different crypto wallet. Log in to your account, pick what you want to withdraw, and send it over.

Clients also have a way to withdraw indirectly. This means they can use a middle service, like changing crypto into regular money (fiat), before sending it to bank accounts.

This can be useful for big amounts or when dealing with money types that BlockFi doesn’t handle directly.

Advantages and disadvantages of each method

Direct withdrawal

  • Advantages: Quicker, fewer intermediaries, lower fees.
  • Disadvantages: It’s limited to supported assets. It’s also limited by wallet compatibility.

Indirect withdrawal

  • Advantages: Flexibility in currency conversion and broader usage for customers’ funds.
  • Disadvantages: Higher fees, longer processing time, more complex for new clients.

When to use direct vs. indirect withdrawal

  • Direct Withdrawal: Clients can use this when they want a fast and simple way to move their crypto. It’s great for supported types of money and when they need it done quickly.
  • Indirect Withdrawal: Customers can choose this to change crypto to fiat money. They use it to purchase expensive items or send money to places that don’t accept crypto. Indirect withdrawal provides more options but involves extra steps and may cost more.

How to withdraw money from BlockFi

Transferring digital assets to other platforms requires a clear understanding of the steps involved.

  1. Log into your account: To initiate withdrawal requests from BlockFi, ensure your account is verified and eligible for withdrawals.
  2. Select the ‘Withdraw’ option: Choose the digital asset or funds you wish to withdraw.
  3. Enter withdrawal details: Specify the amount. Provide the address of your external wallet.
  4. Review all details: Confirm the transaction. Submit your withdrawal request. Await confirmation and completion of the process.

How to withdraw Bitcoin from BlockFi to bank account

You can also withdraw Bitcoin using a BlockFi account:

  1. Change Bitcoin to fiat money: In BlockFi, turn the Bitcoin you want into regular money (fiat).
  2. Add your bank account: Put in and check your bank details.
  3. Start the bank withdrawal: Pick the regular money you want to take out and choose your bank account to send it to.
  4. Check and finish: Review the details, ensure they’re right, and finish the withdrawal. The money will then go into your bank account.

Related: How to Withdraw Crypto to Bank Account?

How to withdraw crypto to fiat on BlockFi

The process of withdrawing crypto or other digital assets is also very simple:

  1. Access your account: Log in and ensure your account is set up for transactions.
  2. Choose the ‘Trade’ option: Select the cryptocurrency you want to convert to fiat.
  3. Execute the trade: Choose the fiat currency you want in exchange for your crypto.
  4. Withdraw fiat to bank or wallet: After the trade, withdraw the fiat currency to your linked bank account or an external wallet. Ensure all transaction details are correct before confirming.

Related: How to Exchange Crypto for Fiat

How long does it take for the funds to appear?

The time it takes for funds to appear in your account after withdrawing from BlockFi can vary. Generally, it takes 1-2 business days. However, the duration may be extended due to account verification, asset type, or network congestion.

How to transfer assets from BlockFi to other popular wallets?

When withdrawing to external wallets, ensure the wallet supports the specific cryptocurrency you’re withdrawing from your account.

Moving money to wallets like Binance, Coinbase, or swissmoney is easy. It lets you handle your digital money the way you want. Just know the right steps for a smooth move.

  1. Withdrawing to Binance
  2. Check your Binance account: Make sure your Binance is ready and checked.
  3. Find your Binance address: Look for where to put the money in Binance for the type you’re moving.
  4. Start the move: Pick what you’re moving and put in your Binance address.
  5. Double-check and finish: Review everything, confirm, and wait for your money to move over.

Learn more about How to Withdraw from Binance

  1. Withdrawing to Coinbase
  2. Log into Coinbase: Ensure your Coinbase account is active and verified.
  3. Find your Coinbase address: Locate the receiving address for the specific asset in Coinbase.
  4. Withdraw from BlockFi: Choose the asset in BlockFi and paste your Coinbase address.
  5. Finalize the transfer: Confirm all details are correct. Then, submit your withdrawal request.

Find out more on How to Withdraw from Coinbase

How to withdraw from BlockFi to swissmoney?

1. Get your swissmoney account ready: Make sure your swissmoney account is set up and checked.

Create and verify a swissmoney account

2. Start the withdrawal on BlockFi: Pick the asset you want to move and put in your swissmoney wallet address.

USDT wallet address. swissmoney app

3. Check everything: Make sure all the details you’ve entered are correct.

4. Finish the withdrawal: Confirm your withdrawal and wait until the transfer is done.

Benefits of using swissmoney for BlockFi withdrawals

Swissmoney is great for moving money from BlockFi. It links the crypto world with regular banking smoothly.

With swissmoney, you can easily move your money around; it works with both digital and regular money. You can also conduct large transactions because of the high limits. The platform is easy to use and safe.

Here’s why swissmoney is a top choice for BlockFi withdrawals:

  • Flexibility: Handles both regular and crypto funds.
  • Big spending limits: Good for large amounts.
  • Easy to change money: Switch between crypto and regular money easily.
  • Worldwide transfers: Move money globally with SEPA/SWIFT.
  • Strong security: Keeps your funds safe.

Related: How to Transfer Crypto to Your Bank Account

What are the common mistakes to avoid when withdrawing from BlockFi Wallet?

BlockFi wallet accounts offer a user-friendly interface for monitoring and managing cryptocurrency holdings. However, you must be careful when taking money from your wallet. Avoid these mistakes:

  • Wrong address: Always ensure the wallet address you’re sending to is correct.
  • The wrong type of money: Check if the wallet you’re sending to can take the type of money you’re withdrawing.
  • Not verified: Finish all the checks on your account before you start.
  • Not checking limits: Know how much you can take out and plan your withdrawals.
  • Forgetting extra costs: Remember, fees might change how much you get.
  • Rushing: Go slow and check everything before you confirm the withdrawal.

Are there any rules for withdrawals from BlockFi?

Yes, there are some rules for taking out money:

  • Account must be verified: You need a checked account.
  • Limits on withdrawals: There are limits on how much you can take out each day and month.
  • Asset support: You can only withdraw the types of money that BlockFi allows.
  • Time can change: How long it takes can vary, especially when the network is busy.
  • Extra checks for big withdrawals: Sometimes, there are more security steps for large amounts.

Additional tips on withdrawing from BlockFi

To keep your crypto safe when withdrawing:

  • Use safe internet: Stay off public Wi-Fi. Use a secure, private connection.
  • Turn on 2FA: Two-factor authentication gives extra safety.
  • Change passwords often: Use strong passwords and update them.
  • Watch your account: Check regularly for anything unusual.
  • Withdraw to safe wallets: Use well-known, secure wallets.
  • Keep your software updated: Make sure your security software is current.

Conclusion: BlockFi withdrawals

Withdrawing your funds from BlockFi is streamlined when using swissmoney. By sidestepping common pitfalls and emphasizing transaction security, swissmoney enhances the withdrawal experience.

Swissmoney empowers new and experienced users with a secure, efficient method to transition from crypto to fiat currency.

Trust in swissmoney to facilitate your BlockFi withdrawals, prioritizing your financial safety and ease of access to your funds.

With swissmoney, you are guaranteed a smooth and secure transition every time.

Frequently Asked Questions

What is BlockFi?

BlockFi is a company that works with digital assets like cryptocurrency. They let people earn interest on their crypto, take loans against it, and trade different types of crypto.

Why can’t I withdraw from BlockFi?

Sometimes, you can’t take money out of your account. This could be because they’re fixing things, your account needs more checks, or you’ve hit your withdrawal limit. Also, rules from authorities or BlockFi’s own rules (like during legal issues) can stop withdrawals.

What is the daily withdrawal limit for BlockFi?

On BlockFi, how much you can withdraw each day changes. It depends on how much your account has been checked. Usually, accounts with basic checks have lower limits than those with more checks.

How much does BlockFi charge to withdraw?

BlockFi lets you take out crypto and stablecoins for free once a month. After that, they charge fees based on the crypto type and network conditions.

How long does it take to withdraw from BlockFi?

Taking money out of your account can take a few hours to several days. It depends on how much your account has been checked, what you’re withdrawing, and how busy the network is.

What issues might arise when withdrawing crypto from BlockFi?

You might face delays if the network is busy, you input the wrong address, you do not have enough money after fees, or you need extra security checks for big amounts.

Can you withdraw fiat money (USD, GBP, EUR) from BlockFi?

You can take out fiat money like USD, GBP, and EUR. You can do this after changing your crypto into this money.

Which assets can you withdraw from BlockFi?

BlockFi lets you withdraw different cryptos like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and stablecoins like USDC and GUSD. This list can change and can be checked on BlockFi’s website.

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