How to Withdraw from Crypto.com
Crypto.com stands out as a multifaceted cryptocurrency exchange platform in the world of digital currencies. It lets you buy and sell cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
It provides an integrated platform for tracking crypto transactions, securing digital assets, and earning interest on your holdings.
The platform’s core functionality allows you to manage your crypto funds, perform transactions, and learn how to withdraw money from Crypto.com, among many other things.
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Key features of Crypto.com
One of Crypto.com distinctive features is its simplicity. The platform has been designed to accommodate beginners and seasoned crypto enthusiasts, making navigating easy.
A central aspect of this user-friendly design is the ‘Wallet’ function, where your crypto funds are stored: each cryptocurrency you own will have its unique wallet address, such as a BTC wallet address.
Crypto.com also stands out for its robust security measures. Users can confidently transact from two-factor authentication to cold storage for digital assets, knowing their crypto funds are well-protected.
Moreover, Crypto.com supports various cryptocurrencies, catering to diverse investment interests. Whether trading significant cryptos like Bitcoin or exploring lesser-known options, Crypto.com provides a secure and comprehensive platform to manage your crypto transactions easily.
Step-by-step guide to link your bank account
- Begin by logging into your Crypto.com account.
- Once logged in, navigate to the Fiat Wallet page.
- Select the ‘Add Bank Account’ option.
- Enter your online banking credentials, usually your account number and sort code.
- After inputting the necessary details, Crypto.com will verify the account by sending a small deposit. This verification process might take a few business days.
How to withdraw from Crypto.com
- Set up a crypto wallet. This could be an exchange wallet, a hardware wallet, or a wallet on another cryptocurrency platform.
- Navigate to the ‘Wallet’ page in your Crypto.com account.
- Click on the crypto you wish to withdraw.
- In the upper right-hand corner, click ‘Transfer’, then ‘Withdraw’, and finally ‘External Wallet’.
- This will take you to the ‘Withdrawal Address Allowlisting’ page. Here, click on the ‘+’ button.
- Select ‘Wallet Address’ and input your crypto wallet address. You can also scan a QR code if available.
- Give your newly added withdrawal address a unique name for easy identification and click ‘Continue’.
- Crypto.com will send an email to confirm the new withdrawal address. Confirm the addition from your email.
Withdraw money from Crypto.com: A step-by-step guide
- Go back to the ‘Wallet’ page.
- Select the crypto you’re withdrawing, click ‘Transfer’, then ‘Withdraw’, and finally ‘External Wallet’.
- You should see your newly whitelisted wallet address listed. Select it.
- Click ‘Withdraw BTC‘ (or whichever coin you withdraw).
- Enter the amount you want to withdraw.
- Review the withdrawal details carefully and confirm.
- You’ll be asked to complete a two-factor authentication process. Follow the instructions to authenticate the transaction.
- After completing authentication, your crypto withdrawal request will be processed, and the funds will be transferred to your crypto wallet. The transaction time can vary based on the type of crypto and network congestion.
Address whitelisting and security measures
Address whitelisting is a critical security measure on Crypto.com to safeguard your crypto assets. When you whitelist a withdrawal address, you create a list of relevant addresses approved for crypto withdrawals. This significantly limits the chance of unauthorised withdrawals or mishandling of your crypto funds.
Once an address is allowed, you can only send funds to this pre-approved address. Crypto.com will deny any attempt to withdraw funds or send to a non-whitelisted address. This provides an extra layer of security and peace of mind.
Implementing 2-factor authentication
Crypto.com strongly recommends implementing 2-factor authentication (2FA) for added security. This process involves receiving a verification code, usually through a mobile app like Google Authenticator or SMS to your registered mobile number. You’ll need to input this mobile verification code during the withdrawal process.
To set up 2FA, you must download an authenticator app like Google Authenticator. In your Crypto.com account settings, you can link your 2FA app by scanning the QR code provided. Once linked, your authenticator app will provide a Google verification code whenever required, adding an extra layer of security to your transactions.
For even more security, consider storing your cryptos in cold storage – a hardware wallet disconnected from the internet. While this is a more advanced step, it provides a robust line of defence against potential security threats.
Minimum withdrawal and monthly limits
Withdrawal limitations on Crypto.com come in a few different forms. Firstly, there’s a minimum withdrawal amount that you must meet for each transaction. It’s worth noting that this amount varies depending on the specific cryptocurrency or fiat currency you’re withdrawing.
The platform also imposes a 24-hour withdrawal lock for new withdrawal addresses for security reasons. This measure is in place to prevent unauthorised withdrawals.
Moreover, Crypto.com adheres to regulatory restrictions and financial guidelines. As a result, there might be monthly withdrawal limits depending on your account level and jurisdiction. These limits and restrictions are essential parts of the withdrawal process, and it’s crucial to be aware of them when planning to withdraw money from your account.
Fee structure for withdrawals
Crypto.com aims to maintain transparency when it comes to its fee structure. When submitting a withdrawal request, the platform will show you the associated withdrawal fee before you confirm the transaction.
The platform charges fees for both crypto and fiat withdrawals. These fees cover network costs and administrative tasks. Crypto withdrawal fees are often flat rates that differ based on the cryptocurrency. In contrast, fiat withdrawal fees can be either flat rates or percentage-based, often depending on your location and preferred withdrawal method.
Remember to review these fees carefully, as they directly impact the funds you’ll receive in your external wallet or bank account.
Common withdrawal issues
Even the most seasoned crypto traders can occasionally encounter issues when withdrawing money. Let’s review some common ones on Crypto.com and how to resolve them.
One common problem is the error message “Invalid Address”. This usually happens when you’re trying to withdraw money to an incorrect or unsupported wallet address. Always double-check that you’ve entered your withdrawal address correctly and that it corresponds to the type of crypto you’re withdrawing.
Another potential hiccup can be the disabling of crypto transactions. This might happen if your account gets flagged for suspicious activity. To resume transactions, you must follow Crypto.com’s instructions to verify your identity or address compliance concerns.
Sometimes, users might not receive a withdrawal request confirmation immediately. Remember that Crypto.com might take up to two hours to process withdrawals. Contact their customer support if you’ve still not received confirmation after this period.
Frequently asked questions
Can you withdraw less than $100 from Crypto.com?
Yes, but it depends on the specific cryptocurrency. Each has a minimum withdrawal limit that must be met. These limits can be found within the app.
How do I get my money out of Crypto.com?
You can withdraw money from Crypto.com to your linked bank account or withdraw crypto to an external wallet. It involves several steps, including confirming your withdrawal request and reviewing the details.
Why can’t I withdraw money from Crypto.com?
There are a few reasons this could happen. You might have insufficient funds, your account might be locked due to suspicious activity, or you might be trying to use an invalid address.
Can I withdraw from Crypto.com to my bank account?
Absolutely! You can withdraw USD or other supported funds from your Crypto.com USD fiat wallet to your preferred bank account through the ACH network. Just ensure you’ve added and confirmed your bank account details on Crypto.com
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