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Are you looking to sell crypto and withdraw money from Crypto.com back to your bank account? Do you want to learn how to withdraw from Crypto.com to a secure wallet? We will cover both options for you in this Crypto.com beginner’s guide.
Crypto investors know that one of the most important aspects of a trusted crypto platform is being able to withdraw your money and crypto assets easily. So, keep reading if you’re considering selling and withdrawing money from Crypto.com!
We’ll explore the withdrawal process and explain exactly how it works.
How to Withdraw Money from Crypto.com?
Once you have finished trading on Crypto.com, moving your crypto off exchanges and into the safety of a wallet or withdrawing money back to your bank account is recommended. One of the safest ways to store your crypto would be in a Ledger or Trezor hardware wallet. Hardware wallets allow you to keep your crypto assets offline and away from potential threats. We also like Exodus and Trust Wallet if you want a free wallet option.
If you’re from the UK and looking for a crypto-friendly bank, check out our guide on the best crypto-friendly banks in the UK.
Option 1: How to Withdraw Money from Crypto.com to a Bank Account?
The process of withdrawing money from Crypto.com can initially be complicated, but once you have done it once, you shouldn’t have any issues. It’s important to remember not to keep your crypto or money stored on any exchange long-term. This applies to all centralized exchanges, including Binance, FTX or Kraken.
Withdrawing money from Crypto.com is a simple process. By completing the below steps, you can transfer money from your fiat wallet and have traditional money back in your bank account.
To withdraw money from Crypto.com, you will need to follow the below step-by-step guide;
Total Time: 10 minutes
1. Log into your Crypto.com account.
– Open your Crypto.com mobile app and log in to your account.
2. Access Crypto.com “Fiat Wallet”
– Ensure that you are on the Accounts tab; this will be highlighted in blue at the bottom of the screen. Then, from the accounts list, press “Fiat Wallet”.
3. Transfer Fiat & Withdraw
– From the top of the screen, select “Transfer”.
– At the bottom of the app, you will be presented with two options. Select “Withdraw“.
4. Select your Fiat Currency to Withdraw
– You’ll then be presented with the available Fiat currencies you can withdraw to your bank account.
– Select your preferred Fiat currency (e.g. GBP, EUR or USD).
5. Enter the Withdrawal Amount & Choose Bank Account
– Enter the money you want to withdraw from your Crypto.com Fiat wallet.
– Select the bank account you would like to withdraw to and select “Withdraw“.
6. Confirm Withdrawal from Crypto.com App
– At the confirmation screen, you’ll be presented with a summary of your withdrawal. This will include the following;
Associated Fees
Processing Time
Bank Account Details
– If you’re happy & want to withdraw your money from Crypto.com, select “Confirm“.
Please note: As with any crypto transactions, there will be fees when withdrawing money from crypto.com. So, check the terms and conditions before initiating a withdrawal. Your withdrawal will typically be processed within a few minutes, and you will receive your funds shortly after that. You can withdraw $50,000 monthly with a minimum withdrawal of $100.
Option 2: How to Withdraw Crypto from Crypto.com?
Withdrawing crypto from Crypto.com is simple; however, you must be at the Starter Level or above. Follow the below steps to withdraw crypto to an external wallet address or exchange;
- Log into your Crypto.com account.
- From the Accounts tab, press on your “Crypto Wallet“.
- Select the cryptocurrency you’d like to withdraw
- Choose “Transfer.”
- Choose “Withdraw” from the bottom of your screen
- Select “External Wallet“
- Select the wallet address to withdraw your crypto. Or press the + icon to add a new address to the whitelist.
- Enter the amount you would like to withdraw
- Select “Withdraw“
- Check the withdrawal request confirmation, which displays any fees, processing time, recipient & amount.
- Then choose “Withdraw” to confirm the transaction
What is Crypto.com?
Crypto.com is a cryptocurrency investing and trading platform offering users a wide range of features and services. One of the most popular features of Crypto.com is its crypto wallet, which allows users to store, send, and receive various cryptocurrencies.
The popular Crypto.com debit card can be used to spend crypto funds at merchants that accept Visa payments.
How to Sell Crypto on Crypto.com?
Before you can withdraw fiat (money) from Crypto.com, you will first need to sell it. The process of selling your cryptocurrency for fiat on Crypto.com is simple.
This beginner’s guide will explain how to sell coins/tokens on the Crypto.com App; you will need to follow the below step-by-step guide:
- Open the Crypto.com app on your phone.
- Tap on the “Accounts” button.
- Select the “Fiat Wallet” option.
- Choose the “Sell Crypto” option.
- Select the cryptocurrency you want to sell.
- Choose the “Cash” option.
- On the Sell screen, enter the amount of cryptocurrency you want to sell. The app will suggest the maximum amount you can sell if you tap on the field.
- You will see a confirmation window showing the current value of your coin in fiat money for 15 seconds. Check this window carefully, as it shows how much fiat money you will get for your coin at that moment.
That’s it! You have successfully sold your cryptocurrency for fiat money. If you have any issues, you can contact Crypto.com support.
Crypto.com Withdrawal Address Whitelisting
Crypto.com Withdrawal Address Whitelisting is a security measure to protect the crypto assets in your Crypto.com Wallet. When Withdrawal Address Whitelisting is enabled, crypto withdrawals from your wallet can only be sent to crypto addresses that you have previously whitelisted.
This ensures that even if your Crypto.com account is compromised, your crypto assets are safe as they cannot be withdrawn to any other crypto address.
Please note a 24-hour withdrawal lock on the newly added withdrawal address.
How to Add a Whitelist Withdrawal Address?
Adding a whitelisted withdrawal address on Crypto.com is simple once you know how. Follow the step-by-step guide below;
- Log into your Crypto.com account.
- From the Accounts tab, press on your “Crypto Wallet“.
- Select the cryptocurrency that you’d like to withdraw
- Choose “Transfer.”
- Choose “Withdraw” from the bottom of your screen
- Select “External Wallet“
- Select the “+” icon in the upper right-hand corner & then “Wallet Address.”
- Select the required network
- Paste in the withdrawal address or scan the QR code
- Enter a wallet name and choose “Continue“.
- You will then need to complete your verification & 2FA authentication
Remember to remove any extra spaces not part of the withdrawal address when entering the withdrawal address.
Crypto.com 2FA Security
Crypto.com does require 2FA (2-factor authentication) for both whitelisting withdrawal addresses and when you withdraw funds. This is for security reasons to ensure that you have initiated the crypto withdrawal.
Automate Withdrawals
Crypto.com holds deposits in cold storage to protect users, but withdrawal requests for all cryptos are automated. Withdrawals are generally instant but can take up to two hours to process.
FAQs
How much money can you withdraw from Crypto.com per month?
Crypto.com allows monthly withdrawals of up to $50,000 with a minimum withdrawal of $100.
Can I cancel a withdrawal request on Crypto.com?
If you have made an error when withdrawing from Crypto.com, you must contact Crypto.com’s support team via the chat function. Unfortunately, you won’t be able to stop the withdrawal yourself.
Why can’t I withdraw money from Crypto.com?
You might not be able to withdraw money from crypto.com to your bank account if your crypto.com account is not verified at the Starter level or above. Other reasons might include regulatory restrictions; Crypto.com may restrict fiat withdrawals in your region, you have failed to link a bank account, or you have unsuccessfully passed 2FA.
Can you withdraw from Crypto.com?
Yes. You can transfer Bitcoin, USD balance and other currencies from Crypto.com into a bank or a crypto withdrawal address. In general, withdrawal is available in two forms. If you want to transfer cryptocurrency to an external address like Coinbase, send it to your Coinbase wallet address and begin the withdrawal process.
Transferring fiat money (or standard currency like USD or GBP) from Crypto.com to a bank account is also easy by linking your account and entering your bank account information.
Does Crypto.com charge a withdrawal Fee?
When withdrawing from crypto.com to bank accounts or an external wallet address, there are fees to pay. This will depend on your method.
How long do Crypto.com withdrawals take to arrive in your bank account?
The withdrawal process from Crypto.com to a bank account varies depending on your currency and location. However, it can take between 1 and 5 business days for the money to be withdrawn from Crypto.com to a bank account.
Conclusion
The process of withdrawing money from crypto.com is straightforward, and you shouldn’t have any difficulties if you follow our step-by-step guide. You must ensure you have a high level of security on exchanges and turn on security features such as adding addresses to a whitelisted list and using 2FA, including Authenticator apps like Google or Yubikey (where accepted).
We hope you found our guide on withdrawing money from crypto.com to your bank or crypto wallet useful.
Please let us know in the comments below if you have any questions or if it didn’t go as planned.
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