Are you looking to sell your crypto and how to withdraw money from Crypto.com back to your bank account? Or want to find out how to withdraw from Crypto.com to a secure wallet? We will cover both options for you in this beginner’s guide.
Crypto investors know that one of the most important aspects of a trusted crypto platform is being able to easily withdraw your money and crypto assets. So, if you’re thinking about selling and withdrawing from Crypto.com, keep reading! We’ll explore the withdrawal process in detail and explain exactly how it works.
How to Withdraw Money from Crypto.com?
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.
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?
Time needed: 10 minutes.
Withdrawing money from Crypto.com is a simple process. By completing the below steps, you will be able to transfer money from your fiat wallet and have traditional money back in your bank account.
To withdraw money from Crypto.com, you will need tofollow the below step-by-step guide;
- Log into your Crypto.com account.
– Open your Crypto.com mobile app and log in to your account.
- 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 list of accounts, press select “Fiat Wallet”.
- Transfer Fiat & Withdraw
– From the top of the screen, select “Transfer”.
– At the bottom of the app, you will then be presented with two options. Select “Withdraw“.
- Select your Fiat Currency to Withdraw
– You’ll then be presented with the available Fiat currencies you can withdraw back to your bank account.
– Select your preferred Fiat currency (e.g. GBP, EUR or USD).
- Enter the Withdrawal Amount & Choose Bank Account
– Enter the amount of money that you would like to withdraw from your Fiat wallet.
– Then, select the bank account you would like to withdraw to, and select “Withdraw“.
- Confirm Withdrawal from Crypto.com App
– At the confirmation screen, you’ll be presented with a summary of your withdrawal. This will include;
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 thereafter. Every month, you can withdraw $50,000 with a minimum withdrawal of $100.
Option 2: How to Withdraw Crypto from Crypto.com?
Withdrawing crypto from Crypto.com is a simple process, however, you will need to be Starter Level or above. Simply 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 to. 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 that offers its 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.
Crypto.com Withdrawal Address Whitelisting
Crypto.com Withdrawal Address Whitelisting is a security measure to protect your 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 still 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?
To add a whitelisted withdrawal address on Crypto com is a pretty simple process. Follow the below step-by-step guide;
- 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
When entering the withdrawal address, remember to remove any extra spaces not part of 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, ensuring 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.
FAQ
Crypto.com allows monthly withdrawals of up to $50,000 with a minimum withdrawal of $100.
If you have made an error when withdrawing from Crypto.com, you will need to contact Crypto.com’s support team via the chat function. Unfortunately, you won’t be able to stop the withdrawal yourself.
You might not be able to withdraw money from crypto.com to your bank account if your crypto.com account is not verified at Starter level or above. Other reasons might include regulatory restrictions, crypto.com maybe restricting fiat withdrawals in your region, you have failed to link a bank account or the unsuccessfully passed 2FA.
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, simply send 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.
There are fees to pay when withdrawing from crypto.com to bank accounts or to an external wallet address. This will depend on your method.
This table provides details regarding minimum withdrawal limit for various cryptocurrencies as well as the fees.
The process of withdrawing 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 funds to reach your preferred bank account.
Conclusion
The process of withdrawing money from crypto.com is straightforward and you should’t have any difficulties if you followed our step-by step guide. It’s important that you make sure 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 an Authenticator apps like Google or a Yubikey (where accepted).
We hope you found our guide on how to withdraw money from crypto.com to your bank or crypto wallet useful. If you have any questions or if it didn’t go to plan, please let us know in the comments below.
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