Cryptocurrency is the future of finance and there are many ways to invest in Bitcoin, Ethereum, and other cryptocurrencies.
However, since it’s the future of finance, we still need the money in our banks to use.
It can be confusing when the time finally comes to transfer money to your bank account from Crypto.com.
It won’t be as useful as we like if it’s just sitting there, right?
If you have some money sitting in your Crypto.com account, and would like to transfer it to your bank, stick with us.
Here, we’re going to go through everything you need to know to get this done.
Transferring Money From Crypto.com To Your Bank
What Is Crypto.com?
Before we get into the details, it’s important to know what Crypto.com is. Crypto.com is a platform that is used for cryptocurrency exchange.
It is a very trustworthy site, and went live in 2016. There, there are over 90 cryptocurrencies available for use by U.S. traders.
There are also over 60 fiat currencies that can be accessed by individuals in 80 countries or more.
Some of the most popular cryptocurrencies that Crypto.com deals with includes Bitcoin, Ethereum, USD Coin, and Uniswap.
Crypto.com is one of the popular sites for anyone who has some experience in the field of cryptocurrency.
Although the exchange is not very difficult to work with and use, it can be overwhelming for anyone who isn’t used to it all.
The site provides a digital wallet, as well as high-level security.
Compared to many other crypto exchange platforms, Crypto.com is relatively cheap, so it has a lot going for it.
Withdrawing Money From Crypto.com
Withdrawing money from Crypto.com is a pretty simple process, but has a couple of steps to follow.
You can withdraw your money from Crypto.com by following the steps below.
- Open Crypto.com
- If you haven’t linked your preferred bank account to Crypto.com, now is the time to do this. If you have already linked your account, click “transfer”. You can find this under the crypto account balance.
- A pop-up will appear at the bottom of the screen. This will have two options on it, namely “transfer” and “withdraw”.
- Select the appropriate option for you. In this case, it is likely to be “withdraw”.
- After you select this option, two more options will come up on the screen. These options will be “Crypto” or “Fiat”.
- Select “Fiat”. This option should say “Withdraw Fiat to your bank account”.
- Now select the currency.
- After picking your chosen currency, input the amount of money you would like to withdraw.
- Enter the amount of money you wish to withdraw, then select the “Withdraw” option.
- You will get a confirmation on the screen after you select the “Withdraw” option. Here, any possible fees will also be shown, as well as the recipient, processing time, and the total amount of money you have withdrawn.
There are a couple of restrictions in place when it comes to the amount of money you can withdraw monthly.
This means that you should carefully consider this before going ahead and withdrawing money.
You are limited to being able to withdraw around $50,000 every month, and you can’t withdraw less than $100.
You will receive a notification if you try to do this.
Withdrawing Crypto From Crypto.com
You will only be able to withdraw cryptocurrency from Crypto.com if you are a Starter level and higher.
It’s also a pretty simple process, and we will go through the steps below.
- First, you will need to get onto Crypto.com/exchange. Log into your account to get access to it.
- Once logged in, click the “Balance” option. You can find this in the top right-hand corner of the screen.
- Find the cryptocurrency you would like to withdraw, then select “Withdraw”.
- There are two ways you can continue from here. You will need to decide if you want to withdraw to your Crypto.com app if you have connected your app to the exchange, or withdraw to an eternal wallet.
- For withdrawing to an external address, you will first need to add the withdrawal address. To do this, ensure that you have selected the correct currency, then all the relevant addresses will come up. Select the right one to withdraw your CRP. You should add a label for the address, then the input verification code from Google. Make sure that you save your address once this is all done.
- Select the right withdrawal address. You can find this in the drop-down list.
- Double-check the amount of money you would like to withdraw.
- Select the “Review Withdrawal” option when you’ve checked over everything.
- Check your details you have put in.
- When you are happy with the details, select the “Confirm Withdrawal” option. Bear in mind it can take up to two hours for the request to be processed, so now all you need to do is wait.
Automating Crypto.com Withdrawals
Deposits from users are held by Crypto.com in cold storage. This is done for security reasons, so it’s actually a good thing.
Whenever you make a withdrawal request, it’s an automated process for all cryptos.
These withdrawals typically happen instantly, and very rarely do they take two or more hours to process.
The 2-Factor Authentication
The 2-factor authentication is in place to address whitelisting and begin a crypto withdrawal. This is simply for security.
Whitelisting Withdrawal Addresses
This is necessary as it increases the security of your funds when you choose to transfer funds to a new address.
To whitelist a withdrawal address, just follow the steps below.
- Select the “Transfer” button
- Go to “Withdraw”.
- Select “Crypto”.
- Pick “External Wallet”.
- Select “Add Wallet Address”, then choose the crypto you want to withdraw.
- Next, you can either scan, paste, or type in the withdrawal address.
- Name the wallet
- Select “Continue”
- Now, you will need to enter a 6-digit verification code. You can get this code from your authenticator app.
- Repeat the above steps for all the withdrawal addresses you wish to use.
- NOTE** Ensure that there is no whitespace before or after characters when entering the withdrawal addresses. There should be nothing that is not part of the address in the boxes.
Cryptocurrencies have changed the world, and they might be confusing in the beginning.
However, the longer you deal with them, you will quickly understand the nuances involved.
When it comes to withdrawing money from Crypto.com, the processes are pretty simple once you get used to what is needed.
Hopefully this article has been helpful to you, and you can now withdraw your funds to enjoy. Good luck!
If you enjoyed this article, you might enjoy our post on ‘Is Ethereum Classic A Good Investment?‘.