Crypto.com is one of the most popular platforms for buying, selling, and managing cryptocurrencies. While using Crypto.com is easy for crypto transactions, withdrawing funds can sometimes be tricky for new users. Whether you want to cancel your crypto or cash out to your bank account, knowing the process is essential. This article will guide you through the different ways to withdraw money from Crypto.com, including withdrawing cryptocurrency to an external wallet and cashing your funds into fiat currency.
Types of Withdrawals on Crypto.com
The two main types of withdrawal are:
- Cryptocurrency Withdrawal involves transferring your crypto holdings to an external wallet or exchange. This is your option if you want to move your Bitcoin, Ethereum, or other altcoins to a wallet you control.
- Fiat Withdrawal: This involves converting your cryptocurrency to a fiat currency and transferring it to your linked bank account.
The process for both types of withdrawals is pretty straightforward, but understanding the steps for each is crucial to ensuring a smooth transaction.
How to Withdraw Cryptocurrency from Crypto.com to an External Wallet
If you want to withdraw your cryptocurrency to an external wallet, follow these steps:
Step 1: Open the Crypto.com App or Website
First, open the Crypto.com app on your mobile device or visit the Crypto.com website if you’re using a desktop.
Step 2: Go to the “Accounts” Section
In the Crypto.com app, navigate to the “Accounts” tab, which can be found in the bottom menu. On the website, click on “Wallet” from the top menu.
Step 3: Select the Cryptocurrency
In the “Accounts” or “Wallet” section, you will see a list of all the cryptocurrencies in your Crypto.com account.
Step 4: Click on “Withdraw”
Once you’ve selected the cryptocurrency you want to withdraw, click the “Withdraw” button. Initiate the withdrawal.
Step 5: Add an External Wallet Address
You will be prompted to do so if you haven’t already added an external wallet address.
- To add a new wallet address, Enter the wallet address from your external wallet. Double-check that the address is correct to avoid sending your cryptocurrency to the wrong destination. Some cryptocurrencies have specific address formats, so use the correct wallet type (e.g., Bitcoin address for BTC).
- com may prompt you to verify the wallet address using two-factor authentication (2FA) for added security.
Step 6: Enter the Amount
Once your wallet address is added, enter the amount of cryptocurrency you wish to withdraw. Enter the amount manually or use the “max” button to cancel the entire balance available in your account.
Step 7: Confirm the Withdrawal
After entering the withdrawal amount, Crypto.com will ask you to review the transaction details, including the wallet address, the withdrawal amount, and any associated network fees. Once everything looks good, click the “Confirm” button to initiate the withdrawal.
Step 8: Wait to Process
Cryptocurrency transactions require processing time, depending on the blockchain network’s congestion. For example, Bitcoin transactions may take longer than Ethereum transactions. Track your withdrawal through the Crypto.com app or website.
Step 9: Check Your External Wallet
After the transaction is processed and confirmed by the network, check your external wallet to ensure the cryptocurrency has arrived. Depending on the cryptocurrency and network conditions, this can take a few minutes to several hours.
How to Withdraw Fiat Money from Crypto.com to Your Bank Account
If you prefer to withdraw your crypto funds into a fiat currency (like USD, EUR, GBP, etc.) and send it to your linked bank account, here’s how you can do that:
Step 1: Open the Crypto.com App or Website
Start by logging in to your Crypto.com account.
Step 2: Navigate to the “Accounts” Section
In the app, go to the “Accounts” section by tapping on the “Accounts” icon at the bottom of the screen. Click “Fiat Wallet” under the “Wallet” section on the website.
Step 3: Select Fiat Wallet
Once you’re in the Accounts section, select your Fiat Wallet to start the withdrawal process. If you haven’t already, you may need to link your bank account to your Crypto.com account first.
Step 4: Link Your Bank Account (If Not Already Done)
If you haven’t linked your bank account, you will be prompted to do so during the withdrawal process.
- For USD withdrawals:com typically supports ACH transfers in the United States. You’ll need to enter your bank details and authorize the link.
- For EUR/GBP withdrawals: Depending on your location, Crypto.com may support SEPA transfers (for Europe) or Faster Payments (for the UK). To complete the link, you’ll be asked to provide your bank details (e.g., IBAN or account number).
Step 5: Convert Cryptocurrency to Fiat (If Needed)
If you hold cryptocurrencies in your account and wish to withdraw fiat money, you must first convert your cryptocurrency into fiat. To do this:
- Go to the Crypto Wallet section and select the crypto you want to convert.
- Tap the “Sell” button and choose the amount you want to convert.
- Confirm the conversion.
Once the conversion is complete, the funds will be available in your Fiat Wallet.
Step 6: Initiate the Fiat Withdrawal
After your funds are in the Fiat Wallet, tap on the “Withdraw” button in the Fiat Wallet section. You’ll be asked to choose the linked bank account.
Step 7: Enter Withdrawal Amount
Enter the amount you wish to withdraw. You can also select to cancel the entire balance available in your Fiat Wallet.
Step 8: Confirm the Withdrawal
Review all the details, including the withdrawal amount, bank account information, and associated fees. Once you’ve verified everything is correct, click “Confirm” to initiate the withdrawal.
Step 9: Wait for the Funds to Arrive
Fiat withdrawals typically take a few business days, depending on your bank and withdrawal method. ACH transfers can take 1-3 business days for US users, while SEPA transfers usually take 1-2 business days for European users.
Important Considerations for Withdrawals
- Withdrawal Fees:com charges fees for both cryptocurrency and fiat withdrawals. Cryptocurrency withdrawal fees depend on the network’s current congestion, while fiat withdrawal fees depend on the method used (ACH, SEPA, etc.).
- Withdrawal Limits: It depends on your account’s verification level. Ensure your account is fully verified for higher withdrawal limits.
- Network Delays: Cryptocurrency transactions may take time, depending on the blockchain network. Always double-check the status of the network before initiating large transactions.
- Security: Enable two-factor authentication (2FA) to enhance the security of your withdrawals and ensure that no unauthorized access occurs.
Conclusion
Withdrawing money from Crypto.com, whether in cryptocurrency or fiat, is straightforward when you understand the steps involved. Always double-check the details of your withdrawal, especially when dealing with large sums or using new wallet addresses. By understanding these steps and the security measures in place, you can safely and efficiently withdraw your funds from Crypto.com whenever needed.