How to withdraw funds from a crypto exchange?
A quick search for the withdrawal requirements and withdrawal fees set by your chosen crypto platform is a good place to start; It’s important not to confuse network fees with withdrawal fees. Once you’ve checked these – you can withdraw your holdings to an external wallet address, to a connected app, or to your bank account on file.
1. To an external wallet address
If you’re withdrawing to an external address, it’s best practice to ensure the chosen network (Bitcoin, Ethereum, Solana, etc.) is correctly matching the external wallet address and network. Using the copy & paste feature to enter the address or scanning the QR code of the destination address can help you avoid any potential human errors.
Common steps to withdraw Crypto Currency
- Visit your chosen crypto exchange or broker, and Log in online.
- After you have logged into your account, find and click Wallet – this can sometimes be known as Spot account or Spot wallet.
- Find your cryptocurrency to withdraw and select Withdraw.
- Choose your preferred withdrawal method:
- Withdraw to an external wallet address
- Withdraw to a connected app
- Select a previously added address or click Add address.
- Enter the amount you would like to withdraw in the Amount field. Make sure the amount is greater than the minimum listed.
- Double-check the details by reviewing your withdrawal one final time. The amount you receive will be the amount after the withdrawal fee has been deducted, where applicable.
- If you are asked for an authenticator app code, then you have 2FA for funding enabled on your account and would need to use the 2FA you set up for funding.
- Select Confirm Withdrawal. Withdrawals to external wallets can take a few hours to process (depending on the platform and network congestion).
2. To your bank account
To withdraw funds to your bank account, you’ll need to connect your bank to your chosen crypto platform. If successful, you can then withdraw fiat currency to your connected bank account. This means converting/trading your cryptocurrency for fiat currency first. If your chosen platform doesn’t support withdrawals to bank accounts, you can use an alternative platform that offers this feature in your region.
Common steps to withdraw Fiat Currency
- Visit your chosen crypto exchange or broker, and Log in online.
- After you have logged into your account, find and click Wallet – this can sometimes be known as Cash wallet, Fiat account or Fiat wallet.
- Find your fiat currency to withdraw and select Withdraw. If the fiat currency native to your region isn’t available, you may incur additional fees from your bank and may experience longer processing times.
- Choose your preferred withdrawal method:
- Wire transfer
- Register and verify your bank details.
- Enter the amount you would like to withdraw in the Amount field. Make sure the amount is greater than the minimum listed.
- Double-check the details by reviewing your withdrawal one final time. The amount you receive will be the amount after the withdrawal fee has been deducted, where applicable.
- If you are asked for an authenticator app code, then you have 2FA for funding enabled on your account and would need to use the 2FA you set up for funding.
- Select Confirm Withdrawal. Withdrawals to bank accounts often take 2-3 working days to process.
3. To a connected app
Connected apps are just that, and bring the multiple fronts of an online platform together for a more unified experience for its users. For example, you can now connect most of the popular exchange platforms to their DeFi wallets (i.e. Connecting the Coinbase Exchange with the Coinbase Wallet). This option is the most convenient and mistake-proof option if you’re a multi-app user.
Alternatively, trading your crypto for stablecoins that are pegged to the value of a fiat currency is also an option (i.e. The USDT token is pegged to the value of the US Dollar); it can also give you a bit of breathing room while you figure out your next move if you’re planning to reinvest.
Each platform has different withdrawal limits, fees, and requirements that are in place (for security measures and to abide by regulatory laws.) For more information, do your own research on how to withdraw from the particular crypto exchange/broker you’ve chosen by searching it’s blog.
