The biggest concern for beginners when they get into the cryptocurrency world is how they can withdraw money from their profiles to their bank accounts.
If you have been using Crypto.com, you should know that you can easily move your funds to a different address so that you can use it or store it on some other platform.
In this article, we will help you figure out how you can withdraw funds from Crypto.com.
But, before we get into how to withdraw money from the platform, let’s acquaint ourselves with what the application has to offer.
What Is Crypto.com?
Crypto.com is a well-known and reliable cryptocurrency exchange site. The platform has been operating since the month of June of 2016 and since then, has garnered a massive and loyal user base.
With over 10 million users and 100 cryptocurrencies, the site dominates the crypto world. But, what sets it apart from so many other cryptocurrency platforms?
The best thing about Crypto.com is that it offers a long list of cryptocurrencies at their actual value. Not only that but the website is accessible to over 90 nations across the globe.
What has helped the service amass its popularity is its sophisticated and advanced interface that has provided a more suitable and rightful platform for more seasoned traders.
That isn’t to say that the exchange on the platform is the most difficult to use, although the website might be confusing at first.
It includes a digital wallet as well as a high degree of security. Moreover, it is considered to be a relatively inexpensive option to many other crypto trading sites.
Traders can use the platform to purchase and trade various cryptocurrencies. Crypto.com allows the users to either store their currencies in their profiles or to transfer them to some other address with the help of ACH withdrawal, credit card, or wire transfer.
The platform offers several other services including crypto pay at checkout and several methods to generate cryptocurrency.
Another thing that sets the website apart is that it doesn’t present itself as an instructional platform.
The customer must have prior expertise to navigate the website since it doesn’t give any kind of instructional material. This aspect makes crypto.com a little unsuitable for newcomers.
Some of the many cryptocurrencies that you can exchange on the platform are Bitcoin, Litecoin, Ethereum, Uniswap, Enjin Coin, Origin, USD Coin, Ravencoin, DigiByte, Axie, and many more.
So, Can You Withdraw The Funds Into Your Bank Account?
Yes, you absolutely can! As already mentioned, the platform allows the users several methods using which they can transfer their funds into their bank accounts.
Even though navigating through the website and trading on the platform calls for a bit of expertise, managing your funds is a cakewalk on crypto.com.
The platform has tried to make sure that the customers do not run into any trouble with their funds and that they are absolutely protected.
There are essentially two ways you can withdraw money from crypto.com: you can withdraw your funds into your bank account or you can transfer it to any other wallet address.
If you wish to withdraw your funds into some other platform, all you have to do is find the wallet address for that platform on crypto.com and then you can start withdrawing your funds!
Additionally, if you wish to withdraw it to a bank account, it’s equally easy!
Just follow the steps in this blog and you can start your crypto.com minimum withdrawal in no time.
Withdrawal Amounts: Minimum and Maximum
When you are a newcomer to the platform, and if your account gets validated you can withdraw a maximum of $5,000 each day.
If you manage to turn into an ‘Advanced User’ your daily withdrawal limit will be increased to 100 BTC (Bitcoin).
The Crypto.com minimum withdrawal amount is determined by the currency.
For example, the minimal Bitcoin withdrawal value is 0.0005, whereas the minimal CRO, as well as Ethereum (ETH) withdrawal values, are 230.0 and 0.016, accordingly.
Hence, look into the cryptocurrency you want to transfer and see what its value for crypto.com minimum withdrawal is.
How Can You Withdraw Money To Your Bank Account?
Now let’s get straight to how you can transfer your funds to the bank account linked with your credit card.
Do note that when you wish to withdraw fiat currency, you need to trade the currency first.
Follow the step-by-step instructions below:
Step 1: Sign In To The Account You Use on Crypto.com
We suggest using the application rather than the website since the app offers a much more concise and smooth interface that helps users look for exactly what they want.
Hence, first, download and launch the crypto.com app on your device and log in to your account using your credentials.
Step 2: Choose “Crypto Wallet”
You have to keep in mind that you cannot directly transfer the cryptocurrency into your bank account. Why? Think of it as exchanging currencies at the airport.
You need to sell your “currency” and buy back the equal value in your preferred currency.
Similarly, on crypto.com, much like any other trading website, you are required to first sell your cryptocurrency so that you buy the exact value in dollars or any other preferred fiat currency.
In order to sell your cryptocurrency on the platform, you need to navigate to the section called “Crypto Wallet”. You can find it on the application’s main menu on the top.
Step 3: Sell The Cryptocurrency
Next, what you need to do is choose the crypto you want to trade. To explain it easily, we will take the example of Bitcoin here.
On the list of cryptocurrencies that you have acquired, select Bitcoin and then hit the “Sell” option. Then, you are required to choose the amount of the cryptocurrency you wish to sell.
Let’s say you want to sell 100 BTC. The exact value(around $39,000) for it will get transferred to your fiat wallet.
Make sure to choose the fiat currency to which you want to exchange your coins.
If you reside in the States, choose USD and the amount of coins you have selected will be exchanged for dollars. After you have set everything up, press “Confirm”.
Step 4: Access Your Fiat Wallet
The next thing you need to do is properly configure your fiat wallet. Just selling your crypto coins doesn’t help since you also have to make sure your wallet is set up.
The fiat balance for the coins sold should reflect on the wallet. You have the option of changing it back to coins or going on to the withdrawal process.
Step 5: Select Transfer
Once you are done with everything, you are required to select the Transfer option. Upon clicking it, you will have to enter a couple of additional details.
Just follow the on-screen instructions.
Step 6: Choose The Bank Account of Your Choice
How can you get hold of the funds if you don’t link the wallet to your preferred bank account? You will not be able to withdraw your fiat currency if you don’t assign a bank account.
There’s no need to worry because the platform offers a method through which you can set up an online account using your bank credentials.
Once you are through with linking your account with the app, the platform will authenticate the account and you will be able to swiftly conduct your withdrawals.
Once the account gets verified, it will go into the whitelisted list.
Another safety mechanism available from Crypto.com is the withdrawal address whitelist. When you disable the whitelist option, your account can make transfers to any account.
When enabled, you would be able to withdraw funds only to the addresses on your whitelisted list.
To put it simply, once an address gets assigned a place on the whitelist, only they will transfer funds via your Crypto.com account.
This is really essential since if you are ever a target of fraud and a scammer manages to gain access to your account, they will be unable to transfer your funds.
Step 7: Complete the Withdrawal Process
The confirmation screen will appear at the end after you are through with everything. On this screen, you will see all the details of your withdrawal process.
You will also be charged a fee for the withdrawal which varies on a set of different elements, like the amount you are withdrawing, the fiat currency you are exchanging it to and etc.
Click “confirm,” and wait around for the funds to get deposited into your bank account.
Do keep one thing in mind- after you have linked your bank account to your wallet, you will be directed to the confirmation screen; along with that, you will also be sent an email notification.
Likewise, when you have confirmed everything and have started your withdrawal process, you will receive a separate notification.
This indicates that the platform has recognized your withdrawal process and will respond as soon as possible.
We are telling you this so that you can securely trade your funds on the platform.
In case you ever receive an email notifying you that your funds are getting withdrawn or that a bank account has been assigned on the whitelist, immediately reach out to the Crypto.com support staff.
They will assist you in disabling cryptocurrency transactions, changing the password, and even stopping the withdrawal request.
Hence, always keep track of the notifications you are receiving since it will help you to verify whether you are securely transferring the funds using your crypto.com account.
Wait Around For the Funds To be Deposited
It doesn’t take more than three to five days for the money to get deposited into your bank account.
Have patience and the sweet funds will reflect on your bank account in no time. Once the money arrives on your account, you will get a notification informing you of the same.
In this article, we discussed how you can withdraw money from your crypto.com to your bank account.
As you’ve seen, withdrawing cash or cryptocurrencies from Crypto.com is simple if you complete the procedures correctly.
We believe our instructions were helpful, and that you are now able to transfer money/crypto fast and securely.
What Is The Crypto.com Minimum Withdrawal Amount?
The crypto.com minimum withdrawal for every request is $100.
Hence, before you go on to withdraw your funds from your Crypto account into your bank account, make sure to keep the minimum value in mind.
Why Did The Platform Stop My Crypto Transaction?
Crypto.com, as a platform, aims to provide top-notch security for its customers so that they don’t fall victim to phishing and lose their funds.
Hence, if the app identifies any kind of unusual activity on your account, it will stop all transactions to ensure your security.