How To Withdraw Money From Crypto.com Easily?
Do you want to know how to withdraw money from crypto.com to your bank account and sell your crypto? Or do you want to know how to withdraw funds from Crypto.com to a crypto wallet? This Crypto.com guide will answer your every query.
Investors in digital currencies know that the flexibility to withdraw funds and crypto assets quickly is a key feature of a reputable crypto platform. Thus, keep scrolling if you’re considering selling and withdrawing money from Crypto.com! We’ll go over the withdrawal process and explain how it works.
Crypto.com Cryptocurrency Exchange
Crypto.com is a popular Singapore-based cryptocurrency exchange. According to reports, the company had 50 million customers and 4,000 employees as of May 2022.
The website lists over 250 cryptos you can buy, sell, or exchange. The exchange also has its token, CRONOS (CRO), which provides benefits when held or staked. They also recently launched a popular NFT marketplace that is simple to use.
How to Withdraw Money from Crypto.com?
Yes, you can withdraw funds from Crypto.com to a bank account, but the process is a bit complicated. Crypto.com does not currently support fiat withdrawals. The only way to get your fiat money is to sell your crypto assets on the platform.
Sell your cryptos to store the converted fiat money in your USD fiat wallet before withdrawing your money to your bank account. Then, you can move the USD from the fiat wallet to your US bank account. Even though Crypto.com doesn’t charge for these transfers, your bank may check with them before you withdraw.
- A newly added withdrawal address will be subject to a 24-hour withdrawal freeze.
- You can avoid the $50 fee for withdrawing funds from your Visa Card by using PayPal.
- There is a minimum withdrawal limit on all types of withdrawals.
- You have to pay fees only when you send cryptos to an external wallet.
How to Withdraw Money from Crypto.com to Bank Account
Step 1 – Sell Your Crypto For Cash
How to sell your crypto for USD on Crypto.com
- Select “Accounts” from the Crypto.com app.
- Select “Fiat Wallet” next.
- Then click the “Sell Crypto” button.
- Choose the asset you want to sell and convert it to USD.
- Select “Cash” next.
- You must enter the amount you want to convert from the sell screen. The maximum amount is selected by default when you click the amount field.
- The confirmation window is important because it displays the coin’s value in fiat money for 15 seconds. Note the amount displayed on the window because this is the sum of fiat money you will receive for the coin at that time.
- All cryptos available to US customers can be converted to USD.
Step 2 – Submit your USD withdrawal request to Crypto.com
To withdraw USD, you must first set up a USD fiat wallet within the Crypto.com app.
To set up an ACH direct deposit for your US dollars, complete the following steps:
- Go to the “Accounts” tab.
- Select “Fiat Wallet” from the drop-down menu.
- Select “US Dollars” from the drop-down menu.
- In the ACH Transfer section, click the “Set up” button.
- Read the instructions as well as the Terms and Conditions.
- Click “Next” after checking the box to agree to the Terms and Conditions.
- Examine all of the information required to initiate an ACH direct deposit.
The next step is to link your preferred bank account to your Crypto.com account. It can be done in two steps:
- Select your bank, and then sign in using your online banking credentials.
- After you’ve added your bank, it will be ready to accept funds.
- You can link up to five different bank accounts to your Crypto.com account.
- NY bank accounts are not permitted.
- The banks must be able to communicate with the ACH network.
Once you’ve created your USD fiat wallet and added your bank account to the app, follow these steps to request a withdrawal:
- Select “Transfer” from the app’s homepage.
- Then select “Fiat” from the “Withdraw” menu.
- Select your USD balance and then click the “Withdraw USD” button.
- Next, select “Add Bank Account” or select your bank account if it has already been added.
- Examine the USD withdrawal details carefully before clicking the confirm button.
- The status of your withdrawal request will be updated.
The funds should be transferred to your bank account within 3-5 days, pending a review and approval of the withdrawal by Crypto.com. They will send you an email once the funds have been transferred.
How To Withdraw Crypto From Your Crypto.com Wallet
You must be a Starter or higher to withdraw crypto from your Crypto.com Exchange wallet. The starter level refers to your account’s verification status; therefore, you must first verify your account to withdraw funds.
Log in to your crypto.com account, then go to wallets and choose spot wallet.
The next step is to choose the cryptocurrency you want to withdraw and then click “withdraw.”
You have two options for withdrawing your crypto from Crypto.com’s Exchange:
- Withdraw to an external wallet address.
- If you have already connected your Crypto.com App to the exchange, you can withdraw to your Crypto.com App.
To withdraw to an external address, you will need to add a whitelisted withdrawal address by selecting ‘Add Withdrawal Address.’
Adding a whitelisted wallet address
Please ensure that you select the correct currency when withdrawing CRO. When you select the correct currency for withdrawal, you will see an address. For example, if you add a BTC wallet address but withdraw CRO, the BTC address will be hidden.
When you’ve found the correct address, make a label for it. After that, enter your SMS and Google verification code. When you’re finished, click “Save Address.”
Next, select the withdrawal address from the drop-down menu and double-check that the amount you want to withdraw is correct, so carefully review your order.
Select Review Withdrawal to ensure that the withdrawal details are correct.
Remember that the amount you receive will be left over after deducting the withdrawal fee.
You’ll need the SMS OTP and Google verification code again to withdraw. Click withdraw.
Don’t worry if your withdrawal takes two hours to process.
How long will it take for my money to be deposited into my bank account?
If this is the first time you’ve sent money from your app to your bank account, it could take three to five business days for the money to show up. Don’t worry; Crypto.com will always inform you via email and push notifications.
Which cryptos can I convert to USD using the Crypto.com app?
You can exchange any cryptocurrency available for trading in the United States for USD. You can also use the app’s Trade Menu.
Is there a fee to withdraw money from Crypto.com to a bank account?
No, there are no fees for processing USD withdrawals from the Crypto.com app to your bank account at this time.
Why is my withdrawal on hold?
One of the common reasons for your transfer being held is that your bank account name does not exactly match your name on Crypto.com records.
Other reasons include transferring funds from a joint account or using PayPal or Wise instead of a bank. It may be held if your transfer is linked to a non-ACH network bank or an unsupported institution, such as a cryptocurrency exchange.
Why can’t I link my bank account?
You may be unable to add your bank account to Crypto.com due to regulatory restrictions. At the moment, Crypto.com can’t withdraw money to a bank account linked to a New York address.
Your bank account probably disallows ACH transfers if it isn’t connected to a New York address. Try adding a different bank account if you encounter this issue.
While exchanging crypto coins for fiat money is relatively simple, transferring fiat to your bank account may necessitate additional steps. However, if the steps are followed correctly, the process can be quite simple. Now you know how to withdraw money from crypto com.
If you require any further assistance or receive an email for an action you did not request (address whitelisting or crypto withdrawal), please get in touch with Crypto.com support. Simply run the Crypto.com app, tap the chat icon, and type your message. Crypto.com will usually respond within a day.
Read more: How To Invest In Crypto Under 18