Crypto.com is a very popular crypto exchange, crypto debit card, and DeFi services platform used by over 50 million traders and investors worldwide. Many Crypto.com users want to know how to get their funds off the exchange. Let’s find out how!
Fortune Favors The Brave: How To Cash Out From Crypto.com
If you are looking to invest in the crypto market, then you might be wondering, how do I withdraw my money from crypto.com? Well, the procedure for withdrawing your money is not really hard and it can be done using bank transfers or your credit/debit card.
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Crypto.com is a popular crypto services provider and trading exchange, which allows its users to buy and sell 250+ different digital assets, tokens and NFTs. Crypto.com is especially popular for its crypto debit card which offers 5% cash back and no fees, which you can top up with crypto.
As Matt Damon has so famously claimed, “Fortune favors the brave!”
How To Withdraw Cryptocurrency From Your Crypto.com Wallet
You must be at the Starter level or higher in order to withdraw cryptocurrency from your Crypto.com Exchange wallet. Starter level refers to your account’s verification status, so if you haven’t verified your account, you’ll need to, in order to withdraw funds.
Log in to your crypto.com account, and then click on wallets and select spot wallet.
Next, you’ll need to select the crypto you want to withdraw, and then click on “withdraw”
There are two ways that you can choose to withdraw your cryptocurrency from Crypto.com’s exchange:
1) Withdraw to an external wallet address
2) Withdraw to your Crypto.com App if you have already connected your Crypto.com App to the Exchange
In order to withdraw to an external address (rather than just using the Crypto.com App), you will first need to add a whitelisted withdrawal address by selecting 'Add Withdrawal Address.'
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Adding a whitelisted wallet address
If you're withdrawing CRO, please make sure that you're selecting the correct currency. You'll only see an address when you select the correct currency you're withdrawing to. For instance, if you add a BTC wallet address but are withdrawing CRO, you won't see the BTC address.
When you've found the right address, be sure to add a label for it. Then input your SMS and Google verification code. Once you've done all that, select "Save Address."
It’s very important to note that there will be a 24-hour withdrawal lock on the newly added withdrawal address.
Next, you’ll need to select the withdrawal address from the drop-down list and ensure that the amount you want to withdraw is correct, so review your order carefully.
Select Review Withdrawal to make sure the details of the withdrawal are correct.
Keep in mind that the amount you receive will be the amount remaining after the withdrawal fee has been deducted
Once again, you’ll need to add the SMS OTP and Google verification code to authorize the withdrawal. Click confirm withdrawal.
Withdrawals can take up to 2 hours to process so don’t panic if your funds aren’t immediately sent.
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How To Withdraw USD From Crypto.com To Your Bank Account
If you're a Crypto.com user, you can withdraw USD from the app by selling crypto to your USD fiat wallet and transferring the USD funds from this wallet to your U.S. bank account via the ACH network.
Step 1 - Sell your crypto for cash
How to sell your crypto for USD on Crypto.com
- From the Crypto.com app, select “Accounts”.
- Next, select “Fiat Wallet”.
- Then, you’ll need to select “Sell Crypto”.
- Select the asset you’d like to sell and convert to USD.
- Next, select “Cash”.
- From the sell screen, you’ll need to enter the amount you wish to convert. If you click the amount field, it will default to the maximum amount.
- The confirmation window is important as it will show you the value of the coin in fiat money for 15 seconds. Make sure you take note of the amount shown on the window as it is the amount of fiat money you will receive for the coin at that time.
All cryptocurrencies available to US customers can be sold to USD, for a complete list of cryptocurrencies, you can refer to Crypto.com’s knowledge base.
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Step 2 - Submitting your USD withdrawal request to Crypto.com
In order to withdraw USD, you need to have a USD fiat wallet already set up within the Crypto.com app.
The following steps are required to set up an ACH direct deposit for your US dollars:
- Go to “Accounts”.
- Click on “Fiat Wallet”.
- Click on “US Dollars”.
- Click on “Set up” in the ACH Transfer section.
- Read through the instructions and Terms and Conditions.
- Check the box to agree to the Terms and Conditions and click “Next”.
- Read through all the information required for initiating an ACH direct deposit.
Next, you’ll need to add your bank account to your Crypto.com account. This can be done with the following two steps:
- Choose your bank, and then log in with your online banking credentials.
- After you’ve added your bank, it will become available to receive funds.
- You can add up to 5 bank accounts to your Crypto.com account.
- NY Bank accounts are prohibited.
- The banks must be compatible with the ACH network
Once you’ve set up your USD fiat wallet & added your bank account within the app, follow these instructions to submit your withdrawal request:
- Navigate to the app’s homepage and select “Transfer”.
- Then you’ll need to click on “Withdraw” and select “Fiat”.
- Click on your USD balance then click on the “Withdraw USD” button.
- Next, select “Add Bank Account” or select your bank account if it has already been added.
- Carefully review the USD withdrawal details and then click confirm.
- Your withdrawal request status will be updated.
- The funds should be sent to your bank account within 3-5 days, pending a Crypto.com review and approval of the withdrawal. They’ll notify you once the funds are sent via email.
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